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Tuesday, July 14, 2020

Pompeo accuses China; Sought origin of the pandemic: virus update

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(Bloomberg) – US Secretary of State Mike Pompeo said China has concealed the origins of the coronavirus, while mitigating claims that the virus had escaped from a laboratory in Wuhan. The World Health Organization is planning a new mission to find the source of the virus in China.

The number of new coronavirus cases in Russia surpassed 10,000 for a fifth day, while Germany announced the most new infections in almost a week as it prepares to take its big steps towards the normality. France is about to unveil the details of a plan to end obstacles to public life.

The Bank of England could extend its monetary stimulus soon to help the struggling British economy in the face of a 14% recession which could be the worst in Europe. The country should ease some of its lockdown, although companies have warned that further social displacement will hamper any recovery.

Key developments

Virus Tracker: cases exceed 3.7 million; 263,000 deaths: Chinese exports unexpectedly increase; Production in France and Germany has hit Where European closures are slackening after weeks of restrictions Health insurers are offering discounts to customers affected by the cold, overcrowded and deadly virus: a virus tracks factory workers American Meats For Some JPMorgan Employees, Remote Work May Become Permanent

Subscribe to a daily update on the Bloomberg Prediction Team virus here. Click on VRUS on the terminal to get news and data on the coronavirus. Check out this QuickTake for unanswered questions about the virus.

The number of deaths per day in Spain is decreasing (5:18 p.m. HK)

Spain has seen a decline in the number of daily deaths and a slight increase in the number of new cases, as the government moves forward with a gradual easing of the country’s eight-week lockout. The death toll rose by 213 to 26,070 in the next 24 hours Thursday, up from 244 on Wednesday. Infections increased by 754 to 221,447 after the gain of 685 recorded the day before. The total number of cases has been adjusted to reflect data changes for the Madrid region.

Parliament on Wednesday authorized the government to extend the state of emergency for two weeks until May 23, even after a steady decline in the number of infections and new cases in the past month.

American health insurers offer discounts (5 p.m. HK)

Several of the largest for-profit insurers in the United States will return money to customers and reduce initial costs for care and prescriptions, after obtaining unexpected windfall because patients delayed normal medical services during the pandemic .

UnitedHealth Group Inc., the country’s largest insurer, said it would reimburse premiums to certain business customers and forego cost-sharing for Medicare members as part of a 1.5-pandemic assistance program billion dollars. In addition, Cigna Corp. said his pharmacy unit would cap the costs of certain drugs for people who lost their health insurance. Earlier this week, Humana Inc. announced that it would forgo cost sharing so that Medicare members can see primary care doctors for the rest of the year.

UK confiscates ‘unnecessary’ shipment from Turkey (4:47 p.m. HK)

A shipment of 400,000 gowns from Turkey that the UK government says would help alleviate the shortage of protective equipment for front-line health workers was confiscated after inspectors judged the “unnecessary” equipment, reported the Telegraph, citing unidentified government sources.

Instead of visiting health professionals fighting the coronavirus, lab coats are being held in a warehouse near Heathrow Airport after inspectors find they don’t meet Kingdom safety standards United, according to the newspaper. Most were produced by a Turkish t-shirt company that went into dressmaking after the virus epidemic, the newspaper said.

Millions of masks purchased from factories in China have also been seized for non-compliance, the Telegraph added.

Denmark to conduct random tests (4:41 p.m. HK)

Denmark plans to run random tests for Covid-19 in order to get a clearer picture of the infection rate in the Nordic country. Thousands of people will receive a government email Thursday asking them to volunteer for a test, even if they have no symptoms, Health Minister Magnus Heunicke told state broadcaster DR. In general, only people with symptoms were able to get tested in Denmark.

The idea is to obtain a representative sample of the population to determine the presence of the virus in all age groups. Denmark has so far successfully controlled the coronavirus with its rapid response and is now planning to reopen shops, restaurants and bars on Monday.

Japan may free parts of emergency (4:36 PM HK)

Japan could withdraw parts of the national state of emergency around May 14, Economy Minister Yasutoshi Nishimura told reporters. Nishimura said that Japan will set much stricter conditions for ending the state of emergency due to the coronavirus than other countries.

Tokyo confirmed on Thursday 23 new cases of the virus, FNN television reported on its sixth consecutive day with a daily fall, although the data may have been affected by a series of holidays.

Norges Bank goes to zero (4.30 p.m. HK pm)

Norges Bank unexpectedly lowered interest rates to zero for the first time, as Norwegian policymakers reacted to the combined fallout from the Covid-19 crisis and the collapse in oil prices. The deposit rate was reduced by a quarter point to zero, the lowest ever recorded in Norway. Only two of the 21 economists surveyed by Bloomberg expected this change; the rest expected no change.

France to join Germany to soften borders (16:27 HK)

France will present its plan to cancel the foreclosure measures, joining countries like Germany, Italy and the Netherlands to ease restrictions as the economic pain of coronavirus fallout intensifies. French Prime Minister Edouard Philippe is set to unveil the final details of his plan to end obstructions to public life later Thursday. The country is preparing to return to work and reopen schools from Monday in a gradual process designed to avoid a second wave of infections.

Despite more than 140,000 deaths on the continent, European leaders are feeling the heat to accelerate a return to normality and are trying to make the difference between reactivating the economy and avoiding a new outbreak.

Russia records record daily increase in cases (4:09 p.m. HK)

The number of confirmed cases in Russia increased from a record 11,231. This is the first time that the country has reported more than 11,000 new cases in 24 hours and the fifth consecutive day of more than 10,000 new infections. Russia now has 177,160 confirmed cases, surpassing Germany. The total death toll rose to 1,625 after 88 more died.

Earlier, the data showed that the Russian services PMI had plunged to 12.2 in April from 37.1 the previous month – a drop that was stronger than any forecast in a Bloomberg survey. Markit said the services gauge implied an “unprecedented” drop in business activity, with the fastest production and new business contractions in the history of the survey. It follows a record drop in the manufacturing PMI in April.

Resumption of car sales in China (3:50 p.m. HK)

Monthly sales of Chinese automobiles increased for the first time in almost two years after the reopening of the country, fueling expectations of an industry recovery from the coronavirus. Car manufacturers shipped 2 million vehicles to dealers and stores in April, up 0.9% from a year earlier, the China Association of Automobile Manufacturers announced on Thursday. This is the first increase since June 2018. However, deliveries fell about 32% in the first four months to 5.67 million units, according to the sales organization.

UK house prices can drop 16% (3:48 p.m. HK)

Home prices in the UK could fall 16% due to the economic turmoil caused by the coronavirus, according to a Bank of England computer stress test. The decline would be consistent with the decline in the value of residential properties during the financial crisis, although the central bank says banks would not suffer “very large losses if they default” this time due to more resilient balance sheets .

French and German production suffers (2:45 p.m. HK)

Industrial production in the two largest economies in the euro area cratered in March, highlighting the crippling impact of half a month of plant closings to control the spread of the deadly coronavirus.

A 9.2% drop in production in Germany and a 16.2% drop in France are the last signs of the severity of the European crisis. The industry warning comes a day after the German government relaxed some restrictions and said it was working on a plan to revive the economy.

BOE maintains its rate (14:02 HK)

The Bank of England kept the key rate at 0.1% as expected. GDP is expected to drop 14% in 2020, the central bank said, adding that it was ready to continue falling. The BOE then expects the economy to grow 15% in 2021. Policymakers have indicated that they may need to do more to tackle the UK’s economic slump as the coronavirus pandemic ravages the economy.

The central bank “is ready to take further action if necessary,” officials said in the meeting summary.

UK banking sector has the financial strength to weather the coronavirus pandemic, according to a Bank of England stress test that showed lenders could face £ 80 billion ($ 99 billion) credit losses by the end of next year.

Increase in the number of German cases (1:43 p.m. HK)

The number of new cases of coronavirus in Germany has increased as the country prepares to take its greatest steps towards a return to normal life. There were 1,155 additional infections in the 24 hours until Thursday morning, bringing the total to 168,162, according to data from Johns Hopkins University. Deaths increased 282, the most since April 18, to 7,275.

Chancellor Angela Merkel announced on Wednesday that she will allow restaurants and all stores to be opened as the country eases measures to contain the virus.

European winnings reel (1:23 p.m. HK)

ArcelorMittal has suspended dividend payments and has withdrawn its global steel outlook due to market uncertainties created by the coronavirus pandemic. Anheuser-Busch InBev NV, the world’s largest brewer, warned that the second quarter would be much worse than the first three months of the year, as April deliveries fell 32% due to the closure of bars and bars. restaurants. Air France-KLM has warned that demand for air travel will take several years to recover, hammering out the devastation that has hit the aviation industry.

Equinor ASA’s profit fell 63% in the first quarter after falling oil prices. Telefonica withdrew its forecast while BT suspended the final dividend. Puma said it had a painful second quarter and Rolls-Royce cut production targets. British Airways’ parent company IAG SA has said it is exploiting support from the British government to increase liquidity.

To read the summary of European results, click here.

India Attracts Businesses From China (12:32 HK)

India is seeking to attract US companies, including medical device giant Abbott Laboratories, to relocate from China. In April, the government contacted more than 1,000 companies in the United States and through overseas missions to offer incentives to manufacturers seeking to move, according to Indian officials who asked not to be identified, citing rules for talking to the media. India prioritizes medical equipment suppliers, food processing units, textile, leather and auto parts manufacturers among more than 550 products covered by the talks, they said.

Approval of emergency facilities in Kenya (12:27 HK)

The International Monetary Fund approved emergency funding of $ 739 million for Kenya as the Covid-19 pandemic weighs heavily on the economy of the East African nation and creates external financing needs.

The fast credit facility will increase Kenya’s international reserves to help cover the balance of payments deficits this year. It will also provide the resources needed to improve public health and support households and businesses hard hit by the crisis.

Frontier removes seat costs (12:13 p.m. HK)

The carrier has withdrawn a policy that would allow passengers to pay extra to keep the head office empty on flights after political pressure, Reuters reported, citing a letter from CEO Barry Biffle to US lawmakers. Carrier wanted to offer customers an option for more space.

Testosterone-reducing therapy can help with the virus (12:10 p.m. HK)

A study of thousands of Italian patients has shown that therapy to reduce testosterone and other hormones in men with prostate cancer can have a protective effect against the new coronavirus.

Men with the disease who received hormone therapy had a four-fold lower risk of infection with the virus than patients who did not receive such therapy, the study showed. The difference was even more pronounced when the research team compared hormone-treated prostate cancer patients to people with another type of cancer.

To read the full story, click here.

Chinese exports unexpectedly increase (11:15 a.m.KT)

China’s exports unexpectedly increased in April, although the coronavirus pandemic damaged global demand. Imports have dropped. Exports rose 3.5% in dollars in April compared with the previous year, while imports fell 14.2%. That left a trade surplus of $ 45.3 billion for the month. The first economic indicators showed that the nascent rebound had already lost momentum in April.

Savings contracts in the Philippines (10:17 HK)

The economy contracted for the first time since 1998. Gross domestic product fell 0.2% in the first quarter from a year ago, using 2018 as the new base year. It was worse than the median estimate of 2.9% in a Bloomberg survey of economists.

Japan to approve remdesivir (9:59 a.m.KT)

Japan is expected to approve an antiviral drug remdesivir against the new coronavirus on Thursday, Prime Minister Shinzo Abe.

The relatively quick decision by the usually conservative authorities in Japan is expected a few days after the American drug Gilead Sciences Inc. has been approved for emergency use. Multiple trials of the drug are still in progress. In April, the World Health Organization prematurely and accidentally released the results of a trial in China, but withdrew it soon after.

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