Investors and health officials seem increasingly concerned about a possible second wave of Covid-19 cases and further downtown economic development as foreign states and governments step up the lifting restrictions. The shares sold Tuesday, the Dow losing around 400 points in the last trading hour and the Nasdaq Composite and the S&P 500 fell more than 2%. Early data on the most aggressively reopening U.S. states indicate increased spread of the virus, says former FDA commissioner and CNBC contributor Scott Gottlieb.
This is CNBC’s live blog covering all the latest news on the coronavirus epidemic. All times below are in Eastern time. This blog will be updated throughout the day as news becomes available.
- Global cases: more than 4.2 million
- Deaths worldwide: at least 292,316
- Cases in the United States: more than 1.3 million
- Deaths in the United States: at least 82,389
The above data were compiled by Johns Hopkins University.
8:32 a.m .: Former FDA chief sees colleges reopen in fall
Former FDA commissioner Scott Gottlieb told CNBC he believed colleges and universities in the United States could welcome students to campus for the next academic period.
“I think we will be in a position where we are going to try to open schools, open residential college campuses in the fall because I hope that coming in July and August we will see declines in summer cases, “he said on” Squawk Box “.
White House health adviser Dr. Anthony Fauci warned higher education officials on Tuesday against the belief that a Covid-19 vaccine or effective therapy would be available by the fall. –Kevin Stankiewicz
Disclosure: Scott Gottlieb is a CNBC contributor and is a member of the boards of Pfizer and the biotechnology company Illumina.
8:12 a.m .: LabCorp CEO accelerates production of home tests
7:25 a.m .: Merkel urges Germans not to jeopardize progress
German Chancellor Angela Merkel speaks during the celebration of the 100th anniversary of prosthetic manufacturer Ottobock SE in Duderstadt, Germany, February 18, 2019.
Ralph Orlowski | Reuters
German Chancellor Angela Merkel urged residents not to jeopardize the progress the country has already made in curbing the epidemic, warning that the virus will be present for longer, Reuters reported.
Germany, along with a few other European countries, has started to relax restrictions and reopen non-core businesses.
The coronavirus has infected more than 173,274 people in Germany and killed at least 7,755, according to data compiled by Johns Hopkins University.
“It would be depressing if we were to go back to the restrictions we want to leave behind because we want too much too soon,” Merkel said in the Bundestag’s lower house, according to Reuters.
Germany has managed to maintain a low mortality rate compared to some other European countries such as Spain and Italy, in part because of Germany’s decision to implement widespread testing on people suspected of having the virus. Italy and the UK, for example, only test symptomatic cases. –Will feuer
7:18 am: Europe wants to reopen its borders to save tourism in time for the summer
The European Union is eager to reopen the borders within the bloc of 27 countries as soon as possible to help the region’s lucrative tourism sector recover in time for the summer season.
The bloc is due to present draft proposals on Wednesday, seen and reported by Reuters, which will encourage a return to “unrestricted free movement”, although it is wary of a second wave of infections in the region.
Airlines and airports would insist that passengers wear masks, but there is no need to leave the middle seat empty on planes, according to the draft proposals. People should be able to safely stay in hotels, eat in restaurants or go to beaches, the project added.
It is not clear whether non-Europeans would be allowed to visit this summer, the European Commission reportedly said: “Domestic and intra-EU tourism will prevail in the short term”. –Holly Ellyatt
Read CNBC coverage by CNBC Asia Pacific and Europe teams overnight here: The number of deaths per day in Spain is slowly decreasing; Tui travel agency plans up to 8,000 job cuts