Iran Issues Oil Warning As UAE Says Production Can Rise-The Total Investment & Insurance Solutions

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3 July 2018

Oil (The Total Investment & Insurance Solutions)

Iran issued a new warning over Mideast oil supplies as the United Arab Emirates said on Tuesday it could increase its own production, the latest remarks to follow President Donald Trump's demand for lower global energy prices.

The comments by Iranian President Hassan Rouhani and the unexpected announcement by the UAE's oil-rich capital Abu Dhabi came as U.S. benchmark crude traded around $75 a barrel.

A recent decision by the Organization of the Petroleum Exporting Countries to increase the cartel's own production by 1 million barrels a day has yet to tamp down prices. That's led to higher prices at gasoline pumps in the United States as it heads toward midterm elections for Congress.

Speaking to Iranian expatriates Monday night in Switzerland, where he was on an official visit, Rouhani took aim at America.

The U.S. pulled out of the Iran nuclear deal in May and initially said it wanted allies to stop buying Iranian crude entirely. The State Department said Monday it would examine waivers on a "case-by-case basis" as it re-imposes sanctions.

"The main goal of the United States by imposing sanctions is to put pressure on people, but they claim that they want to put pressure on the Iranian government," Rouhani's website quoted him as saying. "But when they apply sanctions on people's basic needs like medicine, who will be put under pressure?"

Rouhani added that if Iran's crude oil exports were threatened, the rest of the Mideast's would be as well.

"It seems they do not understand what they are saying when they say Iran will not be allowed to export even a single drop of oil," Rouhani said in remarks aired by Iranian state television. "All right, if you can do such a thing, do it and see the result!"

Rouhani did not elaborate, but Iran long has asserted it could shut down the Strait of Hormuz, the narrow body of water that separates the Persian Gulf from the wider world. A third of all oil traded by sea passes through the strait and the U.S. Navy regularly has direct, tense encounters with Iran's paramilitary Revolutionary Guard there.

The U.S. Navy's 5th Fleet, which patrols the region, has said it has not seen any "unsafe and unprofessional" actions by Iranian naval forces in the Persian Gulf since August 2017. It did not immediately respond to a request for comment Tuesday over Rouhani's remarks.

Separately, Iran's Interior Minister Abdolreza Rahmani Fazli warned Tuesday that "if we close our eyes for 24 hours, 1 million refugees will go toward Europe through our Western borders" via Turkey. Some 5,000 tons of narcotics also could be smuggled to the West, he added, according to the semi-official Fars news agency.

Iran lies on a major trafficking route between Afghanistan and Europe, as well as the Persian Gulf states. Large drug seizures are common across the region.

Meanwhile, the state-run Abu Dhabi National Oil Co. issued a surprise statement Tuesday saying it has an oil production capacity of 3.3 million barrels per day. It added that it "remains on track to increase its production capacity to 3.5 million (barrels per day) by the end of 2018."

The company also said it "has the ability to increase oil production by several hundred thousand barrels of oil per day, should this be required to help alleviate any potential supply shortage in the market."

The oil company previously announced in November it had plans to expand its capacity to 3.5 million barrels of oil per day. It produced some 2.8 million barrels of oil per day in May, according to the most-recent figures released by OPEC.

The UAE, an American-allied federation of seven sheikhdoms on the Arabian Peninsula, hosts some 5,000 U.S. troops. Dubai also is the U.S. Navy's busiest port of call abroad.

Its statement Tuesday comes as Trump increasingly has criticized OPEC for not doing enough to lower oil prices. On Saturday, Trump wrote on Twitter that he had received assurances from King Salman of Saudi Arabia that the kingdom will increase oil production, "maybe up to 2,000,000 barrels" in response to turmoil in Iran and Venezuela. The White House later seemed to walk back on Trump's tweet.

Saudi Arabia has acknowledged the call took place, but mentioned no production targets. The kingdom currently produces some 10 million barrels of crude daily. Its record is 10.72 million barrels a day.

Saudi Energy Minister Khalid al-Falih called his Russian counterpart Alexander Novak to discuss the recent OPEC deal, according a report Tuesday by the state-run Saudi Press Agency.The Total Investment & Insurance Solutions

World Stocks Rise As Germany Settles Government Jitters-The Total Investment & Insurance Solutions

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3 July 2018

Malaysia financial markets (The Total Investment & Insurance Solutions)

Global stock markets turned higher Tuesday as German leaders put to rest fears that a weeks-long dispute on migration may topple Chancellor Angela Merkel's fourth government.

KEEPING SCORE: Germany's DAX rose 1.2 percent to 12,385 and France's CAC 40 added 0.9 percent to 5,322. Britain's FTSE 100 gained 0.6 percent to 7,589. Wall Street was poised to open higher. Dow and S&P 500 futures were both up 0.4 percent. U.S. markets are scheduled to close early ahead of Wednesday's Independence Day holiday.

ASIA'S DAY: Asian markets tumbled in the morning as back-and-forth exchanges over looming U.S. tariffs added to worries over the trade war brewing between China and the U.S. Hong Kong's Hang Seng, reopening after a market holiday on Monday, closed 1.4 percent lower at 28,545.57 as investors reacted to weaker than expected Chinese economic data. The benchmark Nikkei 225 index lost 0.1 percent to 21,785.54 while South Korea's Kospi added 0.1 percent to 2,272.76. The Shanghai Composite index gained 0.4 percent to 2,786.89. Australia's S&P/ASX 200 rose 0.5 percent to 6,210.20 after the Reserve Bank of Australia kept its 1.5 percent benchmark interest rate unchanged.

GERMAN MIGRANT DEAL: On Monday, Merkel and her rebellious political allies reached a compromise on migration that both sides said addressed their concerns. After five hours of talks, they agreed to establish "transit centers" on Germany's border with Austria where asylum-seekers would be evaluated and, if it turned out they already had applied for protection in another EU country, sent back to that country. Merkel called the deal a "very good compromise."

ANALYST'S TAKE: "The afternoon lift in Asia was reinforced by a positive move in European stocks, led by the German market as a compromise between Merkel and her interior minister on immigration eased fears of political turmoil," said Eli Lee, head of investment strategy at the Bank of Singapore.

TRADE TENSIONS: Investors continued to monitor trade tensions between the U.S. and other major economies. The European Union on Monday slammed the Trump administration for considering higher tariffs on auto imports, saying they could lead to global retaliation against some $300 billion in U.S. goods. President Donald Trump later said the World Trade Organization has treated the U.S. "very badly" and the country will be "doing something" if the organization doesn't change its ways. But he denied reports he plans to pull out of the WTO.

CHINA TARIFFS: The U.S. will start imposing a 25 percent tariff on $34 billion worth of Chinese imports on Friday. It won't target 284 other items, worth $16 billion, until it gathers further public comments. China is expected to strike back with tariffs on a similar amount of U.S. exports. The Trump administration is also identifying an additional $200 billion in Chinese goods for 10 percent tariffs, which could take effect if Beijing retaliates.

GLENCORE SLIDE: Shares in Glencore, the world's biggest commodities trader, were down about 10 percent after it said the U.S. Department of Justice had requested documents to check on its compliance with corruption and money laundering rules. The company says it is considering the request, which relates to its operations in the Democratic Republic of Congo, Nigeria and Venezuela.

ENERGY: Oil futures recovered from the previous day's downtick, after Trump claimed that Saudi Arabia could produce up to double of the 1 million barrels-a-day increase agreed by OPEC countries. Benchmark U.S. crude added 85 cents to $74.79 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, used to price international oils, gained 74 cents to $78.04.

CURRENCIES: The dollar edged down to 110.83 yen from 110.87 yen in late trading Monday. The euro rose to $1.1656 from $1.1639.The Total Investment & Insurance Solutions

Nifty, Sensex May Head Higher – Monday closing report-The Total Investment & Insurance Solutions

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2 July 2018

The major indices of the Indian stock markets were range-bound on Monday and closed with losses over Friday’s close. On the NSE, there were 614 advances, 1,134 declines and 333 unchanged. The trends of the major indices in the course of Monday’s trading are given in the table below:

The key Indian equity indices closed in the red on Monday following weak global cues. The indices, however, recovered major losses in the last hour of trade. 

The ITC on Monday opened its luxury hotel ITC Kohenur in IT hub Cyberabad. Built with an investment of around Rs775 crore, ITC Kohenur will offer 271 high technology enabled rooms, suites and service apartments, six signature restaurants, state-of-the-art meeting and convention spaces and Kaya Kalp Spa. 

Automobile major Maruti Suzuki India on Sunday reported a rise of 36.3% in its overall sales including exports for June 2018 from a low base in June 2017. According to the company, overall sales during the month under review grew to 144,981 units from 106,394 units sold during June 2017. The overall sales include 135,662 units in the domestic market and 9,319 units which were exported. On a quarterly basis, the company sold a total of 490,479 units in the April-June quarter, "growing 24.3% over the same period previous fiscal". Maruti Suzuki India shares closed at Rs8,806.30, down 0.22% on the NSE.

Coal India Ltd (CIL) on Sunday said its production during April-June period of the current fiscal grew by 15.2% over corresponding period last year and its off-take also increased by 11.7% during the first quarter of this year over same period last year. The miner, however, missed both production and off-take target for the first three months of this year by 9% and 10% respectively. According to provisional data, CIL produced 44.88 million tonnes of coal in June, achieving 85% of its target of 52.79 million tonnes for the month. Coal India shares closed at Rs260.40, down 1.49% on the NSE.

Tata Motors on Sunday reported a 54% growth in its domestic sales for the month of June 2018. According to it, domestic sales during the month under review grew to 56,773 units from 36,836 units sold during the corresponding month of the previous year. On a quarterly basis, the company's domestic sales grew by 64% in the April-June 2018 period to 164,579 units from 100,141 units over the previous year "due to the continued strong month on month sales performance of its commercial and passenger vehicles business in the domestic market". Tata Motors shares closed at Rs257.80, down 0.54% on the NSE.

State Bank of India's former Managing Director B Sriram on Saturday took charge as the MD and CEO of financially troubled IDBI Bank. Sriram was recently appointed as the chief of financially troubled IDBI Bank for a period of three months. According to the filing, SBI said that the central Government granted permission to Sriram for voluntary retirement on June 29 with immediate effect. IDBI Bank shares closed at Rs55.65, up 1.37% on the NSE.

The top gainers and top losers of the major indices are given in the table below:

The closing values of the major Asian indices are given in the table below:

Major Indices (The Total Investment & Insurance Solutions)

Manufacturing sector activity records fastest growth in June-The Total Investment & Insurance Solutions

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2 July 2018

Manufacturing sector (The Total Investment & Insurance Solutions)

The country's manufacturing sector activity in June grew at the strongest pace this year, supported by rise in domestic and export orders, says a monthly survey.

The Nikkei India Manufacturing Purchasing Managers Index (PMI) rose from 51.2 in May to 53.1 in June, registering the fastest improvement since December 2017.

This is the 11th consecutive month that the manufacturing PMI remained above the 50-point mark. In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction.

"India's manufacturing economy closed the quarter on a solid footing against a backdrop of robust demand conditions, highlighted by the sharpest gains in output and new orders since last December," said Aashna Dodhia, Economist at IHS Markit and author of the report.

Reflecting greater production requirements, manufacturing firms were encouraged to engage in purchasing activity and raise their staffing levels.

"On the jobs front, the latest survey data pointed to a healthy labour market, with job creation accelerating to the sharpest since December 2017," Dodhia said.

On the price front, input cost inflation and output charges rose at a stronger pace, indicating that the central bank might tighten the monetary policy.

"Input cost inflation quickened to the strongest since July 2014 in June, suggesting that the central bank could remain under pressure to tighten monetary policy," Dodhia added.

In June the Reserve Bank of India had upped its retail inflation projection by 0.30 percent and kept the policy stance in the neutral zone, even as it hiked the key rate by 0.25 percent to 6.25 percent.

Meanwhile, business confidence eased to the weakest since last October, and the dip in optimism partly reflected concerns of a potential market slowdown in the year ahead.

"Indeed, some of the key challenges to the 12-month outlook include tighter domestic monetary policy and persistently high inflation," Dodhia said.The Total Investment & Insurance Solutions

Govt now has a 5-point strategy to deal with NPAs: FM Piyush Goyal-The Total Investment & Insurance Solutions

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2 July 2018

Finance Minister (The Total Investment & Insurance Solutions)

Sunil Mehta committee on bad loans resolution has recommended a five-pronged strategy to deal with Non-performing Assets in the country's banking system, Finance Minister Piyush Goyal announced today. Finance Minister said the committee has not recommended to set up a bad bank. 

"Sunil Mehta panel on bad loans resolution has presented a balanced and comprehensive project 'Sashakt', a five-pronged strategy to deal with stressed assets," Goyal said. 
The five-pronged strategy includes -- SME resolution approach, bank-led resolution approach, AMC/AIF led resolution approach, NCLT/IBC approach, and asset-trading platform. 

Spelling out government's plan to tackle banks' bad loan problem, interim Finance Minister Piyush Goyal said an independent asset management company will be set up and the committee has not given any recommendation to create a bad bank. 

He said that the AMC-led approach would be adopted for resolution of loans above Rs 500 crore. The financial institutions will enter into inter-creditor agreement to authorise lead bank to implement a resolution plan within 180 days. "If no resolution would be found in 180 days, the institutions would move to NCLT," he added. 

He said the government plans to focus on turning around assets in a manner that will create jobs, proposals are aligned with the IBC process and laws. The Total Investment & Insurance Solutions

Asian Economies Discuss Trade Pact Amid Rising Protectionism-The Total Investment & Insurance Solutions

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2 July 2018

Japan asia trade (The Total Investment & Insurance Solutions)

Trade ministers and officials from 16 Asian countries agreed Sunday to speed up negotiations on outstanding issues and reach a basic agreement on a regional trade pact by the end of this year.

During weekend meetings, Prime Minister Shinzo Abe urged fellow leaders to work for an early conclusion of the Regional Comprehensive Economic Partnership in the face of an increasingly protectionist U.S.

Japan has sought to take leadership in shaping the pact as an alternative to a Pacific Rim free-trade grouping that Trump abandoned early this year, the Trans-Pacific Partnership.

At a joint news conference Sunday after the talks, Japanese Economy, Trade and Industry Minister Hiroshige Seko and his Singaporean counterpart, Chan Chun Sing, noted there are differences that still need to be resolved, but the participants see reaching an accord as evidence of Asia's commitment to defending free trade.

"This is indeed a moment for us to seize the opportunity against a global backdrop where we are facing headwinds in the trade relationships and the trade regimes," Chan said. Achieving a pact would be a powerful statement to show what RCEP countries stand for, he said.

In a joint statement, the ministers said achieving a pact is important especially "in view of the current global trade environment, which faces serious risks from unilateral trade actions and reactions, as well as their debilitating implications on the multilateral trading system." They also pledged to seek breakthroughs in politically challenging areas.

In his remarks earlier Sunday, Abe said a pact among the countries that together make up half the global population has enormous growth potential.

"As we are faced with concerns of the rise of protectionism in the world, all of us in Asia must unite, and our future depends on whether we can keep hoisting our flagship principle of free and fair trade," Abe told the meeting in Tokyo. "Let us be as one and achieve a free, fair and rules-based market in this region."

Trump, who says he prefers bilateral deals, has pulled the U.S. out of the TPP, leaving the remaining 11 countries, from Chile to New Zealand, to work on a revamped version of that pact. Japan is a leading participant in those talks, too.

Trump has imposed high tariffs on steel and aluminum imports and has threatened to add automobiles to reduce America's trade deficit. He has singled out Chinese products, prompting fears of a trade war.

Already hit by increased U.S. steel and aluminum tariffs, Japan has told the World Trade Organization that it may retaliate against U.S. goods totaling about 50 billion yen ($450 million). Tokyo warned the U.S. Department of Commerce on Friday that a higher U.S. tariff on auto imports could backfire, jeopardizing hundreds of thousands of American jobs created by Japanese automobile industry-related companies, raising prices for U.S. consumers and causing a disaster for the U.S and global economy.

Trump's moves have resonated in Asia, where many countries have prospered thanks to free trade and the expansion of global supply chains.

Members of the initiative, launched in 2013, have struggled with issues including tariffs, trade in services and investment rules, as well as protection for intellectual property rights. Japan is also cautious about China's influence. China, which is not part of the TPP, plays a key role in RCEP.

RCEP also includes Southeast Asia, Australia, New Zealand, India and South Korea.The Total Investment & Insurance Solutions

World Stocks Fall, Haunted By Concerns Over US-China Tariffs-The Total Investment & Insurance Solutions

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2 July 2018

Japan financial markets (The Total Investment & Insurance Solutions)

Global stocks fell Monday as weaker-than-expected Asian economic surveys ratcheted up worries over the potential impact of higher tariffs due to be imposed by China and the U.S. in a festering trade dispute. In Europe, a German government crisis weighed on markets.

KEEPING SCORE: Germany's DAX was down 0.8 percent to 12,212 and France's CAC 40 lost 1.2 percent to 5,258. Britain's FTSE 100 shed 1 percent to 7,562. Wall Street was poised to open lower. Dow futures fell 0.5 percent and S&P 500 futures were down 0.6 percent.

ASIA'S DAY: Asian markets were overshadowed by weaker than expected Chinese manufacturing data and a softening in Japan's economic outlook. Japan's benchmark Nikkei 225 index plunged 2.2 percent to 21,811.93 and South Korea's Kospi shed 2.4 percent to 2,271.54. The Shanghai Composite index tumbled 2.5 percent to 2,775.56 while Australia's S&P/ASX 200 lost 0.3 percent to 6,177.80. Hong Kong's markets were closed for a market holiday. Taiwan's benchmark fell but Southeast Asian indexes were mixed.

GERMAN CRISIS LINGERS: German Chancellor Angela Merkel has been locked for weeks in a bitter dispute with her Bavarian allies over migration. The government crisis was prolonged on Sunday when interior minister Horst Seehofer offered to resign instead of backing down from his stance against the chancellor's migration policies. Seehofer is determined to turn away some types of asylum-seekers at Germany's borders, but Merkel has insisted on Europe-wide solutions. There's little sign of a possible compromise and the standoff could spell the end of Merkel's fourth government.

CHINESE DATA: China's manufacturing activity slowed in June, adding to concerns that the economy is cooling due to tighter government controls on lending. The Caixin Manufacturing PMI, which measures growth in the sector, came in at 51.0 in June, down slightly from 51.1 in May. The index is on a 100-point scale, with 50 separating contraction from growth. In Japan, a central bank survey showed the corporate outlook has worsened from three months ago, highlighting risks to its export-reliant economy from trade tensions. The Bank of Japan's "tankan" survey measuring confidence among large-scale manufacturers was at 21 points, down 3 from the March survey, which was the first decline in two years.

U.S-CHINA TARIFFS: The U.S. is set to impose a 25 percent tariff on up to $50 billion of Chinese products starting this Friday. In response, China will raise import duties on $34 billion worth of American goods. On Sunday, Canada started billions of dollars in retaliatory tariffs against the U.S., in a tit-for-tat response to the Trump administration's duties on Canadian steel and aluminum. The items include ketchup, lawn mowers and motor boats. Some items will be subject to taxes of 10 or 25 percent. The U.S. has also faced hit back from the European Union. Iconic American motorcycle maker Harley-Davidson will move some production overseas to avoid tariffs the European Union is placing on motorcycles made in the U.S.

ANALYST'S TAKE: "There is caution over the imposition of tariffs this weekend. Taken together, weaker-than-expected data gives markets room for thought on whether Trump protectionism has seeped into the real economy," said Song Seng Wun, an economist at CIMB Private Banking.

ENERGY: Trump has claimed that Saudi Arabia will raise oil production by "maybe up to 2,000,000 barrels" in response to turmoil in Iran and Venezuela. This is higher than the 1 million barrels-a-day increase that OPEC countries have agreed on, sending oil futures on a decline. Benchmark U.S. crude fell 12 cents to $74.03 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, used to price international oils, fell 55 cents to $78.68 in London.

CURRENCIES: The dollar ticked up to 110.76 yen from 110.74 yen in late trading Friday. The euro weakened to $1.1643 from $1.1695.The Total Investment & Insurance Solutions