MACRO ECONOMIC NEWS

ON THIS AUSPICIOUS DAY, LET US EXPERIENCE AND RESPECT OTHER ELEMENTS OF THE ENVIRONMENT. WISHING A GIFTED WEEK AHEAD.

Macro Economic News 06 Apr 2020

Millions of Indians switched off their lights and came out onto their balconies and doorsteps with lamps, candles and flashlights, responding to PM call to "challenge the darkness" of the coronavirus crisis. Japanese Prime Minister Shinzo Abe will declare a state of emergency as early as Tuesday in a bid to stop the coronavirus spreading across the country, as the cumulative number of infections topped 1,000 in Tokyo alone. U.S. President Donald Trump said he could slap "very substantial tariffs" on oil imports if prices stay low, but does not expect he will need to, since neither Russia nor Saudi Arabia, which are locked in an oil price war, would benefit from continued low prices. The March jobs report shows the start of a collapse that could shed all the U.S. jobs added by employers in the past decade and push the unemployment rate to record highs. An estimated 29% of the U.S. economy has suddenly gone idle, an analysis shows, an unprecedented shutdown of commerce that economists say has never occurred on such a wide scale. Hong Kong warns of more severe economic hit from coronavirus while UK consumer confidence suffers record fall. Bailey said BoE won't print money to fund UK fight against coronavirus while Fed's Bullard says another coronavirus economic relief bill may not be needed. Indian Inc revenue is expected to fall over 10% with profit coming down by 5% while CII poll finds 52% of firms expect job losses due to Covid.

FINANCIAL TIMES

[I]  Regulators free up $500bn capital for lenders to fight virus storm

[I]  Coronavirus deals severe blow to outdoor advertising groups

[I]  Europe prepares to ease coronavirus lockdowns

[I]  Countries follow consumers in stockpiling food

[I]  UAE expands stimulus as Gulf economies reel from coronavirus

[I]  Trump calls on India to release potential Covid-19 drug

[I]  Hong Kong warns of more severe economic hit from coronavirus

[I]  Indian lenders face debt reckoning due to coronavirus lockdown

REUTERS

[I]  Indians light lamps to challenge darkness of coronavirus crisis

[I]  Germany to buy 'unbelievable amount' of facemasks - TV

[I]  Argentina plans payment freeze on up to $10 billion in local-law dollar debt

[I]  Africa could lose 20 million jobs due to pandemic: AU study

[I]  Japan's PM Abe to declare state of emergency as soon as Tuesday - Yomiuri

[I]  Trump open to big oil tariffs, but doesn't expect to need them

[I]  UK consumer confidence suffers record fall over coronavirus - GfK

[I]  BoE won't print money to fund UK fight against coronavirus: Bailey

[I]  Fed's Bullard says another coronavirus economic relief bill may not be needed

BLOOMBERG 

[I]  1 Million People Infected: How Coronavirus Spread Around the World

[I]  Saudi Arabia, Russia Push Negotiations for Global Oil Pact

[I]  Japan’s Virus Stimulus Package To Come in Two Phases

[I]  BOJ Set to Buy More Benchmark Bonds to Assert Yield Control

[I]  RBNZ Has Little Appetite for Lower OCR as Stimulus Calls Mount

[I]  Dangerous Disinflation, Australia Oil Shock, Coronabond: Eco Day

[I]  The Ringgit Is at Risk From Falling Oil and Slowing Growth

WALL STREET JOURNAL

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

[I]  Texas Gets Double Punch From Virus and Oil Shock. ‘There’s No Avoiding This One.’

[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]  Economy Week Ahead: Jobless Claims, Fed Minutes

BUSINESS LINE

[I]  Buying Agents Association urges international majors not to cancel export orders

[I]  52% of firms expect job losses due to Covid, finds CII poll

[I]  Undeterred by lockdown, GST staff process over 10,000 new registrations

[I]  Over 50,000 containers stuck at 3 major ports in Chennai

[I]  ‘Union Budget should be reformulated to stimulate spending’

ECONOMIC TIMES

[I]  Strapped for cash, states send SOS to Centre

[I]  Revenue to fall over 10%, profit over 5%: India Inc

[I]  PE Exits worth $2.5 billion caught in IPO quarantine

[I]  Trump threatens tariffs on oil imports to 'protect' US energy workers

[I]  Pound down after coronavirus-stricken Johnson taken to hospital for tests

[I]  Government sets up group to coordinate COVID-19 related response activities

[I]  Centre amends mining law, exempts several activities from green clearance

BUSINESS STANDARD

[I]  Coronavirus impact: States can now borrow up to 50% of limit in April

[I]  Covid-19 relief: Staggered 180-day bad-loan breather on cards for banks

[I]  Competitors join hands to tide over supply-chain challenges amid lockdown

[I]  Businesses likely to face challenges in preparing financial reports in FY21

[I]  Domestic steel price outlook bleak amid coronavirus pandemic disruption

[I]  Auto dealers fear heavy losses with BS-IV inventory stuck due to Covid-19

[I]  Relief for farmers: Centre eases agri produce sale rules amid Covid-19

MARKETS (10:00 am)

[I]  SGX NIFTY Fut: 8360;  USDINR DGCX: ---;  DJIA Mini: 21658;  FTSE 100 Fut: 5509;  NIKKEI 225 Fut: 18220;  EUR-USD: 1.0815; Crude Oil (WTI): 27.25;  Gold (Spot): 1618

Best Regards, ARBIND

06 Apr 2020