(Bloomberg) — The U.S. House of Representatives overwhelmingly passed a $484 billion coronavirus aid package, replenishing funding to aid small businesses and provide support for hospitals and virus testing.The number of cases and deaths in Germany rose by the most in nearly a week, while U.S. infections increased at the slowest pace in three weeks. Prime Minister Boris Johnson plans to return to Downing Street as early as Monday, the Telegraph reported. U.K. retail sales fell the most since records began, though consumers stocking up on frozen food and medicine provided a short-term boost for Nestle SA and Sanofi SA. Gilead Sciences Inc. shares sank after a summary of a Chinese trial of its closely watched virus treatment appeared to show that it was a failure.Key DevelopmentsVirus Tracker: Cases top 2.7 million; deaths exceed 190,000U.S. House passes $484 billion virus aid billMnuchin asks for equity stakes in exchange for $17 billion aidTrump muddles virus response while public support slidesTrump sees coronavirus hope in summer, sunlight and bleachThe week coronavirus got away from Boris Johnson’s governmentWhy a Second Wave of Covid-19 Is Already a Worry: QuickTakeSubscribe 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.U.K. Retail Sales Post Biggest Drop on Record (2:09 p.m. HK)U.K. retail sales fell the most since records began as restrictions to control the coronavirus forced all but essential stores to close. Sales including auto fuel declined a record 5.1% from February, the Office for National Statistics said Friday. Sales excluding fuel dropped 3.7%.Sanofi, Nestle Get Sales Boosts (1:38 p.m. HK)Sanofi’s sales and profit rose in the first quarter as consumers snapped up the drugmaker’s treatments ahead of lockdowns — a short-lived boon from the Covid-19 pandemic. Nestle SA reported its fastest sales growth in almost five years as consumers loaded up on frozen food, boosting brands that have faltered in recent years such as Stouffer’s and Hot Pockets.Singapore Mulls Mass Testing as Outbreak Balloons (1:37 p.m. HK)Singapore is looking to pivot to a more aggressive coronavirus response strategy that involves mass testing for its population of 5.7 million people as cases in the city-state jumped more than ten-fold this month to cross 11,000.The country hopes to be able to “progressively reopen” its economy in about a month’s time, with “much more testings for the entire population and at the same time to take on” additional safe distancing measures, Minister for Trade and Industry Chan Chun Sing said Thursday in an interview with Bloomberg TV’s Haslinda Amin.German Cases, Deaths Rise by Most in Almost a Week (1:33 p.m. HK)The number of new coronavirus cases and deaths in Germany rose by the most in nearly a week, a day after Chancellor Angela Merkel warned that the nation is “far from being out of the woods.”There were 2,481 new cases in the 24 hours through Friday morning, bringing the total to 153,129, according to data from Johns Hopkins University. Fatalities rose by 260 to 5,575 and the death rate edged up by about a 10th of a percentage point to 3.6%. Some 103,300 people have recovered from the disease, more than any other nation.China Cuts Another Policy Rate (11:47 a.m. HK)China’s central bank rolled over some of the targeted funds due Friday while cutting interest rates on the loans, the latest in a string of measures aimed at ensuring sufficient liquidity.A flurry of measures in recent months have kept liquidity ample to support China’s weakened economy, with data last week showing the first contractionin decades in the first quarter. Lockdowns to contain the coronavirus are set to result in the country’s slowest annual economic growth since the 1970s.Philippines Says Leeway to Spend for Virus Fight Narrows (11:32 a.m. HK)The Philippines’ spending leeway to fight the coronavirus pandemic has narrowed as its key economic engine remains on lockdown, officials said. “The money is dwindling,” President Rodrigo Duterte said in a recorded briefing, adding that the government isn’t able to collect taxes with businesses shut.The Philippines is extending until May 15 the lockdown of its capital and some nearby areas that account for majority of its economic output to stem the spread of the novel coronavirus.South Korea to Use Wristbands on Violators (10:24 a.m.)South Korea will require violators of the self-isolation rule to wear tracking wristbands beginning April 27, the health ministry said. If violators resist wearing the bands, they will be sent to a separate facility, the ministry said. As of April 22, more than 46,000 people were under self-isolation.South Korea reported six more coronavirus cases for the past 24 hours, marking a total tally of 10,708. New cases have slowed from a daily peak of more than 900 in late February. The country reported no new fatalities.Mnuchin Asks for Equity Stakes in Exchange for Aid (9:47 a.m. HK)U.S. Treasury Secretary Steven Mnuchin will require public companies deemed critical to national security that seek a share of $17 billion in virus-related relief to offer an equity stake to the government.For private companies, Mnuchin “may, in his discretion, accept senior debt instruments” or other financial interests, the Treasury Department said in the 10-page loan application posted on its website late Thursday.China Adds 6 Coronavirus Cases, No Deaths (8:50 a.m. HK)China reported no deaths from the coronavirus for a ninth straight day. The country had six additional coronavirus cases by end of April 23, with two of them from abroad, according to a statement from the country’s National Health Commission.China reported 34 asymptomatic cases. It has 979 asymptomatic coronavirus cases under medical observation as of April 23. Confirmed coronavirus cases in China total 82,804, with the death toll at 4,632.Johnson to Return to Work as Early as Monday: Telegraph (8:45 a.m. HK)U.K. Prime Minister Boris Johnson plans to return to Downing Street as early as Monday after suffering from the virus, The Telegraph reported, citing unidentified people. Ministers were told to be ready for Johnson to be back at work on Monday, though no final decision has been made, the report said.Boeing Set to Cut Dreamliner Output, Jobs (7:44 a.m. HK)Boeing Co. is poised to cut 787 Dreamliner output by about half and announce workforce reductions when it reports first-quarter earnings next week, said people familiar with the plans.Dave Calhoun, Boeing’s chief executive officer, warned employees last month of a “new reality” when the world emerges from the coronavirus pandemic. Global airline sales are projected to plunge by $314 billion this year, and travel may not recover fully until mid-decade.House Overwhelmingly Passes Aid Bill (7:20 a.m. HK)The House overwhelmingly passed and sent to President Donald Trump a $484 billion coronavirus aid package, even as members are already at odds over the next phase of rescue legislation.Thursday’s bipartisan 388-5 approval was delivered by lawmakers wearing masks and entering the House chamber under strict health precautions. Trump said at a White House briefing he is likely to sign the bill Thursday night.The measure would replenish funding to the Paycheck Protection Program for small businesses and provide other spending for hospitals and virus testing. It’s the fourth coronavirus-related spending measure since early March, at a total cost of almost $3 trillion.Mnuchin Weighs Lending Program for Oil Firms (7:15 a.m. HK)Treasury Secretary Steven Mnuchin said he’s considering the creation of a government lending program for U.S. oil companies, who are looking for federal aid as they cope with a devastating plunge in prices. He would not say whether the lending program would be housed at his agency or at the Federal Reserve, which has created a number of loan facilities for businesses suffering from the economic collapse brought on by the coronavirus outbreak.Virus Dies Fastest Under Light, Humid Conditions: Study (7:10 a.m. HK)The coronavirus doesn’t last as long on door handles and other nonporous surfaces when it’s exposed to sunlight, higher temperatures and humidity, according to a U.S. government study.“The virus is dying at a much more rapid pace” from exposure to humidity or heat, Bill Bryan, an undersecretary at the Homeland Security Department, said at a White House news conference on Thursday.Trump May Extend Social-Distancing Guidelines to Summer (7 am HK)Social distancing guidelines will be extended until “we feel safe,” President Donald Trump said at the daily White House coronavirus briefing.Baseball School Has 25% of Venezuelan Cases (4:50 p.m. NY)A baseball academy that recently produced prospects for U.S. teams including the Yankees and the White Sox is ground zero for the most intense outbreak in Venezuela.The disease took hold after two players from the Roberto Vahlis Academy on Margarita Island returned from the Dominican Republic last month, unaware that they were infected, according to the government. Margarita, known for beach vacations and kite surfing, now accounts for about a quarter of Venezuela’s 298 confirmed cases .Gilead Falls on Leaked Virus Drug Trial Data (4:45 p.m. NY)Gilead Sciences Inc. shares were whipsawed for the second time in a week after a summary of a Chinese trial of its Covid-19 drug appeared to show that it was a failure.The synopsis, which the company and a scientist working on the trial said didn’t fairly represent the actual results, saw Gilead’s shares closed down 4.3% on Thursday in New York. The drug, remdesivir, is one of the most closely-watched therapies of the dozens being developed and tested as a potential treatment for Covid-19 patients. The World Health Organization, which has been helping coordinate the global response to the virus, said it accidentally posted the results on a website that helps track therapies for the disease.The summary was quickly removed, but details of the post were reported by the Financial Times and posted by the publication Stat. They showed that the drug wasn’t associated with patients getting better more quickly; and 13.9% of patients getting the drug died, versus 12.8% getting standard care.Brazil Deaths Rise (4:20 p.m. NY)Brazil has 3,313 deaths confirmed by the novel coronavirus, there were 2,906 on April 22, according to the Health Ministry press office. Confirmed cases jumped to 49,492 from 45,757 on Wednesday. Sao Paulo state has 16,740 confirmed cases and 1,345 deaths, the ministry said.U.S. Cases Rise at Slowest Pace This Month (4 p.m. NY)U.S. cases rose 2.5% from the day before to 856,209, the lowest daily increase this month, according to data compiled by Johns Hopkins University and Bloomberg News. That was lower than Wednesday’s rate of 3.1% and below the average daily increase of 4.1% over the past week.New York’s cases rose 2.5% to 269,756, according to the Johns Hopkins and Bloomberg News data. Deaths rose 1.7% to 19,551. Texas reported its third-straight increase in the number of daily cases, with an additional 875 sickened residents, bringing the total to 21,944, according to the state’s health services department.Study Finds 14% of New Yorkers Had Signs (12:35 p.m. NY)A New York state-led study seeking to learn how many people have been infected found that 13.9% of those tested had signs of the virus, in one of the biggest U.S. reviews to date.In New York City, the hardest-hit area in the U.S., 21.2% tested positive for a blood marker showing that they had been infected at some point. Statewide, 2.7 million people may have has Covid-19, Governor Andrew Cuomo said.New York has reported 15,500 deaths. If 2.7 million people have been infected, that would put the fatality rate at around 0.6%.Lagarde Warns GDP Could Fall 15% (10 a.m. NY)European Central Bank President Christine Lagarde told the EU’s leaders that the bloc’s gross domestic product could fall by as much as 15% and that they’ve done too little, too late, according to two people familiar with the remarks.Lagarde spoke during a video conference meeting of the 27 European Union leaders, who are discussing how to mitigate the economic fallout of the global pandemic. The people asked not to be identified because the summit is private.EMA Warns of Heart Risk From Malaria Drug Combination (9:30 a.m. NY)Europe’s health regulator warned of exacerbated heart risks from the combination of an old malaria medicine with an antibiotic, a treatment regimen for Covid-19 that was endorsed by Trump. Hydroxychloroquine and an older cousin called chloroquine can cause heart-rhythm problems and the antibiotic azithromycin has a similar effect on the heart, according to the European Medicines Agency.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.
