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Coronavirus

Aramco Appears Well-Placed to Weather the COVID Storm, Analysts Say

Plummeting oil prices resulting from a drop-off in global demand and a simmering price war with Moscow has put a severe strain on Saudi Aramco’s balance sheet in the short-term. But in looking further ahead, the company appears well-placed the weather the current storm.

1 May 2020

COVID-19 Poses Severe Threat to South Africa’s Banking Sector - Fitch

The pandemic poses ‘significant downside risks’ to South African banks, according to Fitch Ratings, as asset quality and earnings face downward pressure.

30 Apr 2020

Global QE Asset Purchases to Reach USD6tn in 2020 - Fitch

As economies across the globe are rattled by the economic chaos caused by the coronavirus pandemic, governments and central banks have been pulling out all the stops to buoy their economies. Quantitative easing (QE) is increasingly being deployed worldwide, with total purchases set to top USD6tn this year according to Fitch Ratings.

29 Apr 2020

Brazil Saw Largest Ever Monthly Foreign Capital Market Outflows in March

International investors have fled Brazil’s capital markets to the tune of USD22.2bn in March, according to data from Itau, the largest monthly outflow on record.

28 Apr 2020

Franklin Templeton India Fund Closure to Weigh on Corporate Bond Liquidity

Franklin Templeton India has announced the closure of six of its mutual funds in India, believing it to be the “only viable option to preserve value for unitholders and to enable an orderly and equitable exit for all investors in these unprecedented circumstances” according to a press release.

28 Apr 2020

ADB approves USD1.5bn financing to support Philippines

The Asian Development Bank has announced a USD1.5bn financing package to support the Philippines’ response to COVID-19. The budget support will help protect the Philippines’ population and the healthcare system.

27 Apr 2020

Global Remittances Will See 20% Drop Amid Pandemic – World Bank Group

Falling wages and rising unemployment among migrant workers will lead to the sharpest drop in recent history, according to the Group’s report.

24 Apr 2020

Bank of Mexico Cuts Rate by 50bp as Economic Growth Forecasts Continue to Sour

Further rate cuts are expected in Mexico after growth forecasts are revised down again, while the benchmark rate is now forecast to be just 4.75% by end of the year.

23 Apr 2020

GCC States’ Deficits Set to Rise Sharply Due to Pandemic Disruption - Fitch

The twin shock of coronavirus and plummeting oil prices have put the brakes on global growth. Combined with widespread outflows, a strengthening US dollar and a global recession, emerging markets face an unprecedented flurry of headwinds. According to a recent report from Fitch, weaker rated GCC sovereigns may be vulnerable to a downgrade in the current market conditions.

23 Apr 2020

IMF Approves USD274mn Support Package to Paraguay

The IMF’s Executive Board has approved a USD274mn emergency support package for immediate disbursement to Paraguay in order to alleviate the economic shock caused by COVID-19.

23 Apr 2020

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