MACRO ECONOMIC NEWS

A SIMPLE SMILE OF NATURE FOR MAKING OUR NATURE SIMPLE. WISHING AN EASY DAY AHEAD.

Macro Economic News 01 Jul 2020

 

Fitch cuts India growth projection to 8% for FY22; pegs contraction at 5% this fiscal while Govt's total liabilities rise to Rs 94.62 lakh crore in Jan-Mar FY20, Public debt accounts for 91% of it. Creative freelancers have been some of the hardest hit in the coronavirus-driven recession, according to economists. Performers, production crews, ride-share drivers and personal trainers were among the first to lose work and will likely be among the last to regain lost ground in the coming months. Mnuchin and Powell pledge additional relief to prevent lasting damage to economy. Treasury Secretary Steven Mnuchin says he intends to work with Congress to help pass additional legislation to steer remaining funds from the PPP to the small businesses hit hardest by the pandemic. A string of recent signs of improvement points to the world’s second-largest economy recording positive growth for the second quarter. Survey finds that a third of top brands are likely to suspend social media spending while US are companies filing for bankruptcy at fastest pace since 2013. IMF chief says that Africa faces worst economic shock since 1970s while Dubai's economy shrank by 3.5% in first quarter whereas Zimbabwe central bank raises main lending rate to 35% as inflation soars.

 

FINANCIAL TIMES

[I]  China draws condemnation for new Hong Kong security law

[I]  Third of top brands likely to suspend social media spending, survey finds

[I]  US companies file for bankruptcy at fastest pace since 2013

[I]  Africa faces worst economic shock since 1970s, says IMF chief

[I]  Democrats’ climate plan promises net zero US emissions by 2050

[I]  Germany to restructure special forces to tackle far-right leanings

 

REUTERS

[I]  Indian private firms seen developing 15 million tonnes capacity coal mines this year - minister

[I]  China will not experience high inflation or deflation: central bank publication

[I]  As Japan re-opens, a hospital grapples with coronavirus aftermath

[I]  Asia's factory pain eases as region emerges from pandemic

[I]  U.N. backs changes to aviation emissions scheme in boost for airlines

[I]  EU sets out rules for 5G small antennas in boost for data capacity

[I]  Dubai's economy shrank by 3.5% in first quarter amid coronavirus crisis

[I]  Zimbabwe central bank raises main lending rate to 35% as inflation soars

 

BLOOMBERG 

[I]  India’s June Rally Seen Fading on Poor Earnings Outlook

[I]  From Fear in Wuhan to Oil Crash: Six Months in Emerging Markets

[I]  Australia House Prices Fall for Second Month as Shutdowns Bite

[I]  Europe Exchanges Reject Shorter Trading Hours Amid Virus Turmoil

[I]  Airlines Risk Extinction as India Refuses to Rescue Billionaires

[I]  Venezuelan Crude Output Falls for Sixth Month, Deepening Crisis

[I]  Argentina Weighs Earlier Coupon Payments as Debt Talks Stall

[I]  Direct Lending Boom Fizzles With Investors Looking Elsewhere

[I]  Argentina Creditors Urge Officials to Move Ahead on Debt Talks

  

WALL STREET JOURNAL

[I]  Mnuchin, Powell Pledge Additional Relief to Prevent Lasting Damage to Economy

[I]  In Los Angeles, an Economy Built on Freelancers Crumbles

[I]  Second Chance at Aid for Small Businesses Draws Support

[I]  Fed Keeps Options Open on Yield Caps

[I]  China’s Economic Recovery Picks Up More Momentum

[I]  Labor Department Proposes Fiduciary Exemption for Retirement Plans

[I]  Fed Opens Lending Program for New Issuance of Corporate Debt

 

BUSINESS LINE

[I]  Eight core industries contract 23.4% in May

[I]  Handicraft exports may fall 40% this fiscal due to Covid-19

[I]  Free foodgrains, pulses scheme for poor extended till November, says PM Modi

[I]  Fiscal deficit touches 58% of budget estimate at May-end

[I]  June ends up with above-normal rainfall at 18 per cent

[I]  Mobility interventions, renewable energy can lead to significant savings, says NITI Aayog report

 

ECONOMIC TIMES

[I]  With no tax, MNCs ramp up dividends

[I]  In a rare event, Maharashtra, Tamil Nadu bonds yield less than G-secs

[I]  Non-food credit growth slows to 6.8% in May

[I]  Fitch cuts India growth projection to 8% for FY22; pegs contraction at 5% this fiscal

[I]  Govt's total liabilities rise to Rs 94.62 lakh crore in Jan-Mar FY20

[I]  March quarter current account ends in a surplus after more than a decade

[I]  Government may license import of ACs, TVs to check shipments

 

BUSINESS STANDARD

[I]  Ban to hit Chinese companies, loosen their grip on Indian app market

[I]  Public debt accounts for 91% of Centre's Rs 94-trillion liabilities

[I]  States continue to tap cheap rates to borrow more than originally planned

[I]  FinMin told to levy tax on imported goods to boost local products: Pradhan

[I]  Sebi again eases compliance rules for processing of demat request

 

MARKETS (09:30 am)

[I]  SGX NIFTY Fut: 10286;  USDINR DGCX: 75.7525;  DJIA Mini: 25622;  FTSE 100 Fut: 6146;  NIKKEI 225 Fut: 22248;  EUR-USD: 1.1225; Crude Oil (WTI): 39.79  Gold (Spot): 1784

 

Best Regards, ARBIND
01 Jul 2020