HAPPINESS IS NOTHING BUT EXPERIENCING THE ONENESS, COMPASSIONATELY. WISHING A WONDERFUL WEEKEND AHEAD.

Macro Economic News 06 Jul 2019

 

The Indian government's annual budget statement included measures aimed at improving the investment climate but lacked any direct steps to stimulate a sagging economy, adding to pressure on the Reserve Bank of India to provide more immediate help. Robust June hiring suggests a decade of domestic growth isn’t under threat despite global headwinds. U.S. employers added 224,000 jobs to payrolls. The strong June employment report should ease Federal Reserve officials’ concerns about a sharper-than-expected U.S. economic slowdown, but still leaves the door open to an interest-rate cut at their meeting this month. Debt-collection lawsuits have increased in some state and municipal courts, following a decline during a regulatory tightening after the financial crisis. Canada’s jobless rate edged up and the number of people employed was roughly unchanged in June following two straight months of stronger-than-anticipated gains.

 

FINANCIAL TIMES

[I]  US jobs report raises doubts over deeper rate cuts

[I]  Minister ramps up efforts to find British Steel buyer

[I]  German factory data adds to European economic gloom

[I]  Japan defends whaling but loses taste for the meat

[I]  India seeks to cut budget deficit while boosting growth

[I]  Banks hit by wave of late PPI claim inquiries

 

REUTERS

[I]  India raises import tariffs, taxes on the super rich as it seeks growth

[I]  India plans $10 billion bank recapitalisation, help for shadow lenders

[I]  India considering relaxing foreign investment rules for several sectors

[I]  India raises import tariffs, taxes on the super rich as it seeks growth

[I]  India's cautious budget puts onus on RBI to spur growth

[I]  India proposes tax benefits for electric vehicles to promote sales

[I]  U.S. job growth surges, July rate cut expectations intact

[I]  Fed faces tougher task in deciding whether to cut U.S. rates

 

BLOOMBERG 

[I]  Maybe $5 Trillion Is All That Can Be Wrung From Stocks This Year

[I]  Strong U.S. Hiring Rebound Dilutes Case for Larger Fed Cut

[I]  U.S. Says Trade Talks Resuming as China Demands End to Tariffs

[I]  Brent Crude Short-Selling Rises to 5-Month High

[I]  EU Officials Are Considering Mark Carney for Top IMF Job

[I]  Libya's Oil Company in Tripoli Calls for Rival to Be Disbanded

[I]  Argentina Is Said to Seek More FX Control Before IMF Review

[I]  Chicago Boosts Pension Payments, Only to See Debt Keep Growing

 

WALL STREET JOURNAL

[I]  U.S. Hiring Bounces Back, Easing Fears of a Jobs Slowdown

[I]  Recap: Jobless Rate Rises as Labor Force Grows

[I]  June Jobs Report Weakens Case for Larger Fed Rate Cut This Month

[I]  Judy Shelton, a Goldbug Who Bends to Fit Trump

[I]  Fed’s Powell Spoke With Trump in May Amid White House Criticism of Rate Policy

[I]  Debt Collectors Wage Comeback

[I]  Farmers Built a Soybean Export Empire Around China. Now They’re Fighting to Save It.

[I]  Real Time Economics Special Edition: U.S. Hiring Rebounds

[I]  Canada Jobless Rate Edged Up In June

 

BUSINESS LINE

[I]  RBI opens banks’ liquidity tap for NBFCs, HFCs

[I]  Making headway with raising FDI caps

[I]  New ideas: Global investor meet, social stock exchange

[I]  For India Inc, many challenges and constraints

[I]  FM proposes measures to pull NBFCs back to safety

[I]  Govt widens tax net; high-value cash withdrawals to attract levy

 

ECONOMIC TIMES

[I]  ITR filing just got a whole lot easier for you

[I]  Budget drags fuel prices back to square one

[I]  Govt expects Rs 90,000 cr dividend from RBI in FY20

[I]  Higher public holding: Get ready for share sales worth Rs 4 lakh crore

[I]  Forex reserve hits new high of $427.67 billion

[I]  Pros and cons of govt borrowing overseas

[I]  No direct measure, but can feel-good spur private investment?

[I]  Winners and losers: Who got how much in Sitharaman's maiden budget

[I]  Private push key to $10-trillion by 2030 target

[I]  Rs 3.75 lakh cr locked in excise, service tax litigation; amnesty, resolution scheme in offing: FM

 

BUSINESS STANDARD

[I]  This Budget has been made with a 10-year vision in mind: FM Sitharaman

[I]  Parliamentary standing committee presses for early implementation of DTC

[I]  Union Budget 2019: 'Digital India' push to achieve $5-trillion economy

[I]  Sitharaman's maiden Budget gives a massive boost to rail infrastructure

[I]  FM stresses the need to strengthen higher education system in Budget

[I]  Budget 2019: Sitharaman bets big on infra, commits Rs 100 trn over 5 years

 

Best Regards, ARBIND

06 Jul 2019

HAPPINESS AND STUPIDITY MAKE AN AWESOME BLEND, ESPECIALLY ON FRIDAY. WISHING A DAY OF RAINING DELIGHT.

Macro Economic News 05 Jul 2019

 

Rs Two lakh crore projects proposed in 100 cities in India. India’s government forecast that economic growth could get back up to 7% percent this year, but cautioned it will face challenges keeping its fiscal deficit in check. India needs $330 billion in investments over the next decade to power its renewable energy dream, but coal would remain central to its electricity generation. African leaders will decide on Sunday which nation will host the headquarters for a continental free-trade zone that aims to eventually unite the continent's 1.27 billion people and its $3.4 trillion nominal gross domestic product. Christine Lagarde first big challenge as European Central Bank president would be to win over skeptics in her next home country: Germany. The U.S. private sector added 102,000 nonfarm jobs for June, less than economists were expecting, with growth hurt by small businesses.

 

FINANCIAL TIMES

[I]  Chinese studios impose informal ban on American actors

[I]  Private equity builds firepower for property slump

[I]  Tusk urges new EU leadership to co-operate with Greens

[I]  IMF approves $6bn Pakistan bailout package after austerity budget

[I]  North Korea accuses US of hostility despite Trump visit

[I]  European financial services leads charge on women directors

[I]  Democracy is already foundering in US and UK

 

REUTERS

[I]  Indian government warns of aging population; says retirement age should rise, schools merge

[I]  United States adds India to steel tariff dispute at WTO

[I]  Japan's May household spending rises at fastest pace in 4 years

[I]  UK hirings fall again as Brexit uncertainty mounts: REC

[I]  UK retailers suffer 'washout' in June: survey

[I]  UK firms, waiting for Brexit, turn more gloomy about economy: survey

[I]  India plans $330 billion renewables push by 2030 without hurting coal

[I]  Explainer: Africa to decide on free-trade zone: what’s at stake?

[I]  ECB needs to provide more stimulus to live up to mandate - Rehn

[I]  U.S. and 15 others slam EU regulation of farm products at WTO

[I]  China says existing U.S. tariffs must be removed for a trade deal

 

BLOOMBERG 

[I]  China's Buildings Are Watching How People Shop, Cook and Steal

[I]  China Bond Defaults Are Looking Less Scary. Why That Won’t Last

[I]  More Joy for Emerging Markets Now Hinges on Fed, Survey Shows

[I]  Chinese Outbound M&A Plummets as Trade War Keeps Companies at Home

[I]  ‘Stressful Spring’ Has Ontario Farmers Worried About Crop Conditions

[I]  South Africa Treasury Vows to Respect Central-Bank Independence

[I]  Turkey Sends 5-Year Economic Plan to Erdogan for Approval

[I]  Inequality Highlighted as 10% of Workers Get Half of All Pay

[I]  South Africa’s Licensing Boom Catches Bank Regulator by Surprise

[I]  Euro-Area Slowdown Is No Longer Temporary, ECB’s Rehn Says

[I]  Draghi May Have Italy Risk on His Mind With Fresh Stimulus

 

WALL STREET JOURNAL

[I]  Lagarde’s First Job as ECB Boss: Sway Germany

[I]  Judy Shelton, a Goldbug Who Bends to Fit Trump

[I]  Latest Trump Fed Picks Could Face Easier Confirmation Prospects

[I]  After Months of Floods and Tornadoes, Officials Tally Billions in Damage

[I]  China Knows What It Wants—the U.S. Still Doesn’t

[I]  U.S. Private Sector Added 102,000 Jobs in June

 

BUSINESS LINE

[I]  A blueprint for a $5-trillion economy

[I]  As India begins to grey, workplace policies may have to change

[I]  The focus is on the big picture, says CEA Subramanian

[I]  Monsoon pares deficit after strong spell over Central India

[I]  Minimum wage system needs to be revamped

[I]  Private investment in agriculture is falling

[I]  8% GDP growth rate is achievable, says PM’s economic council head

[I]  Right policy levers needed to crank up growth to 8%: India Inc

 

ECONOMIC TIMES

[I]  10 key pointers for Sitharaman's Budget from Economic Survey

[I]  What India needs to be a $10-tn economy

[I]  India at $5 trn: The Economic Survey decoded

[I]  Govt may further ease FDI norms to bridge current account deficit: Economic Survey 2019

[I]  Economic Survey 2019: Foreign capital key to India's growth, says CEA

[I]  Maharashtra ranks first in NITI Aayog's ease of doing farm business

[I]  View: Where India can find a cool $1 trillion

[I]  Smart City: Rs 2.05 lakh crore projects proposed in 100 cities, significant progress made, says Survey

 

BUSINESS STANDARD

[I]  Infrastructure over incentive to promote electric vehicles: Economic Survey

[I]  Economic Survey calls for coordinating body for resource efficiency

[I]  Increase in retirement age could be considered, says Economic Survey

[I]  Divestment to make up for tax-revenue shortfall this year: CEA Subramanian

[I]  Financial creditors recover more under IBC, says Economic Survey

[I]  Economic Survey bats for a 'rationalised' tax regime to boost start-ups

[I]  Economic Survey calls for 'sunset' clause on policy incentives to MSMEs

 

MARKETS (07:30 am)

[I]  SGX NIFTY Fut: 11979;  USDINR DGCX: 68.7750;  DJIA Mini: 26991;  FTSE 100 Fut: 7539;  NIKKEI 225 Fut: 21630;  EUR-USD: 1.1281; Crude Oil (WTI): 56.72;  Gold (Spot): 1418

 

Best Regards, ARBIND

05 Jul 2019

HAPPINESS IS TO EMBRACE LIFE WITH SMILE. WISHING A CUDDLING DAY AHEAD.

Macro Economic News 04 Jul 2019

 

RBI is expected to regulate housing finance firms, review assets. India will, most likely, allow the budget deficit to rise. U.S. Trade Gap Widens by More Than Forecast to Highest in 2019. Activity in the U.S. services sector pulled back in June, suggesting the economy is reverting to a slower but steady pace of growth after a strong 2018. The U.S. trade gap widened sharply in May despite a new round of tariffs on Chinese goods that took effect in the first half of the month. The number of Americans applying for first-time unemployment benefits fell last week, a sign firms are reluctant to let workers go as hiring has slowed this year.

 

FINANCIAL TIMES

[I]  Global bonds rally on Lagarde ECB nomination

[I]  China accuses UK of ‘gross interference’ over Hong Kong

[I]  Lagarde set to inherit lingering Draghi influence at ECB

[I]  Italy dodges EU budget disciplinary process

[I]  Italy registers lowest number of births since at least 1861

 

REUTERS

[I]  RBI to regulate housing finance firms, review assets: sources

[I]  Dollar on back foot over expectations a Fed rate cut is coming

[I]  Australian government set to secure support for $110 billion tax cut plan

[I]  New U.S. census turmoil as Trump again pursues citizenship question

[I]  India likely to let budget deficit rise

[I]  Modest rise in Indian military spending likely, modernisation on hold

[I]  India's budget likely to hike spending to combat slumping growth

[I]  IMF board approves $6 billion loan package for Pakistan

[I]  Premium prices attract small farmers back to coffee growing in Zimbabwe

[I]  Going for growth, India set to borrow more - economists

 

BLOOMBERG 

[I]  U.S. Trade Gap Widens by More Than Forecast to Highest in 2019

[I]  Unstoppable Hong Kong Dollar Surges to Strongest in Two Years

[I]  Biggest Tax Shake-Up in a Decade Will Benefit 10 Million Australians

[I]  U.S. Bond Traders May Want to Rethink Taking the Day Off Friday

[I]  Surge in Rupee Costs Risks Slowing Record Indian Fundraising

[I]  Easy Money Won't Keep China Bond Bulls Happy for Long

 

WALL STREET JOURNAL

[I]  China Knows What It Wants—the U.S. Still Doesn’t

[I]  U.S. Service-Sector Activity Slowed in June

[I]  U.S. Trade Gap Widened in May Despite Tariff Moves

[I]  Trump Taps Judy Shelton, Christopher Waller for Fed Board

[I]  EU Leadership Nominees Share Tough Stances on Tech, Trade

[I]  U.S. Jobless Claims Fall

 

BUSINESS LINE

[I]  Coming, DBT of minimum wages that will cover all

[I]  Pension regulator pins hopes on ‘EEE’ status for NPS

[I]  No Input Tax Credit for GST paid on expenses incurred on promotional schemes, rules AAR

[I]  Import, domestic production of pepper declined in 2018-19

[I]  Centre may get only a small slice of RBI surplus this fiscal

[I]  Study loans under priority sector dip 9.3% in one year

 

ECONOMIC TIMES

[I]  Cabinet approves higher MSP for Kharif crops

[I]  A risky game is on in India's private loan mkt

[I]  Peak of financial cycle indicate signs of stress: RBI study

[I]  Budget 2019: Going for growth, India set to borrow more, say economists

[I]  What is Economic Survey? Swaminathan Aiyar explains

[I]  Unemployment in India lower than in China and Asia Pacific, says minister quoting ILO report

[I]  Service sector growth contracts for first time in a year in June, PMI at 49.6

 

BUSINESS STANDARD

[I]  Investment data to be cleaned up after overstated jobs claims

[I]  Electric fleet companies help make business of small EVs viable

[I]  Budget should not affect value of rupee: Government to emissaries

[I]  RBI forms working group to review regulatory norms on core investment firms

[I]  Code on Wages Bill gets cabinet nod in a bid to revive labour law reform

[I]  CSR disclosure rules set to be tightened to increase accountability

[I]  India's market turnover among lowest globally, shows World Bank data

[I]  2.5% import duty waiver on iron ore lumps a cost relief for steel mills

 

MARKETS (09:00 am)

[I]  SGX NIFTY Fut: 11944;  USDINR DGCX: 69.0350;  DJIA Mini: 26953;  FTSE 100 Fut: 7548;  NIKKEI 225 Fut: 21640;  EUR-USD: 1.1287; Crude Oil (WTI): 56.95;  Gold (Spot): 1419

 

Best Regards, ARBIND

04 Jul 2019