(Bloomberg) —
U.S. President Donald Trump’s administration reached a deal with Senate Democrats and Republicans on a package to combat the fallout of the virus. Senate Majority Leader Mitch McConnell said the legislation will be passed later Wednesday. Asian stocks extended gains.
More countries tightened restrictions on residents as global deaths from the virus neared 19,000, with India imposing a three-week national lockdown. Singapore plans to shut bars and theaters in its strictest measures yet.
Trump said he’s hoping to have the economy reopened by Easter next month, even as California’s governor said it would be misleading to suggest his state could emerge from its shutdown by Easter. Trump also said he’ll stop using the term “Chinese virus,” the latest indication that the U.S. and China are seeking to de-escalate their blame game over the pathogen.
Key Developments:
Cases top 423,000; more than 18,900 dead, 108,000 recovered: Johns Hopkins tallyIndia locks down 1.3 billion people in biggest isolation effortNew Zealand declares state of emergency as it goes into lockdownThe humming of Chinese plants returns as rest of world reelsOlympics delay deals crushing blow to Japan’s comeback storyDesperate airlines turn to European governments for support
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U.K. Plans to Close Parliament From Wednesday to Slow Virus (3:30 p.m. HK)
The U.K. government is planning to close Parliament from Wednesday night in the latest attempt to slow the spread of coronavirus, a person familiar with the matter said.
The virus is spreading fastest in London and several politicians have fallen ill, including a health minister. Parliament had been scheduled to break for Easter on March 31, but the House of Commons will break up Wednesday if — as expected — lawmakers vote for the move, the person said. Parliament would be likely to reopen in April, the person added.
Rouhani Says ‘Good Steps’ Taken to Unblock Iran’s Frozen Funds (3:06 p.m. HK)
Iranian President Hassan Rouhani said there’s a good chance sanctions against his country would be eased to help in the fight against the coronavirus.
“There’s a debate at the United Nations Security Council to pass a resolution to put aside all sanctions under the coronavirus,” he said in a televised address on Wednesday. “I was on the phone with a non-permanent member of the UNSC who told me the resolution is ready.”
Singapore May Consider School Suspensions If Cases Rise (2:53 p.m. HK)
Singapore may consider suspending schools and closing some workplaces if the number of coronavirus cases continues to rise, National Development Minister Lawrence Wong said in parliament.
Earlier, Singapore said the number of coronavirus cases in the city-state will continue to increase over the coming weeks as some of around 200,000 Singaporeans return home from around the world.
The top three sources of importation to Singapore are the United Kingdom, the U.S., and Indonesia, Health Minister Gan Kim Yong told parliament on Wednesday, after the number of cases in the city-state more than doubled in the past week.
Malaysia Extends Lockdown to April 14 (1:27 p.m. HK)
Malaysia decided to extend its lockdown period to April 14 as the number of infections in the country continues to rise. The Movement Control Order was previously set to end March 31.
White House, Senators Strike Deal on Massive Stimulus Package (1:19 p.m. HK)
The Trump administration struck a deal with Senate Democrats and Republicans on a rescue package that tees up more than $2 trillion in spending and tax breaks to bolster the hobbled U.S. economy and fund a nationwide effort to stem the coronavirus.
“At last we have a deal,” Senate Majority Leader McConnell said early Wednesday on the chamber’s floor. “I’m thrilled that we’re finally going to deliver to the country.
The plan includes a $500 billion chunk that can be used to back loans and other aid to businesses, checks of $1,200 to most Americans, more than $350 billion for small businesses to maintain their payrolls, more expansive unemployment insurance, deferrals of taxes, and numerous other provisions, according to a person familiar with the details.
Read more here.
Trump-Backed Drug No Better Than Normal Virus Care, Study Shows (11:33 a.m. HK)
Hydroxychloroquine, a medicine for malaria that President Trump has touted as a treatment for coronavirus, was no more effective than conventional care, a small study found.
The report published by the Journal of Zhejiang University in China showed that patients who got the medicine didn’t fight off the new coronavirus more often than those who did not get the medicine.
Read more here.
South Korea to Provide Support for Test Kit Exports (11:16 a.m. HK)
South Korean President Moon Jae-in said his government will provide the necessary support for exports of coronavirus testing kits as many countries, including the U.S., are seeking to secure them. Trump made a request for medical equipment including the test kits in a phone call Tuesday, according to Moon’s comments during a visit to a test kit manufacturer.
NYSE Reports Two More Cases After Trading Floor Shuts (10:35 a.m. HK)
The New York Stock Exchange reported two new virus cases after it temporarily shut its iconic trading floor and moved to fully electronic trading Monday.
Two people who worked on the trading floor tested positive, in addition to two others last week, according to a NYSE notice to traders reviewed by Bloomberg.
Read more here.
L.A. County Youth Death May Have Another Explanation (9:46 a.m. HK)
The Los Angeles County Department of Public Health said the death of a minor reported earlier Tuesday may have an alternate explanation. While the young person tested positive for the virus, the case is “complex” and will require further evaluation by the Centers for Disease Control and Prevention, the county said.
Earlier, Los Angeles County reported that a person under the age of 18 died from the virus, without giving details beyond the juvenile’s town of residence. The young person was a teenager, Los Angeles Mayor Eric Garcetti said in an interview on CNN.
California Governor Sees Easter Too Soon to Emerge From Shutdown (9:42 a.m. HK)
California Governor Gavin Newsom said that it would be “misleading” to suggest the most populous U.S. state could emerge from the coronavirus shutdown by Easter, as President Trump said may be the case for the rest of the country.
Newsom said that the state is likely looking at a period of eight to 12 weeks of shutdown, based on conversations with experts.
Read more here.
Indonesia Stock Exchange to Shorten Trading Hours (8:30 a.m. HK)
Indonesia’s Financial Services Authority ordered the country’s bourse to shorten the duration of trading from March 30 to prevent the spread of the virus.
New Zealand Declares State of Emergency (8:23 a.m. HK)
New Zealand’s government declared a State of National Emergency, Director-General of Civil Defence Emergency Management Sarah Stuart-Black announced at a news conference in Wellington. It will be in place for seven days and can be extended.
American Air Attendants to Create More Space Between Customers (7:58 a.m. HK)
American Airlines Group Inc. will reassign seats to create more space for customers on flights, temporarily close several lounges, and reduce flight attendant-customer interaction, as part of efforts to fight the coronavirus outbreak.
China Reports 47 New Cases, All Imported (7:58 a.m. HK)
China reported 47 additional cases of the virus, all of which came from overseas.
The country now has 81,218 confirmed cases, with 474 of them from abroad, according to statement from the National Health Commission.
While the number of local cases in China has been dwindling, reaching zero on some days, it is seeing more imported infections.
India Bans Exports of Unproven Virus Drug Hydroxychloroquine (7:27 a.m HK)
India’s government banned exports of hydroxychloroquine, a malaria drug touted as a potential coronavirus treatment, according to a statement issued by the Directorate General of Foreign Trade Wednesday. U.S. President Trump had called the drug a “game changer” in the treatment of the virus.
Travelers From New York Urged to Quarantine (6:08 a.m. HK)
The White House advised anyone who has been in New York to self-quarantine for 14 days to stop the spread of the coronavirus, which has become widespread in the city.
“You may have been exposed before you left New York,” Deborah Birx, the State Department doctor who is advising Vice President Mike Pence, said at a White House news conference. “Everybody who was in New York should be self-quarantining for the next 14 days to ensure that the virus doesn’t spread to others.”
Euro Area Moves Toward Emergency Loans (5:05 p.m. NY)
The euro area moved a step closer toward making credit lines available from its bailout fund worth up to 2% of each country’s output, based on a call the region’s finance ministers held Tuesday to lay out the next phase of their fiscal response to the outbreak.
The plan had “very broad support” by the finance chiefs, Eurogroup President Mario Centeno said. It is now up to EU leaders, who will hold a teleconference on Thursday, to endorse the plan.
Facebook Ad Business Getting Hit (4:45 p.m. NY)
Facebook Inc. said it’s seeing a “weakening” in its advertising business for some key areas, despite an increase in usage for its messaging services.
“We don’t monetize many of the services where we’re seeing increased engagement, and we’ve seen a weakening in our ads business in countries taking aggressive actions to reduce the spread of Covid-19,” the company wrote in a blog post.
Florida National Guard Greets Flights From New York Region (4 p.m. NY)
The Florida National Guard met flights arriving at South Florida’s major airports Tuesday from the New York City area, Governor Ron DeSantis said in a video briefing. Travelers are being asked to provide information about where they plan to self-isolate while in the state, and they are being given information about health authorities that need to be contacted if they become symptomatic.
DeSantis also expanded the executive order issued Monday mandating self-isolation for travelers arriving from New York City-area airports. Now, any traveler from that area in the last three weeks needs to report the names of the people in Florida with whom they were in contact, DeSantis said.
Trump Aims to Open Economy by Easter (2 p.m. NY)
President Donald Trump said he wants to re-open the U.S. economy by Easter, which is April 12, after shutting down activity due to the coronavirus.
“I would love to have it open by Easter,” Trump said in an interview Tuesday with Fox News. “I would love to have it opened up and just raring to go by Easter.”
Trump has said he’d re-evaluate whether to call for people to return to work after his 15-day strategy for limiting social contact elapses next week.
Read the full story here.
Harvard President Diagnosed, Thunberg Better After Isolation (1:20 p.m. NY)
Harvard University President Larry Bacow and climate activist Greta Thunberg have become the latest high-profile figures to be affected by the virus. Bacow and his wife, Adele, tested positive for Covid-19 after first experiencing symptoms on Sunday, according to a letter to the Harvard community. Thunberg said in an Instagram post that she isolated herself after falling ill following a trip and suspected she had the virus. Her symptoms were too mild now to qualify for a test under Swedish rules and she said she’s feeling better.
Read the letter to Harvard here and the full story on Thunberg here.
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