MACRO ECONOMIC NEWS

FEEL THE ORDERLY PATIENCE AND APPRECIATE ELEVATION. WISHING A TIDY WEEKEND AHEAD.

Macro Economic News 04 Apr 2020

India steps up 'war' against Covid-19, military to deploy more resources and Indian officials warn of lockdown extensions on rising COVID-19 cases in South Asia. The head of the International Monetary Fund calls "humanity's darkest hour" as the pandemic has brought the global economy to a standstill and plunged the world into a recession that will be "way worse" than the global financial crisis a decade ago. U.S. banks will likely be allowed to keep paying dividends to shareholders, even as the coronavirus pandemic threatens to create a mountain of bad loans that could eventually weaken the lenders. Asian Development Bank (ADB) estimated India’s economic growth to slow down to 4 per cent in the current fiscal (2020-21). UK economy suffers sharpest contraction in services activity since records began while Global economy in sharpest reversal since Great Depression. Jobs wiped out as virus wrecks global economy while more than 10m register for unemployment benefits in two weeks in the US only. Indian Central Govt. asks States to ensure smooth harvesting and sowing operations while Fitch slashes India growth forecast to 30-year low of 2% for FY21.

FINANCIAL TIMES

[I]  UK economy suffers sharpest contraction in services activity since records began

[I]  Top of Form

Top of Form

Global economy in sharpest reversal since Great Depression 

[I]  IMF head warns downturn is steeper than financial crisis as data reveal job losses

[I]  Top of Form

Jobs wiped out as virus wrecks global economy

[I]  More than 10m Americans register for unemployment benefits in two weeks

[I]  Top of Form

Radical reforms are required to forge a society that will work for all

[I]  Top of Form

The eurozone’s ‘whatever it takes’ mantra has a problem

[I]  Top of Form

Emerging market debt burdens may be sorely understated

REUTERS

[I]  Indian officials warn of lockdown extensions as COVID-19 cases in South Asia near 6,000

[I]  OPEC+ debates biggest-ever oil cut, awaits U.S. efforts

[I]  IMF sees coronavirus-induced global downturn 'way worse' than financial crisisg

[I]  World Bank sees 'major global recession' due to pandemic

BLOOMBERG 

[I]  ECB Stimulus Keeps Investors Hungry for More Amid Bond Deluge

[I]  World’s Top Edible Oil at Risk as Malaysian State Shuts Estates

[I]  Saudi Arabia Says Putin’s Comments on OPEC+ Deal Are ‘Incorrect’

[I]  U.S. Energy Chief Tells Industry He Sees Oil Deal Within Days

[I]  Jobs Destroyed Worldwide as Coronavirus Sparks Recession

[I]  A Trio of Downgrades Spell Default Danger for Emerging Markets

[I]  Why Leveraged Loans, CLOs Feed Worries in Virus Slump

[I]  Fed Cuts Pace of QE Treasury Buying to $50 Billion Per Day

WALL STREET JOURNAL

[I]  U.S. Employers Cut 701,000 Jobs in March

[I]  The March Jobs Report in Charts

[I]  The Uncertain Path of the Coronavirus Pandemic Poses Its Own Risk

[I]  Coronavirus Pandemic Deepens Labor Divide

[I]  Fed Unlikely to Order Big U.S. Banks to Suspend Dividends

BUSINESS LINE

[I]  ADB lowers growth estimates for 2020-21 to 4%; forecasts recovery in 2021-22 to 6.2%

[I]  Supply chain shock, a negative for Indian auto component industry: ICRA

[I]  Above normal monsoon for India this year, says The Weather Company

[I]  Repatriation flights for US citizens stranded in India to start from April 4

[I]  Centre asks States to ensure smooth harvesting, sowing operations

ECONOMIC TIMES

[I]  Jobs destroyed worldwide as Covid sparks recession

[I]  India's stay-at-home order is hurting Bharat

[I]  Forex reserve surges by $5.65 billion to $475.56 billion

[I]  RBI reduces trading hours for currency, debt markets

[I]  How’s India faring in global stimulus league?

[I]  Fitch slashes India growth forecast to 30-year low of 2% for FY21

BUSINESS STANDARD

[I]  Covid-19, FII sell-off hit liquid funds hard; RBI's LTRO may calm investors

[I]  Relief measures announced by govt, RBI not enough, says India Inc

[I]  Job seekers, firms see 'pessimism' in market sentiment: RBI Survey

[I]  Bond market disappointed with borrowing plan of Centre, states

[I]  As India steps up 'war' against Covid-19, military to deploy more resources

Best Regards, ARBIND

04 Apr 2020