Latest on the spread of the coronavirus around the world
Ø Total confirmed cases: More than 1,019,571
Ø Total deaths: At least 53,325
Ø The coronavirus COVID-19 is affecting 204 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.
Ø US cases: At least 245,373, and deaths: 6,095
Ø Thailand cases: At least 1,978 (+103), and deaths: 19 (+4)
- Global coronavirus cases surpass one million
Global coronavirus cases surpassed 1 million on Thursday with more than 52,000 deaths as the pandemic further exploded in the United States and the death toll climbed in Spain and Italy, according to a Reuters tally of official data.
- Coronavirus likely ended record U.S. job growth in March
The U.S. economy likely shed jobs in March, abruptly ending a historic 113 straight months of employment growth as stringent measures to control the coronavirus pandemic shuttered businesses and factories, confirming a recession is underway.
The unemployment rate is forecast to have increased three-tenths of a percentage point to 3.8% in March. With the ranks of the unemployed ballooning, economists say the jobless rate could top 10% in April. Mounting job losses spell disaster for gross domestic product, and economists say the government and the Federal Reserve will need to provide additional stimulus.
Some also argued a portion of cash payments to American families was likely to be saved, not spent, pointing to similar patterns in the early 2000s.
- Lacking beds, masks and doctors, Europe’s health services struggle to cope with the coronavirus
A lack of beds, protective equipment and doctors are just some of the issues being faced in Europe, as the coronavirus crisis exposes the weaknesses of the region’s national health systems.
After deep austerity measures over the last decade, the health systems of countries like Italy, Spain, the U.K. and Portugal are struggling to keep on top of the ongoing outbreak of COVID-19. There are some common issues, such as a lack of testing kits to monitor the virus, and not enough protective clothing and equipment.
Not enough doctors
There is one crucial thing that governments are finding it difficult to provide enough of: heath-care workers.
“A lot of staff are in quarantine, and those who aren’t end up doing shift on top of another shift,” the Portuguese doctor added.
“Overloaded,” a junior doctor in the north of Portugal, and who didn’t want to be named due to the sensitivity of the issue, told CNBC. “There are no personal resources nor (enough) equipment for everything.”
- Germany overtakes China in reported number of cases
The number of infections in Germany rose to 84,788, making it the fourth worst-affected country behind the U.S., Italy and Spain. Germany has overtaken China’s reported 82,432 cases.
At least 1,100 people have died in Germany but around 22,440 people have recovered from the disease, according to data from Johns Hopkins University. Still, a greater percentage of people in the country have recovered compared to the U.S., Italy and Spain.
- Malaysia’s economy could shrink in 2020, warns its central bank
Malaysia’s central bank has warned that the country’s economy could shrink this year due to the coronavirus pandemic.
Bank Negara Malaysia said in an economic review report that the annual change in the country’s gross domestic product is projected to be between -2.0% and 0.5%.
“2020 is an exceptionally challenging year for the global economy. Confronted with an unprecedented health crisis, global growth is expected to contract,” the report read.
- Thailand reports more than 100 new cases, four additional deaths
Thailand reported another 103 cases of the coronavirus and four additional deaths, reported Reuters, citing the government’s Center for COVID-19 Situation Administration.
That brought Thailand’s tally to 1,978 cases and 19 fatalities, the report said.
- Cases in South Korea top 10,000
South Korea reported 86 new coronavirus cases, taking the country’s tally to 10,062 so far, according to the latest data by the Korea Centers for Disease Control and Prevention.
The country had five more deaths, with total fatalities now standing at 174, said KCDC.
- China says has ample policy tools to cope with coronavirus impact
China has ample policy tools to support the virus-hit economy, but it will tread warily in cutting the benchmark deposit rate due to elevated inflation and the potential impact on ordinary savers, Liu Guoqiang, a vice central bank governor, said on Friday.
- Singapore shuts schools temporarily and closes most workplaces to curb the spread of coronavirus
- Central European FX could begin slow rebound after virus hit: Reuters poll
Central Europe’s currencies could be over the worst of their pounding as a result of the global coronavirus pandemic, as Hungary’s forint is seen recovering from record lows and the Czech crown gradually firming in the next year, a Reuters poll showed on Friday.
The poll is the first since the pandemic worsened and since investors’ flight to safety pushed central Europe currencies into losses of 6-8% in March.
- EU open to all options to finance coronavirus fight: Dombrovskis
The European Union’s executive is open to all options to fight the coronavirus emergency, Commission vice president Valdis Dombrovskis told Italian daily La Repubblica when asked if Brussels favoured eurobonds.
· U.S. economy to shrink at fastest rate since 1946, unemployment to top 15%: Morgan Stanley
The United States economy will shrink 5.5% in 2020, the steepest drop since 1946, with a huge 38% contraction predicted for the second quarter, Morgan Stanley said on Friday in a new batch of forecasts on the economic damage from the coronavirus outbreak.
The U.S. bank said it had cut its first-quarter forecast to an annualised 3.4% contraction from a previous 2.4%, while in the second quarter the economy is predicted to shrink 38%, up from an earlier forecast of a 30%contraction.
U.S. unemployment will also peak at a record 15.7% in the second quarter - that is up from a previous 12.8% forecast by the bank’s economists - with cumulative job losses of 21 million in the second quarter, Morgan Stanley said.
Projections released by the U.S. Congressional Budget Office showed U.S. gross domestic product will decline by more than 7% in the second quarter as the health crisis intensifies.
· Mnuchin says small business rescue loans launch Friday, despite lender confusion
U.S. Treasury Secretary Steven Mnuchin said he was pressing ahead with the Friday launch of a $349 billion coronavirus rescue loan program for small businesses, after conceding to bank demands to fix aspects of the program that they said could cause participating lenders legal and financial risks.
Mnuchin told a White House briefing on Thursday that the Treasury and the Small Business Administration had decided to double the interest rate on the loans to 1% from 0.5% previously so that small banks with higher deposit costs don’t lose money.
· Dollar strength consolidates as global recession looms
The dollar edged toward an almost 2% weekly rise on Friday, boosted by a surge in the oil price and as investors sought safety amid the worsening economic fallout from the coronavirus pandemic.
It held that ground to stand at $1.0838 per euro on Friday - ahead 2.7% for the week. Against a basket of currencies the dollar is up 1.8% for the week so far at 100.210, its best performance since mid-March.
It bought 108.00 Japanese yen.
· Japanese bank Nomura expects the world economy contracted 18% in the first quarter, on an annualized basis, and is tracking toward shrinking 4% in 2020.
· Brent reverses losses to rise above $30/bbl in early European trading
Benchmark Brent crude oil futures reversed losses incurred during Asian hours in early European trading on Friday to rise above $30 a barrel, with hopes of a huge global supply cut deal to support prices still alive.
Brent crude LCOc1 futures were up 7%, or $2.10, at $32.04 per barrel by 0748 GMT. Brent soared as much as 47% during Thursday’s session, its highest intraday percentage gain ever, before closing 21% higher, but still at less than half the $66 it was trading at at the end of 2019.
U.S. West Texas Intermediate (WTI) crude CLc1 also moved back into positive territory, rising 1%, or 28 cents, to $25.6 a barrel, after surging 24.7% on Thursday.
Reference: CNBC, Reuters, Worldometers
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