MACRO ECONOMIC NEWS

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Macro Economic News 24 Feb 2020

 

With epidemic affecting the global economy, Mnuchin says central bankers will look at options for responding to it while Xi says China braces for inevitable big hit to economy, whereas PBOC Deputy says expects a ‘v-shaped’ recovery. China pushes factories to reopen, risking renewed virus spread although millions of Chinese firms face collapse. Artificial intelligence is expected to alter how Americans work on a scale similar to that of robotics and PCs—but this time, most affected employees will be managers and professionals, although Fed governor Lael Brainard endorsed a plan for the central bank to consider past misses of its 2% inflation target when deciding on how to set policy. FED officials cautioned against reacting too quickly to financial-market signals but said they should remain important inputs in discerning broad shifts in the economy. EU set for final push to toughen post-Brexit trade stance while UK employers urge Johnson not to sacrifice services in EU deal. Brazil poised to grant independence to central bank and New Zealand warns on foreign influence threat. RBI Governor says Policy transmission is getting better, up by 20 bps in 2 months while the proposed tweak in Companies Act may allow Indian unlisted firms to list abroad.

 

FINANCIAL TIMES

[I]  EU set for final push to toughen post-Brexit trade stance

[I]  Brazil poised to grant independence to central bank

[I]  New Zealand warns on foreign influence threat 

[I]  Chinese carmakers accelerate drive into India

[I]  Private jet demand surges in wake of coronavirus outbreak

[I]  Europe is still in thrall to the analogue mindset

 

REUTERS

[I]  Concern over coronavirus spread grows with cases jumping in South Korea, Italy and Iran

[I]  Climate change gets first mention in G20 finance communique of Trump era - sources

[I]  UK employers urge Johnson not to sacrifice services in EU deal

[I]  More UK spending? Higher taxes look inevitable: think-tank

[I]  No global digital tax by end-2020 would mean digital tax chaos - France

[I]  China braces for inevitable big hit to economy from virus, says Xi

[I]  G20 finance heads see modest growth pickup, to monitor coronavirus

[I]  The ECB wants to talk to you about inflation. But will it listen?

 

BLOOMBERG 

[I]  Millions of Chinese Firms Face Collapse If Banks Don’t Act

[I]  China Pushes Factories to Reopen, Risking Renewed Virus Spread

[I]  South Korea Braces for Economic Pain as Virus Cases Soar

[I]  In Singapore, REITs Are Becoming More Important Than Ever

[I]  Hong Kong Companies Have No Safety Net in Fight for Survival

[I]  China Is Likely to See a ‘V-Shaped’ Recovery, PBOC Deputy Says

[I]  Bangkok Has 100,000 Empty Apartments. It Could Soon Have More

 

WALL STREET JOURNAL

[I]  World Economy Shudders as Coronavirus Threatens Global Supply Chains

[I]  G-20 Financial Leaders Warn Coronavirus Risk to Global Growth

[I]  Home Sales Sluggish as Lack of Inventory Frustrates Buyers

[I]  Central Banks Advised to Use Tool Kits Aggressively During Trouble

[I]  Trump Says Farmers Might Get More Aid

[I]  Dozens of States Back Bankruptcy Venue Reform

[I]  Economy Week Ahead: Consumer Confidence, GDP, Household Income

[I]  AI Is the Next Workplace Disrupter—and It’s Coming for High-Skilled Jobs

 

BUSINESS LINE

[I]  Civil society groups urge govt not to dilute IP laws

[I]  Vehicle prices may rise in March/April

[I]  28 per cent GST on state-run and state-authorised lotteries from March 1

[I]  US surpasses China to become India’s top trading partner

[I]  Natural gas prices in India likely to be cut by steep 25 per cent from April 2020

[I]  Government goes after 'intermediaries' to cut logistics costs for EXIM trade

[I]  Coal imports at major ports drop 15% in April-January

 

ECONOMIC TIMES

[I]  US left wondering what could have been as India setback beckons

[I]  ICRA cuts diamond sector outlook to negative on coronavirus

[I]  Opec confirms March meeting date, ending Saudi-Russia tussle

[I]  Cabinet approves crop cover rejig, dairy sop schemes

[I]  Trump, Modi to discuss trade, defence during Feb 25 talks

[I]  How govt can protect India Inc from catching the China virus

 

BUSINESS STANDARD

[I]  Tweak in Companies Act may allow Indian unlisted firms to list abroad

[I]  Real estate firms paying up to 15% interest rate on loans amid slowdown

[I]  FMCG firms see slow demand revival as growth triggers remain weak

[I]  Policy transmission getting better, up by 20 bps in 2 months: RBI Governor

[I]  3 years of IBC: 7 charts offer insights into how the system has evolved

[I]  Special-series bonds could be over 10% of FY21 gross borrowing target

[I]  RBI alone cannot contain inflation, govt too has responsibility: Rangarajan

 

MARKETS (07:30 am)

[I]  SGX NIFTY Fut: 11954;  USDINR DGCX: 71.9175;  DJIA Mini: 28992;  FTSE 100 Fut: 7403;  NIKKEI 225 Fut: 23386;  EUR-USD: 1.0830; Crude Oil (WTI): 52.03;  Gold (Spot): 1661

 

Best Regards, ARBIND
24 Feb 2020