China Policy, Trump Response, Australia Fiscal Stimulus: Eco Day

(Bloomberg) -- Welcome to Thursday, Asia. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:

  • China’s cabinet called for a further reduction in the reserve ratio as the government seeks to ease monetary conditions to support the economy amid the impact of the coronavirus
  • President Donald Trump is expected to take a series of executive actions to deliver economic relief from the coronavirus , including paid sick leave for hourly workers and extending tax-filing deadlines for small businesses. House Speaker Nancy Pelosi meanwhile is pressing ahead with plans to vote on a response. The Fed is ramping up cash injections to as much as $505 billion in a bid to keep short-term financing markets functioning through quarter-end
  • Australia is planning a multi billion-dollar fiscal stimulus plan to buttress the economy from the coronavirus outbreak that threatens to tip the nation into its first recession since 1991
  • The battle for control of the global oil market intensified again on Wednesday as Saudi Arabia promised to increase production capacity and the U.A.E. said it plans to pump as much as possible next month
  • Christine Lagarde will bid to prevent the coronavirus outbreak from sparking a repeat of the 2008 financial turmoil when the ECB unveils its monetary response at today’s meeting. Europe is starting to show resolve led by its 2008 crisis veterans
  • The U.K. pledged a 30 billion pound emergency boost to spending as Boris Johnson’s government tries to protect the economy, joining the BOE that cut rates in an emergency announcement
  • There’s growing expectation that Taiwan’s central bank will join the wave of emergency rate cuts from global central banks, putting end to its on-hold stance of fourteen straight quarters
  • Prime Minister Giuseppe Conte deepened the Italian government’s intervention, ordering all shops to close except for grocery stores and pharmacies
  • The coronavirus is now a pandemic, the WHO declared, urging governments to step up containment efforts as worldwide cases topped 120,000 and deaths exceeded 4,300
  • Nearly 75% of U.S. companies have experienced supply chain disruptions because of virus-related transportation restrictions
  • Organizers of the Tokyo Olympics reiterated that the games are going forward on schedule following a report that one official plans to propose delaying the event because of the coronavirus
  • The virus battering small businesses in South Korea, which has one of the world’s highest ratios of self-employed workers within its labor force
  • China’s industrial reboot following its outbreak is running into the global coronavirus economic shock

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