MACRO ECONOMIC NEWS

TRUST IS THE MOST PEACEFUL FORT. WISHING A SERENE DAY AHEAD. 

Macro Economic News 12 Mar 2020

 

Coronavirus is declared a pandemic as fears of economic crisis is rippling through U.S. and global economies, but it could take a few months to fully see the fallout in data that tracks economic performance around the world. Britain’s government and central bank announced a rare joint stimulus plan to combat the debilitating effects on the economy, a bold move that raises questions about whether the broader region can muster a similarly synchronized response. Australia unveils $11.4 billion stimulus to curb the impact while Singapore president considers using past reserves as businesses bleed whereas economists start forecasting negative U.S. GDP numbers. Coronavirus-induced market mayhem has pushed so much liquidity out of U.S. Treasuries that the true value of more than $50 trillion in assets around the globe is in doubt. The Trump administration plans to delay the April 15 tax deadline for most individual taxpayers as well as small businesses as part of an effort to mitigate the effects. Trump suspends all travel from Europe to US while India suspends all tourist visas to the country in a wide-reaching attempt to prevent the spread of coronavirus, as cases across the region continued to rise. Plunging Dow enters 'bear market' whereas India is exploring nuts and bolts of possible FTA with Australia although Indian banks turn wary post IBC and tighten lending norms for labour-intensive units.

 

FINANCIAL TIMES

[I]  Coronavirus declared a pandemic as fears of economic crisis mount

[I]  Trump suspends all travel from Europe to US 

[I]  Sunak unveils £12bn stimulus to counter UK coronavirus shock

[I]  Saudi Arabia plans oil capacity boost in latest price war move

[I]  Coronavirus could force difficult choices on health systems

[I]  ECB needs to act forcefully to offset coronavirus effects

 

REUTERS

[I]  India cancels tourist visas, closes Myanmar border as coronavirus cases rise

[I]  Trump suspends travel from Europe to the United States to fight coronavirus, UK exempted

[I]  Australia unveils $11.4 billion stimulus to curb coronavirus impact

[I]  U.S. Fed banks in NY, Boston and San Francisco encourage staff to work from home

[I]  Nearly $640 billion coal investments undercut by cheap renewables - research

[I]  Italy toughens coronavirus lockdown after death toll soars

[I]  Britain fires with both barrels: emergency rate cut and budget boost

 

BLOOMBERG 

[I]  Nowhere to Hide: Stocks and Bonds Suffer Losses Worse Than 2008

[I]  Economists Start Forecasting Negative U.S. GDP Numbers on Coronavirus

[I]  Lagarde Set for All-Out ECB Action on Virus: Decision Day Guide

[I]  Dash for Cash Is On as Corporate Titans Draw Down Credit Lines

[I]  Japanese Buy Record $41 Billion of Overseas Bonds in One Week

[I]  Russian Oil Producers Are Ready to Survive Flood of Saudi Crude

[I]  Singapore President Considers Using Past Reserves as Businesses Bleed

[I]  $50 Trillion in Question After U.S. Treasury Liquidity Dries Up

[I]  China Credit Calm Masking Increasing Risks in $5 Trillion Market

 

WALL STREET JOURNAL

[I]  Coronavirus Puts Trump’s Economic Policy-Making to the Test

[I]  Trump Administration to Delay April 15 Tax Deadline for Most Individuals

[I]  Economic Data to Watch for Signs of Coronavirus Impact

[I]  U.S. Budget Deficit Grew 15% in First Five Months of Fiscal Year

[I]  Fed Again Upsizes How Much Money It Will Lend Wall Street

[I]  Plunging Mortgage Rates Might Not End U.S. Housing Doldrums

[I]  Tax-Filing Delay Would Cushion Taxpayers, Create New Challenges for Preparers

[I]  U.K. Sends a Jolt of Stimulus to Cushion Against the Coronavirus

 

BUSINESS LINE

[I]  India exploring nuts and bolts of possible FTA with Australia

[I]  Low crude price: It’s not Advantage India, with demand laid low by virus

[I]  As input disruptions loom, Goyal calls for industries meet today

[I]  Falling veggie prices hurt farmers

[I]  Slowdown in Gulf hits demand for fruits, veggies from Kerala

 

ECONOMIC TIMES

[I]  India goes into quarantine, all tourist visas suspended

[I]  The world could be in for an all-out recession

[I]  Dow plunged 1,465 points, enters 'bear market'

[I]  SBI announces zero balance facility for all

[I]  Food ministry seeks extra Rs 13,000 crore to help states pay farmers

[I]  Falling crude to lower CAD by 25 bps to 0.7% in FY21: Report

[I]  SBI says tax cuts, and not rate cuts, can lift consumption

[I]  Govt to soon finalise mechanism to implement national strategy for AI

 

BUSINESS STANDARD

[I]  Govt to sell Rs 8,000-cr SUUTI stake to meet revised FY20 divestment target

[I]  Parliamentary panel bemoans reduced budgets for commerce department, DPIIT

[I]  GST on mobile phones, textiles likely to be increased in Saturday meeting

[I]  Sovereign wealth funds may cut down India play as oil prices drop

[I]  Banks turn wary post IBC, tighten lending norms for labour-intensive units

[I]  Top India hedge fund hoards cash as market volatility remains high

 

MARKETS (08:30 am)

[I]  SGX NIFTY Fut: 10004;  USDINR DGCX: 74.4425;  DJIA Mini: 23553;  FTSE 100 Fut: 5877;  NIKKEI 225 Fut: 18412;  EUR-USD: 1.1320; Crude Oil (WTI): 31.36;  Gold (Spot): 1637

 

Best Regards, ARBIND
12 Mar 2020