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California Tops 1 Million Cases; Japan on Watch: Virus Update

Bloomberg News
·10 min read
California Tops 1 Million Cases; Japan on Watch: Virus Update
California Tops 1 Million Cases; Japan on Watch: Virus Update

(Bloomberg) -- California passed the grim milestone of 1 million infections as the U.S. Centers for Disease Control and Prevention said almost no part of the country is being spared in the surge of Covid-19.

Japan suffered a record in infections on Thursday, with 1,661 cases. Yasutoshi Nishimura, the minister overseeing its response, said more stringent steps would be needed if cases continued to climb. South Korea reported 191 new cases over the past 24 hours, the biggest gain in 10 weeks, according to the Korea Disease Control and Prevention Agency.

The fatality rate of infected people in the U.S. has declined 30% since April due to improved treatment, a study by the University of Washington’s Institute for Health Metrics and Evaluation found. Nevertheless, the researchers forecast that total U.S. deaths will reach 439,000 by March next year, after topping 2,200 a day in mid-January as the number of cases rise.

Key Developments:

Global Tracker: Cases top 52.6 million; deaths exceed 1.29 millionChina comes under pressure to reveal Covid-19 vaccine dataWhite House is leaving stimulus to Congress with Biden entering fraySearches for Hong Kong to Singapore flights triple in hoursPodcast: What to expect from the virus and the vaccine raceVaccine Tracker: Encouraging breakthroughs offer hope

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.

IMF Sees Green Shoots of Economic Recovery (10:15 a.m. HK)

Actions by governments and central banks have put a floor under the world economy, IMF Managing Director Kristalina Georgieva said, cautioning nations against withdrawing support too early.

“Because of the decisive action of governments and central banks, we managed to put a floor under the world economy,” she said Friday in a recorded message at the Caixin Summit in Beijing. “We are seeing the green shoots of recovery.”

U.S. Fatality Rate Has Fallen 30%, IHME Says (10:07 a.m. HK)

The fatality rate of infected people in the U.S. has declined 30% since April due to improved treatment, a study from the University of Washington’s Institute for Health Metrics and Evaluation found.

The researchers forecast that total U.S. deaths will reach 439,000 by March next year, after topping 2,200 a day in mid-January as the number of cases rise. That forecast includes 33 states reimposing broad-reaching social distancing mandates.

Successful treatment ahead could become more difficult as hospitalizations rise. Eleven states are expected to have “extreme stress” on general hospital beds in December through February.

Mexico Virus Infections Rise to 991,835 (9:21 a.m. HK)

Mexico reported 5,658 new Covid-19 cases, bringing the total to 991,835, according to data released by the Health Ministry Thursday night. Deaths rose 626 to 97,056.

JPMorgan Boosts Stocks Call on Vaccine Break (8:56 a.m. HK)

JPMorgan Chase & Co. strategists have increased their exposure to global stocks and backed away further from sovereign bonds, calling this week’s positive vaccine news a “game changer” for markets.

The breakthrough will allow investors to look past the resurgence in coronavirus cases toward the end of pandemic and the broader reopening of the global economy, according to a team including Marko Kolanovic. Bolstering JPMorgan’s bullish view was a positive third quarter earnings season and benign U.S. election outcome, it added.

California Tops 1 Million Cases (8:16 a.m. HK)

California surpassed 1 million cases of the coronavirus, according to data from Johns Hopkins University. The state, home to about 40 million residents, trails only Texas in reaching the grim milestone.

California was home to one of the earliest outbreaks of Covid-19 and the first to enact a statewide lockdown in March, only to see infections soar in the summer. Like the rest of the U.S., it’s seeing a virus resurgence after an autumn lull, with its 14-day average of new cases climbing 76% in the past month.

Almost a third of California’s cases are in Los Angeles County, the most populous. The state has had more than 18,000 fatalities from the virus, behind only New York and Texas.

Ivy League Cancels Winter Sports Season (7:59 a.m. HK)

The Ivy League athletic conference is canceling its winter sports season, as the Covid-19 pandemic forces schools to rethink in-person activities while infections are rising across the U.S.

The league, home to Harvard, Yale and Princeton universities, also won’t conduct competition for fall sports during the upcoming spring semester, it said Thursday in a statement. Intercollegiate athletics competition for spring sports is postponed through at least the end of February.

CDC: Virus Rising Almost Everywhere in U.S. (5:49 p.m. NY)

Covid-19 cases are increasing in 94% of U.S. jurisdictions, and the death rate in non-metro areas is more than double that in urban areas, according to U.S. Centers for Disease Control and Prevention.

Test Surge May Cause Delays, Lab Group Warns (4:55 p.m. NY)

The American Clinical Laboratory Association, which represents large laboratories such as Laboratory Corp. of America Holdings and Quest Diagnostics Inc., warned that surging demand for Covid-19 tests could push some labs to or beyond capacity, delaying test results.

Members labs performed a record 495,000 polymerase chain reaction, or PCR, tests for Covid-19 on Wednesday and while they’re working to expand capacity, labs have faced challenges obtaining supplies like pipette tips, according to the group.

Wisconsin Cases Top 7,000 for Third Day (4:28 p.m. NY)

Wisconsin’s daily cases exceeded 7,000 for a third consecutive day, adding urgency to Governor Tony Evers’s call for residents to curb on social activity and stay home.

“It’s just not safe,” Evers said Wednesday evening. “And it might not be safe for a while yet. So please, cancel the happy hours, dinner parties, sleepovers and play dates at your home.”

Evers, a Democrat, didn’t announced legal requirements or further penalties for non-compliance with measures to curb the virus. Republicans have repeatedly challenged his previous orders in court. Hospitalizations in Wisconsin, one of the worst-hit states in the Midwest, are running at double the levels of a month ago.

Biden Adviser Doubts National Lockdown (3:42 p.m. NY)

A member of U.S. President-elect Joe Biden’s coronavirus task force said Thursday she doesn’t view a nationwide lock down as necessary. Céline Gounder’s comments backed away from comments by epidemiologist Michael Osterholm a day earlier.

“With all due respect to Dr. Osterholm, that doesn’t necessarily represent the entire advisory board or what the Biden-Harris transition team is planning to do,” Gounder said on CNN. She said that “perhaps there are some places where you need to be more draconian, but I really don’t think that’s a national policy.”

Osterholm told Yahoo Finance a lockdown lasting four to six weeks combined with a fiscal package to support workers, businesses and local governments could help contain the virus.

Ohio Governor Doesn’t Want Another Shutdown (3:38 p.m. NY)

Ohio is at a record for new infections, total hospitalizations and intensive-care patients, Governor Mike DeWine said as he warned: “We don’t want another shutdown.”

On Wednesday, the Republican governor reissued the state’s mask mandate and tightened other restrictions, warning that bars, restaurants and gyms may be closed if people don’t comply with anti-virus measures. Ohio reported 7,101 new infections on Thursday, another record.

Portugal Extends Restrictions (3:17 p.m. NY)

Portugal is extending restrictions on Monday, adding 70 municipalities to a list where people’s movement are limited, Prime Minister Antonio Costa said. New cases remained at less than a record of 6,640 reported on Saturday and the number of intensive-care patients fell by eight to 383.

New York Cases Spike (2:54 p.m. NY)

New York State saw nearly 10,000 new coronavirus cases over two days and Governor Andrew Cuomo urged people to “buckle down.”

Infections increased by 4,797 on Wednesday for a positive-test rate of almost 3%, according to state data. Hospitals are treating 1,677 patients for Covid-19. Another 29 people died of the illness on Wednesday.

The state can keep it under control if residents are vigilant, wear masks and socially distance, particularly as the holidays approach, Cuomo said in a news release. “I know it has been a long time, but these next weeks are going to be key and we really need people to buckle down to fend off the tide,” he said.

Chicago Issues Stay-at-Home Advisory (2:50 p.m. NY)

Chicago Mayor Lori Lightfoot on Thursday issued an advisory urging residents to avoid leaving home except for work, school and other essentials as new Covid-19 cases and hospitalizations surge.

“This is literally a matter of life or death,” Lightfoot said. “We all have to step up and do our part.”

If the city continues on the current path at least 1,000 more Chicagoans could die from the virus by the end of the year, Lightfoot said during a press conference on Thursday. The city advises canceling traditional Thanksgiving celebrations and avoiding travel.

Illinois again reported record daily cases, 12,657, and the most deaths since May.

South Dakota Hits Record Amid Criticism (2:42 p.m. NY)

South Dakota reported a record 2,019 infections, a day after neighboring Minnesota criticized Governor Kristi Noem for failing to institute mask mandates or other anti-virus measures.

Minnesota Governor Tim Walz, a Democrat, said he wished that Noem, a Republican and Trump ally, had done more to control the spread.

“And this one’s a little bit personal because the governor of South Dakota has taken to traveling to other states and criticizing others,” Walz said.

Kentucky High Court Upholds Governor’s Covid-19 Orders (2:05 p.m. NY)

A unanimous Kentucky Supreme Court Thursday overruled a lower court opinion that would have eviscerated Governor Andy Beshear’s emergency powers and deleted dozens of orders issued in response to the Covid-19 pandemic.

“The global COVID-19 pandemic threatens not only the health and lives of Kentuckians but also their own economic interests; the interests of the vast majority take precedence over the individual business interests of any one person or entity,” Deputy Chief Justice Lisabeth Hughes wrote in the opinion.

French Hospitalizations Break Record (1:45 p.m. NY)

Hospitalizations for Covid-19 in France reached 32,683, topping the peak reported in April, though some indicators signal that curfew and lockdown measures are starting to slow the virus spread. The positive-test ratio fell to 18.7%, almost 2 percentage points less than six days ago.

Confirmed new cases rose by 33,172 to 1.9 million, health authorities said. It’s “certainly not the moment to loosen the reins,” Prime Minister Jean Castex said in a Le Monde interview.

NYC Prepares for Possible School Shutdown (12:26 p.m. NY)

New York is preparing for the possibility of closing its schools and going to an all-remote program, Mayor Bill de Blasio said. The city recorded a 2.6% seven-day rate of positive tests, approaching the shutdown level of 3%.

“We’re preparing for that possibility,” de Blasio said. “It’s a rule we put out very clearly. If any day we see in the morning indicators come out and they reach that level, then we will move immediately -- the next day, schools will be shut down.”

The city reported 870 new cases of Covid-19 virus on a seven-day average as of Nov. 10, which is above the 550 public health warning threshold, and 100 hospital admissions with Covid-19 symptoms, of which 36 were confirmed as testing positive. That level remains within city hospitals’ capacity, the mayor said.

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  • Student debt cancellation already in focus amid President-elect Biden transition

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  • DraftKings Reports Earnings Friday. Place Your Wagers Now.

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  • Li Auto's stock soars toward a record ahead of first earnings report

    Shares of Li Auto Inc. soared 25.8% toward a record on heavy volume in afternoon trading Thursday, as upbeat results from fellow China-based electric vehicle maker XPeng Inc. gave investors reason to be optimistic ahead of Li's first quarterly report since going public in late-July. Trading volume jumped to 67.6 million shares, compared with the full-day average of 11.6 million shares. Li is slated to report third-quarter results early Friday, with analysts surveyed by FactSet expecting a per-share loss of RMB0.24 on revenue of RMB2.42 billion ($365.7 million). XPeng's stock rocketed 37.0% toward a record in afternoon trading, after the company reported a loss that widened from a year ago but revenue that rose more than fourfold as deliveries jumped 266%. Fellow China-based EV maker Nio Inc. also rose XPeng's coattails, as the stock shot up 12.3%, also toward a record; Nio is scheduled to report third-quarter results on Nov. 17. The big rallies in the China-based EV makers comes as the iShares MSCI China ETF is gaining 0.3%, while shares of U.S.-based rival Tesla Inc. are falling 1.4% and the S&P 500 is dropping 1.3%.