MACRO ECONOMIC NEWS

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Macro Economic News 11 Dec 2019

 

India's domestic passenger vehicle sales fell in November for a 13th consecutive month with no sign of an immediate recovery seen by auto industry body. Saudi Arabia wants to be part of India's goal of becoming a $5 trillion economy while India Skills report finds 46.21% of students employable and as a result of economic slowdown Indians are drinking less as liquor to make ways for onions. As GST collection dips, centre is to propose hiking 5% rate slab. RBI urges government to cut rates on small savings schemes while fiscal deficit may slip to 3.5-3.8% in FY20 missing 3.3% target.

The worry haunting Jerome Powell is that during and after the next downturn, the Fed will get stuck in the same trap of sinking inflation, near-zero interest rates and a limited ability to generate stronger growth that swamped Japan last decade and Europe this decade. U.S. and Chinese trade negotiators are laying the groundwork for a delay of a fresh round of tariffs set to kick in Dec. 15, though President Trump hasn’t yet decided and has overridden his advisers on trade several times to add tariffs. U.S., Canada and Mexico sign agreement again to replace NAFTA.  

 

FINANCIAL TIMES

[I]  US labour market gains drive Federal Reserve’s outlook

[I]  Tide turns for Polish émigrés, lured home by booming economy

[I]  Qatar’s emir turns down invite to GCC meeting in Saudi Arabia

[I]  Hong Kong offices become new battleground in protests

[I]  Global trade needs an independent referee

[I]  A German bailout tests EU bank rules to the limit

 

REUTERS

[I]  India's privacy bill seeks access to users' data from companies

[I]  Pound slips on UK poll projections, dollar eyes Fed

[I]  Trump's Dec. 15 China tariffs threaten a long list of Christmas favorites

[I]  Trump will have final say on U.S.-China trade deal: White House trade adviser

[I]  U.S., Canada and Mexico sign agreement - again - to replace NAFTA

[I]  India's automobile sales fall for 13th straight month - industry body

 

BLOOMBERG 

[I]  Trump Barred From Building Border Wall With Military Funds

[I]  Traders Buy Hedges ‘Like World Is About to End’

[I]  Jitters Over China’s Local Defaults Start to Spread Offshore

[I]  The Emerging Market Rebound Looks Set to Stretch Into 2020

[I]  South Korean Unemployment Edges Up For a Third Month

[I]  The Great Moscow Bank Shakedown

[I]  Soft Landing, China Growth Target, Tariff Deal Close: Eco Day

[I]  These Bugs Are Eating Into Pakistan’s Already Fragile Economy

[I]  Credit Crisis Is Easing for India’s Safest Corporate Borrowers

[I]  Singapore Property Glut: Developer Calls for Easing of Curbs

[I]  Bond Rush Seen as Korea Offers Help on Record Household Debt

 

WALL STREET JOURNAL

[I]  How Fed Chairman Forged Rate-Cut Consensus

[I]  Powell Eyes Revamp of Fed Inflation-Targeting Framework

[I]  U.S. and Chinese Negotiators Planning for Delay of Tariffs

[I]  Revised Trade Pact Set for Likely Approval by Congress in 2020

[I]  China’s Consumer Inflation Skyrockets, Boosted by Pricey Pork

[I]  Paul Volcker, Fed Chairman Who Tamed Inflation, Dies

[I]  Five Cities Account for Vast Majority of Growth in Tech Jobs, Study Finds

 

BUSINESS LINE

[I]  ‘Proposed India-EU FTA has to address labour, government procurement, sustainability issues’

[I]  Steel demand down 1.8 per cent in Oct-Nov

[I]  As mop-up dips, GST rate re-set coming

[I]  `Saudi Arabia wants to be part of India's goal of becoming a $5 trillion economy’

[I]  Economic slowdown: Indians are drinking less as liquor makes way for onions

[I]  India Skills Report finds 46.21% of students employable

[I]  ‘India’s cold storage capacity stands at 226.7 lakh tonnes’

[I]  Stand Up India: Six States get 50% of loan amounts

 

ECONOMIC TIMES

[I]  WTO's appellate body becomes dysfunctional

[I]  India, Japan trade ministers discuss review of CEPA ahead of PMs meet

[I]  States seek pruning of GST exemptions

[I]  It’s time to revisit income tax rates: Bibek Debroy, Chairman PMEAC

[I]  GST Council meet: Centre to propose hiking 5% rate slab

[I]  Parliamentary panel for regular recruitment, use of technology by MOSPI

[I]  No need to worry: Minister on reports of government withdrawing Rs 2000 note

[I]  RBI urges government to cut rates on small savings schemes

 

BUSINESS STANDARD

[I]  New GST rates likely from April 1; rate structure decision on Dec 18

[I]  Fiscal deficit may slip to 3.5-3.8% in FY20; govt set to miss 3.3% target

[I]  Data protection Bill arms Centre with exemption powers; tech firms worried

[I]  Firms developing new tech can avail of exemption from data privacy rules

[I]  November flows a blip for AMCs, structural growth drivers remain intact

[I]  RBI had no objection to issuance of electoral bonds through SBI, says FM

 

MARKETS (08:00 am)

[I]  SGX NIFTY Fut: 11912;  USDINR DGCX: 70.9575;  DJIA Mini: 27886;  FTSE 100 Fut: 7214;  NIKKEI 225 Fut: 23357;  EUR-USD: 1.1092; Crude Oil (WTI): 58.91;  Gold (Spot): 1464

 

Best Regards, ARBIND
11 Dec 2019