MACRO ECONOMIC NEWS

IT’S COOL AND COMFORTING - BEING JUST A TEDDY. WISHING A HEARTENING WEEK AHEAD.

Macro Economic News 10 Feb 2020

 

The US president is expected to propose $4.8 trillion budget with big safety-net cuts that reflects his priorities for a potential second term, including steep reductions in social programs and foreign aid and higher outlays for defense and veterans. FED Chairman Powell, in its semi-annual report, has confessed that it's “very hard” to understand China's economy. ... “The effects of the coronavirus in China have presented a new risk to the outlook.” Public confidence in Nato has fallen sharply in the US and leading EU countries. FM. Nirmala Sitharaman hinted that there could be some 'grandfathering option' that could be made available to investors who have made long term investments, keeping in mind the previous tax regime. The Confederation of Indian Industry (CII) has urged the government to take urgent steps to decriminalise provisions in several business-facing laws and Acts to help improve investor confidence and ensure ease of doing business in the true spirit. For this purpose, it has identified 12 alternative ways. FM said that the government wants continuous engagement with industries and businesses and will act as a facilitator for hassle-free payments of taxes. She was interacting with the members of trade and industries while NITI Ayog official says that GDP will reach new heights.

 

FINANCIAL TIMES

[I]  China seeks to restart economy despite virus outbreak

[I]  Johnson’s efforts to escape EU state aid rules ‘mistaken’

[I]  Spain will consult business on labour law, says economy chief

[I]  Confidence in Nato in sharp decline

[I]  Cambodia faces losing EU trade preferences

[I]  Britain and EU are negotiating at cross purposes

 

REUTERS

[I]  Trump slashes foreign aid, cuts safety net programs in new budget proposal

[I]  China slowly returns to work as coronavirus toll hits daily record

[I]  Malaysia's economy to grow 4.5% in 2020, PM Mahathir says

[I]  Oil prices fall on oversupply worries as virus hits China demand

 

BLOOMBERG 

[I]  China Inflation Accelerates on Holiday Demand and Epidemic

[I]  China’s Hurting Banks Brace for Worst-Case Economic Scenario

[I]  Powell to Confront ‘New Risk’ to U.S. Economy from China Virus

[I]  Trump Forecasts Growth Above 3% This Year. Economists Disagree

 

WALL STREET JOURNAL

[I]  Trump to Propose $4.8 Trillion Budget With Big Safety-Net Cuts

[I]  Smallest U.S. Firms Struggle to Find Workers

[I]  Wildfires Will Test Australia’s Leading Streak Without a Recession

[I]  With Easy Demeanor, Powell Cultivates Allies on Capitol Hill

[I]  U.S. Economy Added 225,000 Jobs in January

[I]  One Utility’s Big Bet on a Greener Future

[I]  Economy Week Ahead: Fed Chair Testifies, U.S. CPI and EU Trade Data

 

BUSINESS LINE

[I]  Grandfathering option to provide relief to taxpayers: FM

[I]  India calling for trouble at WTO with fresh duties on mobile phone parts

[I]  CII suggests 12 alternative ways to decriminalise business and economic laws

[I]  Govt seeks to engage itself with businesses, industries, says FM

[I]  GDP will reach new heights: NITI Ayog official

 

ECONOMIC TIMES

[I]  US jobs data and global coronavirus worries hold dollar firm

[I]  Sugar production to bounce back soon

[I]  12% tax revenue growth achievable in 2020-21 fiscal: Revenue Secy

[I]  India, China seek simpler farm tariff norms

[I]  400 infra projects' show over Rs 4 lakh crore cost overrun

[I]  Nirmala Sitharaman on govt's plan to move towards an exemption-free income tax regime

[I]  Govt to reduce time taken for starting business, to introduce new e-form

 

BUSINESS STANDARD

[I]  MNCs with permanent establishment to pay tax on pre-negotiated income

[I]  RBI 'reminds' banks on need to make additional provisioning for telco loans

[I]  Patented and in-licensed drugs post robust growth in Indian market

[I]  Higher import duty on auto components likely to increase burden of industry

[I]  CII recommends 12 urgent ways to decriminalise business offences

 

MARKETS (08:30 am)

[I]  SGX NIFTY Fut: 12081;  USDINR DGCX: 71.6375;  DJIA Mini: 29102;  FTSE 100 Fut: 7467;  NIKKEI 225 Fut: 23778;  EUR-USD: 1.0952; Crude Oil (WTI): 50.32;  Gold (Spot): 1570

 

Best Regards, ARBIND
10 Feb 2020