* GRAPHIC: https://reut.rs/2XhBwYj. * GRAPHIC: https://reut.rs/2UNdsLu. By Zandi Shabalala. The cost of insuring against potential debt default by mining companies has risen to the highest in five years on mounting fears of recession, demand destruction and shutdowns to contain the spread of the coronavirus.
Brazil's emergency spending to fight the coronavirus crisis will "comfortably" result in a broad public sector deficit this year of up to 500 billion reais, Treasury Secretary Mansueto Almeida said on Tuesday. That would be more than eight times larger than last year's shortfall, including central government, states and municipalities, of around 61 billion reais, but fully justified, Almeida said.
Moody's: * MOODY'S SAYS GLOBAL AUTOMAKERSÂ’ LIQUIDITY STRONG AMID CORONAVIRUS PRESSURE. * MOODY'S SAYS EUROPEAN AND ASIAN AUTO MANUFACTURERS HAVE STRONGEST LIQUIDITY. * MOODY'S SAYS GOVERNMENT AID PACKAGES ANNOUNCED IN LATE MARCH WILL BE BENEFICIAL FOR AUTOMAKERS, ESPECIALLY LARGE ENTERPRISES LIKE AUTO MANUFACTURERS.
Retail sales in Brazil surged in February, recording their biggest rise for that month in six years, with consumers' urge to spend yet to be affected by the looming coronavirus crisis, official figures showed on Tuesday.
Retail sales volumes in Brazil excluding cars and building materials rose 1.2% in February from January, statistics agency IBGE said on Tuesday, much stronger than the median estimate in a Reuters poll of economists of a 0.3% decline. Sales jumped 4.7% from the year-earlier period, IBGE said, more than double the expected 2.1% increase in the Reuters poll.
Portugal's banking association is calling on the government and the European Union to stimulate the economy to prevent a sharp rise in bad loans as a result of the coronavirus crisis. The country's banking sector is still scarred from a debt crisis and spike in non-performing loans after a 2010-13 recession which led to the collapse of banks like Banif in 2015.
German industry output rose by 0.3% in February, beating expectations, but the figures reflect the period before the coronavirus significantly affected Europe's largest economy and the Economy Ministry warned of an impending collapse.
German industry output rose by 0.3% in February, surpassing economists' expectations, but the figures reflect the period shortly before the coronavirus pandemic started to majorly affect Europe's largest economy. Figures released by the Statistics Office showed a 1.8% increase in the production of German consumer goods but a 0.3% decline in capital goods.
Industry groups are pushing back on proposed changes to U.S. export controls that would impact the sale of certain semiconductors and other technology to China, while highlighting the role chips play in addressing the COVID-19 pandemic.
French far-left union CGT on Monday called on workers in the retail, security services and logistics sectors to go on strike from Wednesday demanding safer working conditions during the coronavirus pandemic. Last month France ordered a lockdown to fight the coronavirus. Online deliveries are also allowed.
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