Demonstrations against police brutality and calling for racial equality are planned to continue Monday, three weeks after the death in police custody of George Floyd in Minnesota and days after police shot dead Rayshard Brooks in Atlanta.
Monday’s demonstrations include a march on the Georgia state capitol and protesters gathering in Lafayette Park, across the from the White House, where two weeks ago law enforcement forcefully cleared a peaceful crowd shortly before President Donald Trump walked through the area for a photo opportunity at a nearby church.
Also Monday, the U.N. Human Rights Councilagreed to hold an urgent debate on Wednesday “on the current racially inspired human rights violations, systematic racism, police brutality and violence against peaceful protesters.”
Sunday brought protests in numerous cities, including Washington, New York, Los Angeles, Atlanta and Miami.
Seattle situation
Seattle Police Chief Carmen Best said on CBS television’s “Face the Nation” Sunday she hopes officers can move back into a section of the city taken over by peaceful protesters without resorting to “something that devolves into a force situation.”
Protesters have peacefully occupied a four-block part of the city which they’ve named “Capitol Hill Autonomous Zone.” Organizers say they want a neighborhood without police. A huge “Black Lives Matter” mural covers the area’s main thoroughfare.
U.S. President Donald Trump has called the occupiers “ugly anarchists” and said the city should “take back” the zone.
But Mayor Jenny Durkan last week likened the zone to “a block party atmosphere” and no threat to the public but said it will be restored to the city at some time.
European protests
Anti-racism marches inspired by George Floyd’s death continued all weekend in some large European cities.
Demonstrators in Berlin formed a 9-kilometer long chain that began at the Brandenburg Gate.
In Paris, it was the police who protested what they say are unfair accusations of racism and brutality.
Shortly after 15,000 people demonstrated in the French capital, about 50 officers and their police cars surrounded the Arc de Triomphe.
British Prime Minister Boris Johnson said Sunday “racist thuggery” has no place in British streets after right-wing extremists attacked protesters against racism. About 100 people were arrested.
London Mayor Sadiq Khan blamed the violence solely on the rightwingers and he thanked police for doing a “fantastic job” in restoring order.
Asia protests
Also Sunday, hundreds marched through Tokyo, holding banners reading “Black Lives Matter.”
Thousands also demonstrated Sunday in New Zealand and took a knee for a moment of silence for George Floyd in front of the U.S. consulate.
Hong Kong reports largest daily jump in cases on record as travelers revive outbreak
NY rolls out restrictive new measures
NY case total tops 7k
Italy says Army will help enforce lockdown, effectively declaring martial law; might extend lockdown through early May
Spain death toll cracks 1,000
Italy reports another 627 deaths
Confirmed cases in US pass 14k
Drive thru testing site in NJ’s Bergen County has a line that’s over 1,000+ cars long
Switzerland bars all gatherings of more than 5 people
Trump says no plans for national lockdown
Germany to pass ‘shadow’ budget on Monday
EU suspends budget rules
Bavaria becomes first German state to impose ‘lockdown’
Johnson says UK can defeat virus in 12 weeks if ‘we work together’
Treasury now moving back both filing & payment deadlines for 2019
Novartis will donate up to 130 million doses of hydroxychloroquine to support global response
NBC News employee succumbs to virus
Dr. Fauci says social distancing should continue for several weeks
MTA confirms it has 23 sick workers
US, Mexico agree to shut southern border
China makes first purchase under ‘Phase 1’ trade deal
Altria chairman & CEO tests positive
Military confirms 35 American troops infected in Europe
Update (1320ET):As Italy’s worst outbreak spirals further and further out of control, Italy is reporting 5,986 new cases of coronavirus and 627 new deaths on Friday, raising the countrywide total to 47,021 cases and 4,032 dead, as the total number of cases in Europe surpasses the total ‘officially’ confirmed in China.
If you’re curious about how things are looking on the ground in Italy, this Channel 4 report is chilling.
* * *
Update (1240ET):In an alarming video that shows just how huge demand is for COVID-19 tests, a drive-thru testing site in Bergen County has a line that’s “several thousand cars long”.
Here’s a closer look at the drive-through testing site in Bergen County New Jersey. National Guard and medical professionals in full gowns and masks. Line for testing is several thousand cars long. @CBSNewYork#covid19pic.twitter.com/6F7es4Eq2S
Update (1220ET): As President Trump and the White House task force (with Dr. Fauci making an appearance today) update the country on the federal government’s efforts, Sec. of State Pompeo said that the US and Mexico had agreed to shut the southern border with Mexico..
In other news, drug company Novartis will donate up to 130 million doses of hydroxychloroquine to support the global virus response, according to a statement.
Trump also said that he probably won’t ever institute a national lockdown, feeling that decisions like that are better left up to the states. Across the Atlantic, the EU on Friday confirmed that it would expand its budget rules to open the floodgates to fiscal stimulus, as expected.
* * *
Update (1120ET):The morning after California laid out the most restrictive measures to combat the virus in the US, NY Gov. Andrew Cuomo on Friday laid out new measures for New York State to combat the coronavirus outbreak, imposing new restrictions like ordering “100% of the workforce” to stay home.
During this time, Cuomo is order all businesses in the state that aren’t deemed “essential” to close, and added that though public transit will remain open for people who need it to travel to their ‘essential’ jobs, and to get to places like hospitals and doctors offices and grocery stores and pharmacies, he urged New Yorkers to only take the trains if absolutely necessary. Cuomo also clarified that bank ATMs are an ‘essential’ service.
All non-essential businesses must close, Cuomo and NYC Mayor de Blasio have said that the state will find better ways to accommodate essential employees who need childcare or other things. But Cuomo threatened to fine businesses and individuals caught breaking the rules.
“These are not helpful hints…they will be enforced. There will be a civil fine and mandatory closure for any business that is not in compliance.Again, your actions can affect my health, that’s where we are. There is a social compact that we have…we must make society safe for everyone,” Cuomo said about the executive action that he’s preparing to sign.
New York reported 2,950 new cases on Friday, bringing the state-wide total to 7,102 cases, with 4,408 cases in NYC.
As he chided the public for not taking the outbreak seriously enough, Cuomo declared that young people saying they can’t get the virus is “simply wrong,” claiming that 25% of cases are people ages 20-44.
When it comes to exercise, though gyms will be closed, Cuomo said New Yorkers can engage in ‘solitary’ activities like jogging, but said games of pickup basketball and team sports like that won’t be permitted.
During the press conference, Cuomo confirmed that the state had reached the capacity to test 10,000 New Yorkers a day, becoming perhaps the only state in the country to overshoot on its daily testing target of 6k tests. Along with these new ‘dramatic actions’, Cuomo announced more confirmed cases and deaths.
Cuomo told a story about how the city governments of St. Louis and Philadelphia during the Spanish Flu epidemic dramatically impacted the outcomes for their local populations, and that Cuomo was trying to follow the better example, before bringing up the issue of mental health and the fact that his daughter was forced to isolate for 2 weeks.
At any rate, looking at the case curve, the number of cases expected could triple the state’s capacity of beds and ventilators needed to save the lives of the sickest of patients.
The governor, who urged New Yorkers to “blame me” if things go badly with these measures, claiming that this decision was his after careful consideration and consultation with experts. “I did everything we could do…this is about saving lives…if everything we do saves just one life, I’ll be happy,” Cuomo said.
Moving on, Cuomo declared that he was banning evictions during the crisis, building on measures prohibiting banks from engaging in foreclosure, another unprecedented step.
In keeping with Cuomo’s coordination with the governors of New Jersey and Connecticut, Cuomo said he would be speaking with Phil Murphy and Ned Lamont, the governors of NJ & CT, later in the day to discuss his measures and whatever can be done to continue coordinating their states’ responses. Rumors have circulated in recent days that a similar lockdown might be declared in CT.
Asked by reporters how long to expect these circumstances to remain in place, Cuomo declared that “this could go on for months”, one day after saying researchers projected that the outbreak would peak in 45 days.
Watch the rest of the press conference here:
From the sound of it, Cuomo’s actions are still being well-received by New Yorkers and the country.
Elsewhere, in Switzerland, public health officials barred all gatherings of more than 5, possibly the most strict gathering ban instituted anywhere around the world.
* * *
Update (1055ET): Meanwhile, in London…
Boris Johnson‘s government has continued to deny reports about an impending ‘lockdown’ of London. But with 10k troops on standby, we suspect that Italy might soon have some company in the ‘martial law’ department.
* * *
Update (1015ET):The Treasury has officially moved back ‘Tax Day’, by postponing both the payment deadline (which it announced earlier) and the filing deadline (which it just announced Friday morning).
In other news, an NBC News employee has died from COVID-19.
As an update: Confirmed cases in the US passed 14,000 Friday morning, while the number of confirmed deaths hit 160.
* * *
Update (0950ET):The market didn’t seem to care all that much, but Handelsblatt reported Friday that the German government is planning to pass a planned €200 billion budget to combat the crisis, as Berlin continues to facilitate mass testing and triaging that has kept its mortality rate among the lowest in Europe.
This comes after Germany car companies said they would close more factories.
Barely a day has gone by over the past two new weeks that there hasn’t been some report about Germany suspending its ‘debt brake’ due to the crisis and boost fiscal spending, as Christine Lagarde and the ECB have called on them to do. Even before the outbreak, reports about Germany passing a ‘shadow budget’ to boost tepid economic growth date back to at least the fall.
Germany’s outbreak began in the state of Bavaria, still its worst-hit region. And as governments around the world tighten restrictions on movement, Bavaria on Friday imposed new “fundamental restrictions” on public life to aid the fight against COVID-19, DW reports. The move, of course, comes less than 12 hours after the governor of California imposed similar measures.
“We’re shutting down public life almost completely,” Bavarian Minister President Markus Söder said.
People will only be allowed to leave their homes for necessary purposes, such as going to work or the doctor and buying groceries or medicine.
“It’s not easy to take these decisions,” Söder said. “We take these decisions according to the best of our knowledge and conscience. There will be a Bavaria after corona, but it will be a stronger one if we don’t look away.”
The measures will go into effect for two weeks starting Friday evening.
In other news, the German state of Saarland wants to shut down restaurants and restrict people from going out in public, moves that are similar, though somewhat less restrictive, than Bavaria. Saarland State Premier Tobias Hans will recommend the move to his cabinet this afternoon, the state chancellery confirmed.
* * *
Update (0945ET):Six weeks ago, many branded us ‘alarmists’ for publishing warnings by credible epidemiologists and virologists about the infectious potential of the novel coronavirus.
If you still believe those warnings were ‘alarmist’, we wish you the best of luck during the coming weeks. You’re going to need it.
* * *
Update (0928ET): The US military just confirmed that 35 American troops in Europe have tested positive.
Meanwhile, the FCA in the UK warned banks to ease up on repossessions and the like, issuing a statement claiming that “no responsible lender should be considering repossession as an ‘appropriate measure’ at this time. This comes after BoE Governor Bailey warned that banks should suspend foreclosures and repossessions.
Though it’s faded into the background, tensions over whether China would be able to keep up with its ‘Phase 1’ trade deal commitments have slackened somewhat now that Beijing has made its first expected purchase of US agricultural goods.
CHINA BUYS 756,000 METRIC TONS OF U.S. CORN, FIRST MAJOR PURCHASE UNDER PHASE ONE TRADE DEAL
* * *
Update (0850ET): Prime Minister Giuseppe Conte blamed the Italian people earlier this week when he said he would extend Italy’s nationwide lockdown until April 3, claiming that too many were still violating the lockdown despite stiff penalties.
As the country’s death toll passes the death toll from mainland China (or the ‘official’ death toll at least), whispers about even restrictive measures appear to have just been validated: Prime Minister Giuseppe Conte on Friday effectively declared martial law Friday morning in Italy’s worst-hit region of Lombardy, claiming that he will now be bringing in the Army to enforce the lockdown, something that the region’s governor swiftly confirmed.
As many members of the Italian public continue to act with no respect for protecting the public health and the massive effort underway to contain the outbreak, for the first time, many are about to learn the meaning of discipline.
According to media reports, Conte is considering extending the lockdown until at least early May.
ITALY’S LOMBARDY REGIONAL HEAD SAYS GOVERNMENT HAS AGREED TO USE ARMY TO IMPOSE LOCKDOWN IN HIS REGION
Ultimately, whether the government decides to extend the lockdown will depend on factors like the continuing spread of the virus, as well as the public’s response, and whether Italians finally start taking this seriously.
At this point, many expect that schools will not reopen before the summer break, the that the further tightening may not only include a ban on outdoor, but might also prohibit Italians from the cherished “passeggiate,” leisurely strolls around town that allow one time to think and digest.
While the Italian outbreak still has no end in sight, over in the US, Dr. Anthony Fauci said Friday morning that social distancing in the US should continue for ‘several’ more weeks, as officials scramble to try and discern exactly how far the virus has penetrated, as hundreds of thousands of tests arrive at labs. Last night, during an appearance on Facebook live, Dr. Fauci confirmed that more tests are being shipped as private partnerships with firms like Thermo Fisher.
Reports claimed Friday that the Italian Treasury now expects the country’s economy to contract by 3% this year, largely because of the lockdown.
Soldiers have already been deployed in some places to help enforce the lockdown and help with the crisis response.
New York’s MTA on Thursday announced that 23 workers have tested positive for the virus, this is up from just 1 worker as of early Thursday. The workers didn’t display symptoms at work and were described as being of low risk to riders.
In other central bank news, the SNB has announced more measures, while Sweden has expanded a loan guarantee program.
Meanwhile, as Boris Johnson’s government facilitates a policy u-turn to fight the virus, his former Chancellor is chiding the public on twitter.
At this point, it’s almost like the more you yell at them to stop, the more panicked they become.
* * *
When historians look back at this time, we suspect that California Gov. Gavin Newsom’s landmark decision to order more than 40 million Californians to remain at home on Thursday night will be remembered as an important demarcation point – the beginning of a more heavy handed response as it becomes increasingly clear that too many Americans are simply ignoring the government.
So far, NY Gov. Andrew Cuomo and President Trump have insisted that they have no plans to issue lockdown orders. But with the number of confirmed cases expected to soar in the coming days and over the weekend, the situation is certainly evolving rapidly, and rumors about other states considering preemptive lockdowns (remember, the whole point is to stay “ahead of the curve”) continue to circulate.
Over the past week, central bankers around the world have slashed rates, stepped up bond buying programs, promised to expand their back-stopping of credit markets and – most importantly – urged the politicians in charge to do their part and pass massive fiscal stimulus. Late last night, the Senate unveiled a $1 trillion package that will feature direct transfers to many Americans.
In the US, futures are pointing higher amid mounting hopes for a second straight close in the green. The improved sentiment is ostensibly due to the latest wave of central bank interventions. But that didn’t stop a team of economists at Bank of America from releasing a new note calling for a global recession, with GDP growth dropping to 0% for the year in 2020. Explaining the shift in their thinking, the team wrote: “Our first piece on the virus shock was titled ‘Bad or worse’; now we amend that to ‘Really bad or much worse.'”
The World breathed a sigh of relief Thursday night when China reported no new domestically-transmitted cases of the coronavirus for a second straight day. Meanwhile, Reuters just reported that the foreign ministers of South Korea, China and Japan have held a video conference on Friday to discuss cooperation on the coronavirus pandemic as concerns grow about the number of infected people arriving in their countries from overseas, threatening to set off a second wave of infection. The State Department is doing its part: It issued a ‘Level 4’ travel warning last night advising Americans not to travel abroad, and for any Americans still outside of the country to either come home, or ‘shelter in place’.
In the UK, Prime Minister Boris Johnson said last night that the UK could quash the virus in 12 weeks if Britons simply cooperate with the government’s new efforts.
Unfortunately, it appears the dreaded ‘second wave’ of infections is already looming over Hong Kong.
After reporting 14 new cases in a single day earlier this week, a surprisingly large jump for a city that was widely praised for its swift and heavy handed response to the outbreak (proving that the city had retained the hard-learned lessons of SARS), Hong Kong on Friday reported a record jump in new cases as the city-state braces for a wave of new illnesses, many involving travelers from abroad and the HK residents they’ve infected.
Friday’s surge of 48 cases is the largest daily jump since the outbreak began; it’s equivalent to roughly a quarter of all cases confirmed in the city previously, according to the SCMP.
Even as the virus swept through parts of China and elsewhere in the region, Hong Kong managed to largely control its outbreak. Now, as life in the financial center had begun to return somewhat to normal, the wave of new cases is worrying experts who say it could lead to widespread community transmission. The city now has more than 250 confirmed infections.
The new confirmed cases take the city’s total number to 256, and a top microbiologist said Hong Kong might be on the edge of an all-out “war” against an explosion in infections.
The Centre for Health Protection said 36 of the latest round of infected people, aged between four and 69, had a travel history. One of the local cases is a taxi driver who had picked up passengers from the airport.
When asked whether the government should ban non-locals from entering the city, Dr Chuang Shuk-kwan, head of the centre’s communicable disease branch, said all the fresh infections were residents, except one – an Australian who had been to the United States and Portugal. He was transiting at the airport and sent to hospital after feeling unwell.
As SCMP explained, 1,000s of people returned to the city this week, with new asymptomatic spreaders evading checks and spreading the virus inside the city. The spike in new cases prompted the city’s government to announce new quarantine measures requiring anyone arriving from abroad to self-isolate for 14 days, measures that have also been implemented by China. Also in China, the People’s Daily reports that catering halls and shopping malls are reopening in Beijing.
Whether you trust the Chinese numbers or not, there’s no question that the CCP leadership has reason to be cautious, now that it appears President Xi has evaded a historic embarrassment. According to Johns Hopkins, the number of confirmed cases ROW is now 2x the number from mainland China. Mandatory quarantines and outright bans for foreigners probably aren’t bad ideas.
Meanwhile, Spanish authorities announced Friday morning that the death toll in the country has broken above 1,000 as citizens near the end of their first full week under an enforced lockdown.
The country reported 1,903 new cases, and 169 new deaths, raising its total to 19,980 cases and 1,002 dead.
Meanwhile, on social media, snippets of video have circulated offering glimpses into the life on lockdown in Madrid and elsewhere around Spain.
Since the first case of COVID-19 was confirmed in the US, there has been no shortage of bitterly ironic headlines during this outbreak (remember when Rudy Gobert licked all those microphones?). But overnight, Altria Group – one of the largest tobacco companies in the world (it was better known as Phillip Morris before it rebranded a few years back) – said Howard A. Willard III, its Chairman and CEO, has tested positive for COVID-19.
Mnuchin says wants to get checks in Americans’ hands within 3 weeks
BoE cuts rates, launches QE after ’emergency’ meeting
Confirmed cases in the US climbs ~50% as testing ramps up
Connecticut reports 2nd death as US death toll hits 137
NY reports ~600 new cases, bringing total to 2,959; death toll hits 21
Cuomo signs NY unemployment-benefit expansion benefit package, warns of ‘astronomical jump’ in cases
China reports zero new cases in Wuhan for first time in months.
Treasury weighing 50- and 25-year bonds to finance stimulus package
South Africa case total passes 150
India halts incoming international flights for a week
Hong Kong doctors find virus inside 2nd dog
Spain total cases climb 28% overnight
Italian death toll expected to pass China’s on Thursday
Pentagon says 2,000 nat’l guardsman deployed around the country
NY implements 90-day delay on mortgage payments due to hardship
FedEx says drop in deliveries in China was smaller than expected
Trump and Xi reportedly agree to deepen medical research ties
UK gov’t denies plans for London lockdown
Amazon closes warehouse for ‘deep clean’ after worker tests positive
Germany death toll climbs to 43
Treatment trial in Wuhan yields disappointing results
Germany’s Bafin bans short selling
Russia reports first death
SPR to buy 30 million barrels immediately, will eventually buy 70 million
Wuhan police erase record of ‘admonition’ delivered to Dr. Li Wenliang
German gov plans to suspend debt brake on Monday
Netherlands reports another jump in cases after unveiling stimulus package outline
Switzerland warns situation rapidly deteriorating along the Italian border
Tiffany closes all US stores
* * *
Update (1100ET): New York Gov. Andrew Cuomo reported yet another round of new case data on Thursday as he held his daily press briefing following an earlier interview on “the TODAY Show”.
As NY emerges as the countrywide leader in testing, Cuomo announced that the state tested ~7,500 people on Wednesday night alone. The state confirmed 1,769 new cases last night, bringing the total to 4,152. 21 New Yorkers have died so far, along with 7 additional deaths in Conn (2) and NJ (5), bringing the tri-state area death toll to 28.
He also instituted a 90-day relief period allowing New Yorkers to delay mortgage payments during the period, but only due to financial hardship (not just because they feel like it). The state has already postponed any foreclosures, banned negative credit reporting and waiving overdraft, debit card and credit card fees.
Watch his press conference below:
Cuomo also said he has no plans for a ‘shelter in place’ order.
After ordering businesses earlier this week to let at least half of their employees stay home on any given workday, Cuomo said the state would now require 75% of “non-essential” workers to stay home.
Germany’s latest batch of new cases raised its national total to 13,944, up from 12,307, and an additional 14 deaths, bringing the total to 43.
The Pentagon just confirmed that 2,000 national guard soldiers are deployed across the country as more governors have called up the national guard to assist with the virus response effort. According to the Military Times, governors across 23 states have mobilized components of the Army and Air National Guard to assist in their state’s response to the pandemic.
The states where guardsmen have been mobilized include California…
…Illinois…
…and Maryland, among other states.
Additionally, the Navy is dispatching two hospital ships, plus millions of pieces of vital medical equipment.
Meanwhile, President Trump and the White House task force are preparing for today’s briefing, where President Trump is expected to unveil measures to get experimental treatments into the hands of patients, despite some resistance from the FDA.
* * *
Update: In keeping with the coordinated central bank response via Europe, the BoE held an emergency meeting on Thursday and has announced some unprecedented stimulus measures, including launching a £645 billion bond-buying program of government and corporate bonds “as soon as operationally possible.”
Meanwhile, the cut the target from a record low of 0.25% to a new record low of 0.1%
* * *
Update (0930ET):Just before the US open, health officials in the Netherlands reported a jump in cases to 2,460.
The Dutch government has announced a rescue package designed to shield companies from the impact of the coronavirus that Finance Minister Wopke Hoekstra said is unlimited but will likely cost tens of billions of euros. The government is working on eight measures, including a fund that makes it easier for firms to request compensation for lost revenues and helps them pay wages, Hoekstra said Tuesday at a news conference.
Swiss authorities warned Thursday that the situation in the southern canton of Ticino is rapidly unraveling as the government scrambles to secure more hospital beds. Ticino is situated along the Swiss border with Italy, and is the worst-hit region of the small Alpine nation.
Meanwhile, Tiffany said it would temporarily close all stores in the US.
* * *
(0920ET): With oil price benchmarks around the world sliding below $30 a barrel, the US, the strategic petroleum reserve will immediately buy 30 million barrels of oil, and eventually buy as much as 70 million.
In China, police in Wuhan on Thursday officially revoked the government admonition issued to Dr. Li Wenliang, the martyred doctor who was censored for trying to warn the government and the people about the outbreak.
* * *
Update (0835ET):It’s shaping up to be another busy day on Thursday as Treasury Secretary Steven Mnuchin said his goal is to get checks into the hands of Americans within three weeks, up from two yesterday.
Some updates from Europe: the Swiss press is reporting that the number of confirmed coronavirus cases in the country climbed to 3,888.
Back in New York State, Cuomo reported another ~600 case jump to 2959 cases. The death toll in the state has climbed to 21, with at least 11 of those in NYC, as Gov. Cuomo warns that
After signing a paid sick leave law to guarantee pay for those under mandatory or precautionary quarantine into law, Cuomo appeared on “the Today Show” to discuss his response to the crisis, which has won him accolades from practically everyone, including President Trump, Rudy Giuliani, and other conservatives like Candace Owens.
We are seeing the enemy on the horizon and they are approaching very quickly.
What we do between now and then matters gravely.
Do everything you can. Do everything you can to flatten the curve.
The NY governor repeated his claim that the ‘hysteria’ surrounding the outbreak is more damaging and dangerous than the virus itself during a Thursday appearance on the “Today Show.”
It’s a claim he’s made several times during press briefings and television appearances.
“We know what we have to do on the virus. It’s going to be hard, it’s going to be disruptive but we know what we have to do there. The fear and the panic can actually get out of control more than the virus can,” he said in an interview on “TODAY” with Savannah Guthrie.
While he warned against increasing fear and panic, Cuomo said, “This is a war, Savannah. We have to treat it like a war.”
Cuomo appeared on the show one day after NYC Mayor Bill de Blasio. When asked about his spat with de Blasio over the ‘shelter in place’ order, Cuomo again rejected the idea, saying it would be unnecessary thanks to NY’s proactive efforts to quarantine clusters like New Rochelle.
“States don’t fight wars…they need the federal government…equipment, equipment, equipment is going to be key…the federal government has recognized and is acting that responsibility…” Cuomo said, referring to the Defense Production Act invocation and the Army’s plan to send 2 Navy Hospital ships and millions of pieces of medical equipment across the US. Even Nancy Pelosi called on Trump to use his powers this morning.
New Yorkers should prepare to see an “astronomical” jump in cases as testing ramps up, Cuomo said. But that’s not necessarily a bad thing: the more cases exposed, the more quickly the government can act to stop the spread.
Meanwhile, in Spain, the country’s health minister declared that the government of PM Pedro Sanchez will pass a €210 billion stimulus package to help alleviate the crisis as the total number of cases in Spain has climbed 28% to 17,147. 169 new deaths were reported, raising the country’s death toll to 767, as we noted earlier.
At the Treasury, Steven Mnuchin and his staff are reportedly considering issuing a 50-year bond and 25-year bond to finance the $1.3 trillion stimulus, despite telling Congress during testimony earlier this year that demand for the 50-year bond was tepid.
As the number of cases explodes in India, PM Modi has halted arrivals of international flights for at least a week beginning on Sunday.
And as the virus spreads in Africa, South Africa said its total cases confirmed climbed to 158 on Thursday after reporting its first case of human-to-human transmission within the country.
In Hong Kong, researchers have apparently found samples of the novel coronavirus inside another dog, the second time the pet of a Covid-19 patient was also found to be carrying the virus.
However, pet owners needn’t worry – at least not yet. As CNBC’s Eunice Yoon reports, there’s no evidence that these dogs can be the source of the virus for humans.
Following a barrage of easing measures by global central banks overnight, and more talk of German fiscal stimulus Thursday morning, stock futures have sunk back into the red as promising gains from overnight fizzled.
It seems the world is finally waking up to some disappointing realities: In many places around the US, and around the world, millions of people simply aren’t heeding advisories – and, in some cases, emergency declarations – pertaining to avoiding.
In California, the backlash against Elon Musk and Tesla has intensified as the billionaire openly beckoned employees of his Fremont, Calif. factory back to work despite a ‘shelter in place’ order requiring everyone to stay home to avoid the virus. Now that testing is finally ramping up around the country, with New York State taking the lead with its aggressive drive-thru push, the total number of cases confirmed in the US climbed to 9,415 (according to Johns Hopkins data), an increase of roughly 50% overnight.
It’s becoming increasingly clear that President Trump’s decision to stop travel from China, although prescient, was clearly not enough to stop the virus’s spread in the US. Officials squandered the entire month of February, and the Trump Administration is finally beginning to realize just how far it has fallen behind.
The biggest news overnight was out of Italy, which has been reporting record numbers of newly confirmed cases and deaths, as well as a surprising number of young and healthy people hospitalized in serious condition. Italian PM Giuseppe Conte said Thursday that the government would extend the nation-wide lockdown beyond April 3 because too many Italians are disregarding the orders. The extension comes as Italy faces an alarming milestone: On Thursday, Italy is very likely to officially overtake China as the country with the largest number of deaths from the virus. 475 people lost their lives on Wednesday, the largest daily jump yet, taking the total in Italy to 2978. Officially, China’s death toll is 3,231, according to the WHO, though many suspect the real death toll is much, much higher.
As of Thursday morning in New York, Italy has recorded 35,713 cases, along with 2,978 deaths.
After pleading with Schengen Zone members to keep their borders open, the EU has closed its external borders to non-EU citizens as a growing number of countries close their borders. In the South Pacific, Australia and New Zealand, members of the British Commonwealth, have barred non-resident, non-citizens from entry. The closures will take effect on Friday, local time.
China again tightened its restrictions on foreign nationals traveling to the country by requiring airlines to “reduce” international flights.
In other news, Michel Barnier, the EU’s chief Brexit negotiator, announced on twitter Thursday that he had tested positive.
By now, we’ve heard dozens of dire predictions from Wall Street banks about the economic fallout from the crisis. At this point, a recession is virtually assured, and an all-out global depression – the likes of which haven’t been seen for nearly a century in the developed world – could arrive by the second quarter, according to JPM Morgan and Mohammed El-Erian.
Now, Germany’s Ifo Institute forecast a 1.5% contraction in the German economy after one of its preliminary gauges released on Monday showed a sharp drop in sentiment.
Yesterday, we saw some rumblings about Russian disinformation campaigns targeting the West, as Vladimir Putin seizes the opportunity to destabilize the West after taking steps to fortify Russia from the onslaught (by being one of the first major countries to close its border with China, among other measures).
A document sent to European lawmakers Monday by EU officials asserted that Russia is carrying out a “significant disinformation campaign” in an effort to sow discord and panic in Western nations over the coronavirus, according to a Reuters report. Reuters apparently got its hands on the 9-page memo, and now a handful of left-wing media organizations like Axios and the Daily Beast are spreading the news.
How much longer until the West blames the severity of the “Chinese Virus” outbreak on Vladimir Putin? At any rate, despite Russia’s lockdown measures, the country recorded its first virus-related death on Thursday. A 79-year-old woman died in a Moscow hospital, the country’s pandemic response agency said on Thursday.
Yesterday, we shared a report published by the Telegraph claiming that PM Boris Johnson had asked his cabinet heads to draw up plans for a total lockdown in London, with hefty criminal penalties for all those who disobey. Dozens of reports across social media showed how millions of Londoners appear to be ignoring the government’s advice, prompting the NHS to prepare to be overwhelmed by cases. Some have warned that tens of thousands could die in the UK thanks to Johnson’s perhaps misguided hope that he could shield the British economy from the worst of the fallout by simply focusing on containing the sick. Unfortunately, one of the themes of this outbreak has been millions of people putting their own petty wants and desires above protecting the public health.
Florida and Texas have finally shut down most of the beaches where thousands of undaunted spring breakers have continued to party.
It’s likely this crisis won’t truly be over until a vaccine is mass-produced. And looking forward, headlines pertaining to drug trials for treatments and vaccines might be some of the only positive news investors get. Unfortunately, the opposite happened on Thursday, when the first scientifically controlled clinical trial of existing antiviral drugs to treat Covid-19 has delivered disappointing results.
As the FT reminds us, the next important controlled clinical trial result to look out for involves remdesivir, a drug originally developed by Gilead Sciences of the US to treat Ebola. That trial is also taking place in Wuhan. Meanwhile, in the US, a vaccine trial is underway in the Pacific Northwest.
Though the trials are continuing in Wuhan, the epicenter of the crisis, which has been struggling against the virus since it first emerged in early December, finally saw a day where no new coronavirus cases were reported. While it’s important to take this news with a grain of salt, the city has pretty much reopened for business.
A few days ago, the NYT ran a story praising India’s response to Covid-19, which had kept the number of confirmed cases down. Unfortunately, the good times couldn’t last forever, and the Indian people are finally getting a taste of the hoarding and panic that has come to dominate life in the US. After Prime Minister Modi announced plans to deliver a televised address on Thursday, which prompted Indians to scramble to stock up on essentials as they feared a national lockdown order could be delivered during that speech.
In the US, Amazon announced that it had closed one of its warehouses in New York for deep cleaning after a worker tested positive for coronavirus.This is a major threat to the US, since Amazon has emerged as a last lifeline for US consumers. If its warehouses are sidelined by the virus, the gears of consumption could truly come to a screeching halt, per Bloomberg.
Bafin, the German financial regulator, joined Italy’s Consob and a handful of other European regulators by imposing restrictions on short-selling. Though the West has been reluctant to adopt the heavy handed measures imposed on China’s population, when it comes to markets, China style crackdowns on shortsellers are apparently more palatable. Handelsblatt reported Thursday morning that Germany could move ahead with suspending its constitutional ‘debt brake’ as soon as Monday.
After UK PM Boris Johnson announced earlier this week that he would close UK schools for all except the children of essential workers and those who wouldn’t have access to food otherwise, Gavin Williamson, his education secretary, said there are “certainly no plans” at this stage to force the closures of bars and restaurants, even as speculation about a possible London lockdown continues to grow. Another government spokesperson said Thursday that there is a “zero chance” of a London lockdown.
A few minutes ago, Spain reported another alarming jump in deaths and confirmed cases that was on par with the figures coming out of Italy. Spanish Covid-19 cases rose to 17,147 (prev. 13,716) and deaths climbed to 767 (prev. 558):
Back in the US, the state of Connecticut on Thursday confirmed its second virus-linked death as the US death toll nears 140, with 137 deaths confirmed so far.
Meanwhile, as millions of young people brush off the risks to their personal health due to the virus, Bloomberg has some disappointing news: New evidence from Europe and the US suggests that younger adults aren’t as impervious to the virus as they would like to think.
Before we go, we’d like to leave readers with a rare bit of positive corporate news, courtesy of last night’s FedEx earnings report:
While hysteria raged about possible Russian “interference” in the 2016 US election, British intelligence officials were secretly playing a “key role” in helping instigate investigations into Donald Trump, secret texts have shown.
“Turns out it was Britain that was the foreign country interfering in American affairs,” former MP George Galloway told RT, speaking about the new revelations published by the Guardian about early British involvement in the ‘Russiagate’investigation.
The Guardian reported on texts between former deputy FBI director Andrew McCabeand Jeremy Fleming, his then counterpart at MI5, who now heads GCHQ. The two men met in 2016 to discuss “our strange situation” – an apparent reference to Russia’s alleged interference in US domestic politics.
British intelligence “appears to have played a key role in the early stages,” the report said.
Galloway said the revelation was not surprising because people “already knew” that British intelligence had played a part in the Russia-related investigations in the US. He recalled that it was former British spy Christopher Steele who drew up the now-infamous Steele dossier, which made multiple unverifiable and salacious claims about Trump and has since been largely discredited. Britain is “up to its neck in the whole Russiagate affair,” he said.
The texts also reveal that the Brexit vote was viewed by some in the FBI as something that had been influenced by Russia.
Asked what the UK stood to gain by trying to implicate Russia in a US election scandal at a time when then-foreign secretary Boris Johnson was dismissing baseless claims of Russian interference in the Brexit campaign, Galloway noted that Johnson’s comments on Russia have appeared to strangely sway between friendly and antagonistic.
Johnson is like “a sofa that bears the impression of the last person to sit upon him,” the former MP quipped. What happens next will depend on who is leading the tango, “the orange man in Washington or the blonde mop-head in London.”
In June 2016, the FBI opened a covert investigation codenamed ‘Crossfire Hurricane’ into Trump’s now disproven collusion with Moscow, which was later taken over by special counsel Robert Mueller.
Ultimately, the two-year-long probe that followed came up short, producing no evidence to prove a conspiracy or collusion between Trump campaign officials and Russia.
In a long-anticipated move, Boris Johnson has been selected as the new leader of the British Conservative Party and thus, the new prime minister of the UK. He will officially succeed outgoing PM Theresa May on Wednesday.
Johnson won with 66.4 percent of the vote (92,153) to Hunt’s 33.6 percent (46,656). 139,318 votes were cast by Tory members with a turnout of 87.4 percent.
Conservative grassroots members had been voting by post for the past two and a half weeks. Johnson saw off his challenger Jeremy Hunt and was revealed as the new PM at midday local time in London.
Delivering his impassioned victory speech, the new prime minister claimed that there will be people who “question the wisdom” of him becoming leader.
He revealed that he had read in the Financial Times on Tuesday morning that no incoming leader had ever faced such a daunting set of circumstances, with Brexit casting a shadow over British politics.
Addressing the packed auditorium in London, he declared: “Well I look at you this morning and ask do you look daunted? Do you feel daunted? I don’t think you do.”
Johnson also added a new letter to his campaign slogan – Deliver, Unite, Defeat with an E for Energise – rebranding it from the DUD to the DUDE strategy.
A former mayor of London and former British foreign secretary, Johnson was the clear favorite from the moment Theresa May announced she would be stepping down, following her failure to secure a Brexit deal with the EU.
A staunch Brexiteer, Johnson won the backing of over 50 percent of MPs in the first stage of the leadership race, marking him as the likely successor to lead Brexit-era Britain into the final chapter of the EU divorce saga which began with the 2016 referendum.
Theresa May chaired her final cabinet meeting Tuesday morning and will tender her official resignation to the Queen on Wednesday afternoon, immediately after her final Prime Minister’s Questions. Johnson will attend an audience at Buckingham Palace shortly afterwards before being sworn in.
Johnson is expected to issue a slew of changes in his cabinet in the coming days as he prepares to take up the mantle of Brexit negotiations.
Tom's Blog 