Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

Coronavirus Hit on U.S. Economy May Linger Until 2029; Indian Cases Keep Surging -- 4th Update

share with twitter share with LinkedIn share with facebook
06/02/2020 | 04:19pm EDT

By WSJ Staff

-- The U.S.'s reported coronavirus death toll rose to more than 106,000 while confirmed cases surpassed 1.8 million, according to data from Johns Hopkins University. Globally, cases passed 6.3 million; deaths stood at more than 378,000. Experts say official totals likely understate the extent of the pandemic, in part because of differing testing and reporting standards.

--A survey of U.S. nursing homes found some 26,000 coronavirus deaths, a figure that likely falls short of the full toll.

--The U.S. economy could take almost a decade to fully recover from the pandemic and related shutdowns, a U.S. budget agency reported.

--India reported a near-record rise in new cases, with 8,171 in 24 hours, but the government continues to ease lockdown measures.

U.S.

National: The first major federal effort to measure the coronavirus impact at nursing homes found about 26,000 deaths, a total that likely falls short of the full toll on some of the most vulnerable Americans. The survey of nursing homes, released Monday by the Centers for Medicare and Medicaid Services, showed 25,923 resident deaths and 449 deaths among staff. But the CMS rule that mandated the data collection didn't require nursing homes to report deaths and cases that occurred before early May.

New Jersey: Gov. Phil Murphy said his administration will on Wednesday discuss the results of a report on long-term care facilities, where more than 40% of the state's confirmed coronavirus fatalities have been recorded. Among the state's 11,700 deaths, 5,158 were at long-term care facilities. New Jersey launched an investigation into the state's largest nursing home site after dozens of residents died, and has initiated a program to test residents and workers in facilities across the state. Of 54,000 residents tested in May, 11% tested positive for coronavirus, State Health Commissioner Judith Persichilli said Tuesday. Four percent of 65,000 staff members tested positive.

Florida: Gov. Ron Desantis issued an executive order extending a moratorium on evictions and foreclosures until July 1. States including Iowa, South Carolina and Texas have already let such protections lapse, though some localities in those states have kept orders in place. Freddie Mac and Fannie Mae have also suspended foreclosures of federally insured mortgages. The Cares Act provides some protections for occupants of affordable rental housing.

Economy: President Trump plans to meet with senior advisers as soon as this week to discuss policy options for the next coronavirus relief package as the administration prepares for negotiations with Congress, according to a senior administration official.

The president's team has assembled proposals meant to encourage the public to return to work and resume normal life, including going out to restaurants and taking vacations, in an effort to jump-start the economy as quickly as possible.

U.S. stocks ticked higher Tuesday as investors weighed myriad issues, including a protracted economic recovery, tensions between the U.S. and China and ongoing protests.

Virus Testing: Companies in the U.S. are starting to roll out tests that can diagnose coronavirus infections at home. Yet experts worry about the accuracy of the results generated by the at-home tests, costs that insurers often don't cover and other factors that could limit use.

Safety Gear: Health-care workers warned about the quality of respirator masks being decontaminated by a system made by Battelle Memorial Institute, a nonprofit research corporation that has built more than 50 mask-decontamination units after getting more than $400 million in federal government contracts. Battelle said its process, in which masks are exposed to vaporized hydrogen peroxide, allows for N95 respirator masks to be reused 20 times. But health-care workers have warned of worn seals, broken bands and stains on masks that have gone through the process.

New York: Following another night of unrest in New York City over police brutality, Mayor Bill de Blasio said the city needed to focus on working together to reopen starting June 8, and reiterated concerns that the protests could lead to a resurgence of the coronavirus.

"Think about yourself, your family and your elders," he said Tuesday during a press conference. "If you're not wearing face coverings, you're endangering yourself and your family."

Gov. Andrew Cuomo also urged protesters to take precautions to help prevent a resurgence of the virus. The number of new daily hospitalizations from Covid-19 in the state fell to 154 on Monday while the number of daily deaths has hovered below 60 for the past three days.

Michigan: Gov. Gretchen Whitmer, testifying remotely before a House subcommittee, asked for federal assistance to help states build up testing capabilities and address budget shortfalls. Michigan is facing a $6.2 billion loss in revenue over the remainder of this fiscal year and next, according to a written copy of her testimony.

"Covid-19 remains present and pervasive in Michigan, and it stands ready to quickly undo our recent progress in slowing its spread," she said in her remarks.

World

India: Tuesday brought a near-record rise of 8,171 confirmed coronavirus cases over the past 24 hours -- the third consecutive day above 8,000. India now has 198,706 confirmed cases, according to data from the Ministry of Health and Family Welfare, and 5,598 dead.

But despite the steep rise in cases, the federal government has moved to ease lockdown restrictions by allowing shops, industries and some public transportation to reopen.

Iran: Lockdown restrictions on mosques, restaurants, gyms and shopping malls are falling away this week despite a surge in infections that has brought the daily number of new cases to the level of the first peak in late March and early April. On Tuesday the health ministry reported 3,117 new infections, raising the total caseload to 157,562. Iran has reported 7,942 deaths from Covid-19. Health officials warn that without proper adherence to social distancing and hygiene regulations, the coronavirus outbreak may again spin out control.

United Arab Emirates: The U.A.E. on Tuesday locked down its capital, Abu Dhabi, for a week, blocking movement between districts and from other parts of the country as the emirate expands testing to densely populated residential towers. Essential workers were exempted, but online videos and local media showed hundreds of cars sitting in traffic on a desert highway to clear checkpoints into Abu Dhabi.

South Korea: The country reported 38 more cases, bringing its total to 11,541. Hundreds of cases emerged last month from Seoul's nightclubs, but the latest cluster is tied to churches.

Some social-distancing measures in the Seoul metropolitan area were reinstituted last week to last through this week, including the closure of museums and parks. But South Korea has prioritized letting students return to school, and some 1.8 million are scheduled to do so Wednesday.

Japan: In Tokyo, 34 new cases were confirmed Tuesday, the local government said, the first time the daily figure has reached 30 or more since May 14. Tokyo issued an alert encouraging people to stay home, partly reversing the recent relaxation of voluntary restrictions.

China: The city of Wuhan, where the virus first appeared late last year, has tested about 10 million citizens since May 14 and found 300 asymptomatic carriers, according to the Hubei provincial government. The city government has spent about 900 million yuan ($126 million) to test all its residents, the provincial government said in a news conference Tuesday. China reported five new cases Tuesday, all imported.

Australia and New Zealand: Australia reported eight new cases, taking the total to 7,204. More than 6,600 have recovered and 103 have died. New South Wales state, home to Sydney, said restrictions on gyms, yoga studios and indoor pools will be lifted next week, although class sizes will be capped at 10. Tattoo and massage parlors will also reopen from June 13, while children's sport competitions can restart July 1. New Zealand had no new cases for the 11th day.

Hong Kong: The city's government said Tuesday it would extend social-distancing measures that forbid more than eight people gathering until June 18, after a new cluster emerged related to a residential housing development. Since Sunday, Hong Kong has recorded nine new locally transmitted infections, breaking a 15-day stretch of no such cases.

 

Stocks mentioned in the article
ChangeLast1st jan.
FREDDIE MAC 0.47% 2.15 Delayed Quote.-28.76%
MEMBERS CO., LTD. -2.13% 1378 End-of-day quote.-39.48%
RISE, INC. 0.00% 29 End-of-day quote.-3.33%
TEAM, INC. -1.59% 4.32 Delayed Quote.-72.51%
THE LEAD CO., INC. 5.29% 358 End-of-day quote.-8.21%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.04% 7.01169 Delayed Quote.0.58%
WORLD CO., LTD. -0.54% 1463 End-of-day quote.-45.63%
share with twitter share with LinkedIn share with facebook
Latest news "Economy & Forex"
04:18pDollar falls on rising inflation expectations, higher euro
RE
04:16pNEWS HIGHLIGHTS : Top Financial Services News of the Day
DJ
04:11pGOODRICH PETROLEUM : Announces Conference Call to Discuss Second Quarter 2020 Financial Results
PU
04:09pChilean president offers middle classes cash to head off pensions withdrawal
RE
04:07pTrump says he is not interested in talking to China about Phase 2 deal
RE
04:06pU.S. CDC head says mask-wearing for 4-8 weeks could get COVID-19 under control
RE
04:02pMassachusetts sues Uber, Lyft over driver status as contractors
RE
04:01pPRESS RELEASE | JULY 14, 2020 Updates to 2020 Census Response Rate Challenge Toolkit A new 2020 Census Response Rate Challenge Mini Guide geared toward helping local officials and leaders motivate their communities to respond to the 2020 Census.
PU
03:53pIowa farm billionaire's companies receive U.S. pandemic aid
RE
03:50pBritish Columbia province forecasts C$12.5 billion operating deficit in 2020/21
RE
Latest news "Economy & Forex"