The largest US banks – Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo – are to report their first-quarter earnings starting Wednesday. Though the impact of the coronavirus outbreak was not much apparent in this quarter, earnings will still be closely watched for outlooks and provisioning for mitigation of the crisis. Read to understand what’s in store.
Let’s look at the global statistics:
Total confirmed cases: 1,934,583
Change over previous day: 69,954
Total deaths: 120,863
Total recovered: 2,964,726
Nations hit with most cases: US (582,594), Spain (172,541), Italy (159,516), France (137,877), and Germany (130,214).
Trump talks of re-opening, even as US death toll tops 23,000: US President Donald Trump has declared he has 'total' authority to order states to relax social distancing put in force to combat the coronavirus outbreak and reopen their economies. He has warned that the governors who refuse to comply would face political consequences. Read more here.
France extends lockdown: France, the fourth most affected country — with 137,877 cases and about 15,000 deaths — has extended its lockdown until May 11. President Emmanuel Macron hopes to gradually ease the lockdown and also open schools after May 11. Read more here.
Singapore to enforce wearing of masks, close more workplaces: Singapore will impose a fine of as much as $212 on those not wearing masks in public, its government has announced, adding that it is mulling curbs on more industries that are currently operating. Read more here.
Apple shipments recover as China re-opens: Shipments of Apple’s marquee device jumped 19 per cent in March from a year earlier to 2.5 million units, according to Bloomberg calculations.
The broader smartphone market, including Android devices, however shrank by roughly 22 per cent to 21 million shipments. Read more here.
Netflix stock hits 52-week high: The Netflix stock jumped 7 per cent on Monday to hit a 52-week high of $400.51 a share, as investors fled to stay-at-home stocks. With lockdowns being introduced in an increasing number of countries around the world, the streaming giant is poised to win big. Read more here.
Sanofi, Glaxo join forces to develop coronavirus vaccine: Two of the world’s biggest vaccine makers have partnered for a new vaccine for coronavirus. The drug makers said they planned to start human trials in the second half of this year, with the goal of having a vaccine available by the second half of 2021 if the studies were successful. Read more here.
Thailand economy seen taking a $40-billion hit: Thailand’s economy is expected to lose 1.3 trillion baht (nearly $40 billion), almost all of it in the tourism sector, due to the initial impact of the coronavirus pandemic. Its central bank has forecast that the economy would contract 5.3 per cent this year in its weakest performance since 1998. Read more here.
Specials
Israel’s coronavirus exit strategy: Israel’s plan for a coronavirus exit consists of four phases and focuses on opening more lucrative sectors first —
- Open up tech and finance, and trade-oriented industries
- Commerce and retail stores
- Restaurants and hotels
- Recreational sectors like sports, air travel, and entertainment.
Each phase will have a two-week buffer to review whether the next could proceed. Read more here.
Long Reads
Complete list (and details) of 70 drugs against coronavirus currently under tests: While a safe, effective vaccine is still more than a year away, researchers are rushing to repurpose existing drugs and non-drug therapies, as well as testing promising experimental drugs that were already in clinical trial stages. Read more here.
How health inequities are playing out: Nancy Krieger, professor of social epidemiology at Harvard University’s T H Chan School of Public Health, speaks about how health inequities are playing out during the pandemic, the causes of racial disparity in health outcomes, and what could be done to ameliorate the suffering of the most vulnerable. Read more here.
Podcast
Voices of the Pandemic — screaming children, worried employees, sick parents and anxious grocery shoppers: Here is a peek inside our new world in the wake of the coronavirus pandemic. Listen in here to understand the mental health consequences emerging out of the pandemic.