(Bloomberg) —
British Prime Minister Boris Johnson tested positive for the coronavirus, Spain had its deadliest day of the outbreak so far and European leaders struggled to agree on a strategy.
U.S. President Donald Trump and China’s Xi Jinping pledged to cooperate in the fight against the pandemic after weeks of rising tensions. The World Health Organization appealed for a stronger attack against the coronavirus after Trump offered a plan to restore normal business by ranking counties by their virus risk.
Earlier, the U.S. overtook China for the most cases worldwide, fueled by a large jump in infections in New York.
Key Developments:
Cases top 542,000; 24,000 dead, 124,000 recovered: Johns HopkinsU.S. cases top China; Ventilators top fear in New York as deaths mountReserve Bank of India cuts rates, Malaysia unveils $58 billion stimulusU.K. government orders unprecedented shutdown of housing marketTokyo braces for critical weekend; second shockwave hits China’s factoriesFrom Spain to Germany, farmers warn of fresh food shortages
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U.K. Prime Minister Boris Johnson Contracts Coronavirus (7:20 a.m. NY)
British Prime Minister Boris Johnson has tested positive for coronavirus, the government announced.Johnson experienced mild symptoms and a test confirmed he had the illness on Thursday. He is self-isolating in his Downing Street offices, the government said in an email. “He is continuing to lead the government’s response to coronavirus,” the statement said.
Hong Kong Announces New Curbs (6:47 a.m. NY)
The government announced new measures to contain the outbreak, including limiting crowd size to four people except weddings and funerals. The measures will last for 14 days, leader Carrie Lam told a briefing.
The city earlier found a record 65 new cases, taking its total to 518. The Department of Health said 41 of the cases found on Friday had traveled overseas.
Spain Deaths, Cases Surge (6:30 a.m. NY)
The country reported its deadliest day so far after 769 people died, for a total of 4,858 fatalities. Cases rose to 64,059 from 56,188.
Russia Reports First Case of Virus in Kremlin Staff (6:30 a.m. NY)
The staffer didn’t have contact with President Vladmir Putin, the Kremlin said. The pace of the outbreak should slow down by late April to early May, Interfax reported, citing the health ministry’s chief epidemiologist Nikolay Briko. The total number of cases rose by 196 to 1,036 on Friday.
African Travel Grows Harder By the Day With Virus Curbs (6:30 a.m. NY)
Africa is inching toward a shutdown of its sea, land and air borders. A majority of its 54 nations have banned flights from countries with at least 100 coronavirus cases or temporarily closed their domestic and international airports. Most sea ports still allow cargo vessels, but passengers and crews from cruise ships are barred.
European Banks Vow Payout Restrain (6:12 a.m. NY)
European banks said they’re ready to suspend payouts to shareholders to bolster their finances after receiving unprecedented regulatory relief to cope with the coronavirus pandemic. The European Banking Federation, a lobby group, wrote to the region’s main supervisor that for 2020, it “believes that listed banks should not accrue dividends or undertake share buybacks so as to maintain maximum capital preservation.”
Separately, Deutsche Bank AG became the latest bank to halt plans for widescale layoffs, joining lenders including HSBC Holdings Plc and Lloyds Banking Group Plc in putting thousands of job cuts on hold.
Iran Cases Surge Past 32,000 (5:39 p.m. HK)
Iran reported 2,926 new coronavirus cases and 144 more deaths over the past day, bringing the total figures in the country to more than 32,000 cases and 2,300 fatalities. The government on Friday enforced social distancing measures banning inter-city travel and all gatherings, and the central bank approved loans for businesses affected by the outbreak.
How the Virus Is Impacting European Firms (5:23 p.m. HK)
The coronavirus pandemic is prompting an increasing number of European companies to abandon their financial guidance for the year. While some have opted to lower their previous outlooks, 82 companies in the benchmark Stoxx 600 Index, or 14%, have now given up on trying to predict how 2020 will turn out for them.
European stocks declined on Friday, ending their best ever three-day winning streak. The Stoxx 600 Index was down 2.2%. The number of companies scrapping their outlooks grew to include French advertising firm Publicis Groupe SA and eyewear-maker EssilorLuxottica SA.
Indonesia Reports Biggest Daily Jump (5:14 p.m. HK)
Indonesia reported the biggest daily jump in new coronavirus infections with the total number of confirmed cases topping 1,000. Tests confirmed the disease in 153 more people, Achmad Yurianto, a spokesman for the government task force on the virus, said in Jakarta on Friday. The country also reported nine new deaths, taking the total to 87, the highest in Southeast Asia.
Tesla’s Nevada Gigafactory to Reduce On-Site Staff (5:02 p.m. HK)
Tesla Inc.’s Nevada gigafactory is reducing on-site staff by 75% in the coming days, Storey County said on its website. The county said local companies regularly tell it about the measures they are taking to adhere to guidelines aimed at combating the outbreak. The gigafactory produces battery packs and electric motors with partner Panasonic Corp.
Italian Business, Consumer Sentiment Drops (5 p.m. HK)
The economic sentiment index fell to 81.7 from 97.8 in February, a decline that statistics office Istat described as a “crash.” All sectors, from manufacturing to construction, services and retail, saw declines in confidence. The consumer confidence climate also dropped.
Research group Prometeia said Italian GDP could shrink by 6.5% in 2020 if the shutdown of industrial activity is partially and gradually lifted starting from May, while Il Sole 24 Ore reported that the country may need new stimulus measures worth 30 billion euros.
South African Lockdown Begins, Virus Claims First Victims (5 p.m. HK)
South Africa began a three-week lockdown aimed at curbing the spread of the coronavirus on Friday as the disease claimed its first two victims in the country and the number of infections passed 1,000.
U.K. Housing Market Takes a Hit (4:25 p.m. HK)
Shares in U.K. homebuilders dropped after the government urged home buyers to consider suspending transactions while the country remains in lockdown. The pandemic is hurting large sectors of the U.K. economy, with the property market suffering a dramatic slowdown. Real estate portal Zoopla said Thursday that house sales are set to plunge 60% in the next three months.
Billionaire Ashley Apologizes After Questioning Shutdown Order (4:16 p.m. HK)
Billionaire Mike Ashley apologized in an open letter for questioning a government-mandated lock-down and attempting to keep his retail stores open. Ashley, the founder of the Sports Direct brand, sought to keep his stores open in defiance of government guidance, provoking criticism from politicians and the public. The U.K. government had ordered non-essential services to close down to tackle the spread of the coronavirus.
German Cases Soar Past 43,000 (3:40 p.m. HK)
Cases in Germany rose to 43,039 on Friday from 37,179, while the death toll jumped to 262 deaths from 203, based on Bloomberg-compiled data. In a worst-case scenario based on limited government action, 70% of the German population would swiftly be infected and the death toll would exceed 1 million, Der Spiegel magazine reported, citing an internal interior ministry study.
Chancellor Angela Merkel said it’s premature to consider easing Germany’s lockdown measures. “We’re not even close to where we can see if the measures are working,” Merkel said via audio conference from Berlin in her first public comments since entering precautionary quarantine on Sunday.
Ferrari to Resume Some Production (3:30 p.m. HK)
Ferrari says that subject to supply chain continuity it now plans to resume production in Maranello and Modena on April 14.
Singapore Facing ‘Very Grave Situation,’ Premier Says (3:28 p.m. HK)
Singapore’s grave economic challenge posed by the coronavirus pandemic may affect the timing of the nation’s election, said Prime Minister Lee Hsien Loong. Lee said the tide “had not turned” with the outbreak. As more residents come home to Singapore, more virus enters the country, he said.
Malaysia Announces Massive Stimulus (3:13 p.m. HK)
Malaysia announced billions of dollars in fresh support for its economy. Prime Minister Muhyiddin Yassin said Friday the government was unveiling 250 billion ringgit ($58 billion) in support for the economy. That figure includes a 20-billion ringgit package announced last month by the previous government, as well as other measures presented since then, Muhyiddin said.
Hungary Declares Limited Nationwide Lockdown (2:35 p.m. HK)
Hungary’s government will partially restrict movement for a two-week period ending April 11 to slow the spread of the coronavirus pandemic, Prime Minister Viktor Orban said. People can still leave their homes for work and for essential needs such grocery shopping and to get fresh air, but only when respecting social distancing recommendations.
WHO to World Leaders: “Fight Like Hell” (2:10 p.m. HK)
World Health Organization chief Tedros Adhanom Ghebreyesus told G-20 leaders to “fight like hell,” and said shutdowns are necessary to slow down the pandemic, but they won’t extinguish it, so countries need to test more and trace every contact. The WHO chief himself didn’t call the coronavirus a pandemic until mid-March.
“The price we end up paying depends on the choices we make now,” Tedros said in a speech to the world’s top politicians. “The actions we take now will have consequences for decades to come.”
“Fight like your lives depend on it,” he said. “Because they do.”
Sony Says Virus Disruptions May Hit Profit (2:04 p.m. HK)
Sony Corp. said fallout from the coronavirus may wipe out a previously projected increase in its profit. The Japanese company said two factories in China are returning to normal operation but continue to face component shortages, while facilities in Malaysia and U.K. will remain shut until middle of April because of government requests. Sony said it can’t dispatch employees to these locations to discuss assembly of new products.
Xi Tells Trump To Take Steps to Improve Ties: Xinhua (1:42 p.m. HK)
Relations between China and the U.S. are at an important juncture and cooperation is the only right choice, Xi told Trump, the official Xinhua news agency reports. China is willing to offer help to the U.S. in coronavirus control, and the two sides should enhance cooperation on the fight against the virus, the report said.
American Air Sees $12 Billion Share of Aid (1:35 p.m. HK)
American Airlines Group Inc. said it’s in line to receive $12 billion in a pending U.S. rescue program for an industry battered by the coronavirus pandemic.
With demand for air travel having tumbled “precipitously,” American will slash its flight schedule 60% in April and 80% in May, Chief Executive Officer Doug Parker said. To make up for lost sales, the company will have to rely on government assistance that’s still subject to a Friday vote in the House of Representatives.
India Central Bank Cuts Rates in Emergency Meeting (12:44 p.m. HK)
The Reserve Bank of India cut interest rates in an unscheduled move. The benchmark repurchase rate was lowered by 75 basis points to 4.40% from 5.15%, Governor Shaktikanta Das said after an emergency meeting of the rate-setting panel. The RBI had been on hold since December after five rate cuts in 2019.
Australia to Quarantine International Air Arrivals (11:50 a.m. HK)
Australian authorities will quarantine anyone arriving in the nation’s airports to slow the spread of the coronavirus, amid concern some residents returning home were failing to self-isolate.
The defense force will be deployed to enforce the measures, Prime Minister Scott Morrison told reporters after a meeting of the National Cabinet.
The government has moved incrementally to shut down society, closing pubs and casinos, barring non-essential travel and closing its borders to non-residents. Yet still the number of infections has grown, reaching 2,985 on Friday and 13 deaths.
Trump Promises GOP Convention Will Be Held in August (10:42 a.m. HK)
U.S. President Donald Trump said the Republican National Convention would go forward as planned this August even as the coronavirus has caused the cancellation of large-scale events all across the U.S.
The Democrats are scheduled to hold their convention in Milwaukee from July 13 to 16. The Republican convention is to be held from Aug. 24 to 27. “We’re quite a bit later than them, which I think is good,” Trump told Sean Hannity on Fox News.
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