Fed ETF Buying, Global Recovery, $3 Trillion U.S. Debt: Eco Day

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

• The Fed is close to starting up two corporate lending programs that could buy up to $750 billion in debt and exchange-traded funds under its emergency coronavirus actions
• Goldman Sachs and Morgan Stanley economists said there is evidence the world economy is starting to recover from the coronavirus and the restrictions placed on businesses and consumers
• Treasury Secretary Steven Mnuchin plans to boost U.S. borrowing from April through June by an unprecedented $3 trillion to support an economy entering recession
• Malaysia is set to cut its benchmark interest rate by a bigger-than-usual 50 basis points Tuesday to help cushion the economy just as the government begins relaxing coronavirus restrictions
• As Europe tries to deal with a new crisis, Germany’s top court is about to rule on whether it can continue to participate in the ECB’s Public Sector Purchase Program
• Remittances to Mexico reached a record high in March as workers in the U.S. sent savings back home amid a worsening economic outlook
• Hong Kong’s economy suffered its worst quarter on record, extending the first recession in a decade as the coronavirus pandemic battered a city already weakened by political unrest
• Steve Hanke remembers when Indonesia was the poster child for emerging markets’ bright future. As chief adviser to President Suharto during the Asian financial crisis he got a close-up view of the economy’s potential before it all came crashing down
• The U.K. government said it is paying 80% of the wages of more than 6 million employees and sought to reassure them they won’t be thrown out of work when it eases its lockdown
• The Saudi Arabian Monetary Authority said it has enough foreign reserves to meet all obligations and reaffirmed its commitment to maintaining a currency peg to the U.S. dollar
• Mothers take selfies of her with their children, and street hawkers push bracelets into her hand as presents. Artists sketch her portrait and post them to social media. Who is Maria Antonieta Alva? She’s the 35-year-old finance minister of Peru

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