MACRO ECONOMIC NEWS

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Macro Economic News 26 Mar 2020

 

India is likely to agree an economic stimulus package of more than 1.5 trillion rupees to fight a downturn in the country that is currently locked down to stem the spread of coronavirus, two sources familiar with the matter told Reuters. Singapore's economy suffered its biggest contraction in a decade in the first quarter as the pandemic prompted the city-state to cut its full-year GDP forecast and plan for a deep recession. The Senate moved toward voting on an estimated $2 trillion stimulus package designed to shield the economy from the ravages. Retailers in the U.S. and Europe are suspending and cancelling clothing orders, threatening millions of factory jobs in Asia just as China shows signs of recovering. Global lenders seek debt relief for poorest countries while Fed’s Anti-Virus lending firepower is expected to reach $4.5 trillion whereas China’s central bank in talks to cut rate banks pay to savers. New Zealand economy facing biggest decline in activity ever seen while U.K. house sales set to plunge 60% on lockdown impact. 3% of GDP worth tax reliefs may cost India while EMI, loan payments could be paused to battle a Covid squeeze although e-commerce delivery services excluded from curfew restrictions in Maharashtra.

 

FINANCIAL TIMES

[I]  Global lenders seek debt relief for poorest countries

[I]  Banks enjoy trading bonanza as markets churn

[I]  Europe faces coronavirus choice: to close economy or not

[I]  Nine eurozone countries issue call for ‘coronabonds’

[I]  India’s migrant workers flee cities and threaten countryside

[I]  Sweden bucks trend with experimental virus strategy

[I]  China’s central bank in talks to cut rate banks pay to savers

 

REUTERS

[I]  India may unveil $20 billion-plus stimulus package

[I]  India's huge outsourcing industry struggles with work-from-home scenario

[I]  Singapore flags deep recession as coronavirus shrinks economy in first quarter

[I]  Childhoods on pause in coronavirus pandemic

[I]  U.S. Senate poised to vote on passage of $2 trillion coronavirus bill

[I]  Germans and Dutch set to block EU 'corona bonds' at video summit

 

BLOOMBERG 

[I]  PBOC Acts to Stabilize Yuan After Currency Underperforms Peers

[I]  New Zealand Economy Facing Biggest Decline in Activity Ever Seen

[I]  U.K. House Sales Set to Plunge 60% on Coronavirus Lockdown Impact

[I]  How Coronavirus Has Upended Economics in Just a Few Weeks

[I]  Pension Funding Breaks Could Ease Corporate Cash Crunch

[I]  China’s Economy Faces Virus Aftershocks From Lost Jobs to Debt

[I]  Fed’s Anti-Virus Lending Firepower Could Reach $4.5 Trillion

 

WALL STREET JOURNAL

[I]  U.S. Will Approve Some Delays in Tariff Payments Amid Coronavirus Crisis

[I]  U.S. Income Tax Delay to Strain States

[I]  Senate Moves Toward Vote on Stimulus Package

[I]  Federal Reserve Taps BlackRock to Purchase Bonds for the Government

[I]  Fed Digital Dollars Are Part of Debate Over Stimulus

[I]  Retailers Cancel Orders From Asian Factories, Threatening Millions of Jobs

[I]  Unemployment Checks Delayed in Crisis

[I]  Coronavirus Triggers Record Drops in U.S., European Business Activity

 

BUSINESS LINE

[I]  Domestic aviation industry may incur losses of up to $3.6 billion in Q1: CAPA

[I]  Chinese firms resume export of pharma inputs to India

[I]  How non-resident e-commerce players came under equalisation levy

[I]  BPL families to get wheat/rice at ₹2/3 per kg for 3 months

[I]  Goverment approves Rs 670 crore recapitalisation plan of RRBs to improve capital base

[I]  Covid 19: Lockdown of mandis, a new challenge for farmers

 

ECONOMIC TIMES

[I]  EMI, loan payments could be paused to battle a Covid squeeze

[I]  How govt plans to keep banks up and running

[I]  Your phone may be turned into a weapon

[I]  3% of GDP: What tax reliefs may cost India

[I]  Dollar slips on $2 trillion US plan, 'riskier' currencies gain

[I]  FCI operations hit in lockdown, seeks mention in exemption list

[I]  Coronavirus could spell further trouble for commercial vehicle financiers

[I]  India headed for rare quarterly contraction on coronavirus lockdown

[I]  E-commerce delivery services excluded from curfew restrictions in Maharashtra

 

BUSINESS STANDARD

[I]  21-day lockdown: E-commerce firms set to resume work after police assurance

[I]  Migrant workers head home in coronavirus lockdown, exposed and vulnerable

[I]  Treat taxpayers with empathy amid Coronavirus: CBIC chairman to officers

[I]  Coronavirus: Banks offer fresh lines of credit to SME firms amid lockdown

[I]  Coronavirus impact: Hoarding of food in countries, threatens global trade

 

MARKETS (09:30 am)

[I]  SGX NIFTY Fut: 8493;  USDINR DGCX: 75.7275;  DJIA Mini: 20948;  FTSE 100 Fut: 5516;  NIKKEI 225 Fut: 18660;  EUR-USD: 1.0911; Crude Oil (WTI): 24.14;  Gold (Spot): 1606

 

Best Regards, ARBIND

26 Mar 2020