MACRO ECONOMIC NEWS

MAY YOU BE BLESSED WITH ABUNDANCE OF WEALTH THIS DAY, TO THINK, WHETHER TO OPEN BANK ACCOUNT OR BANK ITSELF. WISHING AN AFFLUENT DAY AHEAD.

Macro Economic News 25 Oct 2019

 

India moves up 14 places to 63rd position in World Bank’s Doing Business 2020 survey whereas World Bank official says, ”India needs fresh reforms to be in top 50 nations with ease of doing business”. Fitch cuts India’s FY20 GDP growth forecast to 5.5 per cent. Commerce Ministry considers 5-year extension of income tax benefits for SEZ units. India mulls personal income tax relief while scrapping some exemptions to boost demand. Interestingly, Smartphone shipment touches all-time high of 49 mn units. Prime Minister Boris Johnson called for a general election on Dec. 12 to break Britain's Brexit impasse, conceding for the first time he will not meet his "do or die" deadline to leave the European Union next week. Business activity continued to slow around the world headed into the fall, with the U.S. showing signs of tepid growth. Carmakers hit as China slowdown and trade wars bite. The New York Fed’s expanded offerings of liquidity to the financial system saw strong demand from eligible banks. ECB vows to hold rates at historic low until inflation picks up. Turkey’s central bank cut its benchmark rate for the third time in four months, as its new governor continued to ease policy in line with its President’s attempt to stimulate the recession-hit economy. Reuters poll suggests deeper global slowdown still more likely despite round of rate cuts. BOJ warns of rising financial vulnerability as banks hunt for yields whereas outgoing ECB chief Draghi says on monetary policy legacy, 'Never give up'.

 

FINANCIAL TIMES

[I]  Consumer goods giants fall short on plastic pledges

[I]  Chile’s reform pledge to quell protests questioned by economists

[I]  Boris Johnson in new push for UK general election

[I]  Architect of Germany’s debt limit calls for new borrowing

[I]  ECB vows to hold rates at historic low until inflation picks up

[I]  Lebanon protests grow among young jobseekers

[I]  Carmakers hit as China slowdown and trade wars bite

[I]  Worsening skills gap will hold back the UK

 

REUTERS

[I]  South Korea to give up developing country status in WTO talks

[I]  Deeper global slowdown still more likely despite round of rate cuts - Reuters poll

[I]  Italy says 2020 budget not a significant deviation from EU rules

[I]  BOJ warns of rising financial vulnerability as banks hunt for yields

[I]  Euro zone business activity stagnates as Draghi bows out

 

BLOOMBERG 

[I]  Hong Kong Markets Are Calm as Protests Linger and a Recession Looms

[I]  Australian Property Is Starting to Boom Again. That's a Worry

[I]  These Asia Hold Outs Are One Shock Away From Quantitative Easing

[I]  Koreans Are Shunning Japan Products, But Not Its 26% Investment Returns

[I]  Mario Draghi Reaches the End of His Fight to Save Euro

[I]  The Thai Baht Reached a New 6-Year High. Here’s Why It’s Surging

[I]  New Normal for India’s Record Borrowing Spree Puts Heat on Bonds

[I]  Oil Set For Strongest Week in a Month as Supply Doubts Return

[I]  India’s Ailing Economy Is Bleeding Diesel as Demand Evaporates

 

WALL STREET JOURNAL

[I]  Business Activity Slows Around the World

[I]  Mario Draghi, Hailed as the Euro’s Savior, Leaves the ECB With the Bank Divided

[I]  Home-Improvement Boom Is Forecast to Fizzle

[I]  Fed Boosts Amount of Liquidity Offered to Financial System

[I]  Chicago Fed Board Chief Can Continue While Former Firm Under Investigation

[I]  Turkey Cuts Rates Further to Kick-Start Its Sluggish Economy

 

BUSINESS LINE

[I]  Commerce Ministry considers 5-year extension of income tax benefits for SEZ units

[I]  PSU disinvestment: Centre invites proposal to appoint General Advisers

[I]  Govt to give 3 years for winners of operational mines for fresh environment clearance

[I]  Chennai Metro announces 50% discount on all Sundays, public holidays

[I]  Fitch cuts India’s FY20 GDP growth forecast to 5.5 per cent

[I]  Global models see powerful cyclone in Arabian Sea, away from Indian coast

[I]  India moves up 14 places to 63rd position in World Bank’s Doing Business 2020 survey

 

ECONOMIC TIMES

[I]  Tax cut in Budget? Govt mulls move to boost growth

[I]  A new Tiger roars with bold India bets

[I]  Bond defaults are highest on record as economy slows

[I]  Sugar output may drop 12.38% to 28-29 million tonnes

[I]  India needs fresh reforms to be in top 50 nations with ease of doing business: World Bank official

[I]  India mulls personal income tax relief while scrapping some exemptions

[I]  India plans to restructure some PSU companies

[I]  World Bank rates China, India as 'most improved' for doing business

 

BUSINESS STANDARD

[I]  Smartphone shipment touches all-time high of 49 mn units, defies slowdown

[I]  Corporates prefer gifting vouchers than 'costly' gold this Diwali season

[I]  Ease of doing biz: India needs reforms to be in top 50, says World Bank

[I]  Slowdown blues: Direct tax mop-up growth slumps to 3.5% till mid-October

[I]  Indian economy in transition phase, growth will return: SBI chairman

[I]  'Never give up', outgoing ECB chief Draghi says on monetary policy legacy

 

MARKETS (07:30 am)

[I]  SGX NIFTY Fut: 11584;  USDINR DGCX: 70.9575;  DJIA Mini: 26756;  FTSE 100 Fut: 7305;  NIKKEI 225 Fut: 22750;  EUR-USD: 1.1102; Crude Oil (WTI): 55.88;  Gold (Spot): 1502

 

Best Regards, ARBIND
25 Oct 2019