This is CNBC’s live blog covering all the latest news on the coronavirus outbreak. All times below are in Eastern time. This blog will be updated throughout the day as the news breaks.
- Global cases: More than 2.4 million
- Global deaths: At least 168,500
- US cases: More than 766,600
- US deaths: At least 40,931
The data above was compiled by Johns Hopkins University.
3:54 pm: New York nurses union sues state and two hospitals over ‘war zone’ conditions
The New York State Nurses Association filed suit against the state and two hospital systems, alleging dangerous conditions that put health workers at risk and inflamed the country’s largest coronavirus outbreak.
The union, which represents 42,000 nurses across New York, alleged that the New York Department of Health failed to provide health workers with adequate protective equipment and directed health workers infected by Covid-19 to return to work sooner than advised by the state. The suit was filed in New York County Supreme Court.
“More than seven in ten of our nurses are reporting exposure to COVID-19 and most are still untested. These lawsuits were filed to protect our nurses, our patients and our communities from grossly inadequate and negligent protections,” NYSNA Executive Director Pat Kane said in a statement. “We cannot allow these dangerous practices to continue.” —Will Feuer
3:45 pm: New Jersey orders troubled nursing home to cease taking new patients after coronavirus deaths overwhelm facility
The New Jersey Department of Health is ordering Andover Subacute Rehabilitation Center to “cease all admissions” and hire additional staff related to nursing and infectious disease after more than 70 suspected Covid-19 deaths overwhelmed the facility.
The state’s health commissioner, Judith Persichilli, announced during a press briefing that the nursing home must hire “a consultant administrator, a consultant director of nursing and an infection control professional.” The facility is to report its progress and staff selection for approval to the department by the end of the day.
New Jersey state surveyors inspected 21 long-term care facilities “looking at infection control, staffing, availability of personal protective equipment and implementation of an outbreak response plan,” said Persichilli. All facilities that have been issued a deficiency report will be required to submit directed plans of correction to the Department of Health.
The state reported 6,986 hospitalizations, including confirmed Covid-19 patients and people under investigation, and 177 new deaths.
“Overall in our mortalities, 40% are associated with long-term care facilities,” said Persichilli. —Jasmine Kim
3:04 pm: Warner Bros. shuffles movie slate as theaters remain closed, production halts
Gal Gadot stars as Wonder Woman in Warner Bros. “Wonder Woman 1984.”
Warner Bros. is making some strategic changes to its movie release schedule in the wake of the coronavirus pandemic. With cinemas shuttered and productions of upcoming films suspended, the studio has moved a number of its release dates.
While Christopher Nolan’s “Tenant” and the second “Wonder Woman” films will remain in their July and August dates, “King Richard,” a biopic starring Will Smith as Venus and Serena Williams’ father, has been pushed from November 2020 to November 2021. The change could give the film better chances at becoming an Oscar contender, since it’s unclear how the awards season will shake out in the wake of Covid- 19.
The “Sopranos” prequel film “The Many Saints of Newark” has also been pushed from its 2020 release date and will now hit theaters in 2021.
Warner Bros. superhero slate has also been shuffled. “The Batman” has moved to Oct. 1, 2021 from June 25, 2021; “The Flash” will now arrive on June 2, 2022 instead of July 1, 2022; and “Shazam 2” has been moved to Nov. 4, 2022 instead of April 1, 2022.
Additionally, the untitled Elvis Presley biopic from Baz Luhrmann has been moved to Nov. 5, 2021 from Oct. 1, 2021 and “In the Heights,” “Scoob” and “Malignant” remain without release dates. —Sarah Whitten
2:53 pm: California town Bolinas is testing all 1,600 residents for Covid-19
For the first time since the coronavirus pandemic hit the U.S., an entire town will be tested, regardless of whether or not someone is showing symptoms.
The testing is part of a research project put together by the Marin County community of Bolinas and the University of California, San Francisco. Tents are set up next to the town’s fire department, and Monday morning volunteers and researchers will collect samples from all 1,600 residents of the community near Stinson Beach.
The organizers of the project want to know how widespread COVID-19 is in the small town of Bolinas and how they can use that information to help other communities. —NBC Bay Area
2:44 pm: An oil futures contract expiring Tuesday went negative in bizarre move
U.S. crude prices dropped more than 100% and turned negative for the first time in history. The price of the nearest oil futures contract, which expires Tuesday, was the hardest hit, detaching from later month futures contracts, which continued to trade above $ 20 per barrel.
West Texas Intermediate crude for May delivery fell more than 100% to settle at negative $ 37.63 per barrel. Meanwhile international benchmark, Brent crude, which has already rolled to the June contract, traded 8.9% lower at $ 25.58 per barrel. The June WTI contract, which expires on May 19, fell about 18% to trade at $ 20.43 per barrel. The July contract was roughly 11% lower at $ 26.18 per barrel. —Eustance Huang, Pippa Stevens
2:23 pm: Senate has no deal on the next coronavirus relief bill, but sets up possible Tuesday vote
The Senate did not reach a deal on the next coronavirus relief bill in time for a brief Monday session, but set up a vote as soon as Tuesday afternoon to replenish a key small business aid program.
“At this hour, our Democratic colleagues are still prolonging their discussions with the administration, so the Senate regretfully will not be able to pass more funding for Americans’ paychecks today,” Senate Majority Leader Mitch McConnell said during the pro forma session Monday.
He said the Senate would meet again at 4 p.m. Tuesday to try to pass legislation to replenish the program.
The House will meet as early as Wednesday to consider an emergency bill, House Majority Leader Steny Hoyer said Sunday. —Jacob Pramuk
1:55 pm: Oil is getting crushed with one futures contract down 98% to record low under $ 1
U.S. crude prices plunged to their lowest level in history as traders continue to fret over a slump in demand due to the coronavirus pandemic. The price of the nearest oil futures contract, which expires Tuesday, was the hardest hit, detaching from later month futures contracts with a drop of more than 90%. This suggests that some believe there could be a recovery later in the year.
West Texas Intermediate crude for May delivery tanked 95%, or $ 17.37, to trade at 90 cents per barrel, its lowest level on record. Meanwhile international benchmark, Brent crude, which has already rolled to the June contract, traded 6.2% lower at $ 26.35 per barrel. The June WTI contract, which expires on May 19, fell about 10% to $ 22.54 per barrel. The July contract was roughly 5% lower at $ 28 per barrel. —Eustance Huang, Pippa Stevens
1:39 pm: France death toll crosses 20,000
France officially registered more than 20,000 deaths from coronavirus infections, becoming the fourth country to go beyond that threshold after Italy, Spain and the United States, and the pace of increase of fatalities sped up again after several days of slowing.
But the number of people in intensive care fell for the 12th consecutive day, suggesting the national lockdown put in place more than a month ago is having positive effects in containing the disease.
France’s public health chief Jerome Salomon told a news briefing the coronavirus-linked fatalities were up 2.8%, at 20,265, versus an increase of 2.0% Sunday. —Reuters
1:37 pm: Why coronavirus is unlikely to lead to martial law in the US
1:29 pm: WHO says partisan politics and lack of global solidarity is fueling coronavirus pandemic
The World Health Organization’s top official said partisan politics and lack of global solidarity is helping to fuel the coronavirus pandemic, urging countries to work together as Covid-19 continues to spread throughout the world.
“The cracks between people and the cracks between parties is fueling it,” WHO Director-General Dr. Tedros Adhanom Ghebreyesus said during a press conference at the agency’s Geneva headquarters. “Don’t use this virus as an opportunity to fight against each other or score political points. It’s dangerous. It’s like playing with fire.”
Without global solidarity, the worst of the pandemic is still “ahead of us,” said Tedros. —Berkeley Lovelace Jr.
1:09 pm: Cannabis companies pay federal taxes but are shut out of small business loans
Different strains of cannabis are displayed for sale at the Harborside dispensary in Oakland, California, U.S., on Monday, March 23, 2020.
David Paul Morris | Bloomberg | Getty Images
April 20 is traditionally the biggest sales day of the year for the cannabis industry, but after seeing strong sales at the start of state shutdown orders, some stores have seen a sales slump.
Particularly hard hit are shops in states heavily dependent on tourists, or where only medical marijuana has been deemed essential, not recreational.
Sales in Colorado reportedly fell 21 percent in the second half of March from a year earlier, and Nevada sales fell 15 percent.
“Some businesses are running into choppy waters,” said Rep. Earl Blumenauer, D-Ore.
However, these businesses cannot access federal aid because they are illegal in the eyes of the federal government. So Blumenauer and three colleagues from both parties are pushing for the next round of Small Business Administration loans to include the cannabis industry.
“There are a quarter of a million people working in state-legal cannabis businesses, they pay almost $ 2 billion in taxes,” he said, adding that the industry actually pays a disproportionate amount in taxes “because the crazy federal government rules don’t allow them to deduct all their business expenses.” —Jane Wells
12:57 pm: Norwegian Air says 4,700 jobs at risk after unit bankruptcies and axed contracts
Norwegian Air reported on Monday that four Swedish and Danish subsidiaries have filed for bankruptcy and that it had ended staffing contracts in Europe and the United States, putting some 4,700 jobs at risk.
The airline is seeking to convert debt to equity, money from shareholders and Norwegian state guarantees in a bid to survive the coronavirus crisis.
Earlier Monday Virgin Atlantic said it would survive the pandemic only if it receives financial support from the British government, while Virgin Australia is set to enter voluntary administration, according to sources close to the matter.
Norwegian Air said the four subsidiaries in Sweden and Denmark were companies that employed pilots and cabin crew. The canceled agreements involve firms that provide crews based in Spain, Britain, Finland, Sweden and the United States.
Combined, it said, some 4,700 pilots and cabin crew members would be affected while about 700 pilots and 1,300 cabin crew based in Norway, France and Italy remained unaffected. —Reuters
12:49 pm: Insurers are denying coronavirus claims. Restaurants are fighting back
An employee of Carmelina’s in the North End of Boston tapes up paper in the windows of the restaurant, which is temporarily closing during the coronavirus pandemic, on March 25, 2020.
David L. Ryan | The Boston Globe via Getty Images
As the coronavirus pandemic upends the restaurant industry, insurers are denying restaurant companies’ claims for payouts that could help their businesses survive.
States across the country have mandated that eateries serve food only via takeout, delivery or drive-thru lanes to slow the spread of the coronavirus. Some restaurants have chosen to shutter temporarily for the safety of their employees and customers, while others have tried to adapt. Restaurant transactions plunged 41% in the week ended April 5 from a year earlier, according to the NPD Group.
Restaurateurs, like many other business owners, thought the situation would be covered by business interruption insurance, which covers the loss of income suffered by a business after a disaster. But following the SARS outbreak, regulators approved an exception in such policies for viruses and bacterial outbreaks.
Even when an exception is not spelled out in the policy, insurers are denying claims using the argument that the virus does not constitute physical damage to the property.
But political pressure is mounting on insurers to reverse course.
President Donald Trump has signaled that he believes that business interruption policies without specific pandemic exceptions should cover claims related to the coronavirus pandemic. —Amelia Lucas
12:33 pm: New York coronavirus deaths still ‘horrifically high’ even as outbreak appears to slow, Gov. Cuomo says
Some 478 New Yorkers died from the virus on Sunday, a decline from the daily death toll at the disease’s peak when nearly 800 residents a day were dying, Cuomo said. A total of 507 people in the state died on Saturday, and 540 deaths were recorded Friday.
There were 1,380 new Covid-19 hospitalizations in New York on Sunday, a slight tick down from 1,384 on Saturday, Cuomo said at his daily news conference.
He stressed the importance of testing, announcing that the state is “starting the largest antibody testing ever done today.”
“Testing is going to require everyone to work together,” Cuomo said, noting that the effort will require close cooperation between states and the federal government. —Kevin Breuninger
12:20 pm: In Spain, coronavirus death counts prompt anger, confusion
A coronavirus patient is lifted into an Ambuiberica ambulance by her son and emergency technician Marisa Arguello de Paula during the coronavirus disease (COVID-19) outbreak, in Llodio, Spain, April 19, 2020.
Vincent West | Reuters
Spain already has one of the world’s highest death tolls from the coronavirus pandemic. But data indicating the true number of fatalities could be much higher is fueling public anger and could cause problems for Prime Minister Pedro Sanchez’s fragile government.
Spain’s total deaths rose to 20,852 on Monday. But the figure fails to account for those who were more than likely died by the virus but never tested.
Fernando Simon, the national coronavirus emergency response chief, has acknowledged that the “real number of deaths is hard to know”.
The country has been in strict lockdown since March 14, although restrictions have been eased slightly since last week.
But most people remain cooped up in their homes. And sometimes families burying their dead are not even certain what their loved ones died of. In a nursing home near Barcelona, an 85-year-old woman died on April 8 of “possible” Covid-19, said her daughter Amparo, citing a doctor’s death certificate.
Amparo, 56, who declined to give her last name, said her mother was not tested. She accused political leaders of not protecting citizens and dismissed the official tally as useless.
“Additional people have died because (politicians) have not made sufficient testing possible so that we can know the reality,” she said. “We have left them to die alone.”
The government has defended its count — which only includes those tested — and said that tracking confirmed deaths allows it to better study the outbreak’s evolution, in line with the World Health Organization practice that only counts confirmed cases. Suspected deaths should be analyzed at a later stage, the government says. —Reuters
12:09 pm: In-office Zooms, more breaks, testing – Dr. Scott Gottlieb offers advice to reopening businesses
“In an office, you could split your employees, have half of them work at home, half of them come into the office on alternating days,” Gottlieb added. “You should continue to encourage telework where you can.”
Gottlieb said it’s more difficult to maintain social distancing in manufacturing plants and other commercial environments, so employers should accommodate personal protective equipment. “Let people wear masks if they want to.”
“People need break rooms. They need to come off the shop floor and go into a break room but you might want to have more breaks over the course of the day and stagger them more regularly, so that smaller groups can take breaks so you don’t have as much congregating,” he advised. —Kevin Stankiewicz
12:01 pm: These markets could see the sharpest drop in home prices during coronavirus pandemic
Homebuying has weakened dramatically in the last month, as Americans hunker down to help stop the spread of the coronavirus.
While some are still shopping online, doing virtual tours, the spring season was essentially over before it started. Although sales are way down, home values may not suffer as much, except in certain markets.
Home prices were very hot at the beginning of this year and heading into the crisis, and the expectation is that while the gains in values will likely slow, prices will not fall nationally. That’s because unlike during the subprime mortgage crisis, when there was a serous glut of homes for sale, there is now an increasingly severe shortage. Home values fell as much as 50% in some markets a decade ago, but market dynamics are far different now, and the supply-demand imbalance favors stronger prices.
In the first two weeks of March, new listings were up 5% annually on average. By the second week of April, they were down 47%, according to realtor.com. April is usually the strongest month for new listings. —Diana Olick
11:53 am: Shake Shack CEO says chain has ensured ‘long-term stability’ after returning $ 10 million PPP loan
Shake Shack CEO Randy Garutti said that the company returned its $ 10 million loan from the Paycheck Protection Program after accessing other kinds of capital through the public markets.
The burger chain disclosed in a regulatory filing on Friday that it had received $ 10 million from the federal program. Shake Shack also said Friday that it is planning on selling up to $ 75 million in shares to strengthen its cash position.
Garutti said that the company initially applied for a PPP loan to keep as many of its employees as possible. Shake Shack has furloughed more than 1,000 employees and closed 17 company-operated U.S. locations, as of Friday.
On Sunday evening, Garutti and Shake Shack’s founder and chairman Danny Meyer, who owns roughly 7.8% of the company’s shares, said that the chain would be returning the $ 10 million. —Amelia Lucas
11:40 am: After a crazy 12 months, the S&P 500 is about back to where it started
A dizzying 12-month period in the markets has seen threats from a trade war, a global economic slowdown or even a recession and, oh yeah, a global pandemic unmatched in a century, all of which have amounted to a whole lot of nothing, at least for the shares of big U.S. companies.
During the period, the S&P 500 is little changed — down about 1% heading into Monday trading — despite a series of threats that also has included political upheaval and the end to the longest rally in U.S. history. The year’s sum has been the result of a gradual rise to a new record Feb. 19, followed by the quickest slide in market history, then by a 28% rebound.
Other markets measures haven’t been so lucky.
The Russell 2000, which consists of smaller companies, is off about 22%. An exchange-traded fund that tracks markets in emerging economies such as China, India and Brazil, is off 20%, while another ETF that follows international stocks outside the U.S. has fallen more than 16%. Even Main Street’s favorite market indicator, the Dow Jones Industrial Average, is down more than 10% over the past year. —Jeff Cox
10:36 am: US restaurants on track to lose $ 240 billion by the end of 2020, survey says
A closed sign hangs on the door with a view of the empty restaurant during the coronavirus pandemic on April 14, 2020 in New York City.
Rob Kim | Getty Images
U.S. restaurants are on track to lose $ 50 billion in April, with losses amounting to an estimated $ 240 billion by the end of 2020, as the coronavirus crisis ravages the industry, according to a National Restaurant Association survey released Monday.
Two-thirds of U.S. restaurant workers — or 8 million people — have been laid off or furloughed with the closing of 4 in 10 restaurants, but at least 60% of operators say existing federal relief programs will not help them prevent more layoffs, the survey found. —Reuters
10:31 am: Retailers are begging for the government’s help — but Treasury might not listen
Retail is reeling, as stores shutter and thousands of people lose their jobs while the coronavirus spreads. Now, the Treasury Department must decide whether the risk of the industry toppling is worth putting taxpayer money where many others would not. Treasury Secretary Steven Mnuchin has shown little appetite for risk and losses, even as he attempts to support a cratering economy.
Many mid-sized retailers do not qualify for programs the government has begun to roll out to save ailing companies. They are too big to qualify for the Main Street lending program aimed at companies with fewer than 10,000 employees or $ 2.5 billion in sales. Their debt is too distressed to qualify for the Primary Market Corporate Credit Facility aimed at larger companies.
That means companies like Macy’s, which has roughly $ 25 billion in sales but whose credit was downgraded to junk before the pandemic, may be out of luck if they want government relief. The retailer is working with investment bank Lazard to restructure its debt, according to people familiar with the matter who spoke on condition of anonymity because the information is confidential. They added that the company is not focusing on bankruptcy. —Lauren Hirsch
10:15 am: New York City extends cancellation of summer festivals, concerts, and parades through June
Parade participants during the WorldPride NYC 2019 March on June 30, 2019 in New York City.
Roy Rochlin | Getty Images
New York City is canceling concerts, festivals and parades, including the 2020 Pride march, through June as the city seeks to drive down its coronavirus infection rate, Mayor Bill de Blasio announced Monday.
On Friday, De Blasio canceled nonessential events through May and a city-sponsored concert series that was scheduled start June 22. In extending the cancellations through June, de Blasio said it was a decision “we have to make.” Most of the events will be rescheduled, he said.
The new cancellations include the 50th annual gay pride parade marking the 1969 uprising at the Stonewall Inn. —Will Feuer
10:08 am: Facebook just released its symptom tracking map
Facebook partnered with Carnegie Mellon University to create an opt-in survey designed to help identify Covid-19 hotspots before the cases are confirmed. The map breaks down the percentage of people per county who have self-reported coronavirus symptoms, such as loss of smell, cough and fever.
It shows, for example, that 1.45% of people in New York County have reported coronavirus symptoms. But a huge portion of the map does not have enough participants to show any data.
More than 1 million people responded to the survey within the first two weeks, according to Facebook. CEO Mark Zuckerberg said the company will roll out the survey globally this week, which will help it provide a more complete picture. —Jessica Bursztynsky
9:46 am: Mohamed El-Erian sees US economy contracting up to 14% this year
Mohamed El-Erian 190326
Anjali Sundaram | CNBC
The U.S. economy could experience a double-digit percentage contraction in 2020 due to the coronavirus pandemic, Mohamed El-Erian told CNBC on Monday, suggesting a much steeper decline than most other economists.
“I think we may be at minus 10% to minus 14% growth for the U.S.,” the Allianz chief economist said on “Squawk Box.” “This is a big hit.”
El-Erian said the distinct nature of this economic hit — a health crisis — means traditional frameworks may not be applicable, acting as a further obstacle for a rebound. “The benefits you would expect normally, lower oil price means more dollars in consumers’ pockets, even that doesn’t work in this economy. So I’m a little bit more worried than what the consensus of economists out there is right now.” —Kevin Stankiewicz
9:35 am: Dow drops more than 400 points as oil prices fall on energy demand concerns
9:29 am: Outbreak at wind power plant in North Dakota shuts down production
An outbreak of Covid-19 at a wind power facility in North Dakota has forced it to temporarily close, the latest example of how the pandemic is impacting the renewable energy sector.
Over the weekend, North Dakota’s Department of Health said there were 110 confirmed cases of coronavirus in people connected to the LM Wind Power plant in Grand Forks — a total that includes employees and “their close contacts.” The site, which produces rotor blades for wind turbines and employs 900 people, closed Wednesday after eight workers tested positive for coronavirus.
In a statement, a spokesperson for GE — which owns LM Wind Power — said the Grand Forks facility would be temporarily closed for at least two weeks in order to “conduct an extensive disinfection process.” Employees will continue to be paid “as usual” during this time, they added. —Anmar Frangoul
9:17 am: The pandemic will likely leave a lasting legacy on retail: Fewer department stores
A “Temporarily Closed” sign hangs in the window of Nordstrom Inc. store in the Midtown neighborhood of New York, U.S., on Friday, March 20, 2020.
Gabby Jones | Bloomberg | Getty Images
Before Covid-19 hit, the U.S., department stores were in trouble because they had failed to keep up with shoppers’ changing tastes. These retailers had been investing in ways to win back customers.
Now, their stores are closed to halt the spread of the virus. And no one knows exactly how long this will be the case.
For J.C. Penney, the bankruptcy clock is ticking after it skipped a mid-April interest payment. Its turnaround plans have been sidelined by the coronavirus pandemic, which has forced the closure of all of its stores. Macy’s, with liquidity drying up, has tapped advisors at investment bank Lazard and law firm Kirkland & Ellis to explore options that include new financing. Nordstrom in early April raised $ 600 million by placing some of its real estate assets into a separate company and borrowing against the new entity by issuing bonds.
High-end department store chain Neiman Marcus on Wednesday missed a payment on some of its bonds, according to a letter sent to the retailer’s board from Marble Ridge Capital, which owns a significant portion of the $ 137.7 million in bonds that mature in October 2021. Neiman Marcus now has until the middle of May to make the interest payment. After that, pending no payment, the company could be pushed into bankruptcy court by its bondholders. —Lauren Thomas
9:09 am: Novartis, US drug regulator agree to malaria drug trial against Covid-19
Novartis has won the go-ahead from the Food and Drug Administration to conduct a randomized trial of malaria drug hydroxychloroquine against Covid-19, the Swiss drugmaker said Monday.
Novartis plans to start recruiting 440 patients for its phase 3 or late-stage trial within weeks at more than a dozen U.S. sites. Results will be reported as soon as possible, the company added.
Use of the drug, also approved to treat lupus and rheumatoid arthritis, has soared after having been promoted by President Donald Trump, with some worried the administration’s advocacy for an unproven medicine for Covid-19 has short-circuited the FDA’s oversight process. —Reuters
9:03 am: Southeast Asia could be the next hot spot — these charts show why
The number of coronavirus infections in Southeast Asia has risen quickly in recent weeks, with mounting worries among experts that the region could turn into a hot spot for the fast-spreading disease.
The region has reported more than 28,000 cases as of Sunday, according to data by Johns Hopkins University. Collectively, Indonesia, the Philippines, Malaysia and Singapore account for 87.9% of total cases reported in Southeast Asia, the data showed. —Yen Nee Lee
8:53 am: United Airlines posts $ 2.1 billion pretax loss as coronavirus roils business, seeks more federal aid
The airline said it has applied for up to $ 4.5 billion in government loans on top of about $ 5 billion federal payroll grants and loans it expects to receive to weather the crisis.
United is the first major U.S. airline to detail the results of the virus on its earnings in the first three months of the year. The disease and harsh measures to stop it from spreading such as stay-at-home orders has ravaged air travel demand and prompted carriers to slash most of their flights. —Leslie Josephs
8:48 am: Germany and others need to fund the post-virus recovery across Europe, Spanish minister says
MADRID, SPAIN – FEBRUARY 26: Minister of Economic Affairs and Digital Transformation Nadia Calvino attends ‘Reino de España a la Trayectoria Empresarial’ awards, in honour of Placido Arango ‘In Memoriam’ at El Prado Museum on February 26, 2020 in Madrid, Spain.
Germany needs to understand it will have to fund the post-pandemic recovery across Europe, Spain’s economy minister told CNBC on Monday, just days ahead of another pivotal meeting for the European Union.
The 27 European countries that make up the EU remain at loggerheads over how to mitigate the economic shock from Covid-19, despite putting together a half trillion euro package for more immediate spending needs earlier this month. Their main concern now is to present a second plan that will deal with the vast amount of virus-related debt that is expected to creep up across the region.
Nadia Calvino, Spanish economic affairs minister and deputy prime minister, told CNBC on Monday that Germany has a budget surplus that it is “quite determined” to use. “Now, what we need is for them to understand that we need to also fund the recovery of the rest of the (EU) countries, that we need to fund the recovery of the whole of Europe,” she added. —Silvia Amaro
7:38 am: Putin says Russia has not yet reached its peak
Russian President Vladimir Putin said the country has managed to curb the Covid-19 crisis but the peak of the outbreak is still ahead.
The number of Russian confirmed coronavirus cases surpassed 47,000 on Monday with a death toll of 405. (See additional entry below about Russia.) —Reuters
7:25 am: Burger chain Shake Shack to return $ 10 million government loan
Shake Shack said it will return the $ 10 million small business loan it received from the U.S. government, making the burger chain the first major firm to hand back money aimed at helping small businesses ride out the coronavirus crisis.
The company was able to raise additional capital, CEO Randy Garutti and founder Danny Meyer said in a blog post. Last week, it raised about $ 150 million in an equity offering.
The government’s $ 2.2 trillion aid package is aimed at helping small companies keep paying their employees and their basic bills during the shutdowns so that they are able to reopen quickly when public health allows.
Shake Shack said the money it received could be reallocated to the independent restaurants “who need it most, (and) haven’t gotten any assistance.” —Reuters
6:50 am: US markets haven’t priced in a ‘significant second wave,’ says Citi Private Bank
Major U.S. stock indexes may have recovered from their recent lows, but Citi Private Bank warned that the worst may not be over.
“In the event that we have a very significant second wave of disease in the United States that cause a further shutdown of the economy … that clearly is not priced into the market,” David Bailin, the bank’s chief investment officer, told CNBC’s “Squawk Box Asia.”
“The other thing that may not be priced into the market is the fact that this virus may take another 18 to 24 months to really cycle through the globe, and ultimately have a vaccine,” he added. —Yen Nee Lee
6:07 am: Putin is distancing himself from Russia’s outbreak, but it could still damage him politically
People in medical masks in Red Square in central Moscow amid the COVID-19 coronavirus pandemic. Russian President Vladimir Putin has declared a week off work and urged people to stay home to prevent the spread of the COVID-19 coronavirus. Cafes, restaurants, shopping malls and parks are closed in Moscow.
Russia was arguably slow to recognize that the epidemic was coming to the country, even as it spread rapidly among its neighbors and in Italy, Spain, Germany, and France.
On Sunday, Russia saw its largest daily rise in new confirmed cases, with its crisis response center reporting 6,060 new cases, bringing the total number of cases to 42,853. The number of reported deaths remains low, however, with total fatalities at 361. —Holly Ellyatt
5:37 am: Spain’s confirmed cases surpass 200,000, health ministry says
Healthcare workers wheel a patient to a triage tent at the Maimonides Medical Center in the Brooklyn borough of New York, the United States, April 19, 2020.
Michael Nagle | Xinhua News Agency | Getty Images
The number of people diagnosed in Spain has surpassed 200,000, the country’s health ministry said.
The ministry said the number of cases rose to 200,210 from 195,944 cases on Sunday. The total number of deaths has reached 20,852, up from 20,453 the previous day.
Spain has overtaken Italy, which has 178,972 confirmed cases, as the worst-hit country in Europe, and second worst-hit country in the world after the U.S., which has almost 800,000 confirmed cases, according to data from Johns Hopkins University. —Holly Ellyatt
4:30 am: Austria calls for suspension of EU rules on state aid amid coronavirus crisis
EU rules on state aid to be suspended for countries like Austria that have shown solidarity with hard-hit member states during the coronavirus pandemic, Austrian Finance Minister Gernot Bluemel said Monday.
“This solidarity cannot be a one-way street. We also want to be able to show solidarity with our own companies, and we, therefore, demand that this crisis be used for solidarity in that we suspend the EU state aid regime for the duration of the crisis,” Bluemel told a news conference, Reuters reported. —Holly Ellyatt
Read CNBC’s coverage from CNBC’s Asia-Pacific and Europe teams overnight here: Spain’s confirmed cases surpass 200,000, health ministry says