MACRO ECONOMIC NEWS

THE ELEGANCE OF INVISIBLE FAITH AND PRAYERS ARE AWESOMELY ATTRACTIVE. WISHING A GORGEOUS WEEKEND AHEAD.

Macro Economic News 18 Apr 2020

World is wondrously wafting from moral hazard of economics to economics of moral hazards in a quest to come out of global disarray of almost everything. This is unique occasion for economic enthusiasts to witness the inability of almost all economics theories – from Marx to Mill to Malthus to Milton and even Keynes including neoclassicals – seem to be collapsing while demand is dangerously drifting downward and almost everyone is at the level of self-defined level of ‘Self-Actualisation’ and swivelling between ‘Material Realm’ and ‘Spiritual-Realm’. The economists have now been arguing that governments should spend whatever it takes and some opine to embrace even massive deficits. World Bank, IMF face growing calls to widen debt relief for poor nations and Emerging economies call for more financial help after G20 deal at the same time Argentina could face a ninth default as coronavirus throws global economy into disarray. The FED officials say that even a swift resolution to the coronavirus pandemic is unlikely to bring a fast recovery to the U.S. economy and a Wall Street Journal examination of recent labor-market data finds undercurrents of the pain and some reasons for hope. Although, state-run program that helps businesses cut costs while retaining staff is becoming an increasingly common strategy to fight the economic toll while more than half a million companies reported to be in ‘significant distress’.

FINANCIAL TIMES

[I]  Argentina debt restructuring offer leaves investors cold 

[I]  Crops at risk as coronavirus lockdown grounds bees

[I]  Carmakers gear up for getting back to work

[I]  Top of Form

Fed’s junk bond purchases should be short-term

[I]  Crisis-fighting measures need to be transparent and unwound quickly

[I]  Top of Form

China’s economy shrinks for first time in four decades

[I]  Emerging economies call for more financial help after G20 deal

[I]  More than half a million companies reported to be in ‘significant distress’

[I]  Top of Form

EU trade chief urges tougher defences against foreign takeovers

REUTERS

[I]  RBI surprises with reverse repo rate cut in bid to spur bank lending

[I]  India's automakers seek tax cut to boost demand after coronavirus hit

[I]  Lockdown cuts India's fuel demand 50% in first half of April

[I]  IMF, World Bank disburse funds to help countries battle pandemic

[I]  U.S. announces $19 billion coronavirus aid for farmers, food buys for poor

[I]  Cash is king as U.S. quarterly reporting season gains steam

[I]  Developing countries unlock key industries to safeguard earnings and jobs

[I]  World Bank, IMF face growing calls to widen debt relief for poor nations

[I]  Explainer: Argentina's $323 billion debt conundrum

BLOOMBERG 

[I]  Fed Slows Pace of Treasury Buying Under Its QE Program

[I]  Texas Eases Rules; California Forms Task Force: Virus Update

[I]  Loans Averaged $206,000 in Small Businesses Fund That Ran Out

[I]  Argentina Debt Offer Delays Most Principal Until Next Decade

[I]  Saudis Set to Sell 600,000 Barrels a Day of Oil to U.S. in April

[I]  Fed Says It Will Disclose Borrower Information in Crisis Lending

[I]  Giant U.S. Lenders Outpaced by Rivals in Small-Business Rescue

[I]  Mexico Downgraded to Baa1 by Moody’s on Weak Growth Outlook

[I]  Uranium Surges 31% Amid Shutdowns to Become Year’s Top Commodity

[I]  India Central Bank Buys Bonds in Secondary Market to Cool Yields

WALL STREET JOURNAL

[I]  The Year Tax Day Turned Upside Down

[I]  China’s First-Quarter GDP Plunges on Coronavirus

[I]  New York Fed’s Williams Says Recovery Unlikely to Be Swift

[I]  Pandemic Makes U.S.-China Economic Breakup More Likely, U.S. Businesses in China Say

[I]  Sizing Up the Coronavirus’s Hit to the Job Market

[I]  Trump’s Guidelines to Reopen Economy Put Onus on States

[I]  Newsletter: China’s Economy Contracts, Foreshadows Pain to Come

[I]  Layoff Alternative Grows in Popularity During Coronavirus

BUSINESS LINE

[I]  Consumers to spend less on discretionary items: Nielsen India

[I]  Exporters say RBI steps to help small units, but bigger revival package needed

[I]  Retailers, e-commerce platforms turn to private label brands to plug gaps in supply chains

[I]  Refund for flyers of flights cancelled due to lockdown

[I]  NHAI to resume toll collection from April 20

ECONOMIC TIMES

[I]  Relief for realty could soon become a reality

[I]  How India's post-virus recovery will shape up

[I]  Forex reserves up nearly $2 billion to $476.5 billion: Shaktikanta Das

[I]  Centre to hike MSP for minor forest produce by 16-30%

[I]  RBI pumps Rs 1.2 lakh crore fresh currency into system

[I]  Direct Tax department sets target of Rs 13.19 lakh crore for FY21

[I]  Centre pushes for economic ramp-up after April 20

BUSINESS STANDARD

[I]  IBA to discuss the issue of giving a moratorium to NBFCs on Saturday

[I]  RBI steps increase lending, but sector-specific package must: Bankers

[I]  In fight against economic slowdown, RBI introduces new measures

[I]  Indian IT firms set to defer annual wage hike plans, but say 'no layoffs'

[I]  RBI assumes protective role, asks banks not to pay dividend for FY20

[I]  RBI gives NBFCs more time to restructure commercial real estate loans

Best Regards, ARBIND

18 Apr 2020