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

Bloomberg News
·6 min read
California Tops 1 Million Cases; Japan on Alert: Virus Update
California Tops 1 Million Cases; Japan on Alert: 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.

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, 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.

Drones Patrol Sydney Beaches to Check Crowds (12:45 p.m. HK)

The quest for a Covid-safe summer is going high-tech.

Surf patrol guards at some of Sydney’s iconic beaches are using aerial drones so they can check sunbathers are evenly spaced on the sand.

They’re trying to avoid a repeat of scenes in the early days of the pandemic when authorities were forced to close Bondi Beach and other spots after thousands flocked to the coast, with many ignoring social-distancing rules.

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.

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.

For more articles like this, please visit us at bloomberg.com

Subscribe now to stay ahead with the most trusted business news source.

©2020 Bloomberg L.P.

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