CORONAVIRUS CRISIS:
- Total confirmed cases: More than 472,762
- Total deaths: At least 21,305
- The coronavirus COVID-19 is affecting 198 countries and territories around the world and 1 international conveyance (the Diamond Princess cruise ship harbored in Yokohama, Japan).
- US cases: At least 68,489, and deaths: 1,032
- Italy cases: At least 74,386, and deaths: 7,503
- Thailand cases: At least 1,045, and deaths: 4
· The dollar fell against the yen and the euro on Thursday ahead of U.S. data due to be released later in the global day that is expected to show a surge in unemployment benefit claims as firms lay off workers due to the rapid spread of the coronavirus.
The pound extended declines against the euro and the dollar due to worries that Britain is ill-prepared for a spiraling number of coronavirus cases, as health care systems in Italy and Spain are already being overwhelmed.
The Australian and New Zealand dollars, both of which are closely liked to the global commodity trade, fell against their U.S. counterpart as traders avoided taking on excessive risk.
Investors welcomed the passage of a $2 trillion U.S. stimulus package to offset the economic impact of the coronavirus pandemic, but there are already indications that some U.S. states will need more money for medical supplies as the healthcare system struggles to cope.
“It could be difficult for the markets to digest weekly jobless claims,” said Tohru Sasaki, head of Japan markets research at JP Morgan Securities in Tokyo.
“Bad numbers are expected and priced in to a certain extent, but there are people who think things will get even worse. In the end this may support the dollar as investors choose to bring their money home.”
The dollar fell 0.46% to 110.71 yen JPY=EBS in Asia on Thursday.
Against the Swiss franc CHF=EBS, the dollar fell 0.3% to 0.9743.
Sterling GBP=D3 fell 0.17% to $1.1853 and fell 0.47% to 92.05 pence per euro EURGBP=D3.
The euro EUR=EBS rose 0.29% to $1.0911 in Asia on Thursday. The common currency held on to gains against the Swiss franc EURCHF=EBBS, trading at 1.0633.
· New US labor market data set to be released this week will give an early indiction of just how much the coronavirus pandemic is damaging the economy.
On Thursday, weekly US jobless claims data will be released for the week ending March 21. Economists are anticipating that the report will show a massive increase in the number of people filing for unemployment insurance as the first wave of coronavirus-induced layoffs hit.
Estimates from major firms range from roughly 1 million to as much as 4 million jobless claims for a single week in March.
· Senate passes $2 trillion coronavirus stimulus package, sending it to the House
The Senate passed a historic $2 trillion coronavirus relief package Wednesday night, as it tries to stem the destruction the pandemic has brought to American lives and wallets.
The chamber approved the bill in a unanimous 96-0 vote after days of furious negotiations, partisan sniping and raised tempers on the Senate floor. The bill now heads to the House, which will push to pass it by voice vote Friday morning as most representatives are out of Washington.
The 880-page legislation includes direct payments to individuals, stronger unemployment insurance, loans and grants to businesses and more health care resources for hospitals, states and municipalities. It includes requirements that insurance providers cover preventive services for the coronavirus disease COVID-19.
· Russia has ordered the grounding of all regular and charter flights to and from the country starting Friday, reported Reuters, citing information from the government website.
· The number of deaths in the U.S. has reached 1,041, according to the latest data from Johns Hopkins University.
New York City has the highest number of fatalities at 280, followed by 100 in King County, Washington State. The total number of cases in the U.S. was at 68,960, according to the data.
· White House health advisor Fauci says US needs to be prepared for second cycle
Americans need to prepare for a second cycle of the COVID-19 outbreak in the United States, a White House health advisor said Wednesday.
· The Korea Centers for Disease Control and Prevention reported a jump of 104 cases and five more deaths. That brings the country’s total to 9,241 cases and 131 fatalities.
U.S. President Donald Trump reportedly asked South Korea this week for medical supplies to combat the pandemic, driving up the stocks of South Korean coronavirus test kit makers for a second day on Thursday. South Korea has been praised for its swift and effective response to COVID-19, marked by rapid mass testing.
· China’s National Health Commission reported it had 67 new confirmed cases, and six more deaths as of March 25.
All the new cases were imported, meaning people who traveled from overseas, with the overall number of imported cases at 541. None of the additional cases were in Hubei, the epicenter of the outbreak, but all six deaths were in the province.
· The resumption of work rate for small and medium-sized enterprises throughout the country reached 71.7% as of March 24, China’s Ministry of Industry and Information Technology disclosed Wednesday. The ministry also noted the figure marked an increase of 42.1 percentage points from a month ago.
· China, U.S. to set aside differences in G20 coronavirus summit: SCMP
China and the United States are expected to call a timeout on their coronavirus blame game and focus on the challenges of the pandemic when leaders of the G20 nations hold talks via video conference on Thursday, the South China Morning Post said.
The leaders are expected to agree that the outbreak is a threat to humanity and will set up a mechanism to share information and experiences in fighting the disease, the paper said, citing a draft statement to be discussed at the summit.
· Japan will set up a new coronavirus taskforce, the government said on Thursday, as it warned of a high risk of a wide spread of the virus but the economy minister said the government was not thinking of declaring a state of emergency now.
· ECB will not apply issuer limit in new crisis fighting QE
The European Central Bank will not apply its self-imposed purchase limits on a 750 billion euro ($818 billion) coronavirus crisis-fighting bond purchase scheme, it said in a legal text, opening itself to new court challenges.
Bond buys were previously capped at 33% of each country’s debt but the ECB said that under the temporary Pandemic Emergency Purchase Programme (PEPP), these will not apply.
· Oil prices fell on Thursday following three days of gains, with the prospect of rapidly dwindling demand due to coronavirus travel bans and lockdowns offsetting hopes a U.S. $2 trillion emergency stimulus will shore up economic activity.
Brent crude LCOc1 futures fell 64 cents, or 2.3%, to $26.75 a barrel by 0732 GMT. West Texas Intermediate (WTI) crude CLc1 futures fell 78 cents, or 3.2%, to $23.71 a barrel. Both contracts are down about 60% this year.
Reference: Reuters, CNBC, Business Insider, Worldometers
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