MACRO ECONOMIC NEWS

ONE MORE TIME, COURAGE THE MIND, INSPIRE THE SOUL. WISHING A SUPERB SATURDAY AHEAD.

Macro Economic News 07 Mar 2020

 

Financial markets and economic forecasters are warning of rising risks for U.S. and world economies, which were picking up before the novel coronavirus spread from China around the globe. The Trump administration has granted exclusions from import tariffs for more than 100 medical items imported from China, including face masks, examination gloves and sanitizing wipes. US Employers added 273,000 jobs in February and the jobless rate was 3.5%, but the epidemic threatens to trigger a sharp pullback in hiring after the labor market showed signs of picking up earlier this year. The Federal Reserve has begun holding dollars it receives from Asia before recirculating them amid concerns. Greenspan can’t rule out negative rates on 30-Year U.S. bonds whereas White House eyes ‘micro approach’ to stimulus ruling out large-scale economic response to virus-related shocks while China’s central bank also resists large-scale coronavirus stimulus despite batters trade and business in China Jan-Feb resulting tumbling exports and slowing imports. High interest rates give Mexico room for stimulus while G-20 pledges ‘Further Actions’ to aid economies.

 

FINANCIAL TIMES

[I]  White House eyes ‘micro approach’ to stimulus

[I]  Trump adviser rules out large-scale economic response to virus-related shocks

[I]  European Commission warns against mask export ban

[I]  China’s central bank resists large-scale coronavirus stimulus

[I]  Policymakers unmoved by US Fed’s surprise rate cut, preferring tailored measures

[I]  UK aerospace industry warns of risk from leaving EU agency

[I]  Calls grow louder for full overhaul of UK property tax

[I]  Stamp duty has been fiscal weapon but whole regime deemed too complicated

 

REUTERS

[I]  Coronavirus infects 100,000-plus worldwide, 21 cases found on ship off San Francisco

[I]  China Jan-Feb exports tumble, imports slow as coronavirus batters trade and business

[I]  High interest rates give Mexico room for stimulus on coronavirus: official

[I]  Once unthinkable, negative Treasury yields enter the realm of possibility

[I]  Sleeping Beauty: How suspect gold reached top brands

[I]  Rear-view mirror: U.S. hiring boomed in February but coronavirus risks job cuts in future

[I]  Silk roadblock: coronavirus exposes Nigeria's reliance on China

 

BLOOMBERG 

[I]  Jobs Data Means Little to Stock Market That Only Cares About Coronavirus

[I]  Wall Street Worries About Risk Running Amok With Traders at Home

[I]  Treasury Rally Was So Intense CME Halted 30-Year Futures Trading

[I]  India Seeks Bids to Privatize Refiner, Keeps State Players Out

[I]  China’s Exports Slump as Virus Shutdown Slashes Trade, Demand

[I]  G-20 Pledges ‘Further Actions’ to Aid Economies Amid Virus

[I]  Brazil’s Central Bank Is Propping Up the World’s Worst Currency

[I]  Greenspan Can’t Rule Out Negative Rates on 30-Year U.S. Bonds

 

WALL STREET JOURNAL

[I]  Coronavirus Risk Rises for U.S., Global Economies

[I]  Coronavirus Spread Could Halt Robust U.S. Job Gains

[I]  Global Viral Outbreaks, Once Rare, Will Become More Common

[I]  Fed Stores Dollars Arriving From Asia as Coronavirus Precaution

[I]  U.S. Trade Officials Grant Tariff Relief for Face Masks, Medical Equipment

 

BUSINESS LINE

[I]  Trade impact of Coronavirus for India estimated at $348 mn: UN report

[I]  India Inc in preventive mode: Issues travel advisories, cautions against infection

[I]  Govt reconstitutes platform for disaster risk reduction

[I]  Parliamentary panel backs EC’s Aadhaar, poll roll linkage pitch

[I]  World food prices dipped in Feb as virus hit demand: FAO

 

ECONOMIC TIMES

[I]  How Donald Trump may be seeing India

[I]  Forex reserve hits lifetime high of $481.54 billion

[I]  Maha budget gives big boost to infra with Rs 30,000-cr outlay

[I]  Fundamentals of Indian economy strong, policies are clear: PM Modi

[I]  Now, registration for EPFO, ESIC to be done on corporate ministry portal

 

BUSINESS STANDARD

[I]  Make GSTN portal efficient for tax payers: Finance ministry to Infosys

[I]  Cash usage now at pre-demonetisation levels: CMS Info Systems report

[I]  House panel concerned over key govt vacancies, Rs 9 trn under tax disputes

[I]  Maharashtra budget allocates Rs 7,000 crore for farm loan waiver scheme

[I]  ADB says global GDP may lose $77 bn-$347 bn due to Coronavirus outbreak

 

Best Regards, ARBIND

07 Mar 2020