THERE IS A WILL AND THERE IS A WAY; WATCH IT THIS WEEKEND. WISHING A FABULOUS  WEEKEND AHEAD.

Macro Economic News 21 Sep 2019

http://eco.isead.in/

India cut corporate tax rates in a surprise move designed to woo manufacturers, revive private investment and lift growth from a six-year low that has led to major job losses and fuelled discontent in the countryside. British Prime Minister Boris Johnson will hold talks with European leaders on the sidelines of the UN General Assembly (UNGA) in New York next week as part of his push to secure a Brexit deal by the end of October. A U.S.-China trade deal appeared elusive after Chinese officials unexpectedly cancelled a visit to farms in Montana and Nebraska as deputy trade negotiators wrapped up two days of negotiations in Washington. Fed Chairman Jerome Powell’s press conference this week carried a subtle message for President Trump: If you’re worried about an economic slowdown, find a way to cool down the trade war. IMF says downside risks to N.Z. economy have increased. 

FINANCIAL TIMES

[I] Fed announces new effort to soothe money markets

[I] Millions join largest climate protest in history

[I] Germany unveils sweeping measures on climate change

[I] Japan plans to tighten rules on foreign investment

[I] UK Brexit plans fail all basic backstop tests, warns EU

[I] The Fed must be ready for trouble not normality

[I] Great State: China and the World — trade stand-offs aren’t new

[I] Big price drops get Esher property market moving

[I] British Virgin Islands’ prime property faces financial storm

REUTERS

[I] India cuts corporate taxes to boost manufacturing and revive growth

[I] Rating firm S&P Global says India's corporate tax cuts 'credit negative'

[I] United States sending troops to bolster Saudi defences after attack

[I] Hopes for trade breakthrough fade as China cancels U.S. farm visits

[I] UK PM Johnson to meet European leaders in New York in push for Brexit deal

[I] China says Maldives is not 'mired in a Chinese debt trap'

[I] U.S. sanctions Iran's central bank, fund after Saudi oil attack

BLOOMBERG 

[I] IMF Says Downside Risks to N.Z. Economy Have Increased

[I] Saudi Oil Attack: Where Are We a Week On and What Happens Next?

[I] Trade War Bolsters Chinese Interest in Manufacturing in Thailand

[I] Repo Crisis Becomes Machiavellian Investor Opportunity

[I] New U.S. Rent Regulations Already Eroding Values of Apartments

[I] The Financial System’s Plumbing Is Clogged

[I] Everyone Is Running Up Debt Except America’s States and Cities

WALL STREET JOURNAL

[I] Powell’s Subtle Messaging to Trump on Trade Fight

[I] Pace of Growth Slowed for U.S. Household Net Worth in Second Quarter

[I] Fed Officials Explain Dissents From Rate Cut

[I] Home Sales Inch Up, Raising Hopes That Slump Is Easing

[I] Fed Will Weigh Resuming Balance Sheet Growth at October Meeting

BUSINESS LINE

[I] Tax cuts will give infra sector a boost: Crisil

[I] Bank credit must grow 12% year-on-year for India to become a $5-t economy: SBI

[I] GST rate cut will boost tourism, says hotel industry

[I] E-format of vehicle papers valid only on mParivahan, Digilocker: Ministry

[I] Hotel tariffs, outdoor catering get GST rate cuts

[I] India's corporate tax rate is now among the lowest globally

[I] Finance Minister unleashes corporate ‘animal spirits’

[I] Fiscal deficit likely to rise by 30-40 basis points

ECONOMIC TIMES

[I] Has FM done enough? The math behind corporate tax cut

[I] India's consumption scene is not that gloomy

[I] FM turns around many rules of business in one go

[I] Council 'nod' to link Aadhaar with GST registration

[I] Government committed to nurturing private sector, achieving 8 per cent growth doable: NITI

[I] India’s budget gap seen widening to four-year high on tax cuts

[I] Corporate tax cut: Investment en route as FM soups up engine

[I] New SEZ investments made attractive

BUSINESS STANDARD

[I] Improve revenue buoyancy, Finance Commission chairman asks states

[I] Market celebrates corporate tax cut with biggest rally in 10 years

[I] Corporate tax cut a big positive, but demand recovery may take time

[I] FM Nirmala Sitharaman announced loan 'mela' despite banks' reluctance

[I] How India's new corporate tax rates compares with its Asian counterparts

[I] CSR expansion to boost research impact, rankings for public universities

[I] RBI tightens norms for banks, up penalties for failed ATM transactions

Best Regards, ARBIND

21 Sep 2019

OBJECTIVE EVALUATION IS HELPFUL IN EVOLUTION. WISHING A FULFILLING DAY AHEAD.

Macro Economic News 20 Sep 2019

http://eco.isead.in/

Finance Minister Nirmala Sitharaman is likely to unveil measures to boost economic growth, which slipped to a six-year low of 5% in the April-June quarter, two government sources said. U.S. and Chinese deputy trade negotiators resumed face-to-face talks for the first time in nearly two months on Thursday, as the world's two largest economies try to bridge deep policy differences and find a way out of their protracted trade war. Japan's core consumer inflation slowed to a new two-year low in August due to lower oil costs and feeble economic growth, data showed on Friday, adding to the central bank's growing challenges in achieving its elusive 2% price target. The chances of a meeting between U.S. President Donald Trump and Iranian President Hassan Rouhani while they are both in New York next week for the annual gathering of world leaders at the United Nations have dwindled since an attack on Saudi oil facilities. The global economy is set to grow at the slowest pace since the financial crisis, with business investment and trade hampered by an escalating dispute between the U.S. and China, the OECD said. 

FINANCIAL TIMES

[I] Saudi Arabia ‘bullies’ wealthy families to pump cash into oil IPO 

[I] German ‘black zero’ budget faces €40bn green challenge 

[I] London slips further behind NY in financial centre rankings 

[I] Japan plans to tighten rules on foreign investment 

[I] OECD warns trade tensions could create low-growth trap 

[I] Trump’s trade war puts car seat maker in a bind 

[I] A divided Federal Reserve tries to do no harm 

[I] Fed intervenes again to ease US money market strains 

[I] ECB’s cheap loans receive cool reception from banks 

REUTERS

[I] India likely to unveil measures to boost growth

[I] U.S. building coalition after Saudi oil attack, Iran warns against war

[I] India meets criteria to reclaim U.S. trade concessions

[I] Economy hopes support shares, oil edges up on Mideast tensions

[I] Lagarde says global growth 'fragile', 'under threat': AFP

[I] Japan August consumer inflation eases to two-year low in blow to BOJ

[I] As chance of Trump, Rouhani meeting at U.N. fades, talk turns to Security Council

[I]  UK appeals for public help in setting post-Brexit trade with Japan

[I] India tells tech firms to protect user privacy, prevent abuse

[I] OECD cuts growth outlook to post-crisis low

BLOOMBERG 

[I] Support for South Korea’s Moon Hits Record Low as Woes Pile Up

[I] Australia’s Financial-Crackdown Plans Suffers Blow as Regulator Loses Case

[I] BOJ Makes Sweeping Cuts to Bond Purchases to Steepen Curve

[I] Australia’s Financial-Crackdown Plans Suffers Blow as Regulator Loses Case

[I] Japan Inflation Hits 2-Year Low as BOJ Calls for Price Review

[I] Global Growth Slip, China Trade Dip, Fed Funding Stress: Eco Day

[I] China’s Energy Game Plan Features a Giant Coal-Hauling Rail Line

[I] Koreans Who Didn't Read Fine Print Risk Losing It All on Derivatives

WALL STREET JOURNAL

[I] Fed Chairman Powell Masters the Art of Saying Nothing

[I] Fed Will Weigh Resuming Balance Sheet Growth at October Meeting

[I] Fed Cuts Rates by Quarter Point but Faces Growing Split

[I] Home Sales Inch Up, Raising Hopes That Slump Is Easing

[I] World Economy to Grow at Lowest Rate Since Financial Crisis: OECD

BUSINESS LINE

[I] No economic crisis in India, govt taking steps to make it stronger: Javadekar

[I] Biscuit-makers seek GST reduction to prevent job loss

[I] Oil crisis to have limited impact on inflation, fiscal numbers: RBI Governor

[I] GST Council meet to take call on tax rate cut on Friday

[I] Government notifies 8.65 per cent interest rate for over 6 crore EPFO members for 2018-19

[I] Millennials not speed bumps but drivers of auto sales: Industry experts

[I] FM opens the liquidity tap for Bharat

ECONOMIC TIMES

[I] FM may announce more economic boosters today

[I] FM announces 'loan melas' to boost credit growth

[I] Banks have to take haircuts for stressed NBFCs: RBI

[I] Parliament nod on pesticide and seed bills likely next session: MoS Agriculture

[I] Govt may set up Rs 20,000-cr fund for stalled non-NPA housing projects in 45 days

[I] OECD sees global economy slipping to weakest growth in a decade

[I] Approved cabinet note for scrapping old vehicles, policy out soon: Nitin Gadkari

BUSINESS STANDARD

[I] Loan 'melas' are back: PSBs to hold credit meets in 400 districts, says FM

[I] Bank stake sales in insurance, mutual fund subsidiaries hit a wall

[I] Banks can set their own policies regarding concurrent audits, says RBI

[I] Banks will have to take balanced call on NBFC crisis: RBI's Shaktikanta Das

[I] OECD slashes India's economic growth forecast from 7.2% to 5.9%

[I] Room for rate cuts, not fiscal expansion, says RBI governor Shaktikanta Das

[I] Sebi sets up expert panel to suggest norms for social stock exchanges

Best Regards, ARBIND

20 Sep 2019

IT'S PLEASING TO GO BACK IN TIME, BE IT SITTING IN A CLASSROOM. WISHING A THRILLING DAY AHEAD.

Macro Economic News 19 Sep 2019

http://eco.isead.in/

Wild swings this week in U.S. money markets have raised fresh concerns about whether the New York Federal Reserve. Federal Reserve Chairman Jerome Powell announced a second rate cut in more than a decade but failed to provide a clear signal on how many more rate cuts are coming, if any. Officials left the door open for more but were split over the outlook for further reductions. Brazil’s central bank cut its benchmark interest rate as expected, as consumer price increases remain under control amid a years-long economic slowdown. BOJ keeps policy steady, signals chance of easing in October. Hong Kong Cuts Base Rate After Fed; Banks Seen Staying on Hold. Argentina’s Central Bank Raises Rate Floor to 78% as Prices Soar.

FINANCIAL TIMES

[I] Fed cuts rates as policymaker splits deepen 

[I] Legacy of corruption fuels renewal movement in Brazil 

[I] Electoral maths leave Netanyahu future in balance 

[I] Juncker doubts chances of striking Brexit deal 

[I] US businesses ‘tapping the brake’ as uncertainty bites 

[I] India workers suffer as car industry goes into reverse 

REUTERS

[I] Fed cuts interest rates, signals holding pattern for now

[I] BOJ keeps policy steady, signals chance of easing in October

[I] Trump sees many options short of war with Iran after attacks on Saudis

[I] Australian August unemployment at one-year high, rate cut seen in October

[I] U.S. bankers seize on repo-market stress to push for softer liquidity rules

[I] U.S. unlikely to impose sanctions on Turkey over Russian buy: Turkish official

[I] Fed pumps more cash as key rate breaks above target

[I] BOJ seen on hold as global woes, dwindling options complicate policy path

[I] UK banks sign up to U.N.-backed responsible banking code

BLOOMBERG 

[I] Climate Change Could Derail Your Retirement

[I] BOJ Leaves Policy Unchanged, Calls for Review as Risks Rise

[I] Rush of Foreign Money Into Taiwan Sends Stocks Near Record

[I] Hong Kong Cuts Base Rate After Fed; Banks Seen Staying on Hold

[I] Top Shadow Banker Calls Time on India’s Credit Crisis

[I] U.K. Set to Open $25 Billion Contest for Offshore Wind Farms

[I] Argentina’s Central Bank Raises Rate Floor to 78% as Prices Soar

[I] Modi’s Goal of a $5 Trillion Economy By 2025 Is at Risk

WALL STREET JOURNAL

[I] Fed Cuts Rates By Quarter Point, But Faces Growing Split

[I] Fed Sees Three Dissents at Meeting for First Time Since 2016

[I] Oil Spikes, Auto Strikes Join List of Supply Shocks

[I] Mortgage Rates Decline Ahead of Fed Meeting

[I] Fed Cuts Rates by Quarter Point but Faces Growing Split

[I] Brazil Central Bank Cuts Benchmark Rate to Record Low

BUSINESS LINE

[I] How India’s pipelines to Bangladesh, Nepal are changing oil trade dynamics

[I] India’s steel consumption growth likely to slow to 6 per cent: ICRA

[I] Direct tax collection picks up

[I] Three new 'low's to bring more rains, predicts IMD

[I] Petrol, diesel prices see steepest hike since July 5

[I] Govt mulls alternative to `bank guarantee’ for kick-starting stalled road projects

[I] Liberalised FDI rules for single brand retail, coal, ...

ECONOMIC TIMES

[I] RBI drops a data bomb on fintech firms

[I] Indian-Americans support dual citizenship: Survey

[I] Fed cuts rates by 25 bps, gives mixed signals

[I] RBI plans to structure loan rates of NBFCs, HFCs

[I] Tax collection misses target by a wide margin; inches up 4.7% in April-September

[I] Number of workers grew 4.8% to 12.2 million in FY18: ASI data

[I] India's monsoon rains above-average for third straight week: IMD

[I] Govt constitutes Company Law Committee to improve ease of doing business

[I] Govt proposes to hand over EPFO corpus of Rs 10 lakh crore to a central body

BUSINESS STANDARD

[I] Unsold inventory for top real estate developers scales new high in FY19

[I] Gig workers set to come under labour laws, get social security benefits

[I] Advance tax mop-up posts dismal growth, rises by just 6% in H1FY20

[I] Start-up sectors that have the highest probability of receiving funding

[I] Factory investment fell, wages went up in GST implementation year

[I] RBI decision to cut risk weights for retail loans credit negative: Moody's

[I] RBI unlikely to extend October 1 deadline for repo-linked loans

MARKETS (10:00 am)

[I] SGX NIFTY Fut: 10757;  USDINR DGCX: 71.3300;  DJIA Mini: 27080;  FTSE 100 Fut: 7300;  NIKKEI 225 Fut: 21910;  EUR-USD: 1.1039; Crude Oil (WTI): 58.25;  Gold (Spot): 1495

Best Regards, ARBIND

19 Sep 2019