MACRO ECONOMIC NEWS

THIS DAY BLESSES US WITH MARVEL OF AWESOME AMAZEMENTS. WISHING A SPLENDID DAY AHEAD.

Macro Economic News 03 Mar 2020

 

Global manufacturing shrinks most since 2009 on virus pain with activity in China shrinking at a record pace, raising the prospect of a coordinated policy response by central banks to prevent a global recession. OECD says that the global economy will slow sharply this year as governments attempt to contain the epidemic, although the scale of the setback is highly uncertain. India's factory activity growth slowed in February from the previous month's eight-year high due to a modest weakening in demand and output, although overall conditions remained firm. Top central banks appear primed to act to combat while FED assurance and EU readiness to loosen purse strings. Malaysia rate cut bets climb along with Bank of Canada expectations to cut interest rates this week. UK considers opposing digital tax in pursuit of U.S. trade deal while Indian rupee hits 15-month low after fresh coronavirus cases in country. Commercial vehicles and two-wheeler sales continue to skid and around Rs 10.52 lakh crore of corporate debt is at risk of default due to slowdown while CMIE finds India's February unemployment rate rises to 7.78%. OECD slashes India's FY21 growth forecast to 5.1% while Fitch cuts India GDP forecast for FY20 to 4.9% on weak demand. States slashed capital outlay by 14% to plug fiscal deficit.

 

FINANCIAL TIMES

[I]  OECD warns coronavirus could halve global growth

[I]  Traffic and cinemas give measure of China’s downturn

[I]  EU migration pact with Turkey on brink of collapse

[I]  US trade deal to boost UK economy 0.16% over 15 years

[I]  US supply chains and ports under strain from coronavirus

[I]  Energy’s stranded assets are causing concern

 

REUTERS

[I]  India reports three more cases of coronavirus, including Italian national

[I]  Indian rupee hits 15-month low after fresh coronavirus cases in country

[I]  Top central banks appear primed to act to combat coronavirus risk

[I]  UK's Truss urges WTO to crack down on unfair trade practices

[I]  India factory activity growth slows in February on weak demand - PMI

[I]  Coronavirus hits global factories; chances of monetary policy easing rise

[I]  UK to consider opposition to digital tax in pursuit of U.S. trade deal

[I]  Gender employment gap costs EU 360 billion euros a year: agency

[I]  U.S. manufacturing sector slows; construction spending hits record high

[I]  EU ready to loosen purse strings as coronavirus bites economy

 

BLOOMBERG 

[I]  Global Manufacturing Shrinks Most Since 2009 on Virus Pain

[I]  Andrew Bailey Faces First BOE Test as Coronavirus Rewrites Outlook

[I]  Hedge Funds Kept Buying the Dip in Stocks Amid Last Week’s Rout

[I]  ECB Joins Central Banks Pledging Coronavirus Action If Needed

[I]  The Problem With Pinning All Your Market Hopes on Rate Cuts

[I]  Malaysia Rate Cut Bets Climb Amid Virus Fallout: Decision Guide

 

WALL STREET JOURNAL

[I]  Global Growth to Slow Sharply as Virus Takes Heavy Toll, OECD Says

[I]  Coronavirus Craters China Manufacturing Index

[I]  Coronavirus Hits Once-Isolated U.S. Natural Gas Market

[I]  Ad Business Likely to Suffer as Firms Brace for Spread of Coronavirus

[I]  Coronavirus Prompts Calls for Bank of Canada Rate Cut

 

BUSINESS LINE

[I]  Indian importers from China facing coronavirus heat; to discuss problems with govt

[I]  Government allows airlines to provide in-flight Wi-Fi services

[I]  Over 4.78 lakh income tax appeals pending at end of March 2019

[I]  Unseasonal rains hit Maharashtra again

[I]  Two-wheeler sales continue to skid in February

 

ECONOMIC TIMES

[I]  Why India's real problem is not inflation

[I]  India's job crisis is only getting worse

[I]  Coronavirus pushes the world to its first contraction since 2009

[I]  Around Rs 10.52 lakh crore of corporate debt at risk of default due to slowdown

[I]  India's February unemployment rate rises to 7.78%, highest in 4 months: CMIE

 

BUSINESS STANDARD

[I]  Coronavirus outbreak: Carmakers, suppliers brace for stormy days

[I]  Commercial vehicles continue to slip, top cos see decline in February sales

[I]  OECD slashes India's FY21 growth forecast to 5.1% on coronavirus woes

[I]  Coronavirus impact: Feb manufacturing PMI slips marginally to 54.5

[I]  States slashed capital outlay by 14% to plug fiscal deficit: Report

[I]  Slowdown: Fitch cuts India GDP forecast for FY20 to 4.9% on weak demand

 

MARKETS (07:30 am)

[I]  SGX NIFTY Fut: 11145;  USDINR DGCX: 72.8600;  DJIA Mini: 26551;  FTSE 100 Fut: 6698;  NIKKEI 225 Fut: 21368;  EUR-USD: 1.1138; Crude Oil (WTI): 48.01;  Gold (Spot): 1598

 

Best Regards, ARBIND
03 Mar 2020