LETS MAKE OUR LOVE SO CHEAP THAT EVERYBODY CAN AFFORD IT. WISHING A BEAUTIFUL WEEKEND AHEAD.

Macro Economic News 04 May 2019

 

The outlook for India's rupee has deteriorated from just a month ago according to foreign exchange strategists polled by Reuters. India's sugar production could to a record 33 million tonnes, increasing inventories in the world's second-biggest producer. Gold demand was robust in India and Singapore this week as a correction in prices. U.S. job growth surged in April and the unemployment rate dropped to a more than 49-year low of 3.6 percent, pointing to sustained strength in economic activity even as last year’s massive fiscal stimulus fades. Top White House and Federal Reserve officials squared off over interest rates in a public clash over how to manage the economy at a time of strong growth and historically low unemployment. Growth in the services industries slowed for the second month in a row, but analysts think it could be a sign the economy is settling into a steady pace of growth.

 

FINANCIAL TIMES

[I]  Hiring surge pushes US jobless rate to 49-year low

[I]  Investors flock back to credit product blamed in crisis

[I]  UK retail banks’ recovery stalls after tough start to year

[I]  The UK auto industry fights for its place on the electric front

[I]  The flood of tech IPOs risks worsening inequality

[I]  Brexit drains £30bn from UK funds

 

REUTERS

[I]  U.S. lawmakers urge Trump administration to not end India's trade privileges

[I]  Cheers and screams as new Japan emperor greets the people for the first time

[I]  Brazil's far-right president nixes U.S. trip in face of protests

[I]  Turkey expects U.S. not to end preferential trade treatment

[I]  India to produce record sugar, stocks to rise further: trade body 

[I]  Lower prices, festive demand boost gold purchases in India, Singapore

[I]  Some U.S. Fed officials are more worried by weak inflation

[I]  Pakistani central bank governor and tax collection head sacked - sources

[I]  Hemmed in by sanctions, Venezuela central bank moves forex operations to cash

 

BLOOMBERG 

[I]  Fed Officials Diverge on Need for Possible Interest-Rate Cut

[I]  China Agrees Restructuring of Congo Republic Debt, Minister Says

[I]  Sovereign Debt Still a Risk for Italy Lenders, Central Bank Says

[I]  Puerto Rico Debt Repudiation Raises New Risks for Munis

[I]  Clarida Says Fed Can Be Data Dependent as Economy in Good Shape

[I]  OPEC and Your Gas Tank Offer Some Hope for a Stalled Crude Rally

 

WALL STREET JOURNAL

[I]  White House Escalates Feud With Fed

[I]  Paul Winfree Under Consideration for Federal Reserve

[I]  U.S. Hiring Jumped in April; Unemployment Falls to 3.6%

[I]  Jobs Report Won’t Alter Fed’s Wait-and-See Approach

[I]  Key Sector of Economy Is Slowing, But Economists Think It May Be a Good Thing

[I]  GOP Traditionalists Thwart Trump’s Push to Install Supporters at the Fed

[I]  Fed’s Bullard Says He Isn’t Ready for Rate Cuts

 

BUSINESS LINE

[I]  Big 4 audit firms barred from law practice

[I]  Tracking money: India Inc granted time till June to file one-time return on loans

[I]  Residential flats with parking, other facilities will attract lower GST, rules West Bengal AAR

[I]  A spike in hiring marks the March quarter for IT majors

[I]  Drought intensifies in Maharashtra

[I]  Basmati exports hit a new high in FY19 on Iranian purchases

[I]  Spice farming in North-East gets a ‘green cover’

[I]  With production till April at 321 lt, sugar output set for a new record

 

ECONOMIC TIMES

[I]  Sugar offtake to rise in May and June 2019, says ICRA

[I]  Oil falls on surging US output, set for second week of declines

[I]  Gold holds near 4-month low as rate-cut hopes dwindle

[I]  Politics to decide rupee's near-term fate: Poll

[I]  Bond yield rises as funds turn cautious

[I]  Ecommerce on agenda at Delhi WTO meet

[I]  India again extends retaliatory tariff deadline on US products till May 16

[I]  25 US lawmakers urge authorities not to terminate GSP benefits to India

[I]  Continued loss of biodiversity and ecosystems will undermine ability for poverty reduction

[I]  Finance Ministry to take call on bank recap after September

 

BUSINESS STANDARD

[I]  Used cars market expected to reach 6.7 to 7.2 million units by 2022: Report

[I]  Rout may not be over for Indian car stocks after losing $42 bn in value

[I]  London top choice for Indian investors with record investments in 2018

[I]  IBC resulted in recovery rate of 43%, figure is respectable: CRISIL

[I]  Sweet year ahead: Sugar sector outlook turns positive for next season

 

Best Regards, ARBIND
04 May 2019

GOD BECOMES OUR FUNDRAISER, THE MOMENT WE ARE FULL OF LOVE TO DO SOMETHING FOR SOCIETY. WISHING A PASSIONATE DAY AHEAD.

Macro Economic News 03 May 2019

 

India has accelerated efforts to evacuate more than a million people along its northeast coastline as a cyclone intensifies ahead of landfall on Friday, with thousands of villagers piling household possessions on to trucks before fleeing their homes. The U.S. continues to be on a path to an expanding national debt. U.S. workers’ efficiency improved during the past year at the best pace in nearly a decade, laying groundwork for stronger wage growth and continued economic expansion. Small banks and credit unions could get a break on providing mortgage data to the government, reducing the amount of borrower information collected under a law aimed at preventing lending bias.

 

FINANCIAL TIMES

[I]  Iranian women try to put gloss on economic hardship

[I]  HK protesters step up opposition to extradition law

[I]  Hawkish eurozone states demand more curbs to budget plan

[I]  US labour leader warns of ‘inferior’ China trade deal

[I]  Mexico warns of North American trade deal ratification delay

[I]  US factory orders rise by most in seven months in March

[I]  US declining interest in history presents risk to democracy

[I]  Elite gathering reveals anxiety over ‘class war’

 

REUTERS

[I]  India evacuating 1.2 million people as Cyclone Fani menaces east coast

[I]  Dollar gets yield support into payrolls test

[I]  Irish services growth slows in April as Brexit hits sales: PMI

[I]  India's April jobless rate rises to 7.6 percent: CMIE

[I]  Weddings, lower prices could lift Indian gold demand in June quarter: WGC

[I]  U.S. Q1 productivity strongest since 2014, labor costs subdued

[I]  Global Economy: Factories on the mend in April but still struggling

[I]  U.S.-China talks show progress on cloud computing - U.S. Chamber official

[I]  Pakistan inflation eases to 8.82 percent in April: statistics bureau

 

BLOOMBERG 

[I]  Moore Bails as Trump’s Fed Pick Hours After ‘I’m All In’ Pledge

[I]  Bank of England Set for Faster Rate Hikes If Brexit Resolved

[I]  Hedge Funds Resurrect CDO Trade. This Time They Say It Will Work

[I]  Euro-Area Factory Slump Eases in April as Italy Exceeds Estimate

[I]  Central Banks Are Ditching the Dollar for Gold

[I]  U.S. Jobs Data, Trump's Fed Losing Streak, ECB Optimism: Eco Day

[I]  $42 Billion Loss Not End of Road for Faltering India Car Stocks

[I]  The Philippines Plans a Government Spending Spree

 

WALL STREET JOURNAL

[I]  Washington’s Biggest Lobbyist, the U.S. Chamber of Commerce, Gets Shut Out

[I]  CBO Sees National Debt Continuing to Grow

[I]  U.S. Worker Productivity Advances at Best Rate Since 2010

[I]  Plan Aims to Ease Mortgage-Reporting Rules

[I]  Bundesbank Head Cautions ECB on Delayed Return to Normal Policy

[I]  U.S. Jobless Claims Hold Steady at End of April

 

BUSINESS LINE

[I]  Economy slowed down slightly in 2018-19: FinMin

[I]  Auto sales dip for 10th month; weak buyer sentiment aggravated by elections

[I]  Creeping inflation, muted exports are key challenges for the economy: Report

[I]  Smuggling of tresses leaves exporters tearing at their hair

 

ECONOMIC TIMES

[I]  Millions caught in the eye of India's worst cyclone in 20 years

[I]  Half of US' int'l students are desis, Chinese

[I]  Global funds want more disclosure before buying India muni debt

[I]  Bond traders dabble with irrational exuberance

[I]  Organisations need to reinvent to be more human: Deloitte report

[I]  Repo rate cut transmission yet to happen: Finance Ministry Report

[I]  Huge gap in 12 NPA cases' dues with liquidation value: IBBI

[I]  India-Russia must focus on high-tech sector to push trade volume to $ 30 bn by 2025: Study

[I]  Slow down in FY19 on demand, investment, exports: FinMin report

[I]  Inflation forecasts not accurate at times of low food inflation: RBI study

[I]  Manufacturing activity slows further in April

 

BUSINESS STANDARD

[I]  NBFC crisis may push up borrowing costs for real estate developers

[I]  Centre's tax revenue at Rs 13.2 trillion in FY19, missed target by 11%

[I]  Rs 7 trillion of corporate papers downgraded since start of IL&FS fiasco

[I]  Passenger vehicle sales drop the most in 6 years in April; Maruti worst hit

[I]  Two-wheeler sales fall in April as makers avoid stockpiling at dealerships

[I]  India Inc stares at exodus of independent directors as new norms bite

[I]  Govt plans to reduce GST rate and basic customs duty on gold

[I]  April manufacturing PMI growth at 8-month-low amid election uncertainty

 

MARKETS (07:00 am)

[I]  SGX NIFTY Fut: 11741;  USDINR DGCX:69.7150;  DJIA Mini: 26252;  FTSE 100 Fut: 7292;  NIKKEI 225 Fut: 22350;  EUR-USD: 1.1174; Crude Oil (WTI): 61.76;  Gold (Spot): 1271

 

Best Regards, ARBIND
03 May 2019

JUST LIVING FOR THE MOMENT IS EXCELLENT FOR TODAY AND TOMORROW TOO. WISHING AN ASTONISHING DAY AHEAD.

Macro Economic News 02 May 2019

 

FED agreed to hold their benchmark interest rate steady and noted some key economic activity had slowed during the first quarter. The Federal Reserve’s tool kit for controlling interest rates is facing a challenge that could prompt changes in the mechanics of how the central bank influences the economy. It’s time to stop worrying that robots will take our jobs. But as millions of low-paid workers’ lives are increasingly governed by software, it may be time to start worrying that robots will determine who gets those jobs. The government risks not being able to pay its bills on time later this summer or fall unless Congress acts to raise the federal borrowing limit, the Treasury Department said.

 

FINANCIAL TIMES

[I]  Fed chair rules out immediate rate moves

[I]  Venezuelan coup attempt stalls as military digs in

[I]  Activists target US oil patch’s trustees for life

[I]  Both sides would suffer in new EU-US trade clash

[I]  The UK needs to change its approach to forensics

[I]  Japan has problems that the BoJ cannot solve

 

REUTERS

[I]  India launches mass evacuation, shuts down ports as cyclone bears down

[I]  Dollar underpinned in Asia as Fed clips doves' wings

[I]  U.S. Fed sees no strong case for hiking or cutting rates

[I]  Oil dips as U.S. output hits record, but global markets remain tight

[I]  Bank of England to keep rates steady, despite Brexit delay

[I]  U.S., China reported near deal to end some tariffs; talks 'productive'

 

BLOOMBERG 

[I]  Powell's ‘Transitory’ Factors Don't Explain the Full Inflation Story

[I]  Shock-Like Reform Is Needed Again for Korea to Compete Globally

[I]  Powell Pushes Back, Poloz Still Talking Tough, RBA Live: Eco Day

[I]  BOE Stuck on Hold as Brexit Delay Kicks in: Decision Day Guide

[I]  Hong Kong Interbank Rates Seen Staying High, Buoying Dollar

 

WALL STREET JOURNAL

[I]  Fed Holds Rates Steady, Signals Concern Over Sluggish Spending, Low Inflation

[I]  Upward Move on Key Market Rate Could Bring Fed Response

[I]  For Lower-Paid Workers, the Robot Overlords Have Arrived

[I]  U.S. Factory Activity Slows in April

[I]  Government Could Run Out of Cash in Second Half, Treasury Says

[I]  U.S. Private Sector Surpasses Expectations in April

[I]  A Case for Lower Rates Still Lurks

[I]  Parsing the Fed: How the May Statement Changed From March

[I]  Real Time Economics: What Is Wage Growth Telling Us About the Labor Market?

 

BUSINESS LINE

[I]  South, N-E States top poverty-busters league

[I]  Against the odds, Centre forging ahead with ambitious river-interlinking project

[I]  ‘Extremely severe cyclone’ Fani bears down on Odisha

[I]  India’s e-commerce potential greater than China’s, says retail expert

[I]  Automakers stuck on slow lane in April

[I]  Global smartphone shipments fell 5% in first quarter: Report

[I]  Most customers upset over service charges levied by banks: RBI study

 

ECONOMIC TIMES

[I]  As US curbs kick in today, India braces for life with costly crude

[I]  Indians are slowly losing their love for cars

[I]  View: Companies should value workers like shareholders

[I]  GST collection jumps to Rs 1.13 lakh crore in April, the highest since its rollout

[I]  India, Iran may hold next round of negotiations for trade agreement in May

[I]  India apprehensive Iran sanctions could boost oil prices, inflation

[I]  ADB plans to fund Rs 30,000 cr Delhi-Meerut rapid rail corridor, 4 metro projects

 

BUSINESS STANDARD

[I]  Tough life ahead for NBFCs as RBI set to tighten liquidity mismatch limits

[I]  Indirect tax board asks officials to file review pleas on export scheme

[I]  UPI volume dips 2% to 782 mn in April, value of transactions up 6%: NPCI

[I]  Cotton import may rise 80% this year due to drought in major growing states

[I]  Iraq remains India's top oil supplier in FY19, imports from US up 4-folds

[I]  LPG, ATF prices hiked for third time this year on firming global rates

[I]  Banks loosen purse strings for corporate sector; lending picks up in FY19

[I]  MF exposure to stressed derivatives strategies firms at over Rs 20,000 cr

[I]  India, Iran may hold next round of talks for trade agreement in May

 

MARKETS (08:00 am)

[I]  SGX NIFTY Fut: 11789;  USDINR DGCX:69.9500;  DJIA Mini: 26402;  FTSE 100 Fut: 7302;  NIKKEI 225 Fut: 22350;  EUR-USD: 1.1201; Crude Oil (WTI): 63.41;  Gold (Spot): 1274

 

Best Regards, ARBIND
02 May 2019