MACRO ECONOMIC NEWS

HERE COMES THE JOVIAL JUNE FOR A JOYOUS JOURNEY. WISHING A JUBILANT WEEK AHEAD.

Macro Economic News 01 Jun 2020

U.S. President Donald Trump said he would postpone a Group of Seven summit he had hoped to hold next month until September or later and expand the list of invitees to include Australia, Russia, South Korea and India. Australia's stalled migrant boom derails golden economic run as Australia's three decades of uninterrupted prosperity are coming to an abrupt end as the global coronavirus pandemic crashes one of its most lucrative sources of income - immigration. May factory activity across the globe sinks as pandemic lockdowns hit demand. Japan, South Korea's, China and other Asian nations’ factory activity contracts at nearly fastest rate since 2009. Britain is expected to launch big stimulus package before summer whereas global job-loss rate is nearing like it was during the Great Depression although rebound gathers pace for emerging markets.

India plans IDs for unorganised sector workers while opening the economy in a calibrated manner whereas Indian startups are now facing an existential crisis amid Mumbai and other critical cities remain shut. While India Inc. go all out, 69% prefer work from home to continue to avoid traffic. India indicates restricting imports of goods that can be made in India.

FINANCIAL TIMES

[I]  EU budget chief seeks backing for business levy to fund recovery

[I]  Citi warns markets are out of step with grim reality

[I]  Cracks begin to widen in Emmanuel Macron’s divided party

[I]  Argentina narrows gap with creditors in debt talks

[I]  Will the ECB expand its bond-buying programme?

[I]  Europe cannot fudge its way to a federal future

REUTERS

[I]  Australia's stalled migrant boom derails golden economic run

[I]  Japan's May factory activity sinks as pandemic lockdowns hit demand - PMI

[I]  Trump postpones G7 summit, seeks to add countries to invitation list

[I]  South Korea's May factory activity contracts at fastest rate since 2009 - PMI

[I]  South Korean exports fall for third month but at a slower pace

[I]  China's May factory activity cools as weak demand curbs output

[I]  Britain to launch big stimulus package before summer - FT

BLOOMBERG 

[I]  India’s Attempt at Tighter Grip on Rupee Trading Is Put to Test

[I]  Great Depression-Like Jobless Rate Seen for U.S.: Eco Week Ahead

[I]  Rebound Gathers Pace for Emerging Markets

[I]  Economies Changed Forever, China Factories, RBA’s Tools: Eco Day

[I]  South Korea’s Exports Slump Again as Pandemic Drags On

[I]  Australia House Prices Fall as Shutdowns Hit Property Market

[I]  EU Floats Taxing 70,000 Companies for Market Access, FT Reports

WALL STREET JOURNAL

[I]  Economy Week Ahead: Manufacturing and Unemployment Data

[I]  Consumers Spent a Lot Less, Saved More During April Lockdowns

[I]  Coronavirus Hits Small-Town Summer: No Riverfront Days, No Little League World Series

[I]  Federal Reserve Ramps Up Deliberations on Asset Purchases, Rate Guidance

BUSINESS LINE

[I]  GSTN enables registration functionality for companies under IBC

[I]  Facilitate cross-border movement of medical professionals: India to WTO

[I]  GST Council meeting likely to be held on June 14

[I]  Finance Ministry notifies modified I-T return forms

[I]  FIDC suggests several changes to Extended Partial Credit Guarantee scheme

ECONOMIC TIMES

[I]  Sebi mulls one-time listing window for unlisted NCDs

[I]  Unorganised sector workers may get IDs

[I]  Startups are now facing an existential crisis

[I]  Opec+ close to agreement to bring forward meeting to June 4

[I]  Local banks to start rupee trading in overseas NDF market

[I]  India for TRIPs flexibility to ensure drugs’ access

[I]  Credit growth decelerates to 7.3 per cent in April

BUSINESS STANDARD

[I]  Bonanza after curbs: India Inc goes all out to woo buyers amid Covid-19

[I]  'Mission Begin Again': Mumbai remains shut while India begins to unlock

[I]  Story in Numbers: 69% prefer work from home to continue to avoid traffic

[I]  Q4 GDP figures overstated? Economists raise doubts over quality of data

[I]  Coastal Maharashtra and Gujarat on cyclonic storm alert, says IMD

[I]  Modi indicates restricting imports of goods that can be made in India

MARKETS (08:00 am)

[I]  SGX NIFTY Fut: 9663;  USDINR DGCX: 75.7450;  DJIA Mini: 25443;  FTSE 100 Fut: 6136;  NIKKEI 225 Fut: 22135;  EUR-USD: 1.1138; Crude Oil (WTI): 35.34;  Gold (Spot): 1740

Best Regards, ARBIND

01 Jun 2020