MACRO ECONOMIC NEWS

ENDEARING IS THE CUTE GORGEOUS JOY. WISHING A DELIGHTFUL DAY AHEAD.

Macro Economic News 29 May 2020

 

Monsoon rains forecast to arrive on India's southern coast around June 1. GDP data out later today is expected to show India's economy grew at its slowest pace in at least two years in the March quarter as the pandemic weakened already declining consumer demand and private investment. India's economy seen slowing rapidly in March quarter, with worse to come with S&P forecasting Indian economy shrinking by 5 per cent during FY21 while projects worth Rs 21.11 lakh cr at a standstill in red zone districts. US jobless claims top 40m as economy struggles to reopen. Easing unemployment claims show slower pace of virus-related layoffs while U.S. workers filed fewer unemployment applications for the eighth straight week, but the level of claims remained 10 times higher than before the pandemic. U.S. economy contracted 5% in the first quarter, slightly steeper than initially estimated, and a key measure of corporate profits weakened as coronavirus-related shutdowns began to come into effect. French jobless numbers surge as Europe limps out of lockdown while Spain to push through minimum income guarantee to fight poverty. Japan finance minister sees fiscal situation worsening as virus hits tax revenue while Japan's jobless rate rises to 2.6% in April whereas U.K. business confidence worst since 2008 even as lockdown eases.

 

FINANCIAL TIMES

[I]  EU recovery fund faces prodigious hurdles to reach consensus

[I]  French jobless numbers surge as Europe limps out of lockdown

[I]  Spain to push through minimum income guarantee to fight poverty

[I]  France further eases coronavirus lockdown

[I]  US jobless claims top 40m as economy struggles to reopen

[I]  China’s top cobalt producer halts buying from Congo miners

[I]  Britain’s Brexiters still do not understand Europe

[I]  Bank of England’s recovery forecasts are narrow

 

REUTERS

[I]  India's economy seen slowing rapidly in March quarter, with worse to come

[I]  Monsoon rains forecast to arrive on India's southern coast around June 1

[I]  U.S. senators offer bill to prepare for the next pandemic

[I]  Japan's factory, retail sectors slump as pandemic hits auto sector

[I]  France to open bars and beaches in second phase of easing lockdown

[I]  Japan finance minister sees fiscal situation worsening as virus hits tax revenue

[I]  Oil prices fall as U.S. fuel demand remains weak

[I]  Japan's jobless rate rises to 2.6% in April - government

 

BLOOMBERG 

[I]  Japan Is Going for Broke. Minus the Broke Part

[I]  U.S. Corporate Bond Sales Smash Record, Soaring Over $1 Trillion

[I]  What We Learned From China’s Annual Economic Policy Meeting

[I]  U.K. Business Confidence Worst Since 2008 Even as Lockdown Eases

[I]  Argentina’s New Debt Offer Shortens Payment Delay to Two Years

[I]  A $2 Trillion Debt Deluge Is Set to Flatten Japan’s Yield Curve

[I]  China Backs China in $15 Trillion Market Resilient to Turmoil

[I]  Japan Bankruptcies Seen Rising to Seven-Year High on Virus

[I]  Japan’s Long Deflation Battle Is Warning for Post-Virus World

 

WALL STREET JOURNAL

[I]  Easing Unemployment Claims Show Slower Pace of Virus-Related Layoffs

[I]  U.S. Economy Contracted 5% in the First Quarter as Coronavirus Hit

[I]  Coronavirus Is Buying Time on Climate Change. Will We Make Use of It?

[I]  White House Won’t Issue Economic Projections This Summer

[I]  Williams Doesn’t See Fed’s Support of Economy Causing Inflation Surge

[I]  As Lockdowns Are Lifted, Slow Return to Normality Begins

[I]  Newsletter: How Long Until the Labor Market Recovers?

 

BUSINESS LINE

[I]  Aggressive infra spending is key to reversing pandemic impact, says CARE report

[I]  Goyal exudes optimism, says exports may emerge from April’s steep fall in 2 months

[I]  Air India employee unions write to PM asking for Rs 50,000 crore financial package for the airline

[I]  Why the demand for hyperlocal delivery will continue post-Covid

[I]  Co-working space providers redraw strategies for post-Covid world

[I]  Indian economy to shrink by 5 per cent during FY21, says S&P

[I]  Micro and small-scale industrial units feel orphaned; seek urgent government intervention

 

ECONOMIC TIMES

[I]  Lending pressure may push banks to the brink

[I]  FDI in India jumps 13% to record $49.98 billion in 2019-20

[I]  India's economy seen slowing rapidly in March quarter, with worse to come

[I]  Monsoon rains forecast to arrive on India's southern coast around June 1

[I]  Indian economy to contract 5% in FY21, says S&P assuming COVID-19 peak by third quarter

[I]  Projects worth Rs 21.11 lakh cr at a standstill in red zone districts: Report

[I]  Revenue loss and labour top worries

[I]  After 41 yrs, Centre set to redefine ‘migrant workers’

 

BUSINESS STANDARD

[I]  India Inc reaches for pink slips as cash flow dries up

[I]  IT firms to face heat as global enterprises put digital projects on hold

[I]  FM Sitharaman launches scheme for instant allotment of online PAN

[I]  Govt notifies revised Form 26AS, to have purchase info of shares, property

[I]  Collapse of commercial papers volume puts debt schemes at risk: Ind-Ra

 

MARKETS (09:30 am)

[I]  SGX NIFTY Fut: 9388;  USDINR DGCX: 75.9450;  DJIA Mini: 25336;  FTSE 100 Fut: 6163;  NIKKEI 225 Fut: 21850;  EUR-USD: 1.1094; Crude Oil (WTI): 33.20;  Gold (Spot): 1720

 

Best Regards, ARBIND
29 May 2020