MACRO ECONOMIC NEWS

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Macro Economic News 01 Oct 2019

                                                                                                                                                           

India's current account gap narrows in June quarter vs year ago. Highest Indian monsoon rains in 25 years is expected to boost winter crops.  India cuts natural gas prices by 12.5% for Oct-March period.  Small savings’ interest rate is to remain unchanged for Oct-Dec quarter. Pace of retail credit offtake falls to 15.6%. MPC may cut rates to prop up growth as core sector output worst in 52 months. FPIs withdraw $3 billion between July-September; highest in 11 quarters. India will borrow gross 2.68 trillion rupees ($37.82 billion) from the market between October and March through dated securities, Economic Affairs Secretary said. Japan business mood sours to six-year low as trade war bites. Gauges of China’s manufacturing activity rebounded in September thanks to improving domestic demand, but orders from overseas markets remained subdued amid a protracted trade fight between Beijing and Washington. Consumer spending slowed more than expected in August, signaling a key pillar of the economy could be losing momentum as the global economy wobbles and trade tensions remain high. Female entrepreneurs face gender bias when raising funds.

 

FINANCIAL TIMES

[I]  Government rubbishes claims of links to Brexit shorts

[I]  Beijing shuts up shop as it prepares for national day

[I]  Fitch cuts Saudi Arabia debt rating after attacks on oil facilities

[I]  Fannie and Freddie to be allowed to keep more capital

[I]  Nigeria’s tech industry outraged at alleged police shakedowns

[I]  Turkey sets ambitious 5% growth target for 2020

[I]  Australia signals possible intervention in media probes

[I]  Global deals grind to slowest pace in two years

[I]  Female entrepreneurs face gender bias when raising funds

 

REUTERS

[I]  India infrastructure output down in August for first time since 2015

[I]  India's current account gap narrows in June quarter vs year ago

[I]  Highest Indian monsoon rains in 25 years to boost winter crops

[I]  Japan business mood sours to six-year low as trade war bites

[I]  South Korea September factory activity contracts for fifth month; rate cut may be needed soon: PMI

[I]  U.S. House impeachment probe intensifies as Trump rages about inquiry

[I]  India to borrow gross 2.68 trillion rupees during October-March

[I]  India cuts natural gas prices by 12.5% for Oct-March period

[I]  Japan proceeds with twice-delayed sales tax hike as growth sputters

 

BLOOMBERG 

[I]  The Taiwan Dollar Is a Surprise Winner From the Trade War

[I]  Bets That Fed Rate Cuts Will Dent Dollar May Prove ‘Dangerous’

[I]  Even Cash Flooding Muni Market Can’t Stop Worst Loss Since 2018

[I]  Australia Housing Recovery Gathers Pace as Sydney Prices Boom

[I]  Coal States Urge Trump Administration to Tackle Plant Closures

[I]  Thai Bank Is Open to Merger as It Grows Wealth Business

[I]  RBNZ Capital Plan May Impact Rates Less Than Feared, Expert Says

 

WALL STREET JOURNAL

[I]  ‘Why Were They Surprised?’ Repo Market Turmoil Tests New York Fed Chief

[I]  Fed Adds $63.5 Billion to Financial System in Repo Transaction

[I]  The Bad News on China’s Economy Gets a Little Better

[I]  U.K. Experience Suggests Inverted Yield Curve Isn’t All Gloom and Doom

[I]  Economy Week Ahead: China PMI and September U.S. Employment

[I]  Argentine Farmers See Hard Times Ahead

[I]  Global Slowdown Spreads Across U.S. Economy

 

BUSINESS LINE

[I]  Small savings’ interest rate to remain unchanged for Oct-Dec quarter

[I]  Despite the ‘sop’ opera, govt sticks to fiscal deficit target

[I]  Centre cuts gas price by over 12 per cent

[I]  Current account deficit narrows to 2% of GDP: RBI

[I]  Monsoon logs a double-digit surplus as season concludes

[I]  Eight core industries’ output contracts 0.5% in August

 

ECONOMIC TIMES

[I]  Kharif crop to gain from wettest monsoon in 25 years

[I]  US, India trying to link investment & trade

[I]  Sebi eases norms to allow smart cities raise funds through 'Muni Bonds'

[I]  India's real GDP growth likely to be 5.2 per cent this fiscal: EIU

[I]  August fiscal deficit at 78.7% Of 2019-20 target

[I]  500-tonne waste to help build 100km of highways by October-end

 

BUSINESS STANDARD

[I]  Sebi, Ministry of Corporate Affairs plan to turn up heat on rating firms

[I]  Rising outstanding debt of states challenging, says Reserve Bank report

[I]  Economic slowdown: Pace of retail credit offtake falls to 15.6%

[I]  Core sector output worst in 52 months; MPC may cut rates to prop up growth

[I]  Indian banks are most vulnerable in Asia-Pacific economies, says Moody's

[I]  FPIs withdraw $3 billion between July-September; highest in 11 quarters

 

MARKETS (08:30 am)

[I]  SGX NIFTY Fut: 11558;  USDINR DGCX: 70.9025;  DJIA Mini: 26992;  FTSE 100 Fut: 7394;  NIKKEI 225 Fut: 21910;  EUR-USD: 1.0888; Crude Oil (WTI): 54.56;  Gold (Spot): 1468

 

Best Regards, ARBIND
01 Oct 2019