The number of coronavirus cases globally jumped past 8 million on Tuesday during Asia time. China reported 40 new cases as a new cluster in Beijing continued to grow. That new cluster, linked to a wholesale market in Beijing, could impact food shipments into China.
New coronavirus cases and hospitalizations continue to rise in a handful of U.S. states, prompting warnings from some health officials that greater precautions might be necessary to keep the health systems from being overwhelmed. As people grow fatigued from social distancing and other precautions, pharmaceutical and biotech companies are racing forward to develop treatments and a vaccine for the virus.
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- Global cases: More than 8.01 million
- Global deaths: At least 436,306
- U.S. cases: More than 2.11 million
- U.S. deaths: At least 116,135
The data above was compiled by Johns Hopkins University as at 9:45 a.m. Singapore time.
Switzerland's economy could lose more than $100 billion in output due to the fallout from the coronavirus pandemic, the government said on Tuesday, Reuters reported.
The government expects 2020 gross domestic product (GDP) to be around 652 billion Swiss francs ($687.26 billion), down from a forecast for 712 billion francs made in December.
"On a per capita basis the downturn is going to be as bad as the mid-1970s, if not worse," said government economist Ronald Indergand said, Reuters reported. "It is going to take years to get over this. The economy is only going to get back to its previous level by 2022."
Earlier Tuesday, government economists forecast a 6.2% fall in GDP in 2020 and for unemployment to average 3.8% over the year as a whole. "This would make it the lowest economic slump since 1975," the government report said. — Holly Ellyatt
09:30 a.m. London time: Oil prices have tumbled around 40% year-to-date, as lockdown measures designed to slow the spread of the coronavirus created an unparalleled demand shock in energy markets.
The International Energy Agency said on Tuesday that it expects the fall in oil demand this year to be the largest in history, but believes there are signs the market could reach "a more stable footing" over the coming months.
2:50 p.m. (Singapore time) — Southeast Asian ride-hailing company Grab announced that it would be cutting 360 jobs, or about 5% of its headcount.
The Singapore-based company, which has a presence in eight countries, said the move was due to the impact of the coronavirus.
In a note addressed to its employees, Chief Executive Anthony Tan said: "We tried everything possible to avoid this but had to accept that the difficult cuts we are making today are required, because millions depend on us for a living in this new normal." — Weizhen Tan
2:16 p.m. (Singapore time) — A new cluster linked to a wholesale market in Beijing could impact food shipments into China. According to local media, the virus was found on chopping boards used for imported salmon at the Xinfadi market.
On Monday, the World Health Organization said that the claim the new cluster might have originated from salmon imports or their packaging was not the "primary hypothesis," Reuters reported.
The situation would be "difficult" if the cluster is traced back to imported meat as China needs imports to keep meat inflation under control, Darin Friedrichs, senior Asia commodity analyst at trading house INTL FCStone said in a report on Monday.
Any additional safety measures in the handling and process of imported meat could also be disruptive to the industry. Even if it is determined that the new cluster was not triggered by imported meat, the reports may have already hit consumer sentiment. If that triggers a shift in preference for domestic pork, that could drive up food inflation. — Huileng Tan
9:55 a.m. (Singapore time) — Singapore is set to lift most restrictions on Friday. People will be allowed to dine out at restaurants, and social gatherings of up to five people will be permitted. Shops, sports facilities, fitness studios, and parks will also be allowed to reopen.
However, bars and nightclubs will remain closed, and religious congregations, conferences are still not allowed to take place. — Weizhen Tan
9:20 a.m. (Singapore time) — China's National Health Commission reported 40 new cases, with 27 of those in Beijing as a new cluster in the city continued to grow.
Overall, there were 32 locally transmitted cases and 8 imported cases. There were no additional deaths. China's total number of reported cases is now 83,221. Beijing had no new confirmed cases for almost two months until an infection was reported on June 12, according to Reuters.
The new cluster in Beijing has been linked to a wholesale food market. The city began imposing restrictions again, such as closing schools and sports venues, as well as ordering people to get tested for the coronavirus.
The first cases of the virus were first reported in December in China's Wuhan city, also at a seafood market. Cases of Covid-19 have now spread globally, with more than 8 million infections according to Johns Hopkins University data. — Weizhen Tan
7 p.m. ET — Taking hydroxychloroquine along with remdesivir may weaken the effectiveness of the latter drug, the Food and Drug Administration warned, citing a recently completed non-clinical study.
Remdesivir was granted emergency use authorization by the FDA to treat hospitalized patients sickened with Covid-19 in May. Hydroxychloroquine had also been granted a EUA for the coronavirus, but the designation was revoked earlier in the day after the FDA found it was unlikely to be effective.
The news by the FDA of the potential drug interaction is likely to further dampen hopes that hydroxychloroquine is helpful against the coronavirus. —Berkeley Lovelace Jr.
6:20 p.m. ET — JPMorgan Chase is planning to bring more traders back to its headquarters in New York City on June 22, according to someone with knowledge of the bank's plans.
Around 20% of the division's staff has worked from offices during the pandemic, but that number could rise to 50% by mid-July, CNBC's Hugh Son reports.
JPMorgan will institute safety measures like requiring employees to wear masks in common areas and marking desks with colored stickers to indicate where workers can sit. Phasing in the trading division staff will be an early test to see how the company can safely increase in-person attendance. —Hannah Miller
5:30 p.m. ET — Sacramento Kings owner Vivek Ranadive said his organization is experimenting with a breathalyzer device to detect Covid-19. "You'll be able to blow into a tube and test whether somebody has the virus by looking through a spectroscope," Ranadive told CNBC's "Power Lunch" on Monday.
Ranadive said the Kings are exploring numerous "elimination of friction efforts" to avoid spreading the virus throughout the more than $500 million Golden 1 Center, including access to temperate gauges. Researchers at UCLA and Ohio State University have been awarded grants to test the Covid-19 breathalyzer concepts, one of which could produce results in 15 seconds.
The testing system would be able to take certain compounds of an individual breath to detect coronavirus. The National Basketball Association approved plans on June 4 to resume its season after suspending operations due to the pandemic on March 11. — Jabari Young
5 p.m. ET — The Women's National Basketball Association said it is finalizing a plan to start its 2020 season in July. The league originally delayed its season start date of May 15 because of the pandemic.
The plan calls for the season to include 22 regular games and a traditional playoff format. They would take place without spectators at IMG Academy, a sports academy in Bradenton, Fla. Players from all 12 WNBA teams would also live and train at the facility.
The WNBA's announcement follows the National Basketball Association's approval of a plan that would restart its season on July 31 with 22 teams. The Walt Disney World Resort in Orlando, Fla. would host all games and players under the plan. —Hannah Miller
4:30 p.m. ET — California Gov. Gavin Newsom gave an update on the state's Covid-19 response and said he is continuing to allow counties to tailor their reopenings to their specific needs and that they can decide themselves when to lift restrictions.
"Those decisions should be made with a local lens," Newsom said at a press briefing.
He said that as testing has increased in California, the rate of positive results has dropped dramatically from just over 40% in early April to 4.5% by the end of last week. The state has not yet seen a spike in cases after protests in response to the police killing of George Floyd.
However, Newsom said the state is not yet "out of the woods," and is bracing for a potential increase in coroanvirus cases as California reopens further.
"This pandemic is not going away," he said. "You're seeing an increase in numbers all across this country." —Hannah Miller
3:21 p.m. ET — The Chinese government has donated personal protective equipment and free meals to health care workers in struggling communities across the U.S., NBC News reports, in what some call "mask diplomacy."
Critics say the donations, while legal and in some cases needed, are an attempt to garner good publicity as tensions between to the U.S. and China escalate.
Chinese consulates in Chicago, San Francisco and Houston, among others, have donated free meals and face masks numbering in the thousands. Some lawmakers are denouncing the donations. Sen. Marco Rubio, R-Fla., told NBC News that the donations are a way to make people think of China "as a leader on the response to the Covid-19 pandemic they caused." —Alex Harring
3:06 p.m. ET — The World Health Organization urged scientists around the world to investigate disease clusters to understand the origin and cause of the coronavirus infection.
The comments come after officials in Beijing reported a total of 79 confirmed cases of Covid-19 originating from Xinfadi, the biggest wholesale food market in Asia, since June 11. The market is more than 20 times larger than the seafood market in Wuhan where the coronavirus outbreak was first identified.
The WHO said in a statement on Saturday that all confirmed cases are in isolation and under care. Health officials are currently tracking the origin of the new clusters in Beijing and closely monitoring the oubtreak.
"The answers lie in careful, systematic, exhaustive investigation of disease clusters to really look at what is happening in these situations and what is causing the amplification of the disease in the human context," said Dr. Mike Ryan, executive director of the WHO's emergencies program, during a press conference at the agency's Geneva headquarters.
"If we get that, we will build up a much better picture of the public health advice we need to give to our communities on what behaviors to avoid, what places to avoid, and what circumstances to avoid," he said. —Jasmine Kim
2:32 p.m. ET — The Trump administration doesn't want to extend enhanced unemployment benefits past their scheduled July 31 end date, according to White House economic advisor Larry Kudlow.
Instead, the administration and congressional Republicans want to replace the $600 a week in extra jobless benefits with a cash bonus that would pay a temporary, smaller weekly sum to Americans who find a new job.
Democrats want to extend the $600 payments, arguing that high levels of joblessness will persist past July. —Greg Iacurci
1:54 p.m. ET — House Democrats wrote to the chief executives of some of the country's largest banks, including J.P. Morgan Chase, Bank of America and Wells Fargo, demanding documents pertaining to the paycheck protection program.
The Democrats, led by House Majority Whip James Clyburn said they are investigating whether the program has favored "large, well-funded companies" over the smaller ones the program was intended for.
Among the documents they want, they asked for "all internal communications" and policies pertaining to the program and correspondence with the Treasury and Small Business Administration. They also wrote to the Treasury, demanding a detailed list of everyone that applied and received loans from the program. They chastised both the Treasury and SBA for not making the need to prioritize loans for underserved communities a part of the program's guidance, despite what they say was the original intent of the CARES Act that established the program. —Lauren Hirsch
1:28 p.m. ET — San Francisco has moved into Phase 2B of its reopening, joining other Bay Area counties in easing coronavirus restrictions.
The city now allows outdoor dining, indoor shopping at retailers, non-emergency medical appointments and small gatherings, including religious services and ceremonies. Professional sports can resume for broadcast, but cannot have in-person spectators. Summer camps can also open in San Francisco. —Hannah Miller
1:04 p.m. ET — The Food and Drug Administration announced it is ending its emergency use authorization of chloroquine and hydroxychloroquine, the drugs backed by President Donald Trump.
The move by the agency comes nearly two weeks after a study published in the New England Journal of Medicine found hydroxychloroquine was no better than a placebo in preventing infection of the coronavirus.
The FDA, in its notice, said the drugs were "unlikely to be effective" in treating Covid-19 for the authorized uses in the EUA. The FDA had warned consumers in April against taking the drugs due to the risk of "serious heart rhythm problems" in some patients.
Even though hydroxychloroquine is not a proven treatment for the coronavirus, some people across the world took it after a handful of small studies published earlier in the year suggested it could be beneficial and Trump promoted the drug as a potential treatment for the virus. —Berkeley Lovelace Jr.
12:40 p.m. ET — The number of patients sickened with Covid-19 across Texas' hospitals continues to climb with the state reporting its sixth new daily high in less than a week.
Texas was among the first states to relax its statewide stay-at-home order. In the past week, Wednesday was the only day that Texas didn't set a new record for ho