Here’s what you need to know about the coronavirus epidemic to navigate the markets today.
• Florida reported more than 15,000 new cases of coronavirus a day on Sunday. The Florida Department of Health said 15,299 new infections have occurred since Saturday, its highest number of days ever recorded. In early June, new daily cases hovered around 1,000. Despite the outbreak, Walt Disney World in Orlando continued its reopening scheduled for Saturday. The theme park closed on March 15 as the coronavirus pandemic swept across the United States. Social distancing measures such as reduced capacity in rides and lower overall attendance as well as temperature controls are in place in the park, which is a key part of Florida’s tourism economy.
• Powerful oil-producing countries, led by Saudi Arabia, push Organization of Petroleum Exporting Countries to increase production in August, the bet that global demand for crude oil will accelerate as a large part of the world economy begins to return to normal activity, reported the Wall Street Journal. In April, the Saudis pushed OPEC to implement a reduction of nearly 10 million barrels a day. Now they are proposing that the reduction be reduced from 2 million barrels per day to 7.7 million barrels per day. Oil prices fell 31% in 2020, with the price of a barrel of Brent crude oil now just above $ 43. But there is reason to be optimistic. The influential International Energy Agency said on Friday that the largest drop in global demand for oil due to the pandemic has passed.
• Thousands of people in Sydney ordered to isolate themselves and be tested for Covid-19 as Australian authorities seek to control a group of pub-related coronavirus cases in the country’s largest city. In total, nine people who were in the pub at the Crossroads hotel have now tested positive and anyone who was there between July 3 and 10 must now quarantine themselves as a precaution. In neighboring Victoria, authorities have put in place a strict lockdown to reduce the number of new cases in and around Melbourne. Road trips between Victoria and New South Wales have been stopped and roadblocks have been put in place to prevent residents of Melbourne and surrounding suburbs from leaving the city.
• Bill Gates warns that any coronavirus vaccine should not go to the highest bidder, Reuters reported. “If we let drugs and vaccines go to the highest bidder, rather than the people and places where they are most needed, we will have a longer and more unfair and deadly pandemic,” warned Microsoft founder and philanthropist during a conference. set up by the International AIDS Society on Saturday. “We need leaders to make these difficult decisions about distribution based on equity, not just market factors.”
Write to Ben walsh at [email protected]