MACRO ECONOMIC NEWS

MIX MELODIES WITH MONSOON THIS DAY. WISHING A FUN-FILLED FRIDAY AHEAD.

Macro Economic News 12 Jun 2020

 

The U.S. economy will be in recovery by the third quarter of this year, economists said in a survey that also concluded the labor market will fare better than previously expected following the effects of the pandemic though states continue to work through a backlog of claims, new applications for unemployment benefits have trended down since the pandemic triggered a surge in claims at the end of March. The net worth of U.S. households saw a record decline in the first three months of this year as the pandemic sent shock waves through the economy and caused equity prices to plummet. Treasury Secretary Steven Mnuchin said the administration is weighing getting behind a second round of stimulus payments for Americans as part of an economic relief package Congress is likely to consider next month.

UNCTAD highlights of Global goods trade falling 27% in Q2 after 5% decline in first quarter while Chief Economic Advisor of India says, GDP growth may dip this year whereas CRISIL foresees passenger vehicle volumes to shrink to decadal low in fiscal 2021 and ICRA mentions about average monthly rating downgrades rising 22% amid Covid-19 pandemic.

 

FINANCIAL TIMES

[I]  US stocks slide nearly 6% on worst day since March

[I]  UK in U-turn on full post-Brexit border controls

[I]  Central banks’ appetite for dollars limited as conditions ease

[I]  Spain plans ‘surgical’ measures to keep coronavirus under control

[I]  US new jobless claims at 1.5m as hiring slowly returns

 

REUTERS

[I]  India sets out proposals for tighter governance at banks

[I]  Japan's $94 billion reserve to combat pandemic sparks ire as PM Abe's 'pocket money'

[I]  Japanese women bear brunt of recession as pandemic unravels Abe's 'Womenomics'

[I]  Monsoon rains spread over a third of India, weather office says

[I]  U.S. layoffs easing, labor market distress persists

 

BLOOMBERG 

[I]  China to Ease Rules on Listings for Nasdaq-Like Board This Year

[I]  No Renewed Lockdown, Recovery Reprise, Negative on BOJ: Eco Day

[I]  FX Faces Risk of a Virus Shake-Up Even as Fed Anchor Remains

[I]  India’s Credit Market Has Been Stung by Bankruptcy Suspension

[I]  Rescuing State-Owned Firms Adds to Emerging Market Debt Crisis

[I]  BOJ’s Help for Banks Still Leaves Resistance to Negative Rate

 

WALL STREET JOURNAL

[I]  WSJ Survey: U.S. Recovery From Pandemic Shock to Begin by Third Quarter

[I]  More Than 1.5 Million Workers Sought Jobless Benefits Last Week

[I]  Trump Says Fed’s Forecasts Are Too Gloomy

[I]  Net Worth of U.S. Households Dived in First Quarter

[I]  Steven Mnuchin Says White House Considering Second Round of Stimulus Payments

[I]  Newsletter: ‘We’re Not Thinking About Raising Rates’

 

BUSINESS LINE

[I]  GDP growth may dip this year: CEA

[I]  ILO probes CTUs’ complaint on unfair labour laws

[I]  Passenger vehicle volumes to shrink to decadal low in fiscal 2021: Crisil

[I]  Monsoon propels itself to within 250 km of Mumbai

[I]  Andhra Pradesh Cabinet approves mega solar power project

 

ECONOMIC TIMES

[I]  Work from home for rest of yr? IT cos say why not

[I]  Bad bank idea does not find many takers

[I]  Global goods trade to fall 27% in Q2 after 5% decline in first quarter: UNCTAD

[I]  Exports improving, down by 36 pc in May: Piyush Goyal

[I]  With a law, India plans lasting ban on cryptos

[I]  Decriminalisation of minor offences to improve ease of doing business, say experts

[I]  High level empowered group of secretaries to chalk out investment plan, promote Make in India

 

BUSINESS STANDARD

[I]  RBI proposes 10-yr term for bank promoter-CEOs, 15 yrs for non-promoters

[I]  Average monthly rating downgrades rise 22% amid Covid-19 pandemic: ICRA

[I]  Irdai issues guidelines for standardisation of indemnity health products

[I]  Worries over liquidity to boost credit card, personal loans: CIBIL

 

MARKETS (08:30 am)

[I]  SGX NIFTY Fut: 9618;  USDINR DGCX: 76.0175;  DJIA Mini: 25329;  FTSE 100 Fut: 6051;  NIKKEI 225 Fut: 22131;  EUR-USD: 1.1290; Crude Oil (WTI): 35.44;  Gold (Spot): 1726

 

Best Regards, ARBIND
12 Jun 2020