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Watch Live: Boris Johnson Says UK Has “Passed The Peak”, Lays Out Plan For Reopening Economy – Live Updates

Courtesy of ZeroHedge View original post here.

Summary:

  • LA becomes first US city to offer county-wide testing
  • Lagarde warns eurozone economy could shrink up to 12% in 2020
  • Russia passes 100k cases
  • Boris Johnson lays out reopening plan
  • Sri Lanka reimposes lockdown measures
  • Italy retakes mantle of second-deadliest outbreak in Europe from UK
  • Pentagon orders another 100k body bags for "worst case" scenario
  • US death toll tops 60k
  • DHS acting secretary says social distancing will last for 'months'
  • NYC hands out free masks
  • Florida reports uptick in cases, deaths
  • South Korea says 'zero' cases of infection stemming from April 15 election
  • California closes parks, beaches
  • NY reports 306 deaths, 933 new cases
  • Total cases break above 300k
  • Airbus reports massive loss, signals distress
  • New data suggests 1 in 6 US nursing homes suffered COVID-19 clusters
  • 500k coronavirus tests obtained by Maryland from SK haven't yet been used
  • NYT hammers Brazil's Bolsonaro for denying outbreak
  • UN warns about virus spreading in Syria, Yemen
  • Eurozone GDP contracts 3.8%
  • UK NHS allows hospitals to remove minority workers off the front lines

*         *         *

Update (1210ET): Leveraging his gift for metaphor, Johnson assured Britons that the country had moved through the peak while avoiding a worst-case scenario like "a train through an alpine tunnel". But to succeed with the reopening, Johnson says the UK must pass "5 tests" before the economy can be completely reopened.

One requirement: Keeping the reproduction rate down – something Germany is currently struggling with, as we've mentioned below: "We can only do it by our collective discipline. I know we can do it because we did it during phase 1."

Johnson then aired a video laying out the 5 tests.

*         *         *

Update (1200ET): Boris Johnson is leading the UK's daily coronavirus press briefing for the first time since his return, and is laying out HMG's plans for loosening the lockdown across the UK.

*         *         *

Update (1130ET): Andrew Cuomo is starting his daily press conference:

As per usual, he kicked off the briefing by announcing the number of deaths over the last 24 hours. On Thursday, the state reported 306 deaths for the prior day, one of the lowest single-day readings since the outbreak began. That number is down from yesterday, while the statewide death toll has risen to 18,274. New cases, hospitalizations, intubations and deaths are down, Cuomo said. Cuomo also reported 933 new positive tests statewide, down from the prior day.

NY now has 300,624 cases, breaking above 300k for the first time.

Cuomo said New York will likely need between 6,400 and 17,000 tracers depending on the number of positive cases. To recruit them, the state will turn to DOH workers at local, county and state levels.

In other news, WSJ reports that the federal government has ordered 100,000 new b9 body bags for FEMA in preparation for a "worst-case" scenario. The US has been stockpiling these body bags since the beginning of the administration's response to the outbreak in the US. Trump said Monday he expects the virus could cost as many as 70k lives, though we're already on track to surpass that number by a wide margin.

Acting DHS Secretary Chad Wolf said in an interview earlier that he expects social distancing restrictions to remain in place for "months".

*         *         *

Update (1100ET): After California Gov. Gavin Newsom announce on Thursday that he would be closing all beaches and state parks over violations of the state's social distancing guidance – much to Elon Musk's chagrin – Florida has mostly moved ahead with reopening its parks and beaches, as locals explained to the national press that in many places in the state, beaches are the largest stretches of public land for recreation.

Gov. DeSantis said last night that most businesses in the state would be allowed to reopen on Monday. Restaurants and retailers could allow customers inside, but only at 25% capacity, and residents will be required to adhere to social distancing guidelines while in public. On Thursday, the state reported another 497 new cases, a 1.5% jump, bringing the statewide total to 33,690. That's compared with a 347 case jump reported yesterday.

The number of deaths jumped by 50, bringing the statewide death toll to 1,268. That's slightly higher than the 47 deaths reported a day earlier, according to the Sun Sentinel.

The southern part of the state, including Broward, Miami-Dade and Palm Beach counties, have reported a combined 19,659 cases, making it by far the hardest-hit part of the state.

That's why DeSantis announced last night that those areas wouldn't joint the rest of the state in reopening during the first phase, which, as we said above, will begin on Monday.

"We’re going to treat Southeast Florida different," DeSantis said.

Earlier, NYC Mayor de Blasio announced a new program whereby the city would hand out 100,000 facemasks in city parks for any New Yorkers who don't have – or can't afford – them. De Blasio said the program "will focus on areas that have been hardest-hit" ie poorer neighborhoods with more minority residents. Some of the masks would be N95s, and most of those being given away had been donated to the city and were surgical grade. Additionally, in keeping with Cuomo's claim that the state would require thousands of 'tracers', de Blasio encouraged New Yorkers to apply for 1,000 "tracer" positions in the city.

Finally, JHU just confirmed that the US death toll has topped 60k. The exact number: 61,187.

*         *         *

Update (1045ET): Germany has decided to postpone the next step of its economic reopening after data monitored by public health experts showed an uptake in the infection rate, bringing it dangerously close to a critical threshold.

As we reported yesterday, Germany's infection rate spike to 0.96 from 0.70 after some more businesses were allowed to reopen on April 24. Now, Germany will delay the reopening of schools and resuming futball matches, delays that will make it harder to reopen the rest of the country's economy.

  • GERMAN FEDERAL GOVT AND STATES POSTPONE DECISION ON REOPENING SCHOOLS, KNDERGARTENS AND RESUMING BUNDESLIGA SOCCER MATCHES – FOCUS ONLINE

Germany won plaudits for its early and broad-based testing, which allowed it to keep its case numbers relatively low, and its mortality rate among the best in the world. Chancellor Angela Merkel has insisted that Germany move with "caution" while reopening its economy.

*         *         *

Update (0945ET): ECB Chief Christine Lagarde was criticized for her lack of central-banking experience when she was first tapped to take over from Mario Draghi. And since pulling the ripcord on an unprecedented easing program from the central bank, she has spent the bulk of her time in the public eye urging the squabbling EU Council to get its shit together and agree on a concrete plan.

On Thursday, Lagarde warned that the European economy faces "an economic contraction of unprecedented size and speed" and warned that the Continental economy could contract by  up to 12% for the year 2020. Lagarde made her remarks during the press conference following Thursday's meeting of the ECB Governing Council, where the central bank affirmed that it would leave its easing program mostly as it was, while launching a new pandemic refinancing vehicle for eurozone banks.

In addition to the 5%-12% contraction for the year, Lagarde warned that YoY growth for Q2 could contract 15%. She added that the central bank is prepared to extend its rescue programs for as long as they are needed. She also took a few moments to castigate the European leaders over their failure to produce an acceptable fiscal rescue package.

In other news, Russia's outbreak has broken above 100k cases as it rapidly evolves into one of the worst outbreaks in the world.  It's only the eighth country to officially count more than 100k cases.

*         *         *

German public health officials announced yesterday that Germany's infection rate had ticked higher over last week since the German government started allowing some shops to reopen, raising the possibility that Germany – Europe's undisputed leader in tamping down the outbreak – might need to reimpose the lifted lockdown measures.

Meanwhile, in Japan, local press reported yesterday that PM Shinzo Abe would extend his nationwide 'state of emergency' order for a month as the health officials discover more evidence that the virus has deeply penetrated Japanese society, despite jokes about Japanese culture, which isn't big on inter-personal contact, is itself a form of social distancing.

But on Thursday morning, tiny Sri Lanka reimposed its 24-hour lockdown after officials detected a jump in infections.

After briefly taking the No. 2 spot from Italy yesterday, the UK is once again on track to clinch the mantle of "second-most deadly outbreak in Europe" following the latest revision to the UK death toll, announced yesterday, which added thousands of home deaths to the official tally.

Looking ahead on Thursday, the number of confirmed coronavirus cases has moved above 3.1 million, while the number of deaths is nearing 210k.

As far as the curve is concerned, both the pace of new deaths…

…and new cases…

Source: FT

…has begun to slow across the US and Europe.

With the number of domestically transmitted infections down to virtually zero, South Korean officials revealed Thursday morning that the country's April 15 elections had resulted in no new coronavirus infections. And now that two weeks – the typical incubation period – have passed since since the vote, it's become clear that none of the 29 million Koreans who cast ballots had been infected.

In the US, a new report has confirmed what many experts had suspected: the number of publicly reported coronavirus cases in US nursing homes has soared.

More than 1 in 6 facilities nationwide has detected infections among residents or staff, according to new data released by states such as Michigan, Maryland, Kentucky and South Carolina.

On Wednesday evening, LA Mayor Eric Garcetti said all Los Angeles County residents will be able to obtain free coronavirus testing, even if they are not displaying symptoms, as LA becomes the first city to offer county-wide testing.

As the battle to reopen America rages, a local Louisiana newspaper has uncovered a "secret plot" being organized by Republican state legislators to overturn Gov. John Bel Edwards' decision to extend his state's emergency order until May 15. Louisiana has been one of the hardest-hit states in the country, with 593 confirmed cases and 39 deaths for every 100,000 people, while also being ground-zero for the outbreak in the federal prison system that has killed dozens of prisoners already, including a female prisoner who gave birth by C-section.

A group of Republican legislators in Louisiana is quietly working to overturn the Democratic governor’s stay-at-home order, the Advocate newspaper reported.

Emails obtained by the Advocate revealed a plan to invoke an obscure provision that would allow a majority in either chamber of the Republican-controlled state to repeal Edwards' public-health emergency. Edwards' handling of the outbreak in his state has been widely praised, including by President Trump. But the devastating hit to the state's economy, which relies heavily on tourism, have put hundreds of thousands of jobs and businesses in the state at risk.

After reporting dismal Q1 earnings on Wednesday, the CEO of European aerospace giant Airbus – the "Jewel of the European economy" as the NYT called it – warned "we are now in the midst of the gravest crisis the aerospace industry has ever known."

The company reported a net loss of 481 million euros ($520 million) for Q1, a dramatic reversal from last year. In that period, it could not deliver 60 planes, partly because airlines are seeking to put off payment.

Following yesterday's historic contraction in US Q1 GDP, the EU followed suit on Thursday and reported its sharpest economic reversal since pan-European record keeping began in 1995.

Eurostat data showed a "seasonally-adjusted" contraction of 3.8% for eurozone countries, and a 3.5% contraction for all EU member states (including those – like Switzerland and Norway – who don't use the euro). 

European shares sloughed off the GDP reading, which was widely expected, as investors in Europe and Asia focused on the positive news from a study of remdesivir.

Early in April, UN workers raised the alarm about an outbreak in war-torn Syria as the coronavirus swept across the Middle East. Now, the UN is ringing the alarm once again, warning that the virus could be spreading more or less undetected across war-torn Yemen and Syria. Specifically, a new cluster has been discovered in Yemen, adding to the country's already sizable array of problems.

We’d like to reminder our American readers that while governors have largely led their states through the outbreak, there have been several notable instances of grandstanding and perhaps undeserved PR spin. One such example arrived on Thursday as the Washington Post reported that the ~500,000 coronavirus tests obtained by Maryland Gov. Larry Hogan – something he called an “exponential, game-changing step forward” – have yet to be used.

Finally, in the UK, evidence that the virus is disproportionately deadly for NHS workers from minority backgrounds (1/5th of nurses and half of doctors in London are from minority backgrounds) has led it to allow hospitals to move minority workers off the front line to try and tamp down the "disproportionate" deaths among them.

Minorities make up nearly 3/4ths of the health care workers known to have died from the virus.

As Brazil develops into the world's newest viral "hot spot", the NYT bashed Brazilian President Jair Bolsonaro for his continued refusal to acknowledge the crisis: Nearly 500 Covid-19 deaths were reported in Brazil on Tuesday, the highest single-day death toll yet. When asked about the milestone, President Jair Bolsonaro replied: "So what? I’m sorry. What do you want me to do?"

Bolsonaro's refusal to acknowledge the outbreak's severity has left Brazil with one of the lowest testing rates in the world. But fears that the outbreak is far more widespread than official numbers suggest haven't translated to the images of brutality and chaos seen in Wuhan earlier this year.

However, some hospitals have begun reporting familiar scenes of patients crammed into hallways, as the world waits to see if the outbreak will overwhelm Brazil's health-care system.

We've been closely following the outbreak in Russia in recent days as the confirmed case total has soared, alongside a jump in deaths. And as the outbreak worsens, Russian criminal gangs are increasingly trafficking in vital medical equipment. Russian police on Thursday exchanged gunfire with members of a mafia crew suspected of trafficking in illicit ventilators during a raid in a suburb of Moscow.

The interior ministry told Dow Jones that seven people had been detained, and five placed under house arrest, for allegedly selling the "unregistered" ventilators in the Moscow suburb of Gzhel.

A Russian digital media website reported that eight suspected gangsters had been arrested while trying to sell 100 ventilators for 70 million rubles (about $96,000). President Vladimir Putin has repeatedly warned criminals against exploiting the outbreak for profits.


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