Visitors arrive at Universal Studios theme park on the first day of reopening after the shutdown during the coronavirus pandemic, on June 5, 2020, in Orlando, Florida.
Photo by GREGG NEWTON/AFP via Getty ImagesHere’s what you need to know about the coronavirus outbreak to navigate the markets today.
• It is “very rare” for people without symptoms to transmit Covid-19, the World Health Organization said Monday. Initially, it seemed that asymptomatic individuals could spread the coronavirus, a worry that led governments around the world to implement restrictive lock downs in an effort to control the spread of the disease. As more research is done, however, the WHO believes that asymptomatic spread of the disease isn’t the main driver of outbreaks. “From the data we have, it still seems to be rare that an asymptomatic person actually transmits onward to a secondary individual,”the head of the WHO’s emerging disease unit Dr. Maria Van Kerkhove said. “It’s very rare.” Based on the evidence now available, Van Kerkhove said that the most effective method for containing outbreaks is testing, tracing and rigorously isolating patients infected with Covid-19.
• The U.S. economy entered a recession in February, ending the country’s record-setting 128-month long expansion, the National Bureau of Economic Research said on Monday. The NBER’s Business Cycle Dating Committee is the group of economic researchers that is considered the official arbiter of when recessions and expansions start and end. The recession began as the coronavirus pandemic began to hurt economic growth, which was then hammered in March as lockdowns, put in place to contain the spread of the disease, closed schools and businesses around the country.
• The World Bank projects a 5.2% decline in the 2020 global economy due to the coronavirus pandemic, a downturn not seen since the end of World War II. The contraction is expected to be 7.0% for advanced economies and 2.5% for emerging economies, the bank forecasts. The U.S. GDP is expected to shrink 6.1% this year, followed by a 3.9% increase in 2021.
• New York Gov. Andrew Cuomo said Monday that he has reached a deal with the state legislature on police reform. The legislature is set to pass those measures in the coming days, and Gov. Cuomo said he will sign them into law immediately. Specifically, the bills will repeal the state law that keeps police disciplinary records sealed, ban choke holds, give the state’s attorney general the power to prosecute police misconduct instead of local district attorneys, and make it a crime to make a false 911 call on the basis of race.
• Chinese exports, which surprisingly rose in April, dropped in May, although the contraction was less than economists had forecast. Shipments headed to overseas markets slipped 3.3% year-over-year in May, less than the consensus of a 7% decline among economists surveyed by Reuters. In April, exports rose 3.5%, which was attributed to a bounceback after shipments had been delayed for months due to China’s efforts to contain its coronavirus outbreak. Imports also dropped in May, falling 16.7% compared with last year after Aprils 14.2% decline. That almost 17% tumble is the worst contraction in Chinese imports in four years.
• Germany saw its biggest decline in industrial production on record in April. Output dropped 17.9% month-over-month, almost double March’s 8.9% decline. That is the worst monthly drop in industrial output since this data began being collected in January 1991, shortly after the reunification ogf Germany, the country’s statistics office said. The auto industry was hit particularly hard, with a 74.6% month-over-month drop.
• California and other states are seeing a surge in confirmed Covid-19 cases, The Wall Street Journal reports. California, Utah, Arizona, North Carolina, Florida, Arkansas and Texas have all seen increases in coronavirus cases, the WSJ said, referencing data collected by Johns Hopkins University.
• New Zealand has, for now, won its fight against Covid-19, with Prime Minister Jacinda Arden announcing Monday that the country’s last remaining coronavirus patient had recovered. “We have eliminated transmission of the virus for now,” Prime Minister Ardern said. “While the job isn’t done, this is a milestone.” Government officials credited the success to the country’s early lockdown and quick ramping-up of testing capacity that allowed it to implement a strong testing and tracing program.
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Write to Ben Walsh at ben.walsh@barrons.com
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Coronavirus News Updates: The World Health Association’s Dr. Maria Van Kerkhove says it is “very rare” for people who are infected with the coronavirus but are asymptomatic to transmit the infection. - Barron's
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