MACRO ECONOMIC NEWS

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Macro Economic News 10 Oct 2019

 

India's monsoon rains started withdrawing from the northwest region, marking the most delayed retreat of the seasonal rainfall. Federal Reserve officials grew more worried when they cut interest rates last month that slowing global growth, exacerbated by the U.S.-China trade war, could sap domestic hiring and economic activity, according to minutes of the monetary-policy meeting.  A proposed agreement on how countries should tax multinational companies wouldn’t just target technology firms that are predominantly American. China offers to buy extra US goods to ease trade war. Hong Kong Is Sinking Into a Recession With No Recovery in Sight. A third of the world’s consumers are suddenly nervous to spend.

 

FINANCIAL TIMES

[I]  OECD takes aim at tech giants with tax shake-up

[I]  EU ill-equipped to face China and US, trade chief warns

[I]  China offers to buy extra US goods to ease trade war

[I]  US accuses Iran of lying about oil delivery to Syria 

[I]  UK housebuilders brace for triple blow to finances

[I]  China is cornering Africa’s ecommerce market

 

REUTERS

[I]  U.S. tariffs on China are working: U.S. Secretary of Commerce

[I]  China lowers expectations for U.S. trade talks after blacklist: officials

[I]  U.S. weighing China currency pact as part of partial trade deal: Bloomberg

[I]  BOJ urges Asia to speed up efforts for smooth phase-out of Libor

[I]  India's monsoon starts withdrawing in delayed retreat

[I]  Decreasing U.S. job openings point to cooling labour market

[I]  EU ready to make 'major concession' on Brexit deal: The Times newspaper

[I]  China lowers expectations for U.S. trade talks after blacklist - officials

[I]  Federal Reserve policymakers increasingly divided on way ahead, minutes show

[I]  Tougher U.S. sanctions make Cuba ever more difficult for Western firms

 

BLOOMBERG 

[I]  Hong Kong Is Sinking Into a Recession With No Recovery in Sight

[I]  A Third of the World’s Consumers Are Suddenly Nervous to Spend

[I]  Soaring Gold Prices Put Indian Buyers Off Ahead of Diwali

[I]  Endless Wrangling Over Brexit Depresses U.K. Housing Market

[I]  Sweden Needs to ‘Borrow Like Crazy’ to Ease the Economic Pain

[I]  Japan’s Machine Orders Slide Raises Recession Worries

[I]  Fed Minutes Show Debate Emerges on When to Halt Rate Cuts

[I]  Mortgage Investors Warm to 15-Year Securities as Yields Fall

 

WALL STREET JOURNAL

[I]  Fed Officials Last Month Worried Trade War Could Curb Hiring, U.S. Economy

[I]  U.S. Worker Demand Softened Over the Summer

[I]  Trade Talks Resume at Pivotal Moment in U.S.-China Relations

[I]  Elizabeth Warren Vows to Remake Capitalism. Businesses Are Bracing.

[I]  Facebook CEO to Testify at House Panel About Libra

[I]  Global Tax Proposal Widens Net Beyond Tech Giants

[I]  Newsletter: ‘The Global Economy Is Now in a Synchronized Slowdown’

[I]  Fed Minutes to Shed Light on Internal Debate Over Rates

 

BUSINESS LINE

[I]  Xi-Modi may announce additional confidence building measures at Mamallapuram summit

[I]  DA for Central govt employees/pensioners to go up by 5%

[I]  India slips 10 places to 68th on global competitiveness index

[I]  Global value chains can help developing countries improve growth outcomes: World Bank

[I]  Effects of global slowdown more pronounced in India: IMF chief

[I]  The US-China trade war is ‘a game of threats’

 

ECONOMIC TIMES

[I]  Cash-strapped realtors face double whammy

[I]  Dollar bond rush seen unabated even as returns drop

[I]  After onions, tomato price soar to Rs 80/kg in Delhi

[I]  Govt identifies hundreds of products for possible import curbs

[I]  Govts may get more power to tax MNCs like Google, Facebook

[I]  GST refunds denied to MNC back offices

[I]  Lower toll for EVs on the cards to push green mobility

[I]  Govt to now launch Rs 100 crore scheme for cooperatives

 

BUSINESS STANDARD

[I]  India slips down 10 places to 68th rank on global competitiveness index

[I]  SBI to cut MCLR by 10 basis points across all tenors from Oct 10

[I]  Automotive sector becomes the new sweet spot for IT services firms

[I]  Centre's GST collections go up, states' portion dip in current fiscal year

[I]  No special liquidity window for NBFCs, says RBI deputy governor

[I]  Depositors feel the pinch as SBI cuts savings bank rate to 3.25%

[I]  Kind employers may offer gifts, but onus lies on employees to pay tax on it

 

MARKETS (08:00 am)

[I]  SGX NIFTY Fut: 11282;  USDINR DGCX: 71.2800;  DJIA Mini: 26263;  FTSE 100 Fut: 7142;  NIKKEI 225 Fut: 21520;  EUR-USD: 1.0991; Crude Oil (WTI): 52.50;  Gold (Spot): 1509

 

Best Regards, ARBIND
10 Oct 2019