MACRO ECONOMIC NEWS

WE ALL ARE PROVISIONED FOR PLEASANT MEMOIRS. WISHING A BLESSED WEEK AHEAD.

Macro Economic News 22 Jun 2020

India has launched the Gareeb Kalyan Rojgar Abhiyaan aimed to boost employment and livelihood opportunities for migrant workers returning to villages. Women form less than 25% of most Indian companies' board and the ratio is not very encouraging in other economies too. Women have lost jobs at a steeper rate than men during the coronavirus pandemic, a factor that is likely to hold back the economic recovery. The economic shock caused by the coronavirus pandemic has exposed a range of “troubling inequalities,” most of which have predated the current crisis. U.S. companies brought home $124 billion in foreign profits in the first quarter of 2020, the highest level since an immediate rush after the 2017 tax law, according to data released by the Commerce Department. Bank regulators warned against protectionism in pandemic response. Central banks across world are now taking up analytics and stress test to check the health of banks and financial institutions’ ability to withstand various coronavirus-related recession scenarios as it forms policies on capital requirements and other calibrations.

FINANCIAL TIMES

[I]  Tokyo seeks to lure financial groups from crisis-hit Hong Kong

[I]  Small US companies squeezed hardest by Covid-19 effects

[I]  Millions of European jobs at risk when furlough support ends

[I]  Spain begins accepting UK tourists without need for quarantine

[I]  MBAs rebound as prospective students flee worsening economy

[I]  Bank regulators warned against protectionism in pandemic response

[I]  A truly ugly transatlantic trade war is looming

REUTERS

[I]  China eases green rules for petrol-electric hybrids, giving makers space to manoeuvre

[I]  Gold hits one-month peak as rising virus fears boost demand

[I]  China leaves benchmark lending rate unchanged for second straight month

[I]  U.S. housing set to ride out the pandemic's economic storm, Reuters poll shows

[I]  Changing of guard at top German court signals de-escalation for ECB

BLOOMBERG 

[I]  Japan Firms’ Habit of Hoarding Cash Becomes Boon for Dividends

[I]  Asian Buyers Turn to U.S. Oil Amid Uncertain Flows From OPEC

[I]  Emerging Markets Are Awash in Confidence

[I]  The Big Oil Turnaround: From Negative Prices to a Bull Market

[I]  We Will Be Living With the Coronavirus Pandemic Well Into 2021

[I]  As They Reach Retirement Age, Wind Farms Become Prime Investments

[I]  $11 Trillion Dilemma, IMF Outlook Worsens, RBA Cruises: Eco Day

WALL STREET JOURNAL

[I]  Women’s Job Losses From the Pandemic Aren’t Good for Recovery

[I]  Powell Says Crisis Exposes Long-Standing Inequalities

[I]  May’s U.S. Jobs Rebound Was Widespread

[I]  U.S. Companies Brought Back Foreign Profits as Pandemic Struck

[I]  Fed's Rosengren Says U.S. Economy Will Need More Monetary, Fiscal Support

[I]  Fed to Assess How Banks React to Possible Covid-19 Scenarios

[I]  The Credit-Card Fees Merchants Hate, Banks Love and Consumers Pay

[I]  How the Coronavirus Will Reshape World Trade

BUSINESS LINE

[I]  WTO: India against easing farm export tariffs amid Covid

[I]  FDI push: Draft foreign investment rules for pension funds issued

[I]  China accounts for two-thirds of India’s bulk drug imports

[I]  Monsoon to end stupor, enter N-W India on Monday

[I]  FinMin proposes restriction on foreign investment in pension funds from China

[I]  PM Modi launches Gareeb Kalyan Rojgar Abhiyaan

ECONOMIC TIMES

[I]  Here's PM's map to decrease reliance on China

[I]  Corporate bonds get a lift with demand revival

[I]  India becomes 12th largest holder of US govt securities

[I]  Trade pacts under lens as India seeks to check Chinese imports

[I]  Government expects current account surplus in Q1 FY21

[I]  Govt proposes to defer BS-VI norms for construction equipment vehicles

BUSINESS STANDARD

[I]  IT firms tap freelancers to optimise staff costs amid Covid-19 crisis

[I]  India Inc on war footing to cut costs, conserve cash to offset Covid impact

[I]  Covid-19 impact: RBI asks banks to carry out detailed stress testing

[I]  India's crude, gas consumption up but output fell in last 10 years: Report

[I]  Diesel hits record high after fuel prices hiked for 15th day in a row

[I]  Women form less than 25% of most Indian companies' board, says study

MARKETS (09:00 am)

[I]  SGX NIFTY Fut: 10249;  USDINR DGCX: 76.2600;  DJIA Mini: 25714;  FTSE 100 Fut: 6224;  NIKKEI 225 Fut: 22565;  EUR-USD: 1.1192; Crude Oil (WTI): 39.58  Gold (Spot): 1752

Best Regards, ARBIND

22 Jun 2020