MACRO ECONOMIC NEWS

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Macro Economic News 09 Nov 2019

 

Forex reserve soars by $3.5 billion to new lifetime high of $446 billion. Indian banks wrote off more than $30 billion worth of bad debt in the year to June 30, helping to lower stressed loans on their books by 8.5%, according to central bank data reviewed by Reuters. RBI tells banks not to charge transaction fees for NEFT from Jan 2020 while it raises cap on borrowing from MFIs to Rs 1.25 lakh in rural areas. Moody cuts India’s ratings outlook to "negative" from "stable", citing increasing risks India will grow at a slower pace than in the past and also cut U.K. outlook to negative on policy ‘paralysis’. OECD proposes global minimum corporate tax rate. Report released at CII Connect 2019 says Indian government can tie up with nations, companies to give start-ups a leg-up. Indian business optimism for December quarter falls over 19% amid slowdown in demand while U.S. consumer sentiment rises on views of finances, economy while Japan is set to launch first economic stimulus since 2016. The U.S. and China are grappling with a dual challenge on trade.

 

FINANCIAL TIMES

[I]  Office workers take to streets over Hong Kong fatality

[I]  Von der Leyen defies Macron over Balkans EU accession

[I]  OECD proposes global minimum corporate tax rate

[I]  Japan to launch first economic stimulus since 2016

[I]  Trump says he has not agreed to China tariff rollback

[I]  Germany’s eurozone gambit could meet a swift death

[I]  Geneva’s property market boosted by tax reforms

 

REUTERS

[I]  Moody's cuts India's outlook to 'negative', citing rising growth risks

[I]  Trade deal doubts clip world stock rally, oil wavers

[I]  India's bad debt eased by write-offs, underlying problem remains

[I]  UK spending plans, Brexit paralysis put rating at risk - Moody's 

[I]  Trump says has not agreed to roll back tariffs on Chinese goods 

[I]  IMF to release first tranche of $6 billion Pakistan loan package

 

BLOOMBERG 

[I]  U.K. Outlook Cut to Negative by Moody’s on Policy ‘Paralysis’

[I]  Oil Bulls Make Shy Comeback as Trade Deal Hopes Are Rekindled

[I]  Fed Officials See Climate Change as Pressing Threat to Economy

[I]  Trump Gives Treasuries a Lift by Downplaying Progress on Tariffs

[I]  U.S. Consumer Sentiment Rises on Views of Finances, Economy

[I]  Repo Fragility Exacerbated by a Hot New Corner of Funding Market

 

WALL STREET JOURNAL

[I]  Trump Says U.S. Hasn’t Yet Agreed to Ease China Tariffs

[I]  U.S.-China Trade Talks Face Another Hurdle: Where to Sign the Deal

[I]  WSJ Survey: Economists Split on Causes of Hiring Slowdown

[I]  Fed's Daly: Fed Cannot Ignore What Climate Change Is Doing to Economy

[I]  Fed’s Brainard Says Climate Change Might Have Implications for Neutral Interest Rate

[I]  Fed’s Bostic ‘Fairly Comfortable’ With Holding Rates Steady for Now

[I]  Newsletter: Not Enough Workers or Not Enough Jobs?

 

BUSINESS LINE

[I]  CII-KPMG report suggests ways for start-ups to go global

[I]  Vehicle manufacturers will have to incentivise scrapping of unfit vehicles: Steel Scrap Policy

[I]  ‘Mass enterprises’ provide stable job opportunities: Survey

[I]  Onion storage: India should explore Israel, Brazil models, says Ficci

[I]  Moody’s cuts India outlook to ‘Negative’

[I]  Cotton output for 2019-20 projected at 354.5 lakh bales

 

ECONOMIC TIMES

[I]  Sending money through NEFT won't cost you

[I]  October inflation print may not be comforting

[I]  D-Street made Rs 43 lakh crore since DeMo

[I]  Moody’s downgrades outlook on Indian cos

[I]  Where's India headed? The report card so far

[I]  Forex reserve soars by $3.5 billion to new lifetime high of $446.09 billion

[I]  Euro near lowest in weeks as dollar holds gains on trade optimism

[I]  Business optimism for December quarter falls over 19% amid slowdown in demand

 

BUSINESS STANDARD

[I]  Moody's cuts India's credit outlook to negative; govt not convinced

[I]  Nomura slashes India's FY20 GDP forecast to 4.9% from 5.7% earlier

[I]  Govt notifies scrapping policy, mandates discounts on junking old cars

[I]  Revenue intelligence officers should act as facilitators for taxpayers: FM

[I]  Multiple regulators hurting bond market development: RBI official

[I]  RBI raises cap on borrowing from MFIs to Rs 1.25 lakh in rural areas

[I]  RBI tells banks not to charge transaction fees for NEFT from Jan 2020

 

Best Regards, ARBIND
09 Nov 2019