Fatalities Rise in Spain; China Has No New Deaths: Virus Update
Author of the article:
Article content
(Bloomberg) — Spain reported an increase in cases even as the outbreak showed signs of slowing elsewhere in Europe. China said it didn’t have any new deaths for the first time since the pandemic emerged, while New York Governor Andrew Cuomo said the virus-related fatality rate was effectively flat for two days.
Italy has begun to plan for emerging from the lockdown as new deaths and cases flatten out, while Japanese Prime Minister Shinzo Abe declared an emergency for Tokyo and surrounding regions. U.K. Prime Minister Boris Johnson was moved to an intensive-care unit and there has been no change in his condition overnight.
Stocks rose globally amid optimism the outbreak may be slowing. In Europe, benchmark indexes from Italy to France and Germany are on course to exit a bear market.
Key Developments:
Global cases top 1.35 million; deaths exceed 74,000: Johns HopkinsMichael Burry, made famous in “The Big Short,” slams lockdownsEurope seen facing imminent risk of critical medicine shortagesBig Pharma makes a big bet on coming up fast with a vaccine
Tune in to a Q&A Blog with a health expert at 12 p.m. Hong Kong time (2 p.m. Sydney, 1 p.m. Tokyo) via this link on Wednesday. Subscribe to a daily update on the virus from Bloomberg’s Prognosis team here. Click VRUS on the terminal for news and data on the coronavirus.
Iran Cases Drop, Parliament Reconvenes (5:40 p.m. HK)
Iran reported 2,089 new cases on Tuesday, down from 2,274, taking the total number of cases to 62,589. Total fatalities rose to 3,872 after the country reported 133 more deaths, down from 136 on Monday.
The country’s parliament reconvened on Tuesday for the first time since Feb. 25, when it shut down because of the coronavirus, the semi-official Tasnim news agency reported. More than two-thirds of the Majlis’s 290 lawmakers met in the absence of speaker Ali Larijani, who tested positive for the virus last week.
Spain Fatalities, Cases Increase (5:35 p.m. HK)
Spain reported an increase in its daily coronavirus death toll and a bigger gain in the number of confirmed cases, suggesting the government has yet to bring the disease under control. There were 5,478 new infections in the 24 hours through Tuesday, taking the total to 140,510, according to Health Ministry data. The death toll rose by 743 to 13,798, a larger gain than Monday’s 637.
That data come as Italy and Norway look to ease their lockdowns, following Denmark and Austria. Paris, though, will tighten lockdown measures.
U.K. Finds Antibody Kits Don’t Deliver (5:30 p.m. HK)
Britain became the latest country to stock up on faulty Covid-19 tests after Oxford University researchers found that many of the kits can’t accurately show whether someone was exposed to the new coronavirus.
Multiple tests provided for evaluation “have not performed well,” said John Bell, a professor of medicine at Oxford and adviser to the government on life sciences. The home-testing kits are designed to look in people’s blood for antibodies produced by the immune system to fight the virus.
South Africa May Extend Lockdown (5:20 p.m. HK)
“The next few days will determine which direction we are taking,” Police Minister Bheki Cele said in a speech. About 17,000 people have been arrested for violating the lockdown, which began on March 27 and only allows people to leave their homes to buy food and medicine, seek medical help and collect welfare grants — unless they provide essential services.
The virus has infected 1,686 people in the country so far and killed 12.
Japan’s Abe Declares State of Emergency (4:48 p.m. HK)
Japanese Prime Minister Shinzo Abe declared an emergency for Tokyo and its surrounding regions, after a recent surge in the number of confirmed coronavirus cases in the metropolis sparked alarm.
The one-month emergency period from April 7 will cover Osaka, Kanagawa, Saitama, Chiba, Hyogo and Fukuoka prefectures as well as the capital. The move hands powers to local governments to try to contain the spread of the virus that causes Covid-19, including by urging residents to stay at home.
Abe had earlier announced a much larger-than-expected stimulus package of 108 trillion yen ($988 billion).
European Benchmarks Set to Exit Bear Market (4:45 p.m. HK)
A second day of gains in European equities put the region’s benchmarks from Italy to France and Germany on course to exit a bear market, boosted by optimism that the outbreak is stabilizing. The Euro Stoxx 50 Index of bluechip shares rose more than 20% from last month’s closing low, as did the FTSE MIB Index, the CAC 40 Index and the DAX Index. The broader Stoxx Europe 600 Index added 2.4%, taking its advance since a March trough to 17%.
On Monday, Italy had reported the lowest number of new infections in nearly three weeks, while the number of daily recoveries in Germany on Tuesday exceeded new cases for the first time, adding to evidence that shutdowns are starting to take effect.
However, Germany’s public health institute cautioned it’s too soon to be sure that a slowdown in the daily number of new cases will last. “Fluctuations are always possible, and I urge you to recognize that,” said Lothar Wieler, president of the Robert Koch Institute. “We must wait and see if a trend becomes clear over the next few days.”
Delhi Preparing to Handle 30,000 Cases (4:42 p.m. HK)
India’s capital New Delhi is preparing to handle at least 30,000 active Covid-19 cases, chief minister Arvind Kejriwal said on Tuesday. The city has already set aside nearly 3,000 hospital beds for the rising infections and has earmarked several thousands more. The state government also plans to requisition at least 12,000 hotel rooms if necessary, he said in a statement.
New Delhi has so far reported 523 confirmed infections and seven deaths, while India has 4,778 confirmed cases and 136 deaths according to data collected from Johns Hopkins University. Kejriwal said the city will start testing “on a large scale now. Like South Korea.” Delhi was initially short of testing kits but the situation will improve now the government has ordered a 150,000 rapid and regular kits which should be available starting Friday, he added.
Germany Urges Citizens to Download App to Track Virus (4:30 p.m. HK)
Germany’s public health institute has urged citizens to download a smartwatch app to help track the pandemic. Lothar Wieler, president of the Robert Koch Institute, introduced an app that he said could help track the virus by monitoring users’ sleep, pulse and body temperature – all measures that usually change when someone has a respiratory infection. “The more people make their data available, the better picture we will have of the spread of the virus,” he said.
Indonesia Gets $60 Billion Credit Line (4:24 p.m. HK)
Indonesia’s central bank said the New York Federal Reserve will provide it with a $60 billion repurchase facility to help with liquidity needs amid a dollar shortage triggered by the coronavirus outbreak. Bank Indonesia has no plan yet to use the facility, Governor Perry Warjiyo said Tuesday.
Erdogan Files Complaint Against Fox TV Anchor (4:10 p.m. HK)
Turkey’s President Recep Tayyip Erdogan sued a Fox TV anchor for suggesting the government might require citizens to dig into their bank accounts to help battle the coronavirus fallout.
On Monday, Erdogan had alluded to century-old emergency measures when calling for a national solidarity campaign. The so-called National Tax Laws imposed during Turkey’s War of Independence in 1921 allowed the government to seize 40% of all food, clothing and machinery.
Company Roundup: Boss Scraps Dividend, Ferragamo Sales Slump (4 p.m. HK)
German luxury firm Hugo Boss suspended its dividend and management board members waived 40% of their base pay after a “significant decline” in sales and earnings. Italian shoemaker Ferragamo said first-quarter revenue slumped 31% with business deteriorating in February and March. Danish medical-equipment firm Ambu raised its forecast for sales growth this year amid rising demand for its products amid the outbreak. Here’s a roundup of what European companies ate saying on Tuesday.
Africa’s GDP May Shrink as Much as 1.1% (3:52 p.m. HK)
Gross domestic product growth for the continent was forecast to average 3.4% in 2020 prior to outbreak of Covid-19, the African Union said. Goods exported and imported by African countries are projected to fall by 35%, equivalent to about $270 billion.
Thailand Plans $30.5 Billion in New Borrowing (3:42 p.m. HK)
Thailand plans new borrowing of 1 trillion baht for its latest stimulus package to counter the economic impact of the coronavirus outbreak. The package is worth about 1.9 trillion baht overall as it also includes 900 billion baht of steps by the Bank of Thailand, Finance Minister Uttama Savanayana said Tuesday in Bangkok
Russia Reports 18% Increase in Cases (3:36 p.m. HK)
Russia reported 1,154 new cases overnight, its biggest increase so far, bringing the total number of infected to 7,497, consumer health watchdog Rospotrebnadzor said. Fatalities rose by 11 to 58.
Europe at Risk of Medicine Shortages, EU Health Chief Says (3:09 p.m. HK)
There is an imminent risk of shortages for critical hospital medicines used to treat Covid-19, the European Union’s health chief warned in a letter to senior executives of the continent’s pharmaceutical industry. Several member states have said “they only have one week’s stock of such critical medicines,” EU Commissioner Stella Kyriakides said in the letter, sent earlier this week and seen by Bloomberg. Among the medicines at risk is paracetamol, the main treatment for high fever.
Italy May Loosen Virus Lockdown From May 4, Corriere Reports (2 p.m. HK)
Italy is likely to start relaxing its lockdown starting May 4 if the spread of the coronavirus continues to slow, il Corriere della Sera reported, citing unidentified scientific advisers to the government. Certain businesses may be allowed to re-open by mid-April, but it may be some weeks more before rules are relaxed on people leaving their homes and socializing in public places, the newspaper said. Regulations over social distancing and wearing protective gear may remain in place even longer. Read more here
India Partially Lifts Malaria Drug Export Ban After Trump Call (12:18 p.m. HK)
India partially lifted its ban on exports of malaria drug after Donald Trump sought supplies for the U.S., according to government officials with knowledge of the matter. Exports of hydroxychloroquine and paracetamol will be allowed depending on availability of stock after meeting domestic requirements and existing orders, said the government officials, who asked not to be identified citing rules. Read more here
Hong Kong May See New Cases Imported From Abroad, Lam Says (11 a.m. HK)
Hong Kong could continue to see a rising number of imported coronavirus cases so long as residents are allowed to return from abroad, Chief Executive Carrie Lam said. Unless Hong Kong stops residents from coming back, the trend is likely to “persist for a while,” Lam told a briefing on Tuesday.
Lam said she hoped to announce a second round of virus relief measures “soon,” without specifying a date. Authorities on Monday extended a ban on non-resident entry until further notice, with the city’s airport also continuing to halt all transit services for an unspecified duration.
Read more here
Singapore Says ‘Correct’ Decision Not to Close Schools Earlier (10:30 a.m. HK)
Singapore defended a decision not to close schools earlier as the country gets ready to implement “circuit breaker” measures to stem the spread of the virus. It was the “correct” move as younger people don’t seem as affected compared with adults, the country’s education minister Ong Ye Kung said in an interview with Bloomberg TV. From Wednesday, the city-state will shutter its schools as it moves to full home-based learning.
Read more here
China Reports No New Coronavirus Deaths on April 6 (8:57 a.m. HK)
For the first time since January, China said there were no new coronavirus deaths in the country with the toll remaining at 3,331. The National Health Commission said there were 32 new cases, with all of them imported. China now has 81,740 confirmed cases and 77,167 patients have been discharged.
Read more here
U.S. Reaches Deal With 3M for Masks (7:08 a.m. HK)
3M Co. said it agreed to a plan with the Trump administration to import 166.5 million respirators over the next three months, primarily from its manufacturing facility in China, as it continues to send U.S.-made respirators to Canada and Latin America. The company will double its N95 production capacity again to 2 billion globally within the next 12 months.
President Donald Trump threatened last week to use a wartime production law to force the company to make more masks for U.S. health-care workers and others fighting coronavirus.
Read more here
©2020 Bloomberg L.P.
Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information.