MACRO ECONOMIC NEWS

BLESSING IS YOUR LOVELY HEART AND PRETTY SMILE. WISHING AN AMIABLE DAY AHEAD.

Macro Economic News 08 May 2020

Millions more Americans sought unemployment benefits last week, suggesting layoffs broadened from consumer-facing industries to other segments of the economy and could remain elevated even as many parts of the country start to reopen while Chinese exports rose unexpectedly in April, bucking a pandemic-induced economic slump that has crimped demand and disrupted supply chains world-wide. The overwhelming supply of crude is threatening one of the world’s vital industries and could prolong the economic fallout from the coronavirus. Sweden’s decision not to impose a mandatory national lockdown has drawn global attention. But it turns out the situation here isn’t as different as it might first appear. BoE warns UK set to enter worst recession for 300 years while Paris and The Hague say EU must toughen enforcement of green trade. Nitin Gadkari says that MSME sector in India is on the verge of collapse.

FINANCIAL TIMES

[I]  Most Americans trust governors over Trump on reopening, poll shows

[I]  BoE warns UK set to enter worst recession for 300 years

[I]  Paris and The Hague say EU must toughen enforcement of green trade

[I]  Lagarde says ECB ‘undeterred’ by German court challenge

[I]  Brussels plans new anti-money laundering authority

[I]  China exports rebound in April on new Asian demand

[I]  Crunch time for US tenants and landlords

REUTERS

[I]  After swift virus success, Vietnam sets sights on post-pandemic business

[I]  U.S., China top trade representatives held phone call: China ministry

[I]  Pandemic sets Japan on course for deep recession as spending, services plunge

[I]  Australia's central bank sees economy contracting 6% in 2020

[I]  Dollar eases on defiant economic hopes, negative rates spectre

[I]  Portugal extends contracts, housing tensions intensify during pandemic

[I]  Millions more Americans file for jobless benefits; productivity tanks

[I]  Debt, deadlines and default: Argentina's last-ditch push for $65 billion deal

[I]  Argentina issues $1.76 billion in swap as deadline approaches on debt proposal

BLOOMBERG 

[I]  Market Closures in South Asia Leave ‘Bitter Taste’ for Foreign Funds

[I]  Futures Market Sees Negative U.S. Policy Rate by Early 2021

[I]  India to Take on Offshore Currency Markets Amid Virus Tumult

[I]  Historic Asset Sale at $1 Trillion Fund Gives Norway an Edge

[I]  Argentina to Consider Easing Capital Controls After Debt Deal

[I]  India Firms Are Leaning More on Japan Banks Amid Funding Freeze

[I]  U.S. Consumer Borrowing Falls Most Since 2010 Amid Coronavirus

WALL STREET JOURNAL

[I]  Claims Data Point to Record Wave of Unemployment

[I]  Coronavirus Brings California Mass Unemployment, Huge Budget Hole

[I]  China Counters Coronavirus Crunch With a Surprise Rise in Exports

[I]  Health-Care Leaders Question How Remdesivir Is Being Distributed

[I]  The Glut Drowning the Oil Market

[I]  Sweden Avoided a Coronavirus Lockdown. Its Economy Is Hurting Anyway.

[I]  Newsletter: Jobless Claims, Germany’s Example and China’s Exports

[I]  Tax Deductions Tied to Forgiven Small Business Loans Draw Support

BUSINESS LINE

[I]  With little clarity on future road traffic, NHAI’s asset sale plans take a big hit

[I]  MSME sector is on the verge of collapse, says Nitin Gadkari

[I]  Time ripe for edible oil mission: Industry

[I]  High level Working Group soon between India and Russia

[I]  Tax Dept prescribes 2-year window to resolve disputes through MAP

[I]  Gujarat puts watch on four districts as locusts surface in Rajasthan

[I]  Passenger traffic to witness de-growth in FY2021: ICRA

ECONOMIC TIMES

[I]  A tax breather soon for expats stuck in the eye of India's Covid storm

[I]  Consumer firms are kissing Diwali goodbye

[I]  Covid: Mumbai in dire need of a special action plan

[I]  MSMEs' relief may come with new definition

[I]  UK economy may see biggest crash in 300 yrs

[I]  Corporate bond sales surge on RBI’s liquidity push

[I]  India exports 33.5 lakh tonnes sugar so far in 2019-20 marketing year

[I]  Government to push reforms in sectors with stimulus

BUSINESS STANDARD

[I]  Rural India may drive demand recovery amid Covid-19 crisis

[I]  It's time for concrete revival plan, says SBI chairman

[I]  Govt working on financial package for all sectors amid Covid outbreak

[I]  NHAI asset sale plan to be delayed due to Covid-19 outbreak: CRISIL

[I]  India looks to lure more than 1,000 US firms out of China

[I]  UP exempts biz from all but 3 labour laws for 3 years

MARKETS (08:30 am)

[I]  SGX NIFTY Fut: 9292;  USDINR DGCX: 76.0175;  DJIA Mini: 24127;  FTSE 100 Fut: 5923;  NIKKEI 225 Fut: 20080;  EUR-USD: 1.0849; Crude Oil (WTI): 24.00;  Gold (Spot): 1717

Best Regards, ARBIND

08 May 2020