MACRO ECONOMIC NEWS

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Macro Economic News 17 Apr 2020

Trump unveils three-stage process for states to end coronavirus shutdown whereas Britain extended its nationwide lockdown and ordered Britons to stay at home for at least another three weeks. Treasury Secretary Steven Mnuchin is under growing pressure from industry officials and members of Congress to ease strains on mortgage companies as millions of borrowers skip their monthly payments. The stimulus package passed last month to mitigate the economic devastation wrought by the novel coronavirus pandemic will add $1.76 trillion to federal budget deficits over the coming decade. While American jobless claims mount to 22m since shutdowns, Macron warns of EU unravelling without financial solidarity. India's gold consumption in 2020 could fall as much as 50% from a year ago to the lowest level in nearly three decades. SBI report finds economic growth falling to 1.1 per cent this fiscal while workers face income loss of Rs 4 lakh crore due to lockdown although start-ups standing tall during tough times for job seekers. Real estate sentiment hits all-time low while India Inc grapples with rising rating downgrades although bumper wheat harvest helps rabi output touch 150 mt this year.

FINANCIAL TIMES

[I]  Macron warns of EU unravelling without financial solidarity

[I]  American jobless claims mount to 22m since shutdowns

[I]  Shell steps up climate goals despite twin crises

[I]  Mnuchin defends opposition to emerging markets liquidity plan

[I]  Britain’s open borders make it a global outlier in coronavirus fight

[I]  Japan to give every citizen one-off sum of ¥100,000

[I]  Asia’s growth to grind to halt for first time in 60 years, warns IMF

[I]  US small business rescue fund runs out of cash

REUTERS

[I]  Trump unveils three-stage process for states to end coronavirus shutdown

[I]  India says IMF liquidity boost may have costly side effects

[I]  China's first quarter GDP posts first decline on record as virus shuts down economy

[I]  IMF sees 'lost decade' of no growth in Latin America due to pandemic

[I]  UK extends lockdown measures for at least three more weeks

[I]  Most U.S. firms have no plans to leave China due to coronavirus: survey

[I]  German carmakers to resume production as lockdowns ease

[I]  IMF gets $11.7 billion in pledges to aid poor countries

[I]  Pandemic to bring Asia's 2020 growth to halt for first time in 60 years - IMF

[I]  Indian gold demand could hit three-decade low as lockdown hits festivals, weddings

BLOOMBERG 

[I]  Oil Closes Under $20 for Second Day Amid Historic Demand Loss

[I]  Small-Business Rescue Shows Not All States Are Created Equal

[I]  Japan Scrambles to Give $926 to Everyone in Nationwide Emergency

[I]  Silence From RBI Worries Traders Ahead of Bigger India Debt Sale

[I]  Saudi Arabia, Russia Hint at Further Action to Stem Oil’s Plunge

[I]  Argentina, a Serial Defaulter, Makes Opening Move in Debt Talks

WALL STREET JOURNAL

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

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

[I]  U.S. Jobless Claims Top 20 Million Since Start of Shutdowns

[I]  Shoes to Masks: Corporate Innovation Flourishes in Coronavirus Fight

[I]  Mnuchin Under Growing Pressure to Help Struggling Mortgage Companies

[I]  Fintechs Said They Could Lend to Small Businesses Fast. It Hasn’t Been Easy.

[I]  Stimulus to Add Nearly $1.8 Trillion to U.S. Budget Deficit Over Decade

[I]  Fed’s Williams Cites Improved Markets, Prospect of Extended Fed Economic Support

BUSINESS LINE

[I]  Workers face income loss of Rs 4.05 lakh crore due to lockdown, SBI report

[I]  Start-ups standing tall during tough times for job seekers

[I]  Companies hiring amidst the pandemic blow

[I]  Bumper wheat harvest helps rabi output touch 150 mt this year

[I]  Govt sets foodgrain production target at 298 million tonnes for 2020-21 crop year

[I]  Defining green activities – What the new EU rules mean for India

ECONOMIC TIMES

[I]  Stop coronavirus or save economy? India can actually do both

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

[I]  India won't be the same again post Covid

[I]  IMF needs to maintain global financial stability: FM

[I]  Dollar stands tall as US retail slump fans flight to safety

[I]  Overseas bonds of Indian cos now a bargain buy

[I]  Economic growth may fall to 1.1 per cent this fiscal: SBI report

BUSINESS STANDARD

[I]  Covid-19 impact: Stimulus 2.0 ready as PM Modi, FM Sitharaman hold meeting

[I]  Mutual funds likely to get Sebi lifeline to tide over liquidity woes

[I]  Insurance firms looks to bridge online trust deficit amid Covid--19 crisis

[I]  Lockdown 2.0: E-tailers can sell non-essentials on state nod from April 20

[I]  India Inc grapples with rising rating downgrades, revisions in outlook

[I]  Real estate sentiment hits all-time low in March quarter

MARKETS (08:00 am)

[I]  SGX NIFTY Fut: 9260;  USDINR DGCX: 77.0425;  DJIA Mini: 24266;  FTSE 100 Fut: 5778;  NIKKEI 225 Fut: 19790;  EUR-USD: 1.0873; Crude Oil (WTI): 19.90;  Gold (Spot): 1711

Best Regards, ARBIND

17 Apr 2020