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Stocks pummeled as oil price crash adds to coronavirus fears



Indian Economic Update


  • The Reserve Bank of India and the Government put a private bank under a moratorium and placed curbs on withdrawals till Apr 03, 2020, in response to deterioration in condition. This has led to volatility in Indian markets.
  • RBI Governor said the RBI will be proactive in dealing with threats stemming from the coronavirus outbreak and will be in better position to assess growth impact of coronavirus by the time of the next Monetary Policy Committee (MPC) meet.
  • RBI absorbed liquidity to the tune of INR 2678.4 billion (net) under Liquidity Adjustment Facility (LAF) (including fixed and variable rate repos and reverse repos) as of Feb 26. It injected Marginal Standing Facility (MSF) of INR 30.8 billion and Special Refinancing Facility of INR 20.3 billion.


Global Update


  • Oil markets crashed more than 30% after the disintegration of the Organisation of the Petroleum Exporting Countries (OPEC)+ alliance triggered by an all-out price war between Saudi Arabia and Russia that is likely to have sweeping political and economic consequences. The inability to reach an agreement on the quantum of production cuts after Mar 31, 2020 was the main trigger by the sharp fall seen in global crude prices. The upshot is that the expectations of an all-out price war has removed the floor in global crude prices as investors position for an over-supplied market in the near-term.
  • The coronavirus has increased the risk of a global recession this year, credit rating agency Moody's said on Mar 06. It said that advanced economies including the United States, Japan, Germany, Italy, France, Britain and Korea could all fall into recession in an "adverse scenario". China's Gross Domestic Product (GDP) growth would fall below 4% even with substantive economic stimulus it added.
  • China reported 30 more deaths from coronavirus, with all but one in Hubei province, pushing the national toll to 3,042. The number of confirmed cases rose to 80,552. The head of the World Health Organisation threatened to name countries that are not doing enough to fight the outbreak. Fatalities moderated in China, and cases appeared to slow in South Korea. Infections surged in Iran. The UK and Switzerland reported their first fatalities.