MACRO ECONOMIC NEWS

A FRESH DAY, A FRESH ASPIRATION AND A FRESH HOPE. WISHING A COURAGEOUS DAY AHEAD.

Macro Economic News 29 Apr 2020

New Zealand and Australia open up after coronavirus success while France and Spain to ease coronavirus lockdowns whereas China construction resumes in sign of economic reopening although Putin extends Russia’s lockdown and warns worst to come and White House official warns of negative shocks before rebound later in 2020. Britain is on track to become one of Europe's worst-hit countries in the pandemic. Roughly half of all U.S. workers stand to earn more in unemployment benefits than they did at their jobs before the pandemic shut down wide swaths of the U.S. economy, a result of government relief that employers say is complicating plans to reopen businesses while over 30m workers in Europe turn to state for wage support. India's sovereign rating could come under pressure if its fiscal outlook deteriorates further as the government tries to steer the country while Fitch slashes India’s GDP growth rate to 0.8 per cent and Moody’s cuts growth forecast to 0.2% for CY20 whereas IT companies are preparing for 'new normal' post lockdown.

FINANCIAL TIMES

[I]  New Zealand and Australia open up after coronavirus success

[I]  Over 30m workers in Europe turn to state for wage support

[I]  France and Spain to ease coronavirus lockdowns

[I]  China construction resumes in sign of economic reopening

[I]  EU grants banks capital relief to fund €450bn lending boost

[I]  Trade finance hit as goods stack up 

[I]  Putin extends Russia’s lockdown and warns worst to come

REUTERS

[I]  Spain to phase out coronavirus lockdown, eyes normality by end-June

[I]  White House official warns of negative shocks before rebound later in 2020

[I]  South Korea March output surges as China factory shutdowns boost demand

[I]  Fitch warns India against further deterioration in fiscal outlook

[I]  UK on track to become one of Europe's worst hit in COVID-19 pandemic

[I]  U.S. House not returning next week, Trump says Democrats on 'vacation' 

[I]  Millions of Americans locked out of unemployment system, survey finds

BLOOMBERG 

[I]  Australia Outpaces Global Peers on Size of Dividend Target Cuts

[I]  Fund Manager Eying India Stimulus Bets on Domestic Demand Stocks

[I]  Argentina and Creditors Are at Loggerheads on Take It or Leave It Offer

[I]  China’s $600 Billion Bet to Revive Growth With Infrastructure

[I]  China’s Massive Banks Are Facing a $42 Billion Dividend Trap

WALL STREET JOURNAL

[I]  Trump Takes Executive Action to Keep Meat-Processing Plants Open

[I]  Coronavirus Relief Often Pays Workers More Than Work

[I]  Globalization Is Down but Not Out Yet

[I]  Mnuchin Says Big Companies Should Apologize for Taking Small Business Loans

[I]  U.S. Audits of Small-Business Loans Face Daunting Challenges

[I]  Coronavirus Prompts Record Souring of Consumers’ Outlook—and Hope Pain Will Be Short-Lived

[I]  The Federal Reserve Is Changing What It Means to Be a Central Bank

BUSINESS LINE

[I]  Clean energy: Gujarat, Rajasthan shine in FY20 while Karnataka retains top slot

[I]  Fitch slashes India’s GDP growth rate to 0.8 per cent

[I]  More than half of passengers vehicles sales are at risk due to Covid-19: Crisil

[I]  Moody’s cuts growth forecast to 0.2% for CY20

ECONOMIC TIMES

[I]  IT cos prepare for 'new normal' post lockdown

[I]  Universities to get flexibility in holding exams

[I]  A gauge of US market stress is behaving a lot like 2008

[I]  Unemployment rate improves to 21.1% from last week's 26%

[I]  Business productivity slips, individual output up, says Deloitte report

[I]  Govt should restart economy gradually, allow e-commerce, calm industry fears: Punjab panel

[I]  Govt notifies International Financial Services Centres Authority

BUSINESS STANDARD

[I]  Tanker rates boom as demand for oil storage surges

[I]  India Inc wants govt to shift focus to economy amid Covid-19 outbreak

[I]  Social media platforms offer new rules to brands for online advertising

[I]  Vivad se Vishwas: Firms reconsider participation in tax resolution scheme

[I]  Govt's second stimulus likely this week, may keep industry waiting

[I]  Over Rs 68,600-crore loans of wilful defaulters written off, says RBI

MARKETS (08:00 am)

[I]  SGX NIFTY Fut: 9456;  USDINR DGCX: 76.4475;  DJIA Mini: 24251;  FTSE 100 Fut: 5971;  NIKKEI 225 Fut: 19960;  EUR-USD: 1.0850; Crude Oil (WTI): 14.30;  Gold (Spot): 1709

Best Regards, ARBIND

29 Apr 2020