Day: March 13, 2020

Investors React to Market Chaos

(Bloomberg) — On the last day of a historic week for global markets, there’s little sign of an end to the volatility that roiled bonds and currencies and sent stocks to their steepest plunge since the depths of the global financial crisis.

Mounting concerns that the coronavirus pandemic will spark a worldwide recession fueled a fresh round of selling in Asia on Friday. The slide triggered trading halts in Thailand, South Korea and Indonesia, while Japanese equities sank as much as 10%. Some policy makers rushed to limit wild fluctuations in currencies and sovereign debt.

Here’s what strategists and investors

Commerce ministry reviews corona impact on trade

Overall merchandise shipments contracted by 1.7% y-o-y in January to $26 billion, the sixth straight month of contraction.

The commerce ministry on Thursday held a meeting with key industry bodies and various export promotion councils to gauge the impact of the coronavirus on trade, amid mounting fears over the damaging impact of the pandemic on Indian exports. Already, basmati rice exports dropped 20% year-on-year in January and non-basmati by 14%, oil meals by 64% and cotton garments by almost 4%. Overall merchandise shipments contracted by 1.7% y-o-y in January to $26 billion, the sixth straight month of contraction.

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PSB merger review: Ensure smooth credit flow, says FM Nirmala Sitharaman

Finance minister Nirmala Sitharaman

Finance minister Nirmala Sitharaman on Thursday met chief executives of amalgamating public-sector banks (PSBs) and is learnt to have asked them to ensure that credit flow to MSMEs and other critical sectors of the economy is not hampered due to the biggest consolidation exercise in the banking space.

The Cabinet earlier this month approved the amalgamation of 10 PSBs to create four larger lenders and the move will come into effect from April 1.

In the meeting to review the planning and preparedness for the proposed amalgamation, the minister also directed anchor banks to minimise disruption