MACRO ECONOMIC NEWS

WAYS FOR ENJOYMENT ARE RIGHT THERE, EVEN FRIDAY IS STILL A FRIDAY. WISHING A DELIGHTFUL DAY AHEAD.

Macro Economic News 24 Apr 2020

India's plan to screen FDI from neighbouring countries and some fear it will affect projects and delay deals. India's government has redoubled efforts to push state-run banks to boost lending and it has demanded that lenders submit a daily report detailing the volume and scale of loans sanctioned. OPEC's share of India's oil imports fell to 78.3% in 2019/20, its lowest in at least 19 years as refiners in Asia's third biggest economy increased imports of U.S. and Mediterranean grades. About 4.4 million Americans applied for unemployment benefits last week in a continuation of a historic labor-market decline triggered by the coronavirus pandemic. Since mid-March, workers have filed more than 26 million jobless claims as global economy hit by record collapse of business activity. Japan has rejected lockdown because virus will resurge while Dubai prepares to relax coronavirus lockdown to support economy. Experts expect Global economic contraction to be steepest on record with a U-shaped recovery. ECB Seen Boosting Pandemic Response to Help Economy at the same time Hedge Fund assets dip below $3 trillion to least in six years while China’s 2020 economic growth seen sliding below 2% as per a survey. CII pegs GDP growth between -0.9% & 1.5% while IMF projecting 3% contraction of global GDP.

FINANCIAL TIMES

[I]  Merkel warns against lifting lockdown too quickly

[I]  Economic woes undermine Putin’s pledge pandemic is ‘under control’

[I]  US jobless claims of 4.4m take pandemic toll to a record 26m

[I]  Swiss central bank suffers record loss in market rout

[I]  US financial aid for Greenland sparks outrage in Denmark

[I]  China to give WHO an extra $30m to fight coronavirus

[I]  Japan rejected lockdown because virus will resurge, says expert

[I]  Dubai prepares to relax coronavirus lockdown to support economy

REUTERS

[I]  India's new foreign investment rules worry Chinese investors

[I]  South Asia coronavirus cases top 37,000, headache for governments eyeing lockdown end

[I]  Coronavirus thwarts vulture funds' efforts to finally crack China

[I]  India pushes lending, asks banks for daily reports - sources

[I]  OPEC's share in Indian imports lowest in nearly two decades - data

[I]  Fed to disclose who borrows what under its emergency programs 

[I]  More U.S. companies return payroll loans after new Treasury guidance

[I]  Global economic contraction to be steepest on record, recovery U-shaped

BLOOMBERG 

[I]  Hedge Funds Are on Defense and Testing the Stamina of a $5 Trillion Stock Rally

[I]  U.S. Aid Bill Passed; China Cuts Another Rate: Virus Update

[I]  ECB Seen Boosting Pandemic Response to Help Economy

[I]  Hedge Fund Assets Dip Below $3 Trillion to Least in Six Years

[I]  China’s 2020 Economic Growth Seen Sliding Below 2% in Survey

[I]  Singapore Home Prices Fall With Property Market at Standstill

WALL STREET JOURNAL

[I]  Millions of U.S. Workers Filed for Jobless Benefits Last Week

[I]  Global Economy Hit by Record Collapse of Business Activity

[I]  Frustrations Build for Those Still Awaiting Stimulus Checks

[I]  Ruth’s Chris to Repay Loan Amid Outcry Over Rescue Program

[I]  The Debt Is Soaring; Debt Risks Are Not

[I]  Fed Focuses on Lending Programs, But Monetary Policy Deliberations Loom

[I]  Some States’ Unemployment Claims Surged as National Rate Fell

[I]  Fed to Disclose Loan Amounts, Borrowers on Business Lending Programs

[I]  Newsletter: Historic Collapse in Economic Activity

BUSINESS LINE

[I]  Recovery of interest for late GST payment needs to be adjudicated in case of dispute, says HC

[I]  As government wields stick, EXIM logistics players fall in line

[I]  Covid-19: CII calls for urgent across-the-board fiscal stimulus

[I]  South Asian Climate Forum sees normal monsoon this year

[I]  Renewables sector misses FY20 target due to headwinds

ECONOMIC TIMES

[I]  Guide to opening your business after lockdown

[I]  Top companies, PSUs set to issue over Rs 45,000 crore bonds in April

[I]  RBI to conduct simultaneous purchase, sale of gilts via OMO on April 27

[I]  Corporates miss vendor payments, bill discounting platforms see red

[I]  Individual borrowers may find it hard to repay loans on time amid coronavirus outbreak: Assocham

[I]  DIPAM may look at sale of smaller CPSEs to meet FY21 disinvestment target

[I]  CII pegs GDP growth between -0.9% & 1.5%

[I]  IMF projecting 3% contraction of global GDP due to COVID-19 pandemic: Gita Gopinath

[I]  Fitch sees global economy shrinking 3.9 per cent in 2020

BUSINESS STANDARD

[I]  Coronavirus impact: RBI's TLTRO 2.0 gets cold-shoulder from banks

[I]  India Inc gets IBC breather for six months amid coronavirus outbreak

[I]  PM Modi, Sitharaman to meet today to finalise second stimulus package

[I]  Stricter lockdown in the north pulls summer consumer sales down further

[I]  India crude oil production plummets 5.5% in March

[I]  Currency in circulation continues to remain high amid Covid-19 lockdown

MARKETS (11:00 am)

[I]  SGX NIFTY Fut: 9155;  USDINR DGCX: 76.4700;  DJIA Mini: 23256;  FTSE 100 Fut: 5732;  NIKKEI 225 Fut: 19210;  EUR-USD: 1.0764; Crude Oil (WTI): 17.32;  Gold (Spot): 1724

Best Regards, ARBIND

24 Apr 2020