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 hospitalizations. It's likely to add to scrutiny from some U.S. lawmakers that some states, including Texas, opened businesses too early.
On Friday, the Centers for Disease Control and Prevention warned that states may need to reimplement the strict social distancing measures that were put in place earlier this year if U.S. coronavirus cases rise "dramatically." —Berkeley Lovelace Jr.
12:22 p.m. ET — Treasury Secretary Steven Mnuchin revealed that he is planning to discuss small business bailout disclosure with members of the Senate.
Mnuchin said he and the Senate will speak on a "bipartisan basis" about reaching a potential deal that protects the privacy of recipients of small business loans while ensuring proper oversight of the funds.
Mnuchin announced the news in a tweet, saying he will be "having discussions" with the Senate Small Business Committee "to strike the appropriate balance for proper oversight" of the Paycheck Protection Program loans "and appropriate protection of small business information." —Yelena Dzhanova
10:10 a.m. ET — The Television Academy announced the precursor ceremony to the Primetime Emmy Awards will be held virtually this year as a precaution against the spread of the coronavirus.
The event, which had been scheduled to take place on September 12 and 13, awards those behind-the-scenes working in production, design, set decoration, editing, casting and sound.
The Governors Ball, the official afterparty for the Emmys, has also been canceled.
The Television Academy still plans on hosting the Primetime Emmys on September 20, however it is evaluating safety measures for the ceremony. —Sarah Whitten
9:48 a.m. ET — Without ramped up contact tracing and targeted mitigation strategies, U.S. hot spots could "quickly get out of control," former Food and Drug Administration Commissioner Dr. Scott Gottlieb told CNBC.
Arizona, Texas, Florida, North Carolina, Arkansas and a handful of others have seen an increase in cases in recent weeks. While some attribute the rise in cases to increased testing, hospitalizations, which are not tethered to the availability of testing, has also risen in a number of states.
"What these states need to do, what these cities need to do is good contact tracing, not to find every individual who's infected, but to find the sources of infection, the activities that lead to the infection and take targeted mitigation steps," Gottlieb said.
When reached for comment on Friday, Arizona's Maricopa County Public Health spokeswoman Sonia Singh told CNBC that it adjusts staff for "contact tracing up or down as needed in response to case count trends." She added that 90 additional staff are on the way, half of whom have already started.
Gottlieb added that Arizona could take responsibility for contact tracing efforts away from the counties and centralize the effort under state leadership. —William Feuer
9:42 a.m. ET — From March through May, the restaurant industry lost $120 billion in revenue, according to the National Restaurant Association.
The latest sales data from the trade group paint a bleak picture of the industry, which is expected to lose $240 billion by the end of the year. Restaurants across the country are reopening, but capacity limits and new rules to maintain social distancing constrain dining room sales.
Three-quarters of restaurant operators say that it's unlikely that their restaurant will be profitable within the next six months. The NRA surveyed more than 3,800 U.S. restaurant operators between May 15 and May 25. —Amelia Lucas
9:36 a.m. ET — Stocks opened lower as investors grappled with signs of a second wave of coronavirus cases amid the U.S. economy reopening, reports CNBC's Fred Imbert and Yun Li. The Dow Jones Industrial Average fell 608 points at the open, or 2.4%. The S&P 500 slid 1.9% while the Nasdaq Composite traded 1.4% lower. —Melodie Warner
9:33 a.m. ET — The American Red Cross will test all donated blood, plasma and platelets for Covid-19 antibodies for a limited time. The blood bank is not testing for Covid-19 itself and said people who believe they may be ill with Covid-19 should not offer to donate until they are symptom-free for 28 days and are feeling well and healthy.
Donations given before Monday will not be tested. The organization expects to offer the testing throughout summer months and testing may be extended into the fall. Results will be available around seven to 10 days after donating. —Alex Harring
9:19 a.m. ET — Delta Air Lines has received approval from the Shanghai government to resume flights from June 18, according to a Reuters report citing a company spokeswoman.
The airline is still waiting for the Civil Aviation Administration of China to decide on how many flights it can resume and when it can do so, Reuters reported.
China's aviation authority has said it would allow foreign airlines to increase flights between the country and other regions from June 8. —Melodie Warner, Reuters
8:50 a.m. ET — Germany will launch an app to trace the contacts of coronavirus patients this week, Health Minister Jens Spahn said over the weekend.
The country's app is being built with the help of Deutsche Telekom and SAP and relies on privacy-focused technology developed by Apple and Google. Italy's government has also launched an app based on the Apple-Google model, called Immuni.
The U.K., on the other hand, says it will launch its own app "soon," but the timing of its launch remains unclear. There has been a rift in Europe over whether to use Apple and Google's "decentralized" approach, with Britain, France and Norway opting for a more centralized model. Norway announced on Monday that it was pausing work on its app after its data protection regulator flagged privacy concerns. —Ryan Browne
8:01 a.m. ET — Nationwide, about 21,000 people are infected with the coronavirus in the U.S. every day. But that national figure masks regional trends, which indicate that while the virus is slowing in the Northeast and Midwest, it's rising in the South and the West, CNBC's Meg Tirrell reported, citing data from the Covid Tracking Project.
While some continue to attribute the rise in cases to increased testing, data on hospitalizations, which is not tethered to the availability of testing, is also on the rise in a number of states, including Arizona, Texas and North Carolina. Some states, such as Florida, do not report hospitalizations. The cities seeing the fastest case-doubling time are Yakima, Washington; Phoenix, Arizona; Austin, Texas; Charlotte, North Carolina; and Tampa, Florida, Tirrell reported, citing data from investment banking firm Evercore ISI.
State officials have responded to the increase of infections in a variety of ways. Arizona Gov. Doug Ducey has insisted the state's hospitals are well prepared for a surge in patients. Oregon Gov. Kate Brown has paused the state's reopening for seven days while health officials reexamine the data and trends. —Will Feuer
7:24 a.m. ET — Italy, Germany, the Netherlands and France have agreed to pay an initial 750 million euros ($843.2 million) for 300 million doses of AstraZeneca's vaccine against Covid-19, a spokesperson for Italy's health ministry said according to a Reuters report.
The countries will have the option to buy a further 100 million doses, the health ministry said, according to the news agency. Italy itself will pay 185 million euros for 75 million doses of the vaccine, which is being developed by Oxford University.
AstraZeneca announced on Saturday it had agreed with the four countries to supply up to 400 million doses of the vaccine, with deliveries starting by the end of 2020. The pharmaceutical said it was building a number of supply chains in parallel across the world and is seeking to expand manufacturing capacity further. Total manufacturing capacity currently stands at 2 billion doses, the company said.
The vaccine is undergoing phase two and three clinical trials with around 10,000 adult volunteers taking part in the late-stage U.K. trial. In a statement Saturday, AstraZeneca said it "recognises that the vaccine may not work but is committed to progressing the clinical programme with speed and scaling up manufacturing at risk." –Holly Ellyatt
7:16 a.m. ET — In an effort to restart the country's crucial tourism sector, Greece has reopened its main airports to more international flights, Reuters reported.
Visitors from airports deemed high-risk by the European Union's aviation safety agency will be tested for the coronavirus and quarantined for up to 14 days if they test positive, according to Reuters. Passengers from Britain and Turkey face greater restrictions, and passengers from other airports will be randomly tested.
Country-wide restrictions on movement imposed in March helped Greece contain the spread of Covid-19 infections to just above 3,000 cases, according to data compiled by Johns Hopkins University.
"You can come to Greece, you will have a fantastic experience, you can sit on a veranda with this wonderful view, have your nice Assyrtiko wine, enjoy the beach," Prime Minister Kyriakos Mitsotakis said Saturday from the Mediterranean island of Santorini, Reuters reported. "But we don't want you crowded in a beach bar... There are a few things that we won't allow this summer."
Tourism employs about 700,000 people and accounts for some 20% of Greece's economic output, according to Reuters. —Will Feuer
Read CNBC's previous coronavirus live coverage here: U.S. second wave could stress medical system; India cases spike despite lockdown