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Sat, 27th May 2017

Anirudh Sethi Report

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Archives of “March 6, 2017” Day

Sessions, Kelly, & Tillerson Unveil Trump’s Immigration Bill 2.0

Homeland Security’s Secretary Kelly, Secretary of State Tillerson, and AG Sessions will be unveiling the Trump administration’s all new and improved immigration plan to replace its previous executive order that was suspended by the courts. They will reportedly not be taking questions.

Trump administration officials have said that the new order aims to overcome the legal challenges that resulted in the first immigration ban being blocked by a federal court.

White House aide Kellyanne Conway told Fox News that the order would take effect on March 16.  She confirmed that legal permanent residents and current visa holders would be explicitly exempt from the order, and also indicated that Iraq would no longer be on the list of countries affected. “Iraq is no longer on the list based on their enhanced screening and reporting measures,” Conway said. The revised order would also no longer single out Syrian refugees for an indefinite ban.

Details:

  • *TRUMP ORDER SUSPENDS REFUGEE ADMISSIONS PROGRAM FOR 120 DAYS
  • *TRUMP’S NEW ORDER REMOVES IRAQ FROM BANNED-TRAVEL LIST
  • *TRUMP ORDER BANS TRAVELERS FROM 6 COUNTRIES FOR 90 DAYS
  • *TRUMP BAN AFFECTS SUDAN, SYRIA, IRAN, LIBYA, SOMALIA, YEMEN

Japanese GDP down 0.5% in January: JCER

Japan’s real gross domestic product shrank 0.5% on the month in January, the Japan Center for Economic Research said Monday.

Exports fell 1.2%, partly on sluggish automobile shipments. Capital investment slipped 0.4%.

 Meanwhile, consumer spending rose 0.4%.

Iraq says OPEC will likely need to extend output cuts

Iraq talks OPEC cuts

  • Iraq ready to cut in the second half if OPEC decides to extend policy
  • OPEC will likely need to extend cuts
  • Iraq ‘somewhat’ satisfied with oil price, hopes for improvement

A second OPEC cut will put a squeeze on a few producers. Much of the Saudi cut, for instance, was window dressing because a seasonal slowdown was imminent.

Trump to sign a new travel ban executive order today- Reuters

Reuters reporting White House sources 6 March

  • will remove Iraq from list of countries affected
  • will still impose 90-day ban on travel to US y citizens of Iran, Libya, Somalia, Sudan and Yemen
  • new exec order will not affect US green card holders from the listed countries

So Iraq comes off the list. 1 down, 5 to go.

China defence budget tops Rmb 1tn ($145bn) for first time

China’s defence spending will exceed Rmb1tn ($145bn) for the first time this year, according to new figures from the annual budget released by the country’s finance ministry. The Ministry of Finance on Monday announced that the annual budget for military defence in 2017 would come to Rmb1.044tn, reflecting a 7 per cent rise from the previous year. That growth rate – announced at the weekend, but without the landmark renminbi figure – nonetheless represents a slowdown from 2015′s rise of 8 per cent. Both the quickest rise and largest absolute increase in China’s military spending plans came in 2014 when spending grew 12 per cent year on year, a rise of Rmb88bn. China’s defence budget has grown at a double-digit rate for the last 25 years, and the country now ranks second only to the US in terms of global military spending. That remains a distant second, however, US President Donald Trump has asked for a 10 per cent increase in US defence spending this year, potentially adding another $54bn to a military spending budget that exceeded $600bn in 2016.

Nikkei 225 closes down -0.46% at 19,379.14

Japanese equities softer on yen strength but off its lows 6 March

  • high 19411.54
  • low  19340.32
  • Topix -0.2% at 1554.90
  • USDJPY 113.85 off its 113.72 lows

Expect immediate sellers/res around 114.00 then 114.20 and 114.50.  Demand/support 113.70, 113.50,113.30 and 113.00