(Bloomberg) -- The Trump administration is planning a Manhattan Project-style program to drastically cut the time it takes to develop a coronavirus vaccine. Gilead Sciences Inc. said its experimental treatment remdesivir helped patients recover faster, sending U.S. stocks higher. Asia stocks rose on Thursday.In an Oval Office interview with Reuters published Wednesday night, Trump said he thinks that China is determined to see him lose the November election based on Beijing’s response to the coronavirus and he was considering various ways to punish the Chinese government.U.S. economic data showed the country’s record-long expansion is over, with a recession under way. The first official gauge for China’s economy in April showed the manufacturing sector moderated, indicating the recovery from a first-quarter slump will be prolonged as the spread of the coronavirus hits global demand. Japanese Prime Minister Shinzo Abe told parliament the economy was facing a difficult situation that’s unprecedented.Key DevelopmentsVirus Tracker: Global Cases 3.22 Million; Deaths 227,420Dueling data on Gilead treatment leaves many questionsFed’s Powell warns of ‘heartbreaking’ harm of virusJapan Output Drops Again, Economists See Steeper Fall ComingChina’s Factory PMI Moderates in April as Global Slump HitsRoad to easing lockdowns is paved with economic trade-offsVentilators in High Demand Are Spawning Scams Across ChinaSubscribe to a daily update on the virus from Bloomberg’s Prognosis team here. Click VRUS on the terminal for news and data on the coronavirus.Gilead CEO Says Over 50,000 Remdesivir Courses are Ready to Ship (10:05 a.m. HK)Gilead Sciences Inc. Chief Executive Officer Daniel O’Day said there are more than 50,000 courses of the company’s experimental Covid-19 therapy, packed in vials and ready to ship as soon as the drug is authorized for emergency use by U.S. regulators.He made the comments in an interview hours after the National Institute of Allergy and Infectious Diseases director Anthony Fauci said a U.S.-run trial of the drug, remdesivir, met its overall target, helping patients recover faster. IMF Approves $650 Million for ‘Urgent’ Dominican Republic Needs (10:03 a.m. HK)The International Monetary Fund approved $650 million in emergency funding for the Dominican Republic to meet financing needs caused by the coronavirus pandemic. It’s the fund’s 40th approval of assistance since the pandemic hit, and is intended to address “urgent balance of payment needs,” the fund said in a statement.Trump Says China’s Virus Response Tied to Wish for Him to Lose (09:36 a.m. HK)President Donald Trump said he thinks that China is determined to see him lose the November election based on Beijing’s response to the coronavirus outbreak.Trump, in an Oval Office interview with Reuters published Wednesday night, did not provide evidence to bolster his assertion, but said that he was considering various ways to punish the Chinese government, which he has blamed for allowing the virus to spread across the world.“China will do anything they can to have me lose this race,” Trump said in the interview. He did not say what punitive actions he might take, but added “There are many things I can do.”Japan’s Abe Says Economy Facing Unprecedented Difficulties (09:29 a.m. HK)Japanese Prime Minister Shinzo Abe told parliament Thursday the economy was facing a difficult situation that’s unprecedented.Abe floats possibility of helping on rent for businessesAbe also said health care system in severe stateNOTE: Japan’s Abe Says Economy Facing Unprecedented DifficultiesU.K. to Send Virus Test Kits to 100,000 People To Track Spread (09:16 a.m. HK)The home testing program for coronavirus will track community spread across the U.K., the health ministry said in a statement.The REal-time Assessment of Community Transmission (REACT-1) program will invite 100,000 randomly selected people from 315 local authorities across England to provide nose and throat swabsThese collected swabs will be tested for antigens indicating the presence of the virusHome testing program will “provide authorities with a clearer picture of the current spread of the disease and the number of people who have previously caught it”China’s Factory PMI Moderates in April as Global Slump Hits (09:13 a.m. HK)The first official gauge for China’s economy in April showed the manufacturing sector moderated, indicating the recovery from a first-quarter slump will be prolonged as the spread of the coronavirus hits global demand.The official manufacturing purchasing managers’ index slipped to 50.8 from 52 a month earlier, according to data released by the National Bureau of Statistics on Thursday. The non-manufacturing gauge rose to 53.2.Los Angeles to Offer Free Virus Testing for All Residents: CNBC (08:54 a.m. HK)Los Angeles is the first U.S. city to offer coronavirus testing to residents regardless of their symptoms CNBC reported, citing Mayor Eric Garcetti at a press conference.Priority will be for those with symptomsMusk Decries ‘Fascist’ Orders Putting Tesla’s Hot Streak at Risk (08:37 a.m. HK)Elon Musk went on a profane rant during another emotive Tesla Inc. earnings call, excoriating stay-at-home orders that are putting the electric-car maker’s red-hot run at risk.“This is fascist. This is not democratic, this is not freedom,” the chief executive officer said after reporting Tesla’s first-ever profit to start a year. “Give people back their godd--- freedom.”Tesla is worried about being able to resume production in the San Francisco Bay area, where authorities have extended a stay-home order to the end of May. The Model 3 maker’s only assembly plant in the U.S. still produces the vast majority of the company’s cars and has been idle since March 23.China Has 4 Coronavirus Cases, 33 Asymptomatic Cases April 29 (08:24 a.m. HK)China reports 4 additional coronavirus cases by end of April 29 and all of them are from abroad, according to statement from the country’s National Health Commission.33 asymptomatic cases were reported, including 2 from abroadChina has 998 asymptomatic coronavirus cases under medical observationTyson Halting Production at Nebraska Beef Plant for Four Days (07:48 a.m. HK)Tyson Foods Inc. is temporarily halting production at a beef plant in Nebraska so it can perform a deep cleaning and is screening workers for coronavirus.Operations will be suspended from May 1 through May 4, according to a company filing. Tyson said it has been working closely with local health officials and is screening employees this week with the help of the Nebraska National Guard.Argentina Has 158 New Covid-19 Cases For Total of 4,285 (07:42 a.m. HK)Argentina’s health ministry reported 158 new Covid-19 cases bringing the total to 4,285, according to a report. It also reported 7 new deaths, taking the total to 214.U.K. PM to Tell Nation Not to Expect Lockdown Changes: TelegraphU.K. Prime Minister Boris Johnson will use his first Downing Street press conference since his return to work to lay out the argument as to why the lockdown will remain in place, Telegraph reported. PM to explain that what is crucial to exiting lockdown is to keep the virus’s reproduction rate below one, which means each infected person passes it to fewer than one other person on average.DBS Group Profit Falls 29% as Loan-Loss Provisions Surge (06:51 a.m. HK)DBS Group Holdings Ltd., Southeast Asia’s largest lender, posted its first quarterly profit decline since 2017 as the coronavirus pandemic and oil price slump triggered a spike in loan-loss provisions.ANZ Bank Profit Plunges 60% on Bad Debts; Dividend Deferred (06:39 a.m. HK)Australia & New Zealand Banking Group Ltd. first-half profit plunged 60% as the coronavirus crisis sent bad-debt provisions soaring, prompting the lender to defer its dividend until the economic situation is clearer.Florida to Start Reopening Parts of State (6:16 a.m. HK)Florida Governor Ron DeSantis said he plans to start reopening the state on May 4, allowing restaurants and retail in most areas to resume business with certain limitations. The first phase will exclude Miami-Dade, Broward and Palm Beach counties, the state’s three most populous as well as the ones hardest-hit by the virus.Movie theaters and bars will remain closed for the time being throughout the state, home to 21.5 million people. Schools will continue to use distance learning.Powell Says More Action Needed to Shield U.S. Economy (6:05 a.m. HK)Federal Reserve Chairman Jerome Powell urged lawmakers to deliver more fiscal stimulus to shield the U.S. economy from the virus and warned of a weak recovery even once the pandemic passes.“Economic activity will likely drop at an unprecedented rate in the second quarter,” Powell told a video press conference Wednesday. “It may well be the case that the economy will need more support from all of us, if the recovery is to be a robust one.”The Federal Open Market Committee held interest rates near zero and said in a unanimous statement that it “will use its tools and act as appropriate to support the economy.” Officials also cautioned the pandemic would weigh on the economy over the medium term.Virus May Affect 57 Million U.S. Jobs: McKinsey (5 p.m. NY)The coronavirus pandemic will hurt 57 million U.S. workers, more than double the number of jobless claims so far, once furloughs and reduced hours and pay are included, according to McKinsey & Co.The more than 26 million people who have filed unemployment claims in the past five weeks provide only a partial picture of workforce dislocations, with tens of millions more facing additional risks, according to a report from the McKinsey Global Institute, the think tank arm of the consultancy.The earliest wave of unemployment claims in mid-March disproportionately hit the food service, entertainment and hotel industries. The disruption has since moved into categories including retail, business services, manufacturing and non-essential health care.U.S. Cases Rise 2.7% (4 p.m. NY)Coronavirus cases in the U.S. increased 2.7% as compared to the same time yesterday to 1.03 million, according to data collected by Johns Hopkins University and Bloomberg News. That’s higher than Tuesday’s growth rate of 2.5% but below the average daily increase of 3% over the past week. Deaths rose 4.5% to 60,207.New York’s cases rose 1.6%, according to the Johns Hopkins and Bloomberg News data.Florida reported 33,193 cases, up 0.5% from a day earlier, according to the state’s health department. If the trend holds, it would mark a dramatic slowdown from the pace of past weeks. Deaths rose 4% to 1,218.EU Split on Airline Ticket Refund Rules (3:45 p.m. NY)A group of European Union nations are seeking to shore up the liquidity of airlines by scaling back their obligation to pay refunds for grounded flights. They faced resistance on Wednesday when their idea, which chief EU aviation regulator Adina Valean has rejected, was also opposed by “some” countries during a video conference of the 27-nation bloc’s transport ministers, according to a statement released afterward.Twelve EU countries, led by France and the Netherlands, published a letter pushing Valean to propose amending a 2004 law that requires carriers to refund tickets for canceled flights within seven days unless affected passengers opt for another solution such as travel vouchers.South Africa Cases Jump (3:30 pm. NY)The number of coronavirus cases in South Africa surged by a record for a 24-hour period as testing increased.The nation has 5,350 confirmed cases as of Wednesday, 354 more than yesterday, the Health Ministry said in an emailed statement. A further 10 Covid-19 related deaths were recorded, bringing the total number of deceased to 103, it said. The ministry said 11,630 tests were conducted in the past 24 hours, bringing the total to 197,127.French Hospitalizations Fall (2:45 p.m. NY)France reported that hospitalizations continued to decline, even as new deaths rose.Patients in intensive care, which health authorities consider a key indicator of how the pandemic is impacting the hospital system, fell by 180 to 4,207, the lowest in more than a month. Hospitalizations fell by 650 patients to 26,834, the biggest drop since the number first started falling April 15.Deaths rose by 427 to 24,087, the Health Ministry said in a statement. France’s public health service reported 198,215 coronavirus infections after restating some data because of erroneous analysis earlier this week.France plans to ease strict lockdown measures starting May 11, with a plan to reopen shops as one of the first steps.Hungary to Gradually Reopen (2:10 p.m. NY)Hungary will restart its economy gradually while leaving “strict defensive measures” in place in the capital of Budapest, which has the most coronavirus cases, Prime Minister Viktor Orban said after a cabinet meeting.Lockdown measures, which are relatively mild in Hungary compared with other European nations, will be eased in the countryside, where stores can reopen without restrictions, Orban said in a Facebook video message Wednesday. The wearing of masks and social distancing will be mandatory on public transportation and in shops, he said.Hungary had 2,727 registered coronavirus cases as of Wednesday, with 300 deaths.Trump Credits Testing for High Cases (1:25 p.m. NY)President Donald Trump credited expanded U.S. testing for infection by the new coronavirus for the 1 million cases the nation has reported, by far the most in the world.“That’s a tremendous amount,” Trump said Wednesday in a White House meeting with Louisiana Governor John Bel Edwards. “It’s a number that in one way sounds bad but in another is an indication our testing is more superior.”The U.S. didn’t exceed 100,000 Americans tested for the disease until March 19, more than eight weeks after the first U.S. case was reported Jan. 20, according to data compiled by the Covid Tracking Project.Competition Planned for Tests (12:52 p.m. NY)The U.S. National Institutes of Health is urging scientists and investors to compete in a $500 million national challenge that will help the agency identify the best candidates for at-home or point-of-care tests for Covid-19.The NIH is likening the program to “Shark Tank,” the reality television show where entrepreneurs compete for financial backing. Scientists and innovators will compete for a share of a $500 million fund that will be awarded to those with the most promising technologies. Finalists will also be matched with technical, manufacturing and business experts to help advance their products.The contest is part of a new program called the Rapid Acceleration of Diagnostics initiative, which received $1.5 billion in federal stimulus funding, the agency said Wednesday.Swedish Example May Guide Virus Fight (12:45 p.m. NY)Sweden may be a good example of how governments can rely on the public to help fight Covid-19, according to Mike Ryan, head of the World Health Organizations’s health emergencies program. Contrary to many reports, Sweden has a “strong strategic approach” to fighting the novel coronavirus, and it’s relying on citizens to be informed and make decisions to minimize the risk of spreading the disease, he said.WHO Director-General Tedros Adhanom Ghebreyesus said a global emergency committee will reconvene Thursday to discuss progress fighting Covid-19 in the three months since it last met and deemed the coronavirus a health emergency. “The damage that this virus can wreak is more than any terrorist attack,” Tedros said. “It can bring political, economic and social upheavals, but the choice is ours. The choice should be unity.”Following U.K. reports of possible Covid-19 illness in children, WHO epidemiologist Maria Van Kerkhove said European countries have been reporting cases of severe inflammatory reactions among children, but they seem to be very rare. Children seem to be less likely to transmit Covid-19 to adults than the opposite, she said, citing household transmission studies. There’s no reason to think children are less susceptible, she said, but more research is needed.Austria Wants to Reopen German Border (12:30 p.m. NY)Austrian Chancellor Sebastian Kurz said he wants “in the foreseeable future” to open the border with Germany and other countries where the pandemic is developing in a similarly favorable way.If the situation is similar in two countries, it wouldn’t make much difference to allow travel between them, Kurz was quoted as saying by Bild newspaper. While skiing in the Austrian Alps this winter will “surely” be an option for Germans, summer vacations there could also be possible, Kurz said.U.K. Issues First All-Settings Death Report (12:20 p.m. NY)A further 765 deaths from the coronavirus have been reported in the U.K., the latest figures show.It is the first time deaths from all settings have been reported on a daily basis -- not just in hospitals -- giving the most complete picture of the impact the virus is having on the country. The change to reporting was introduced following criticism that daily figures released by the Health Department were ignoring a significant number of deaths in care homes or in the community.The total number of deaths in the U.K. increased by 3,811 as the country added historical data to its running total.Some 4,076 people were diagnosed with the disease, a slight increase from 3,996 the day before, according to Foreign Secretary Dominic Raab, who has been deputizing for Prime Minister Boris Johnson. Approximately 52,000 tests were carried out on Tuesday, still significantly short of the government’s target of 100,000 tests a day by the end of April.Fauci Calls Remdesivir Test ‘Good News’ (12:06 p.m. NY)Anthony Fauci, the head of the U.S. National Insititute of Allergy and Infectious Diseases and the government’s top infectious-disease specialist, said at a White House meeting with President Donald Trump and Louisiana Governor John Bel Edwards that a U.S. trial showed Gilead Sciences Inc.’s experimental drug to treat coronavirus had a significant positive effect on the virus and that the results “were quite good news.”Fauci called the study the “first truly high-powered randomized placebo-controlled trial” of remdesivir.Gilead’s share price and the broader stock market have been churned in recent weeks by a series of early looks and leaks of trial data on the drug, called remdesivir. Last week, the market swooned after apparently discouraging results from a Chinese trial were accidentally posted on a World Health Organization web page. Data confirming those more downbeat results were published in the U.K. medical journal The Lancet on Wednesday.U.K. Schools Plan Reopening (11:55 a.m. NY)U.K. Education Secretary Gavin Williamson said schools in England will open to children in a “phased manner” once the coronavirus lockdown ends.Williamson said he could not yet give a date for schools to restart, but he would give them “as much notice as possible” so they can prepare properly. He ruled out opening them during the summer vacation between mid-July and the start of September.Schools, colleges and nurseries across the U.K. have been shut for five weeks, apart from a limited provision for vulnerable children and those of designated key workers. Williamson said he is looking at the experience of countries that have started to reopen schools, such as Germany and Denmark, to establish which age groups should return first.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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