MACRO ECONOMIC NEWS

MAY CHOICEST FAVOUR AND BLESSINGS OF GOD ALWAYS SHOWER UPON YOU. WISHING A SPIRITED DAY AHEAD.

Macro Economic News 10 Apr 2020

Work from home a success for many companies and it may become new normal. After a widely expected and sharp drop in the U.S. economy over the next three months, a panel of top business economists sees high joblessness persisting for more than a year in an outcome that would douse hopes for a quick, post-pandemic return to normal. U.S. Jobless Claims Soar for Third Straight Week and Fed unveils new programs to support $2.3 Trillion in lending program that will purchase short-term notes directly from states, large U.S. counties and cities. The government and the private sector are going deeper in the hole to survive the economic shutdown. The debt could be a drag on recovery if businesses and individuals hold back on investment and spending. Economists say low interest rates should help manage the soaring debt load. RBI says coronavirus has 'drastically altered' India's growth outlook while Fed, BoE push deeper into uncharted territory. Saudi, Russia outline record oil cut under U.S. pressure as demand crashes.

FINANCIAL TIMES

[I]  Democrats set out demands for new coronavirus stimulus

[I]  More than £52bn in dividend payments at risk in UK

[I]  EU will not ‘die’ if single currency fails to cope

[I]  Stocks rise on hopes outbreak could be nearing peak

REUTERS

[I]  RBI says coronavirus has 'drastically altered' India's growth outlook

[I]  Fed, BoE push deeper into uncharted territory in face of coronavirus slump

[I]  Saudi, Russia outline record oil cut under U.S. pressure as demand crashes

[I]  High U.S. unemployment, 2.5 million jobs lost through 2021: survey

[I]  India's February industrial output rises 4.5% y/y

[I]  U.S. economy should be able to reopen on 'rolling basis' - White House adviser Kudlow

[I]  Coronavirus crisis could plunge half a billion people into poverty - Oxfam

[I]  EU ministers agree half a trillion euro coronavirus rescue plan

BLOOMBERG 

[I]  Even OPEC+’s Deep Cuts Couldn’t Keep Oil Markets From Plunging

[I]  Fed to Buy Junk Bonds, Lend to States in Fresh Virus Support

[I]  Powell Says Fed Will Act ‘Forcefully’ to Help U.S. Recovery

[I]  Chinese Inflation Slows as Virus Hurts Demand and Oil Slumps

[I]  Fed Has Firepower to Do More Even After $2.3 Trillion Aid Blitz

WALL STREET JOURNAL

[I]  U.S. Jobless Claims Soar for Third Straight Week

[I]  Fed Unveils New Programs to Support $2.3 Trillion in Lending

[I]  Economic Data Spur Debate Over Lifting Virus Restrictions

[I]  Coronavirus Crisis Legacy: Mountains of Debt

[I]  Powell Pledges Aggressive Fed Action

[I]  Fed’s Housing-Market Concerns Raise Pressure to Help Mortgage Firms

[I]  Las Vegas Job Losses Could Double Those of 2007-09 Recession

[I]  Fed Minutes Reveal Alarm Over Virus’s Economic, Market Disruptions

BUSINESS LINE

[I]  Drop in spot power purchases rates helps State discoms, utilities

[I]  No import duty on ventilators, masks, other key medical equipments for six months

[I]  Gold demand to drop 30% this year

[I]  Railways notifies parcel trains to supply perishable produce, milk across major cities

[I]  Maharashtra to shut Navi Mumbai onion-potato market from April 13

[I]  Bengal to allow reopening of tea gardens

[I]  Exporters seek cheaper credit, more incentives

ECONOMIC TIMES

[I]  States ready for life after lockdown

[I]  A country when its 1.3 bn citizens stay home

[I]  Labour shortage may break supply chain in lockdown

[I]  The world now faces a new 'Great Depression'

[I]  Dollar heads for weekly loss on Fed move, easing virus fears

[I]  FY21 gross state borrowings to touch Rs 7.8 L cr on Covid crisis

[I]  RBI sees inflation plunging to 2.4% in Q4 of this fiscal

[I]  Centre’s cash transfer and welfare schemes may miss their mark

BUSINESS STANDARD

[I]  Govt begins mapping of migrant workers for relief measures

[I]  Debt schemes see worst ever outflows in FY20; liquid funds suffer most

[I]  'Covid-19 hangs over future like spectre': RBI in Monetary Policy Report

[I]  India Inc likely to get further relief on the loan repayment front

[I]  Work from home a success for many companies, may become new normal

[I]  RBI admits GDP forecasts prior to coronavirus outbreak were off the mark

Best Regards, ARBIND

10 Apr 2020