MACRO ECONOMIC NEWS

FEEL THE BREATH WITH THE NATURAL FRESHNESS. WISHING A LIMITLESS WEEK AHEAD.

Macro Economic News 08 Jun 2020

Federal Reserve officials are studying Australia’s program to buy government securities in unlimited quantities to peg some yields at low levels. Japan's economy minister warns against deepening negative rates as it braces for worst post-war slump despite capex gains in first-quarter GDP whereas China May exports slip back into contraction.

Growth in bank credit to firms has slowed overall in India this year amid the pandemic. The part of the market where banks join together in syndication to extend funds is only a small part of the overall pool. But the fact that it has almost entirely dried up - a niche Indian loan market hasn’t been this quiet in 14 years.  Banking to be a 'strategic sector', govt discussing privatising some PSBs. According to the new privatisation policy, announced by Finance Minister Nirmala Sitharaman as part of the 'Atmanirbhar Bharat' package, the government will come up with a list of strategic sectors whereas small businesses and start-ups rush to register as MSMEs, but most may not get loans as per officials.

FINANCIAL TIMES

[I]  Shipping industry warns of trade logjam as crews remain stranded

[I]  US companies flood civil rights groups with donations

[I]  Doubts remain over true scale of US jobless crisis

[I]  Brazil accused of hiding data on coronavirus crisis

[I]  Europe’s capitals take aim at €750bn recovery plan

[I]  US lenders see hopeful signs in loan repayments

[I]  Housebuilder insolvencies threaten new homes supply

REUTERS

[I]  Mexico to propose NAFTA renegotiator to lead WTO: sources

[I]  Japan's economy minister warns against deepening negative rates

[I]  Japan's economy braces for worst postwar slump despite capex gains in first-quarter GDP

[I]  UK shopper numbers indicate huge pent-up demand, Springboard says

[I]  China May exports slip back into contraction, imports worst in 4 years

[I]  German lawmakers see way out of ECB court ruling conundrum - paper

BLOOMBERG 

[I]  Oil’s OPEC+ Boost Eases With Compliance Concerns Lingering

[I]  Fed to Stay Full Throttle With Credit Support Despite Debt Rally

[I]  Saudis Seek to Bolster Oil Rally With Price Boost as OPEC+ Cuts

[I]  China Says Debt Payments Paused for 77 Nations After G-20 Deal

[I]  Asia’s Most Distressed Sovereign Debt May Force Economy ‘Reset’

[I]  A Niche Indian Loan Market Hasn’t Been This Quiet in 14 Years

[I]  China’s Looming Budget Hole Poses Risk to Stimulus Efforts

WALL STREET JOURNAL

[I]  Fed Debates Whether to Reinforce Low-Rate Pledge With Yield Caps

[I]  After Cranking Out $267 Billion in Stimulus Payments, IRS Faces Fresh Challenges

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

[I]  How U.S. Decision Could Hurt Hong Kong as Trading Hub

[I]  The Soured Romance Between China and Corporate America

BUSINESS LINE

[I]  Govt to invest ₹1 lakh crore to ramp up coal production: Pralhad Joshi

[I]  PSBs disburse Rs 8,320 crore loan to MSMEs under emergency credit line scheme

[I]  Monsoon reaches Chennai, Karwar, Shivamogga, Tumakuru, Chittoor

[I]  BS-VI compliant vehicles to display green sticker

[I]  Firming up of prices, a sharp rise in cash-based sales impact the farm-input market

ECONOMIC TIMES

[I]  Trucks move into fast lane in May as curbs ease

[I]  Fall in tax collections temporary, says CBDT

[I]  Mortality rate of above 5% could be alarming, warns FC’s health panel

[I]  Job demand, household coverage under MGNREGS hit a new high

[I]  Industry calls for 100% automatic FDI in satellites

[I]  View: Fear of flattening the business curve

[I]  Govt modifies public procurement norms to give more preference to local suppliers

[I]  Customs to begin faceless cargo assessment for imports in Chennai and Bengaluru

BUSINESS STANDARD

[I]  Banking to be a 'strategic sector', govt discussing privatising some PSBs

[I]  Q4 corporate earnings disappoint amid lockdown, point to worse quarters

[I]  Gross direct tax collection declines 4.92% to Rs 12.33 trn in FY20

[I]  Saving viable cos more important than liquidating unviable ones: IBBI chief

[I]  Firms rush to register as MSMEs, but most may not get loans: Officials

MARKETS (09:30 am)

[I]  SGX NIFTY Fut: 10279;  USDINR DGCX: 75.7400;  DJIA Mini: 27128;  FTSE 100 Fut: 6452;  NIKKEI 225 Fut: 23123;  EUR-USD: 1.1290; Crude Oil (WTI): 40.00;  Gold (Spot): 1689

Best Regards, ARBIND

08 Jun 2020