(Bloomberg) -- South Korea will extend Level 2 social-distancing measures, currently in place in Seoul and Busan, to the rest of the country beginning Sunday. Australia’s Queensland state imposed tougher restrictions in its southeastern region after a coronavirus flareup at a Brisbane youth detention center.

U.S. coronavirus cases increased 0.8% for the fifth consecutive day, less than the average daily rise of 0.9% over the previous week. European data showed more evidence of a Covid-19 resurgence even as national leaders oppose a return to full-scale lockdowns. The euro area’s economic recovery unexpectedly lost momentum.

Democratic presidential nominee Joe Biden says he would shut down the U.S. in order to halt the spread of the coronavirus if scientists recommended that to him. The Kentucky Derby is on but without fans.

Key Developments:

Subscribe to a daily update on the virus from Bloomberg’s Prognosis team here. Click CVID on the terminal for global data on coronavirus cases and deaths.

PPP Data Show Loans Reaching Small Businesses (12:41 p.m. HK)

The Trump administration released new details on the biggest coronavirus-relief initiative that show more than 98% of loans approved after July 6 were for less than $150,000 -- suggesting the program was reaching smaller businesses before it closed earlier this month.

The Paycheck Protection Program had been criticized for not being quick enough in serving independent contractors, truly small firms and minority-owned companies. The new data show the most loan approvals in July and August were for personal-services firms, general freight and trucking companies and beauty salons.

As of Aug. 8, when the program closed, the Small Business Administration reported approving more than 5.2 million PPP loans totaling $525 billion, with almost $134 billion in remaining funding that will be returned to the Treasury unless Congress votes to re-purpose it.

One Dies, 32 Contract Covid After Maine Wedding (12:38 p.m. HK)

One woman has died and 32 have tested positive for Covid-19 after attending a wedding in the state of Maine that broke rules limiting the number of guests, The Boston Globe reports. The Big Moose Inn received a citation for exceeding the 50-person limit on indoor gatherings.

South Korea to Extend Social-Distancing Rules Nationwide (10:30 a.m. HK)

South Korea will extend Level 2 social-distancing measures in place in Seoul and Busan to the rest of the country from Sunday, Health Minister Park Neung-Hoo said Saturday. Level 2 restrictions forbid indoor gatherings of 50 or more people, with limits placed on events such as weddings and places like water parks.

Authorities said Saturday that 332 more coronavirus cases were confirmed in the past 24 hours, the second straight day above 300. South Korea has had more than 17,000 cases since the pandemic began.

New Zealand Finds 6 New Cases in Auckland Cluster (10:14 a.m. HK)

New Zealand reported six new confirmed coronavirus cases as the cluster of infections in Auckland grows. The country’s total confirmed cases rose to 1,321 as of Saturday, according to the ministry of health’s website. Four of the new infections are connected to previous cases in the 92-strong Auckland cluster.

Mitsubishi UFJ to Launch Coronavirus Bonds, Nikkei Says (9:55 a.m. HK)

Mitsubishi UFJ Financial Group Inc. will issue as much as 150 billion yen ($1.42 billion) worth of corporate bonds for individual investors by the middle of next month, the Nikkei newspaper reported Saturday. Funds from the issuance will be used for loans to small and mid-sized companies struggling with falling sales due to the pandemic, and to hospitals and pharmaceutical companies.

Mitsubishi UFJ said it will be the first bank to issue coronavirus bonds for individual investors, the paper reported.

Argentina Extends Price Freeze for TV, Internet, Mobile (9:25 a.m. HK)

Argentina is extending a price freeze for TV, Internet and mobile service until the end of the year, amid an economic contraction deepened by lockdown measures to curb Covid-19.

“As we face the restrictions the pandemic imposes on us, nobody should have to give up part of their income to cover price hikes on those services,” President Alberto Fernandez said in a tweet.

FDA May Update Authorizations for Gilead Drug: Reuters (8:51 a.m. HK)

The U.S. Food and Drug Administration could update its emergency use authorization for Gilead Sciences Inc.’s remdesivir drug to include patients hospitalized with moderate Covid-19 cases, despite mixed trial results, the company’s top research executive said Friday, according to Reuters.

The FDA in May approved remdesivir on an emergency basis for patients hospitalized with severe virus cases. Company data Friday showed a five-day course of the drug modestly helped less severely ill Covid-19 patients, but a 10-day course did not show a benefit, Reuters reported.

Australia’s Victoria State Cases Under 200 for 2nd Day (7:55 a.m. HK)

Australia’s Victoria state reported 182 new cases of coronavirus, the second consecutive day of additional infections under 200 as the Melbourne lockdown continues. There were 13 more deaths, the department of health and human services said in a tweet Saturday. The state recorded 179 new cases the previous day, which took the tally in Victoria to 17,852.

Queensland imposed tougher restrictions in the southeast of the state after a coronavirus flareup at a youth detention center in Brisbane, the state capital. In Brisbane and surrounding areas, including Ipswich and Moreton Bay, gatherings in homes and outdoors will be limited to 10 people, State Premier Annastacia Palaszczuk said in a tweet Saturday. The limit is 30 across the rest of Queensland.

New South Wales, the country’s most-populous state, reported nine new Covid-19 cases.

Venezuela Offers 500 Volunteers to Test Russian Covid-19 Vaccine (7:45 a.m. HK)

Health Minister Carlos Alvarado said on state television that Venezuela offered Russia 500 volunteers for the testing phase of its Sputnik V vaccine.

“Venezuela is going to contribute 500 volunteers for this phase, which is very important for the massive application,” Alvarado said, adding that Venezuela and Russia will study the possibility of jointly producing the vaccine

New Antibody Tests Offer Better Snapshot of Covid-19 Immunity (7:30 a.m. HK)

A new crop of Covid-19 antibody tests measures the level of protection someone has built up against the deadly virus and may help determine which vaccines are most effective.

Siemens Healthineers AG is the first big company to gain U.S. Food and Drug Administration clearance for a test that gauges the concentration of long-lasting antibodies flowing through a person’s blood. Swiss giant Roche Holding AG is following up with its own version.

Biden Says Would Shut Down U.S. If Scientists Recommended (6:45 a.m. HK)

Democratic presidential nominee Joe Biden says he would shut down the country in order to halt the spread of the coronavirus if scientists recommended that to him.

“I would shut it down; I would listen to the scientists,” Biden says in excerpt of interview with ABC to be aired Sunday.

“I will be prepared to do whatever it takes to save lives because we cannot get the country moving, until we control the virus.”

Hydroxychloroquine Shouldn’t Be Used for Covid-19, ISDA Says (6:10 a.m. HK)

Hospitals should drop using the anti-malarial drug hydroxychloroquine altogether to treat Covid-19 patients, even if it’s in a clinical trial, according to new medical guidelines.

The Infectious Diseases Society of America revised its Covid-19 treatment guidelines Friday, toughening its stance against the use of the anti-malarial drug that’s been widely touted by President Donald Trump as a way to deal with the pandemic.

IDSA now recommends not to use hydroxychloroquine either by itself or along with the antibiotic azithromycin for patients with the coronavirus, even in hospitals. The society previously called for limited use of hydroxychloroquine in trials.

U.S. Cases Rise 0.8%, Less Than 7-Day Average (5:42 p.m. NY)

Coronavirus cases in the U.S. increased 0.8% Friday to 5.6 million, according to data collected by Johns Hopkins University and Bloomberg News. That was less than the average daily gain of 0.9% over the past week. Deaths rose by 0.6% to 174,761.

Brazil Cases, Deaths Slow (5:37 p.m. NY)

Brazil reported 30,355 cases, down from 45,323 the previous day, for a total of 3,532,330. Another 1,054 deaths were reported in the nation worst hit after the U.S., down from 1,204 the previous day, but in line with the daily average increase of the past week. Total deaths are 113,358.

Trump’s Virus Funding Plan for Private Schools Blocked (4:50 p.m. NY)

A federal judge blocked the Trump administration’s move to steer more pandemic relief money to private schools from a $13 billion education fund.

In a blow to Secretary of Education Betsy DeVos, U.S. District Judge Barbara J. Rothstein in Seattle ruled Friday that changes to CARES Act emergency funding issued by the administration in early July illegally take money away from disadvantaged public schools to give to private schools with more resources and less need. DeVos has been a forceful advocate for private schools during her 3 1/2-year tenure.

Kentucky Derby to Run Without Fans (4:12 p.m. NY)

Churchill Downs said this year’s Kentucky Derby will take place without fans.

It had worked on a plan to have a limited number of spectators, but dropped it because of “significant increases in Covid-19 cases in Louisville as well as across the region.”

WHO Says Mexico Is Underreported (2:03 p.m. NY)

The pandemic is being underdiagnosed in Mexico and many people are being diagnosed late, World Health Organization official Michael Ryan said in a Canadian Broadcasting Corporation webcast.

Mexico is carrying out about three tests per 100,000 people, with a positive rate of almost 50%, Ryan said. There’s a sharp difference in mortality between rich and poor localities, he said.

N.J. Governor Pleads for Cooperation With Contact Tracers (1:36 p.m. NY)

New Jersey Governor Phil Murphy told residents to “take the damn call,” as 1,612 contact tracers are having trouble reaching people who may have been exposed to the virus. More than half the individuals phoned aren’t cooperating, Murphy said.

“This is highly disturbing, to say the least,” said the governor, a first-term Democrat. New Jersey reported 13 deaths in the past 24 hours, and for the fifth straight day had a transmission rate above 1, a key indicator that the virus is spreading.

France Cases Remain High (1:30 p.m. NY)

France reported 4,586 new cases, below Thursday’s figure but still near a level not seen since April. Officials are tightening measures to curb the spread, but the government has ruled out a return to the sweeping closures imposed earlier this year.

While cases are climbing, fatalities remain well below the levels of earlier this year. Deaths increased by 23 in the past 24 hours, bringing the total to 30,503.

Ireland Eases Restrictions (1:10 p.m. NY)

Ireland lifted special virus restrictions on two counties as case numbers there slowed, but retained the rules on one other. Despite a recent spike in numbers nationwide, Ireland is still in a “relatively good position,” chief medical officer Ronan Glynn told reporters in Dublin. The country reported 79 new cases Friday, with no deaths.

N.Y. Baseball ‘Subway Series’ Is Postponed (12:45 p.m. NY)

This weekend’s Subway Series between the New York Mets and New York Yankees has been postponed, according to a statement from Major League Baseball.

The Mets had two members of the organization test positive for Covid-19. That prompted the postponement of Thursday’s game in Florida against the Miami Marlins and Friday’s game at Citi Field against the Yankees.

Spain Outbreak ‘Out of Control,’ Expert Says (12:15 a.m. NY)

Spain’s coronavirus infections hovered around a four-month high for the third consecutive day. With a Spanish epidemiologist warning that the pandemic is “out of control” in parts of the country, cases increased by 3,650 in the latest 24-hour period, compared with 3,349 a day earlier, according to Health Ministry data on Friday.

The increase in outbreaks since July has hit hard as governments across Europe advise against traveling to Spain at the peak of the summer tourism season.

Young People Drive Spike in Italy (11:20 a.m. NY)

Italy reported 947 new coronavirus cases Friday, almost double the average for the past seven days. The government has closed nightclubs and made wearing a mask compulsory after 6 p.m. in places where crowds gather, including outdoors.

The surge in the contagion affects mostly younger people, with a median age of 30 for new infections. The majority shows no symptoms of the disease, making detection more problematic. Most outbreaks are in holiday hot spots such as the island of Sardinia, while just under a third of new cases are among arrivals from European tourist destinations such as Spain or Greece, according to Italy’s national health institute.

Iceland’s Government to Be Tested (7:51 a.m. NY)

Iceland’s government, including the prime minister and finance minister, will need to undergo a double coronavirus test and take precautions after infections were diagnosed in people who were staying at a hotel where the officials dined Tuesday.

Roubini Warns of Slow Recovery (7:40 a.m. NY)

The global economy faces a risk of a slow recovery or even another slump unless a vaccine is found, according to economist Nouriel Roubini. Speaking on Bloomberg Television on Friday, Roubini predicted that the shape of the recovery, which some predicted to be V, “is becoming a U and the U could become a W if we don’t find a vaccine and don’t have enough stimulus.”

Roubini, who famously warned in 2006 that the U.S. housing market would collapse, highlighted that a fresh outbreak of Covid-19 in Europe could also mean another wave of unemployment. Still, European workers have much better policies protecting their jobs compared with the U.S., he said.

©2020 Bloomberg L.P.