MACRO ECONOMIC NEWS

SMILE, BREATHE AND GO SLOWLY; YOU MAKE THE WORLD LOT BETTER. WISHING A SUPERIOR WEEK AHEAD. 

Macro Economic News 16 Mar 2020

 

Global stocks are getting slammed the dollar battered after emergency rate cuts in the United States and New Zealand, and a raft of steps by policymakers worldwide failed to stem the rout in markets spooked by the broadening fallout of the coronavirus. The Federal Reserve cut its benchmark interest rate to near zero and unleashed an aggressive set of additional moves aimed at stabilizing markets as the U.S. economy is pushed toward a recession. Millions confined to homes after Spain and France impose lockdowns and Germany is to seal off borders while world’s top three fund houses shed $2.8tn of assets whereas top economists say global recession already here. White House coronavirus expert warns that US ‘could get as bad as Italy’ while market experts are saying that the plumbing behind world's financial markets is creaking loudly. China's Feb home prices stall for first time in five years amid virus outbreak while Hong Kong Jobless Rate to Hit Nine-Year High. China adds cash to banking system, keeps interest rate unchanged and Hong Kong cuts benchmark interest rate whereas Philippine Peso’s haven status appears to be quickly evaporating. India’s SEBI mulls short selling.

 

FINANCIAL TIMES

[I]  Germany to seal off borders to fight coronavirus

[I]  World’s top three fund houses shed $2.8tn of assets

[I]  Global recession already here, say top economists

[I]  Airlines step up calls for emergency state aid

[I]  Lagarde apologises for botched communication of ECB strategy

[I]  China’s poorest pay the price of coronavirus outbreak

[I]  Millions confined to homes after Spain and France impose lockdowns

[I]  White House coronavirus expert warns US ‘could get as bad as Italy’

 

REUTERS

[I]  Global stocks plunge, dollar slides as Fed's emergency cut spooks investors

[I]  Fed slashes rates, global central banks coordinate to cushion coronavirus blow

[I]  Dollar dumped after Fed cut, ball in BOJ's court for next coronavirus move

[I]  China's economy suffers heavy blow as epidemic paralyses activity

[I]  Australian medical officers given sweeping powers to contain coronavirus

[I]  The plumbing behind world's financial markets is creaking. Loudly

[I]  Fed slashes rates, global central banks coordinate to cushion coronavirus blow

[I]  China tightens quarantine, airport checks as imported coronavirus cases tick up

[I]  China's Feb home prices stall for first time in five years amid virus outbreak

 

BLOOMBERG 

[I]  China Set for Unprecedented Contraction in Early-Year Data

[I]  Mideast Stocks Drop Despite $47 Billion of Central Bank Aid

[I]  Hong Kong Jobless Rate to Hit Nine-Year High, Finance Chief Says

[I]  China Adds Cash to Banking System, Keeps Interest Rate Unchanged

[I]  Hong Kong Cuts Benchmark Interest Rate, Following Fed’s Move

[I]  Philippine Markets Cut Trading Hours as Manila Grinds to a Halt

[I]  U.S. to Start Buying Oil for Emergency Reserve Within Two Weeks

[I]  Philippine Peso’s Haven Status Appears to be Quickly Evaporating

 

WALL STREET JOURNAL

[I]  Fed Takes Emergency Actions as Virus Pushes Economy Toward Recession

[I]  U.S. Treasury to Help Advance Funds to Employers for Paid Sick Leave

[I]  Mexico Has Yet to Reap the Benefits of U.S.-China Trade Disarray

[I]  U.S. Economic Outlook Hinges on Layoff Decisions

[I]  Central Banks Struggle to Confront Threats to Markets, Economies

[I]  U.S. Consumers Increasingly Rattled by Coronavirus Fears

 

BUSINESS LINE

[I]  Customs duty on e-transmissions: India, South Africa make new submission at WTO

[I]  Telangana shuts down educational institutes, cinemas, gyms

[I]  New NCLAT Bench in Chennai to help resolve pending cases

[I]  Airlines plead for Govt relief after coronavirus shreds travel

[I]  New upgraded IT system for GST by July, e-invoicing to be implemented from Oct 1

 

ECONOMIC TIMES

[I]  India's coronavirus tally could be just the tip of the iceberg

[I]  Fed fights a 2020 virus with a 2008 tack

[I]  Export body advises members to widen sourcing, reduce dependency on China

[I]  India's audit space cannot have 'one-size fits all' approach: Corp Affairs Secy

[I]  View: The missing politics of inequality

[I]  Bureaucracy slows down reforms approved by PM, says Ex-Niti chief Arvind Panagariya

 

BUSINESS STANDARD

[I]  Busy office hubs fall silent as coronavirus outbreak noise gets louder

[I]  FinMin may cut interest rates on small savings schemes for April-June qtr

[I]  Sebi considers short selling ban, trading curbs to reduce market volatility

[I]  Raising threshold for insolvency: Good for NCLT, bad for smaller creditors

[I]  Centre to relook long-term power sale pacts between generators and states

[I]  With India-Iran trade at standstill, banks set to lose low cost deposits

 

MARKETS (09:00 am)

[I]  SGX NIFTY Fut: 9550;  USDINR DGCX: 74.4875;  DJIA Mini: 21798;  FTSE 100 Fut: 5242;  NIKKEI 225 Fut: 17220;  EUR-USD: 1.1110; Crude Oil (WTI): 31.22;  Gold (Spot): 1545

 

Best Regards, ARBIND
16 Mar 2020