Roche invests in German test site

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Pharmaceutical companies continue to make the headlines as governments and investors place their hopes in a regular resumption of the Covid-19 pandemic. Gilead Sciences CEO Daniel O’Day said on Sunday that the company would donate all of its remdesivir to treat patients with coronavirus. Roche president Christoph Franz said Monday morning that the drug maker will invest more than $ 437 million in a German test site. Another week of quarterly reports awaits us, and more retail stores will reopen as U.S. states relax lockdown restrictions.

This is CNBC’s live blog covering all the latest news on the coronavirus epidemic. All times below are Eastern Time. This blog will be updated throughout the day as news becomes available.

  • Global cases: more than 3.5 million
  • Deaths worldwide: at least 247,752
  • Cases in the United States: more than 1.1 million
  • Deaths in the United States: at least 67,686

The above data was compiled by Johns Hopkins University.

9:09 a.m .: HSBC expects an “irregular U-shaped recovery”

The global economy is most likely ready for a U-shaped recovery with an “uneven bottom” after the coronavirus crisis, according to HSBC.

Speaking to CNBC on Monday, chief foreign exchange strategy officer David Bloom described the bank’s game plan for L, U and V recoveries, stressing that analysts should make plans to all eventualities.

In a U-shaped scenario, the economy does not react immediately to the exit from blockages in the world, but the expectation of a delayed rebound remains in place with several “false dawns”, suggested Bloom, causing a “bottom irregular “with a curved U.

9 a.m .: J.Crew files for bankruptcy

Apparel company J.Crew filed for bankruptcy on Monday, making it the first major retail bankruptcy of the coronavirus pandemic. The New York-based retailer had previously faced heavy debt and sales problems.

The company said it had reached a stakeholder agreement to convert $ 1.65 billion of its debt into equity. It also secured $ 400 million in funding from existing lenders, Anchorage Capital Group, GSO Capital Partners and Davidson Kempner Capital Management to help finance operations in the event of bankruptcy. —Melodie Warner

8:46 a.m .: the last hot spots of the American coronavirus

8:16 a.m .: Tyson Foods’ second quarter net income drops 15%

Tyson Foods announced a 15% year-over-year drop in net profit in the second quarter, dropping the company’s shares in the pre-market trade by 5%.

Tyson temporarily closed factories in the midst of the Covid-19 epidemic after hundreds of workers tested positive for the virus. The company expects higher production costs and lower productivity as it attempts to recover. Learn more about Tyson’s second fiscal quarter and CNBC’s response to Amelia Lucas’s coronaviruses. —Sara Salinas

7:08 a.m .: Roche CEO says it is “very likely” that patients will develop immunity

People who have recovered from Covid-19 are “very likely” to be immune to the virus, according to Roche CEO Severin Schwan.

“We know from other coronaviruses that it is very likely that as soon as you get an infection, you will also get immunity,” he said on CNBC’s “Squawk Box Europe”, adding that further research are necessary. “We need studies to really see if these people who were infected once are prone to re-infection. But chances are this is the case. “-Chloe taylor

6:56 am: Roche to invest 400 million euros in a German test site

Volunteers in protective coveralls, masks, gloves and goggles carrying blood and throat mucosa samples to test COVID-19 March 27, 2020 in Berlin, Germany.

Sean Gallup | Getty Images

Swiss drug maker Roche will invest more than 400 million euros ($ 437 million) in a German test site, according to Reuters. Roche President Christoph Franz said the investment will include performing antibody tests to detect people who have already been infected and recovered.

Franz said the drug maker would invest in its biochemical production plant in Penzberg, as well as in research and development of additional diagnostics, Reuters reported. —Sara Salinas

5:45 a.m .: the coronavirus reproduction rate in Germany is 0.74

The reproduction rate of the coronavirus in Germany is currently estimated at 0.74 on average, said Health Minister Jens Spahn, reported Reuters.

Reproduction rate refers to the number of people who are likely to be infected by someone infected with the virus, on average. The health authorities want to keep this number below 1 so that the spread of the virus gradually slows down. – Holly Ellyatt

5:15 a.m .: daily death toll in Spain increases by 164

Health workers wear protective masks as they observe a minute of silence at the entrance to the doctor at Peset hospital in memory of the nurses who died from the aftermath of Covid-19 on April 06, 2020 in Valencia, Spain .

Rober Solsona | Europa Press News | Getty Images

The number of deaths from coronavirus in Spain reached 25,428 Monday, against 25,264 the day before, announced his Ministry of Health. This represents a daily increase of 164 deaths.

Spain registered 218,011 cases of virus, the second highest total of any country, after the United States –Holly Ellyatt

4:50 a.m .: Japan extends state of emergency until May 31

Few passengers are seen on a Tsukuba Express train amid the coronavirus pandemic on April 27, 2020 in Tsukuba, Ibaraki, Japan.

Etsuo Hara | Getty Images

Prime Minister Shinzo Abe has decided to extend the state of emergency in Japan until May 31.

Abe said he would consider lifting the emergency without waiting for its expiration on May 31 if experts decide this is possible based on regional infection trends, according to Reuters. –Holly Ellyatt

4:33 a.m .: Euro area manufacturing economy shrinks at record pace in April

Manufacturing activity in the eurozone contracted at a record pace in April, as measures related to Covid-19 had a major impact on demand and production, according to a survey.

The IHS Markit manufacturing purchasing managers index fell to 33.4 in April from 44.5 in March, according to the latest PMI data on Monday. It is slightly lower than preliminary data estimating a drop to 33.6. The bar of 50 points separates the monthly expansion from the contraction.

“Below the previous flash reading, the latest PMI was the lowest ever recorded by the series (which started in June 1997), surpassing the readings seen in the depths of the global financial crisis and indicating a considerable deterioration in conditions operating, “IHS Markit told me.

“Production, new orders, export sales and purchases all fell at record rates, while supply constraints have intensified to an unprecedented degree. Confidence in the future has dropped to a new low. —Holly Ellyatt

4:00 am: Russia sees a new daily increase of more than 10,000 cases

A woman wearing a protective mask holds flowers near a makeshift memorial for doctors, who is said to have died in Saint Petersburg and the Leningrad region during the coronavirus disease epidemic (COVID-19) , in the center of Saint Petersburg, Russia, on April 28, 2020.

Anton Vaganov | Reuters

The number of new cases in Russia has increased by 10,581 in the past 24 hours, said its crisis response center. This compares to a daily increase of 10,633 which was recorded on Sunday.

The total number of cases in Russia reached 145,268 and it recorded 1,356 deaths. Russia has now become the seventh most affected country in terms of infections, according to data from Johns Hopkins University. Prime Minister Mikhail Mishustin was diagnosed with coronavirus last week. –Holly Ellyatt

Read CNBC coverage by CNBC Asia-Pacific and Europe teams overnight here: Russia sees more than 10,000 new cases; Euro area manufacturing collapsed in April

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