· CORONAVIRUS CRISIS UPDATES:
- Total confirmed cases: More than 935,345
- Total deaths: At least 47,194
- The coronavirus COVID-19 is affecting 203 countries and territories around the world and 2 international conveyances: the Diamond Princess cruise ship harbored in Yokohama, Japan, and the Holland America's MS Zaandam cruise ship.
- US cases: At least 215,003 (+26,306) , and deaths: 5,102 (1,046)
- Italy cases: At least 110,574 (+4,782), and deaths: 13,155 (727)
- Thailand cases: At least 1,771 (+120), and deaths: 12 (+2)
- Trump considers canceling domestic flights to coronavirus hot spots
President Donald Trump said on Wednesday he was considering a plan to halt flights to U.S. coronavirus hot spots as the United States struggles to contain a pandemic projected to kill at least 100,000 people.
- Trump says he doesn’t know if China underreported coronavirus numbers: ‘I’m not an accountant from China’
President Donald Trump said Wednesday that the U.S. doesn’t know whether the Chinese government has underreported the number of coronavirus cases and deaths in the country.
“I’m not an accountant from China,” Trump said when asked at a White House press briefing whether China’s numbers are accurate.
Still, Trump said that Beijing’s tally appeared “to be a little bit
The president’s remarks came hours after a news report said the president received a secret intelligence brief concluding that China deliberately underreported the extent of its COVID-19 outbreak.
Bloomberg, citing three U.S. officials, reported that the intelligence community made that assessment in a classified report that the White House received last week.
But Trump said at the briefing that “we have not received” any intelligence reports showing that China underreported its coronavirus numbers.
- Coronavirus could kill more Americans than WWI, Vietnam or Korean wars, White House projection shows
President Donald Trump has compared the coronavirus pandemic to fighting a war — and that outbreak could end up killing more Americans this year than some wars waged by the United States, including the Vietnam and Korean conflicts, and World War I.
And projections issued Tuesday by the White House suggest that the coronavirus has a chance of becoming the third leading cause of current U.S. deaths, after heart disease and cancer, this year.
- White House advisor Fauci says coronavirus vaccine trial is on target and will be ‘ultimate game changer’
The first human trial testing a potential vaccine to prevent COVID-19 is “on track” with public distribution still projected in 12 to 18 months, which would be the “ultimate game changer” in the fight against the pandemic, White House health advisor Dr. Anthony Fauci said Wednesday.
U.S. health officials have been fast-tracking work with biotech company Moderna to develop a vaccine to prevent COVID-19. They began their first human trials on a potential vaccine March 16.
- U.S. light vehicle sales in March fall 27% on month as virus outbreak intensifies
Light vehicle sales in the United States fell nearly 27% in March compared with a month earlier, data released by an automotive research group showed on Wednesday, as the coronavirus outbreak intensified and shuttered dealerships across much of the country.
Moody’s Investors Service said on Friday that U.S. light vehicle sales would fall at least 15% in 2020 as the ratings agency sharply cut its 2020 outlook for global auto sales, with Western Europe expected to take the biggest hit.
· US dollar rises as global slump looms
The dollar advanced on Wednesday, with markets staring at what looked likely to be one of the worst economic contractions in decades as the world confronts the coronavirus pandemic.
The greenback, the world’s leading global reserves currency, rose against the euro, sterling and most other major currencies as selling in global shares highlighted growing risks from the pandemic that has shown little sign of easing.
The game changer, he added, was U.S. President Donald Trump’s dire press briefing late Tuesday, where he warned Americans of a “painful” two weeks ahead in fighting the coronavirus even with strict social distancing measures.
White House coronavirus coordinator Deborah Birx displayed charts demonstrating data and modeling that showed an enormous jump in deaths to a range of 100,000 to 240,000 people from the virus in the coming months.
In early afternoon trading, the U.S. dollar index was up 0.7% at 99.71. Analysts said coordinated action by central banks to boost dollar supply has helped calm extreme volatility, but money markets still need time to settle.
U.S. data showing private sector jobs lost for the month of March were much lower than expected, did not really change sentiment, as the survey was conducted in mid-March and did not capture the full impact of the coronavirus. The ADP National Employment Report on Wednesday showed private payrolls fell by 27,000 jobs last month, the first decline since September 2017, compared with forecasts of 150,000 job losses.
Another piece of data showed that U.S. manufacturing activity contracted less than expected in March, but disruptions caused by the coronavirus pandemic pushed new orders received by factories to an 11-year low, reinforcing economists’ views that the economy was in recession.
The euro fell more than 1% against the dollar, dropping to $1.0911.
· Oil falls on oversupply fears and US inventory growth
Oil prices fell on Wednesday after U.S. crude inventories rose last week by the most since 2016, while gasoline demand fell sharply due to the coronavirus pandemic.
Crude inventories rose by 13.8 million barrels in the week to March 27 to 469.2 million barrels, the U.S. Energy Information Administration said Wednesday. That was the biggest one-week rise since 2016, and analysts expect stocks to keep rising as refineries curb output and gasoline demand falls.
West Texas Intermediate crude fell 17 cents, or 0.8%, to settle at $20.31 per barrel. Brent crude fell $1.35, or 5.1%, to $24.99 a barrel. WTI traded at a session low of $19.90 a barrel. Brent had fallen to $21.65 on Monday, its lowest since 2002, when the now-expired May contract was the front month.
The market has slumped on pledges of higher output from Saudi Arabia and Russia after a supply pact collapsed and the sharp fall in demand because of the coronavirus pandemic. Global benchmark Brent crude fell 66% in the first three months of 2020 - its biggest ever quarterly loss.
- U.S. crude oil futures up 4.8%, support at $20
U.S. crude oil futures opened 5% higher on Thursday, reversing Wednesday’s losses, despite growing concerns about a looming economic depression due to the coronavirus pandemic.
U.S. West Texas Intermediate (WTI) crude CLc1 futures rose as much as $1.16 to a high of $21.47, and were up 4.8%, or 97 cents, at $21.28 as of 2302 GMT.
· Trump invites oil chiefs to discuss help for ailing industry
U.S. President Donald Trump has invited oil executives to the White House to discuss potential ways to help the industry hammered by slumping energy demand during the coronavirus outbreak and a price war between Saudi Arabia and Russia, three sources familiar with the matter said on Wednesday.
Trump will discuss a range of options to help the industry, including the possibility of tariffs on oil imports from Saudi Arabia at the meeting, first reported by the Wall Street Journal, citing unidentified sources.
- Trump says he expects Saudi-Russia oil production deal in coming days
U.S. President Donald Trump said on Wednesday he expected Saudi Arabia and Russia to reach a deal in the next few days on oil production to end a price war that has “ravaged” the oil industry worldwide.
Reference: CNBC, Reuters, Worldometers
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