The majority of a small group of coronavirus patients showed their condition improve after treatment with remdesivir, an experimental drug being developed by Gilead Sciences Inc. (GILD), according to a study published in the The New England Journal of Medicine.The study is based on results from a cohort analysis of 53 patients hospitalized with severe COVID-19 symptoms in the U.S. and around the world, who were treated with the investigational antiviral remdesivir on an individual compassionate use basis. About two-thirds of the patients showed improvement in oxygen support and 17 of 30 of those treated who were on ventilators were able to be taken off the life-support machines. Moreover almost half of the treated patients were discharged from hospital.“We cannot draw definitive conclusions from these data, but the observations from this group of hospitalized patients who received remdesivir are hopeful," said Jonathan D. Grein, Director of Hospital Epidemiology, Cedars-Sinai Medical Center, Los Angeles, and...
OPEC, Russia and other oil producing nations agreed on Sunday to cut output by a record 9.7 million barrels per day for May-June, representing around 10% of global supply, to support oil prices amid the pandemic, according to sources. The agreement, could put a floor on oil prices and provide a psychological boost for equity investors, since talks had hit roadblocks late last week. If it was a bigger cut "then you would've seen oil prices strengthen to $30 very quickly and that would be helpful for equity markets but we didn't get that," said Peter Cardillo, chief market economist at Spartan Capital Securities....
(Bloomberg) -- New York State’s death toll passed 9,000, and fewer patients were sent to hospitals, a positive trend noted by the governor. Hardest-hit Italy and France reported the fewest new deaths in weeks.A top U.S. infectious disease doctor said parts of the U.S. may be ready in May to ease restrictions that have shut businesses. A Fed banker cast doubt on a rapid recovery after the limits end.France, Germany, Italy and Spain reported a slowdown in new cases, allowing governments to seek ways for safely easing lockdowns. The U.K. became the fifth nation to record more than 10,000 deaths.Key DevelopmentsCoronavirus Tracker: Global cases exceed 1.8 million; deaths top 112,000Pork producer warns of meat shortagesCuomo to meet regional state leaders on reopening planNBA owner Mark Cuban sees fanless gameVolatile data complicates ending Europe lockdownChina’s Harbin tightens measuresPork Producer Warns of Shortages (3:15 p.m. NY)The world’s biggest pork producer warned that the...
(Bloomberg) -- The world’s top oil producers pulled off a historic deal to cut global petroleum output by nearly a 10th, putting an end to the devastating price war between Saudi Arabia and Russia.After a week-long marathon of bilateral calls and four days of video conferences with government ministers from around the world -- including the OPEC+ alliance and the Group of 20 nations -- an agreement finally emerged to tackle the impact of the global pandemic on demand.The talks almost fell apart because of resistance from Mexico, but came back from the brink after a weekend of urgent diplomacy, including the personal intervention of President Donald Trump, who helped broker the solution.“Unprecedented measures for unprecedented times,”said Ed Morse, a veteran oil watcher who is head of commodities research at Citigroup. “Unprecedented in historical discussions of production cuts, the U.S. played a critical role in brokering between Saudi Arabia and Russia...
(Bloomberg) -- The world’s top oil producers pulled off a historic deal to cut global crude output and put an end to a devastating price war.After a week-long marathon of bilateral talks and four days of video conferences with government ministers from around the world -- including the OPEC+ alliance and Group of 20 nations -- an agreement finally emerged to tackle the impact of the global pandemic on demand.The talks almost fell apart because of resistance from Mexico, but came back from the brink after a weekend of urgent diplomacy -- as the clock ticked down to the market open.OPEC+ will cut 9.7 million barrels a day -- just below the initial proposal of 10 million. The U.S., Brazil and Canada will contribute another 3.7 million barrels as their production declines. OPEC officials were still waiting to hear more from Group of 20 members -- though it’s not clear if...
