MACRO ECONOMIC NEWS

IT’S MONDAY; WINGS ARE READY TO FLY. WISHING AN ELEVATED WEEK AHEAD.

Macro Economic News 23 Sep 2019

Global Banks worth $47 trillion adopt new U.N.-backed climate principles. Biggest banks are less likely to wreck the economy than a decade ago. Emerging markets defy risks as central-bank rate cuts beckon. No-deal Brexit would force Japanese investors to reassess 40-year bet on UK. Repo market’s liquidity crisis has been a decade in the making. U.S. is to unveil plan on making Treasury market more transparent. Household saving typically rises after a recession as people pay down debt and rebuild balance sheets, then declines as they grew more optimistic—and spendthrift. But in the current expansion, it just keeps rising. Americans are saving more, and that isn’t necessarily good. The net worth of American households grew in second quarter, but at a slower rate than the prior quarter. Indian businesses braced for single-use plastics ban. 361 infra projects show cost overruns of Rs 3.77 lakh cr. India says no plans to revise fiscal deficit target or cut spending now; it may review fiscal gap target nearer to Feb budget.

 

FINANCIAL TIMES

[I]  NY Fed rejects Wall St criticism of response to repo turmoil

[I]  Labour ruins its moment with show of infighting

[I]  Democrats in a fever on universal healthcare pledges

[I]  Indian businesses braced for single-use plastics ban

[I]  Failed promise of marketplace lending faces a new test

[I]  Business Roundtable’s makeover does not go far enough

[I]  Business must do its part to reset capitalism

 

REUTERS

[I]  India says no plans to revise fiscal deficit target or cut spending now

[I]  U.S. to unveil plan on making Treasury market more transparent: Bloomberg

[I]  Banks worth $47 trillion adopt new U.N.-backed climate principles

[I]  U.S. money market ruckus - one-off or warning?

[I]  No-deal Brexit would force Japanese investors to reassess 40-year bet on UK

[I]  Column: Saudi oil attack shows how Iran sees new Mideast game

[I]  U.S.-Japan trade talks will bring peace of mind to farmers, automakers: Motegi

 

BLOOMBERG 

[I]  Biggest Banks Are Less Likely to Wreck the Economy Than a Decade Ago

[I]  President Trump Doubles Down on Call for Negative Interest Rates

[I]  The U.S. Finally Has a Plan for Releasing Data on Treasuries Trading

[I]  Repairs to Saudi Oil Production May Take ‘Many Months’: WSJ

[I]  Mexico's Minimum Wage Under Review for Gradual Boost: AMLO

[I]  Biggest Banks Sit Out New Industry Climate-Goals Commitment

[I]  U.S. Trade Partners Get No Help From Strong Dollar, BIS Says

[I]  Emerging Markets Defy Risks as Central-Bank Rate Cuts Beckon

[I]  India Says It May Review Fiscal Gap Target Nearer to Feb. Budget

[I]  Repo Market’s Liquidity Crisis Has Been a Decade in the Making

 

WALL STREET JOURNAL

[I]  Americans Are Saving More, and That Isn’t Necessarily Good

[I]  Fannie, Freddie Poised to Keep Profits in an Initial Privatization Move

[I]  Pace of Growth Slowed for U.S. Household Net Worth in Second Quarter

[I]  Economy Week Ahead: Eurozone PMI, Durable Goods, Household Spending

[I]  Fed Officials Explain Dissents From Rate Cut

[I]  Fed’s Rosengren Says Cutting Rates Now Boosts Risk of Instability

 

BUSINESS LINE

[I]  Tax cut a big boost for foreign firms to invest in India: FM

[I]  National centre for I-T e-assessment to be based in Delhi: CBDT

[I]  India’s coal import declines about 4% to 19 mn tonnes in July

[I]  Petrol price soars ₹1.59/ltr, diesel ₹1.31/ltr after Saudi Arabia attacks

[I]  Centre cautions Andhra Pradesh against revising PPAs

 

ECONOMIC TIMES

[I]  Why strategies, not tactics will help bring India back on track

[I]  Onion prices surge to Rs 70-80/kg; Centre mulls imposing stock limits

[I]  WTO dispute over India's tariffs on ICT goods: US seeks setting by up of dispute panel

[I]  View: GDP is a flawed way of figuring out how well a country is doing, but it matters

[I]  361 infra projects show cost overruns of Rs 3.77 lakh cr

[I]  A tale of taxes: Where India stands on attracting investments vis-a-vis Asian economies

[I]  Govt to make changes in rules of trade remedies to make them more effective

 

BUSINESS STANDARD

[I]  Tax windfall: India Inc to increase capex spending, retire high-cost loans

[I]  Govt working on measures to make steel sector 'globally competitive'

[I]  MCA defends IBC amendments, sticks to strict deadlines in Supreme Court

[I]  Experience more relevant than what you learnt 35-40 yrs ago: RBI governor

[I]  After corporate tax cut, fiscal crisis reaches states' doorstep

[I]  From consumer law to pre-deposit rule, here're the key court orders

 

MARKETS (07:30 am)

[I]  SGX NIFTY Fut: 11505;  USDINR DGCX: 71.2250;  DJIA Mini: 26923;  FTSE 100 Fut: 7308;  NIKKEI 225 Fut: 21790;  EUR-USD: 1.1024; Crude Oil (WTI): 58.63;  Gold (Spot): 1518

 

Best Regards, ARBIND
23 Sep 2019