MACRO ECONOMIC NEWS

ENVIRONMENT IS NATURALLY BLESSING US WITH HUMBLING GREATNESS. WISHING AN OVERWHELMING DAY AHEAD.

Macro Economic News 05 Mar 2020

 

Finance Minister Nirmala Sitharaman said that the government is working intensively to ensure meaningful intervention, if needed, to deal with the impact of unfolding coronavirus crisis on the country while the Reserve Bank of India (RBI) is considering using unconventional policy tools to spur lending, amid fears of derailing any revival of economic growth. India is pushing state-run banks to approve new loans amounting to 500-600 billion rupees ($6.8-8.2 billion) by the end of March as authorities seek to shore up a stuttering economy. Saudi Arabia and other OPEC members struggled to win support from Russia to join them in additional oil output cuts in a bid to prop up prices which have tumbled by a fifth this year. The Federal Reserve’s surprise decision this week puts the European Central Bank under pressure to act as the eurozone’s already lethargic economy creaks under the spreading epidemic. IMF sees ‘More Dire’ global economic possibilities on Virus and it sets aside $50bn for coronavirus-hit countries while virus exposes cracks in south-east Asia economies. Brazil cuts growth estimates. U.S. services sector growth accelerates; private payrolls rise solidly wile Indian services PMI in February jumps to 7-year high of 57.5 although global economy is gripped by rare twin supply-demand shock. 10-yr bond yields at 39-month low as markets brace for RBI action and ironically India, China overtake South Africa in economic crime.

 

FINANCIAL TIMES

[I]  IMF sets aside $50bn for coronavirus-hit countries

[I]  Fed cut piles pressure on Lagarde to take action

[I]  Banks test disaster recovery sites on coronavirus fears

[I]  Virus exposes cracks in south-east Asia economies 

[I]  Brazil cuts growth estimates amid coronavirus fears

 

REUTERS

[I]  U.S. senator's trade advice to EU: Keep calm and put agriculture on the table

[I]  EU green deal is a 1 trillion euro diversion

[I]  Supreme Court strikes down RBI banking ban on cryptocurrency

[I]  OPEC struggles to win Russian backing for big oil cut amid coronavirus

[I]  India pushes state banks to boost lending as coronavirus fears grow - sources

[I]  Exclusive: RBI may use unconventional tools to combat coronavirus impact, sources say

[I]  In next recession, Fed needs upfront promises, former staffers say

[I]  U.S. services sector growth accelerates; private payrolls rise solidly

 

BLOOMBERG 

[I]  IMF Sees ‘More Dire’ Global Economic Possibilities on Virus

[I]  Yuan Recoups All Losses Since Virus Outbreak First Shut Economy

[I]  Too Much Money: Australian Pension Giant’s $11 Billion ‘Problem’

[I]  Blackstone Leans Forward Into India, Its ‘Strongest Performer’

[I]  India’s $476 Billion Firepower May Arrest Rupee’s ‘Panic’ Drop

[I]  Global Economy Is Gripped by Rare Twin Supply-Demand Shock

[I]  U.S. Delays Changes to Economic-Data Releases Beyond Next Week

[I]  China Stimulus Shot, BOE Pressure, U.S. Emergency Bill: Eco Day

 

WALL STREET JOURNAL

[I]  Analysis: Why the Fed Is Likely to Cut Again

[I]  Fed Retools Capital Rules for Largest U.S. Banks

[I]  U.S. Service Industries Feel Weight of Coronoavirus Uncertainty

[I]  U.S. Delays New Data-Release Policy, in Win for Media Firms

[I]  Fed’s Bullard Tells Bloomberg TV March Rate Cut Isn’t a Done Deal

[I]  U.S. Private Sector Adds 183,000 Jobs in February

[I]  Fed Rate Cut Puts ECB in Hot Seat

[I]  Fed’s $100 Billion Repo Intervention Falls Short Of Bank Demand

 

BUSINESS LINE

[I]  Govt ready to intervene if needed: FinMin

[I]  Central Government rolls out LLP settlement scheme

[I]  Services PMI in February jumps to 7-year high of 57.5

[I]  ‘Specialisation’, key to become export powerhouse: CEA

[I]  Govt gives partial relief to independent directors from prosecution

[I]  India, China overtake South Africa in economic crime

 

ECONOMIC TIMES

[I]  India Inc in emergency mode as virus spreads

[I]  IMD predicts unseasonal rain and hailstorms in North India

[I]  Coronavirus fall to have minimal impact on India's GDP: Report

[I]  Coronavirus: MNCs’ China de-risk plan a shot in the arm for India

[I]  Government approves more amendments to companies law

[I]  Government to bring settlement scheme for LLPs

 

BUSINESS STANDARD

[I]  Coronavirus: India Inc steps up act to contain crisis as tally reaches 29

[I]  Cabinet nod for foreign listing of firms, decriminalising offences

[I]  PMI: India's services sector growth hits 7-year high of 57.5 in February

[I]  Europe 'panicking' over India's pharma export curbs: Industry body

[I]  10-yr bond yields at 39-month low as markets brace for RBI action

[I]  Overseas listings dry up as Indian companies eye domestic market

 

MARKETS (10:30 am)

[I]  SGX NIFTY Fut: 11247;  USDINR DGCX: 73.8525;  DJIA Mini: 27090;  FTSE 100 Fut: 6816;  NIKKEI 225 Fut: 21295;  EUR-USD: 1.1139; Crude Oil (WTI): 47.32;  Gold (Spot): 1640

 

Best Regards, ARBIND
05 Mar 2020