MACRO ECONOMIC NEWS

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Macro Economic News 06 Nov 2019

 

Indian govt suggests nine hour working day in draft labour code; may change new base year for GDP to 2017-18. Although India pulled out at the last minute, China and 14 other countries agreed in Bangkok this week on plans for what could become the world's biggest trade agreement - the Regional Comprehensive Economic Partnership (RCEP). Negotiators are discussing a framework that would remove some existing duties, as they work toward an accord to end the trade dispute between the US-China. Jobs remain plentiful and hiring solid—showing that while the labor market has cooled, it remains a source of strength for the U.S. economy. China fears weigh on launch of Hong Kong virtual banks. Brazil prepares for deep-sea oil auction bonanza while Germany to increase subsidies for electric vehicles. Study has revealed that Venezuela is now more than 50% dollarized. New Zealand unemployment rises as RBNZ contemplates rate cut while Thailand’s battle to curb strong Baht increases rate-cut chances.

 

FINANCIAL TIMES

[I]  Germany’s Scholz pushes eurozone banking union plan

[I]  China fears weigh on launch of Hong Kong virtual banks

[I]  Brazil prepares for deep-sea oil auction bonanza

[I]  Scientists warn of ‘climate crisis’ after US quits Paris accord

[I]  Iran defies Europe with new breach of nuclear pact

[I]  Decline of motor industry drives global economic slowdown

[I]  US price-fixing prosecutions at historic low for third year

[I]  Germany to increase subsidies for electric vehicles

[I]  Regulator warns insurers over corporate culture

 

REUTERS

[I]  World's biggest trade pact shapes up without India

[I]   Asia trade pact doesn't reflect India's interests, decided not to join - PM Modi

[I]  Bankrupt Puerto Rico eyes new debt policy, will pay holiday bonus

[I]  BOJ debated feasibility of more easing in September: minutes

[I]  Trump-Xi meeting in Iowa would be poignant reminder of better U.S.-China ties

[I]  Iowa? Greece? Where Trump and Xi may meet becomes new trade deal issue

 

BLOOMBERG 

[I]  Why More Demand for Japanese Stocks Is Bad News for the Yen

[I]  Robert Kaplan Says Steeper Yield Curve a Sign Fed Rates Now Appropriate

[I]  Why Indonesia Failed to Cash in on the China-U.S. Trade War

[I]  China Demands Trump Disarm, Global Recovery, Delhi Smog: Eco Day

[I]  China Tried to Curb Criticism in British Universities, Times Reports

[I]  New Zealand Unemployment Rises as RBNZ Contemplates Rate Cut

[I]  Thailand’s Battle to Curb Strong Baht Increases Rate-Cut Chances

[I]  Venezuela Is Now More Than 50% Dollarized, Study Finds

[I]  China Is Throwing the Doors Open to Meat Imports Amid Swine Fever Crisis

[I]  Lebanon Downgraded by Moody’s Amid Bond Meltdown

[I]  Worst May Be Over for Global Economy Amid Signs of Stabilization

 

WALL STREET JOURNAL

[I]  U.S., China Consider Rolling Back Tariffs as Part of Initial Trade Deal

[I]  Drop in Consumer-Goods Imports Points to Slower U.S. Growth

[I]  U.S. Job Openings Edged Lower

[I]  At China Trade Expo, Xi Touts an Appetite for Imports

[I]  Fed’s Barkin: High Uncertainty May Be Damping Effectiveness of Fed Policy

[I]  Spending Bills Divide Congress as Funding Deadline Nears

 

BUSINESS LINE

[I]  India has exited RCEP: Commerce Minister

[I]  But New Delhi is open to discuss its concerns; UPA blamed for initiating talks for the pact

[I]  Indian cos optimistic about growth prospects next year: survey

[I]  Dairy players heave a sigh of relief

[I]  Services still in slow zone, PMI at 49.2 in October

[I]  Sugar production estimated to be 260 lakh tonnes: ISMA

 

ECONOMIC TIMES

[I]  FM hints at ushering in reforms which couldn't take off earlier

[I]  India's bankruptcy law plagued by delays

[I]  All that is gold is not so glittering anymore

[I]  Average spot power price falls 54% to 2-yr low at IEX

[I]  One third of Maharashtra’s cultivated area damaged due to unseasonal rainfall

[I]  Government suggests nine hour working day in draft labour code

 

BUSINESS STANDARD

[I]  Govt considering one-time settlement option in drug overcharging cases

[I]  Liquidity coverage ratio may not adversely impact growth of NBFCs

[I]  Govt working with RBI, reworking laws to help distressed home buyers: FM

[I]  Sky is the limit: Backed by investors and hope, startups take off for space

[I]  Service sector shrinks for second straight month, PMI falls to 49.2 in Oct

[I]  Govt may change new base year for GDP to 2017-18; decision likely soon

 

MARKETS (08:00 am)

[I]  SGX NIFTY Fut: 11934;  USDINR DGCX: 70.8925;  DJIA Mini: 27402;  FTSE 100 Fut: 7345;  NIKKEI 225 Fut: 23260;  EUR-USD: 1.1077; Crude Oil (WTI): 56.95;  Gold (Spot): 1486

 

Best Regards, ARBIND
06 Nov 2019