MACRO ECONOMIC NEWS

HAPPINESS IS THE MOST PRECIOUS GIFT OF A GENTLE SMILE. WISHING A CARING DAY AHEAD.

Macro Economic News 18 Jun 2020

FED Chairman Powell said recent economic improvement could be jeopardized if Congress curtailed support to workers displaced and businesses shuttered by the coronavirus pandemic. SBA Emergency Loan Program Left Behind Many of America’s Neediest Firms as the federal government’s Paycheck Protection Program failed to take into account the widely varying needs and limitations of small businesses caught in Covid-19 lockdowns. US upends global digital tax plans after pulling out of talks with Europe while top trade official says US will seek ‘broader reset’ of WTO tariffs. ADB sees developing Asia barely growing in 2020 due to pandemic whereas global stocks retreat on rising second wave fears. WHO sees 'green shoots' of hope in pandemic while labour ministry to fast-track National Employment Policy in India. India is all set to make an economic counter-attack against China.

FINANCIAL TIMES

[I]  US upends global digital tax plans after pulling out of talks with Europe

[I]  China tightens restrictions as Beijing outbreak widens

[I]  Pharma groups to ramp up output of virus drug dexamethasone

[I]  Top trade official says US will seek ‘broader reset’ of WTO tariffs

[I]  Brutal details emerge of deadly China-India border clash

[I]  A battle over the EU’s fiscal rules is looming

[I]  Visa predicts ‘permanent’ shift in consumer spending habits

REUTERS

[I]  ADB sees developing Asia barely growing in 2020 due to pandemic

[I]  Global stocks retreat on rising second wave fears

[I]  Japan firms curb jobs, cut pay to cope with coronavirus pain: Reuters poll

[I]  May flowers: Where the U.S. retail blooms are and are not

[I]  China warns of countermeasures in response to U.S. Uighurs law

[I]  China Vice Premier Liu He says monetary policy should be more flexible

[I]  Fed's Powell beats drum for more government aid to bolster economy

[I]  Argentina debt talks hit roadblock as government, creditors rattle sabers

BLOOMBERG 

[I]  Ever Increasing U.S. Oil Inventories Overshadow Demand Optimism

[I]  Powell Urges Congress Not to Remove Fiscal Support Too Fast

[I]  China Asks Banks to Forgo $211 Billion to Help Boost Economy

[I]  China Signals Further Reserve Ratio Cut to Spur Bank Lending

[I]  Wall Street Rewrites Market Playbooks With Second Wave Looming

[I]  Big Banks Are Finally Hiring Again With Coders in Demand

[I]  Powell Fiscal Call, EU Counters China, G-7 on Hong Kong: Eco Day

[I]  Bank of England Prepares Its Next Act in Saving of U.K. Economy

[I]  Brazil Nods to More Easing Amid Surging Pessimism on Economy

WALL STREET JOURNAL

[I]  Powell Says Economic Gains Are at Risk if Stimulus Measures End Prematurely

[I]  SBA Emergency Loan Program Left Behind Many of America’s Neediest Firms

[I]  U.S.-China Trade Deal on Track, Lighthizer Says

[I]  A United Front on China Starts to Take Shape

[I]  U.S. Experiencing Coin Shortage Due to Coronavirus Pandemic, Fed Chairman Says

BUSINESS LINE

[I]  Gem, jewellery exports plunge 82% as Covid takes heavy toll

[I]  India’s coal consumption growth in 2019 slowest since 2001: bp Stats Review

[I]  EU’s tweaking of steel import safeguard rules: India initiates talks with bloc

[I]  Registration of charges: Corp Affairs Ministry grants moratorium for Covid-19 period

[I]  Amid Covid gloom, farm sector blooms for the most part

[I]  Labour shortage, good rains to spur herbicide usage this year

ECONOMIC TIMES

[I]  India all set to make an economic counter-attack against China

[I]  No cars, new interiors: PSBs told to cut costs

[I]  WHO sees 'green shoots' of hope in pandemic

[I]  Monsoon likely to reach Delhi by June 22-23: IMD

[I]  HNIs find a solid new wealth multiplier in state bonds

[I]  Wheat procurement hits all-time high

[I]  MCA notifies seven month relaxation for filings relating to creation or modification of charges

[I]  Labour ministry to fast-track National Employment Policy

BUSINESS STANDARD

[I]  Telcos told to stop sourcing 4G telecom equipment from Chinese firms

[I]  Indian start-ups funded by Chinese investors hit Great Wall of uncertainty

[I]  Late advance tax payments by corporate heavyweights give govt a breather

[I]  RBI to replace NHB rules with its own set as the new HFC regulator

[I]  Fintechs see inflexion point as Covid-19 gives fillip to digital modes

MARKETS (08:30 am)

[I]  SGX NIFTY Fut: 9789;  USDINR DGCX: 76.2825;  DJIA Mini: 25693;  FTSE 100 Fut: 6166;  NIKKEI 225 Fut: 22229;  EUR-USD: 1.1244; Crude Oil (WTI): 37.34;  Gold (Spot): 1725

Best Regards, ARBIND

18 Jun 2020