The death toll in the U.S. from the coronavirus causing COVID-19 surpassed 61,000 on Thursday, as President Donald Trump said he would not extend the federal guidelines on social distancing that are due to expire tonight.
Trump’s son-in-law and senior adviser Jared Kushner said he expected the country to “really stir” in July in an interview with Fox News, as reported by the Associated Press.
“We are going to start moving and we hope that in the not too distant future we will have massive rallies and people will sit side by side,” he said, adding that having people spaced apart in accordance with social distancing guidelines “would not be too good. “
Trump denounced a favorite teddy bear, China, on Wednesday, telling Reuters he thought China wanted his Democratic opponent Joe Biden to win the presidential election in November to ease the pressure and strained relationship between the two caused by his administration’s trade policies, which include tariffs on billions of dollars on Chinese products.
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In an interview, the president also said he is still considering taking action against China for failing to act quickly to contain the virus and for not spreading the news of his deadly outburst earlier.
See now: US-China relations are bad and worsening, with major ramifications for trade and investment – and the US presidential election
South Korea, for its part, said it had not registered any new national cases of COVID-19 for the first time since the start of the epidemic in January. The Korean Centers for Disease Control and Prevention said it had counted only four new cases in the past 24 hours, all imported. The death toll has risen by only one, raising hopes that the country has weathered the worst of the crisis.
South Korea used mass testing and tracing to contain the virus. The country has 10,765 confirmed cases but only 247 deaths.
What are the latest counts?
There are now 3.25 million cases of COVID-19 worldwide, according to data aggregated by Johns Hopkins University. The death toll rose by 230,615. More than a million people have recovered. The United States has the highest number of cases (1.05 million) and the highest number of deaths (61,547).
New York remains the epicenter of the American epidemic. There are 304,372 confirmed cases in the Empire State and at least 18,321 deaths, according to the health department.
Johns Hopkins data estimates the number of deaths in New York at 23,158.
Spain has the highest number of cases in Europe with 239,639 and 24,543 deaths. Italy has 205,463 cases and 27,967 deaths, the highest number of deaths in Europe.
There was bad news for the UK, which surpassed France and Germany by file number on Thursday with 172,478 cases, an increase of about 6,000 from the previous day. There were 26,842 deaths in this country, the second highest in Europe.
France has 166,628 cases and 24,121 deaths. Germany has 1,612,123 cases and 6,518 deaths, after carrying out mass testing and contact tracing.
Turkey has 120,204 cases and 3,174 deaths. Russia has 106,498 cases and 1,073 deaths. Prime Minister Mikhail Mishustin said on Thursday that he had tested positive and would isolate himself.
Iran has 94,640 cases and 6,028 deaths. China, where the disease was first reported at the end of last year, has reported 83,944 cases and 4,637 deaths.
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What is the economy doing?
The latest batch of economic data has shown the heavy burden of the pandemic with the number of Americans looking for jobless benefits climbing by an additional 3.8 million to bring the month and a half total to 30 million, as the Jeffry Bartash of MarketWatch reported.
BMO Capital Markets chief economist Sal Guatieri said about 19% of the workforce before the crisis applied for benefits. The official unemployment rate will be released next week along with the Labor Department’s employment report for April.
The largest increase in the past week has come from New York, the US epicenter of the pandemic, as well as from Florida, Georgia, California and Texas.
The federal government has increased assistance and relaxed eligibility standards to help more Americans whose finances have been squeezed by widespread business closings and home support orders. The extra money should keep the economy from collapsing completely, but the United States is heading into a deep recession that is expected to last until early summer.
“Claims may continue to fall in the coming weeks, but will likely remain high as businesses remain closed and have no choice but to continue to reduce or strengthen their workforce,” said Rubeela Farooqi, economist at chef in the United States at High Frequency Economics.
Meanwhile, a measure of economic conditions in the Chicago area fell sharply to 35.4 in April, its lowest level since 2009, according to a CNBC report. Any reading below 50 indicates worsening conditions. The Chicago PMI is the latest regional manufacturing index before national ISM data is released on Friday.
US incomes fell in March, but not as much as spending, pushing the savings rate to its highest level in 39 years, the government announced on Thursday. Income fell 2% in March, with an identical drop in disposable income.
At the same time, spending fell by a record 7.5% last month. Spending data was not a surprise as it was contained in the first quarter GDP report released on Wednesday, which showed that consumer spending contracted at an annual rate of 7.6% in the first quarter.
In Europe, first-quarter gross domestic product figures for the euro area fell 3.8% from the fourth quarter, suggesting that about three years of economic activity were wiped out. On the other hand, France recorded a drop of 5.8%, Spain recorded a drop of 5.2% and Italy recorded a drop of 4.7% after also contracting in the fourth quarter.
“The gradual and provisional exit trajectory defined by Prime Minister Philippe supports our basic scenario of a shallow recovery,” said François Cabau, economist at Barclays, who forecasts an 11.7% drop in French GDP in the second quarter. .
The French government has lifted the closure of most stores on May 11, but restaurants, bars and beaches will remain closed. Each phase of the emergency planned since the lockout will last three weeks, according to French Prime Minister Édouard Philippe.
Germany will allow schools to reopen on May 3 and has made it mandatory to wear a face mask.
For more information, see: As France and Spain unveil their easing plans, here is an overview of the measures taken by European countries
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What are the latest medical developments?
After some positive news from Gilead Sciences Inc. on Wednesday and its investigational antiviral remdesivir as a treatment for COVID-19, the New York Times said the drug would be approved for emergency use by the FDA, although this news didn’t has not been confirmed. An emergency use authorization is not full approval, but would allow patients with no other option to receive the drug. Dr. Anthony Fauci, the country’s leading infectious disease expert, said the data suggests that the drug has a “significant positive effect” and that he expects it to become a standard of care.
will publish its results for its last quarter after the bell.
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Inovio Pharmaceuticals Inc.
biotechnology with 15 clinical DNA medicine programs in development but no product approved, received another grant from the Coalition for Epidemic Preparedness Innovations, or CEPI, an organization based in Oslo, to help it spend the manufacturing of its vaccine candidate COVID-19.
Inovio, based in Plymouth Meeting, Pennsylvania, said CEPI had given him $ 1.3 million to support large-scale manufacturing of INO-4800, the vaccine that is currently in phase 1 clinical trials in the United States. This brings CEPI’s total to $ 17.2 million. The company works with German contract manufacturer Richter-Helm Biologics GmbH & Co. KG, which already manufactures its HPV vaccine. The company aims to move to phase 2/3 efficacy trials this summer.
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What are companies saying?
The first quarter earnings season continued to roll with figures from several Dow Jones Industrial Average components, including Microsoft Corp.,
which has exceeded $ 10 billion in net income and has even exceeded expectations before the virus. Facebook Inc.
the numbers showed unchanged advertising trends, but that was enough for investors who had boosted the stock by around 6% at the start of the session.
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the better-than-expected profits were overshadowed by CEO Elon Musk’s rant against blockages and restrictions, which he compared to fascism in a fiery call for profits.
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The after-hours Thursday earnings schedule includes Amazon.com Powers Inc.
and Apple Inc.
alongside Gilead and Dow component Visa Inc.
Here are the latest comments from companies on COVID-19:
• Altria Group Inc.
exceeded profit and revenue expectations as the load of pantries linked to COVID-19 helped increase shipping volumes. Shipments of smokable products increased 6.2%, shipments of Marlboro increased 6.7% and total shipments of cigarettes increased 6.1%, while shipments of oral tobacco increased 2.8%. Altria is withdrawing its outlook for 2020 due to uncertainties related to COVID-19, but said its companies have not experienced significant disruptions in supply chains or distribution systems.
• American Airlines Group Inc.
tipped to a net loss of $ 2.241 billion, or $ 5.26 per share, in the first quarter, after profit of $ 185 million, or 41 cents per share, over the same period a year earlier. “Never before has our airline or industry faced such a significant challenge,” said general manager Doug Parker in a statement. Like his rivals, the American was hammered because consumers stopped flying during the pandemic with many states and regions under strict lock-out regimes to prevent the spread of the disease. “We acted quickly and aggressively to reduce our costs and strengthen our liquidity,” said Parker. The carrier ended the quarter with $ 6.8 billion in cash and has access to $ 10.8 billion in financial assistance through the CARES law. The company said it considers its unencumbered assets to be worth more than $ 10 billion and plans to pledge it as collateral for future financing, including the approximately $ 4.75 billion guaranteed loan that she had requested under the CARES law. He expects his second quarter cash consumption to be around $ 70 million a day. The airline has taken a series of measures to prepare for the gradual reopening of the economies, including new cleaning protocols and to order crew members and passengers to wear face masks. He is extending travel exemptions until the end of September.
• Best Buy Co. Inc.
will make in-store consultations available by appointment in 200 locations starting in May. “Since each customer appointment will have a dedicated sales associate, there will be a limited number of customers in the store at any time to ensure appropriate social distancing,” said Best Buy in a blog article. Staff will wear gloves and masks, social distancing guidelines must be followed, an employee app will be available for daily self-health checks, and store areas will be disinfected before and after each appointment. Best Buy is also resuming home repair and installation services where permitted, said CEO Corie Barry in a letter to customers, employees complying with many of these safety measures. Best Buy recently said it holds 70% of its sales year-over-year, with online sales exploding.
• Health insurer Cigna Corp.
posted better-than-expected earnings in the first quarter. In response to the pandemic, the company waived reimbursable customer costs until May 31, including diagnostic tests and office visits or telehealth sessions, and did not request money under CARES law, it offers free delivery of supplies, deployed technicians to the telehealth provider MDLIVE, expanded its employee assistance program, launched a leave package including prescription savings and a dental savings card and waived hospital transfer authorizations, among other measures. Employees work from home until further notice and are granted emergency leave. American workers with essential work roles received a 20% bonus.
• Delta Air Lines Inc.
The 2020 proxy statement shows that CEO Edward Bastian is giving up all of his base salary for six months, effective April 1, because of the “unprecedented challenges” that society faces. middle of the pandemic. To put this in context, Bastian’s base salary of $ 945,833 in 2019 represented 5.5% of total compensation of $ 17.33 million. This represents a base of $ 891,667 and total compensation of $ 14.98 million in 2018. Bastian’s total compensation in 2019 includes $ 8.38 million in shares, $ 4.13 million in options and $ 3.52 million in non-equity incentive compensation. The company also said that a private placement of 7.00% of notes maturing in 2025 attracted double the amount originally planned. The principal amount of senior secured notes was $ 3.5 billion, an increase from the $ 1.5 billion originally sought. Delta plans to use the proceeds of the offering to support its liquidity position
• Dunkin ’Brands Group Inc.
profits and revenues that exceeded expectations, but comparable store sales in the United States fell more than expected due to the pandemic. Comparable store sales of coffee and ice cream in the United States decreased 2.0%, missing FactSet consensus for a decline of 1.6%, while comparable store sales of Baskin-Robbins in the United States States rose 1.8% to beat expectations of a 3.5% drop. Same store sales for Dunkin stores increased 3.5% in the first 10 weeks of the quarter and then decreased 19.4% in the last three weeks. Given the uncertainty of the full impact of COVID-19, the company said it is suspending its dividend program and withdrawing its financial forecasts.
• Kraft Heinz Co.
exceeded profit and sales expectations, helped by increased consumer demand linked to the COVID-19 pandemic Prices increased 1.6% and volume / mix increased 4.6 percentage points, as growth in home consumption more than offset the negative impact of reductions in retail inventories.
• Macy’s Inc.
will open 68 stores on Monday in states where the lockout rules have been relaxed, chief executive Jeff Gennette said in an interview with The Wall Street Journal. Stores are located in Georgia, South Carolina, Oklahoma, Texas and Tennessee and will operate on reduced hours. Another 50 stores will open by May 11, and all of the retailer’s 775 stores will be operational in six weeks. Buyers can expect a contactless beauty counter, with tests done on a paper scheme, fewer fitting rooms and a hand sanitizer at the jewelry counter. Items that have been tried or returned will be held for 24 hours before being returned to the ground. Workers will also have to wear masks.
• McDonald’s Corp.
missed profits but exceeded first quarter revenue estimates, even after several of its restaurants had to close during the pandemic. Sales were affected by restaurant closings, limited operations and dramatic changes in consumer behavior. About 75% of its restaurants are still open, offering drive-thru, delivery and / or take-out services. In the United States, 99% of restaurants are open, but with limited menus and hours in some cases. China is 99% open again, although demand has declined as consumers have not completely resumed their habits before the pandemic, the company said.
• Molson Coors Beverage Co.
profits were affected by the closure of spaces such as sports stadiums, bars and other “on-site” locations, tilting to a loss in the first quarter from a profit a year ago. “We are currently expecting a significant adverse impact, particularly in the second quarter of 2020, on net sales and profit performance for fiscal year 2020, and possibly beyond, due to the closure of the on-site channel which the result in all of our markets, as well as the expected negative impact of the pandemic on the global economy, “said the company. Molson Coors estimates that off-site sales represented 23% of the 2019 account, 17% in North America and 50% to 55% in Europe. Molson Coors took advantage of the pantry load in March due to COVID-19, but sales fell 14% in the first four weeks of April. Molson Coors assumed a charge of $ 50 million, including $ 31.5 million in lost sales, in the first quarter for a voluntary barrel rescue program that enabled customers on site to be reimbursed for unused barrels. Molson Coors is taking cost-saving measures such as reducing 2020 capital spending by $ 200 million and making certain employees available in Europe and in the hospitality industry in North America.
• Salesforce.com Inc.
cancels his massive Dreamforce conference, as well as other major in-person events until the end of the year due to the pandemic. The events will take place virtually online. The Dreamforce conference in San Francisco attracts nearly 200,000 people annually, making it one of the city’s largest business events. The San Francisco-based software company will model its virtual events on how it reorganized its world tour of Sydney in March, which turned an event of 11,000 people into an online event watched by 80,000 people. In addition to Dreamforce, the changes will also apply to Tableau Conference 2020, Tableau Conference Europe, TrailheaDX India and Salesforce3 World Tours.
• Tapestry Inc.
suffered a larger-than-expected loss as 90% of the company’s stores were closed or operating during short hours due to the pandemic. Coach sales fell 20% to $ 772 million, but exceeded expectations by $ 761 million. Sales of Kate Spade fell 11% but exceeded expectations, while sales of Stuart Weitzman fell 40% to $ 51 million to miss expectations. Tapestry takes further cost-cutting measures, including job cuts in businesses and retail, and plans to record charges of $ 55-70 million in the fourth quarter, primarily for end-of-service payments contract.