MACRO ECONOMIC NEWS

KEEP MOVING AND ENJOY THE GIFT OF LIFE. WISHING A PLEASANT DAY AHEAD.

Macro Economic News 07 Apr 2020

A growing scarcity of oil storage space is driving some of the world’s biggest crude producers to negotiate a truce this week in a Saudi-Russian fight for market share and major oil producers including Saudi Arabia and Russia are likely to agree to cut production although G20 oil ministers to hold emergency meeting on Friday. The Fed said it would create a new program to finance loans that banks and other lenders make through the government’s emergency small-business lending program. As the Federal Reserve wades ever deeper into the financial system to help support the flow of credit in a crisis-stricken economy, a key question remains: What else could the central bank buy if it needs another path to stimulus? Emerging economies set to struggle to meet debt obligations while the crisis prompts German rethink on Eurobonds. Japan set to announce coronavirus emergency, finalise near $1 trillion stimulus as Japan’s recession fears deepen with half of economy in emergency. Yields just keep climbing in India even with all that RBI does.

FINANCIAL TIMES

[I]  Emerging economies set to struggle to meet debt obligations

[I]  Coronavirus crisis prompts German rethink on eurobonds

[I]  South Korea’s factories stretched to limit churning out virus tests

[I]  Austria set to be first European country to ease lockdown

[I]  G20 oil ministers to hold emergency meeting on Friday

[I]  Argentina puts off payments on $10bn in local-law debt

[I]  African health officials warn of chronic medical shortages

[I]  Banks must show they really can do ‘God’s work’

REUTERS

[I]  Testing times for India in race to head off epidemic

[I]  India lifts restrictions on 24 drug exports amid coronavirus

[I]  Japan set to announce coronavirus emergency, finalise near $1 trillion stimulus

[I]  Indonesia raises $4.3 billion in first 'pandemic bond'

[I]  Australian job ads dive most in decade, taste of pain to come

[I]  OPEC+ likely to agree to cut production if U.S. joins effort - sources

[I]  Australian job ads slide 10.3% in March amid virus shutdown

BLOOMBERG 

[I]  Japan’s Recession Fears Deepen With Half of Economy in Emergency

[I]  Yields Just Keep Climbing in India Even With All That RBI Does

[I]  Trump Says Free Market Will Curb U.S. Oil Output ‘Automatically’

[I]  In the Big OPEC++ Output Deal, Who’s In and Who’s Out?

[I]  Welcome to the $1.5 Trillion Minefield of Defaulted Chinese Debt

WALL STREET JOURNAL

[I]  Fed Preparing to Finance New Small- Business Payroll Loans

[I]  Derby’s Take: Yellen Takes on Question of Expanded Fed Asset Buying

[I]  State Shutdowns Have Taken at Least a Quarter of U.S. Economy Offline

[I]  OPEC Seeks to Rally Producers Over Fears of Filled Storage

[I]  New York Fed Says Commercial Paper Facility Will Launch April 14

[I]  New York Fed Finds Broad Drop in March Consumer Confidence

BUSINESS LINE

[I]  India's fiscal response to Covid-19 inadequate compared to other countries, says industry body

[I]  Commerce Ministry wants to take upcredit woes of exporters with the RBI

[I]  Thunderstorms regrouping over North-West, South, and East Coast

[I]  Services PMI in contraction zone, records 49.3 in March

[I]  Covid-19: CBDT extends time for depositors to file 15G, 15H forms

ECONOMIC TIMES

[I]  India Inc prepares for life after April 14

[I]  Urjit Patel has a grim warning for financial sector

[I]  Govt explores ways to scale up functioning

[I]  Time to invoke the FRBM escape clause: Rakesh Mohan

[I]  March gold imports hit 6-1/2-year low on record price: Source

[I]  Moratorium option should be for all: RBI

BUSINESS STANDARD

[I]  Coronavirus outbreak: PM Modi suggests graded lifting of 21-day lockdown

[I]  Investment pipeline in economy chokes as key indicators show deterioration

[I]  Vivad se Vishwas: Rupee fall lures MNCs to opt for tax settlement scheme

[I]  Coronavirus pulls services PMI into contraction as overseas demand falls

[I]  Rush hour and tougher questions ahead for both Mint Raod and banks

[I]  Coronavirus crisis to hit Indian, Chinese, Indonesian banks hard, says S&P

MARKETS (10:30 am)

[I]  SGX NIFTY Fut: 8435;  USDINR DGCX: 76.7175;  DJIA Mini: 22482;  FTSE 100 Fut: 5589;  NIKKEI 225 Fut: 18730;  EUR-USD: 1.0822; Crude Oil (WTI): 26.93;  Gold (Spot): 1659

Best Regards, ARBIND

07 Apr 2020