MACRO ECONOMIC NEWS

ENJOY THE FEST OF TWO MOST BEAUTIFUL MUSIC BY GOD – YOUR OWN HEARTBEATS AND RAINDROPS. WISHING A CELEBRATORY WEEKEND AHEAD.

Macro Economic News 06 Jun 2020

The U.S. economy unexpectedly added jobs in May after suffering record losses in the prior month, offering the clearest signal yet that the downturn triggered by the COVID-19 pandemic was probably over, though the road to recovery could be long. The jobs report for May showed broad improvement, but with variations among industries and by such categories as gender, education and race. The European Central Bank scaled up its bond-buying program in a bold move that puts the ECB’s stimulus effort in line with that of the Federal Reserve, while U.S. unemployment and trade data pointed to a rocky recovery from the pandemic shutdowns that crippled the global economy.

Australia adds national security test to foreign investment rules while Trump seeks ways to curb US-listed Chinese companies and EU could face internal resistance to Chinese takeover rules. Argentina's pandemic-hit economy seen shrinking 9.5% this year whereas Philippines’ factory output falls by most since 2001.

CEA Krishnamurthy Subramanian sees FY21 fiscal deficit at over 5% while Centre warns banks on delays in disbursing Rs 3 trn loans to MSMEs although Govt applies the brake on schemes outside the Rs 20 trillion package.

FINANCIAL TIMES

[I]  Trump targets EU and China over US lobster tariffs

[I]  Unemployment rate in US falls unexpectedly to 13.3%

[I]  Australia adds national security test to foreign investment rules

[I]  Trump seeks ways to curb US-listed Chinese companies

[I]  EU could face internal resistance to Chinese takeover rules 

REUTERS

[I]  OPEC, Russia meet to extend record oil cuts, push for compliance

[I]  Argentina's pandemic-hit economy seen shrinking 9.5% this year: central bank poll

[I]  Brazil government's 2020 deficit forecast already looking 'optimistic': Treasury Secretary

[I]  U.S. labour market unexpectedly improves; recovery years away

BLOOMBERG 

[I]  Economists Have Biggest Miss Ever in U.S. Jobs-Report Shocker

[I]  Charting the Global Economy: U.S. Job Market Springs Back

[I]  Philippines’ Factory Output Falls by Most Since 2001 on Lockdown

[I]  OPEC+ Meets to Extend Cuts That Trump Says Saved Oil Industry

[I]  Long-Short Momentum Down 9% and Other Tales of a Shocked Market

WALL STREET JOURNAL

[I]  U.S. Unemployment Rate Fell to 13.3% in May

[I]  Where Employment Improved—and Where It Didn’t

[I]  The Soured Romance Between China and Corporate America

[I]  U.S. Exports, Imports Fell Sharply Amid Coronavirus Disruptions

[I]  Unemployment-Claims Report Signals Pace of Coronavirus Job Losses

[I]  ECB Ramps Up Stimulus Program Beyond $1.5 Trillion

[I]  Evidence Grows of Lockdowns’ Toll on Employment

BUSINESS LINE

[I]  GST Council to meet on June 12

[I]  Finance Ministry expects most MSMEs to avail credit under GECL in June

[I]  Nearly 85 per cent of customers willing to buy new commercial vehicle products post lockdown: Survey

[I]  Monsoon picking up pace in Arabian Sea, Bay of Bengal

[I]  FMCG companies pin hopes on rural demand; to ramp up direct distribution

ECONOMIC TIMES

[I]  Inside the meeting to save India's economy

[I]  Covid Live: G20 pledges over 21 bln dollars

[I]  Forex reserves surge to all-time high of $493.48 billion

[I]  Euro, risk currencies lifted by ECB stimulus

[I]  Reserve Bank sets up a Rs.500 crore digital payments infra fund

[I]  Finance Ministry puts a cap on expenses, hold on approval of new schemes

[I]  Google Tax: Government re-thinking equalisation levy

[I]  Finance Ministry puts a leash on expenses in times of Covid

BUSINESS STANDARD

[I]  India Inc takes cautious approach to Covid disclosures mandated by Sebi

[I]  CEA Krishnamurthy Subramanian sees FY21 fiscal deficit at over 5%

[I]  Centre warns banks on delays in disbursing Rs 3 trn loans to MSMEs

[I]  Govt applies the brake on schemes outside the Rs 20 trillion package

[I]  Ration woes, expenses lay bare the migrant distress since lockdown

Best Regards, ARBIND

06 Jun 2020