(Bloomberg) — Fiscal support from governments soared to at least $1.9 trillion in the race to contain the virus, prop up businesses and calm markets. The European Central Bank launched an emergency bond-buying program worth 750 billion euros ($820 billion) as fallout spread from a credit rout.
New Zealand and Australia shut their borders to non-residents. Australia’s central bank cut interest rates and announced at least $50 billion of funds for the banking system. Schools in England and some London Underground stations will close. Meanwhile, the Chinese province at the center of the outbreak reported no new cases.
The U.S. Senate passed a package to provide paid sick leave, food assistance and financial help for coronavirus tests. The New York Stock Exchange will close trading floors and go electronic on Monday. An infected Amazon.com Inc. warehouse worker became the first case reported in its U.S. delivery network.
Key Developments:
Cases hit 211,713 worldwide, deaths reach 8,714China’s virus epicenter sees no new casesWorldwide fiscal support reaches $1.9 trillionEurope can’t stop pandemic rocking its foundationsThe U.S. and Canada closed its border to non-essential trafficChina showers Europe with virus aid
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Amazon Case in U.S. Warehouse (1:04 p.m. HK)
Amazon revealed an employee working at one of its Queens, New York shipping facilities has contracted the virus, the first infection reported in a U.S. delivery network that’s become a lifeline of essentials for consumers sheltering at home.
Amazon temporarily closed the warehouse near LaGuardia Airport — sending workers home with full pay — so it can be cleaned and sanitized.
Tesla Offers to Make Ventilators (1:02 p.m. HK)
Tesla Inc. joined General Motors Co. in offering to make hospital ventilators in car factories shut by the coronavirus outbreak. It’s an effort that would echo Detroit’s contribution to Allied powers during World War II.
Australia, New Zealand Shut Borders (12:58 a.m. HK)
Australia will close its borders to non-citizens and non-residents from 9 p.m. local time on Friday, Prime Minister Scott Morrison said Thursday. Similar controls in New Zealand come into force at midnight, Prime Minister Jacinda Ardern said.
Australia’s Central Bank Cuts Rates (11:30 a.m. HK)
The Reserve Bank of Australia spent its remaining conventional interest-rate ammunition and moved to additional policy measures to try to support an economy spiraling toward its first recession in almost 30 years.
Governor Philip Lowe cut the cash rate 25 basis points to 0.25%, its effective lower bound, in an emergency meeting. The RBA will buy government bonds and it announced term funding of at least A$90 billion ($50 billion) for the banking system to target small and medium-sized businesses.
In a complementary program, Australia’s government will invest up to A$15 billion to allow smaller lenders to support consumers and smaller businesses during the outbreak.
Fiscal Support Soars to $1.9 Trillion (10:47 a.m. HK)
Governments around the world have pledged more than $1.9 trillion in fiscal support as they rush to contain the coronavirus and shore up financial markets and businesses.
Among the latest additions, U.S. President Donald Trump signed a second relief package as Canada, Eastern Europe and Turkey bumped up stimulus.
New Zealand Limits Indoor Gatherings (10:45 a.m. HK)
Gatherings of 100 people or more should be canceled, Health Minister David Clark said in a statement. The measures don’t apply to workplaces, schools, supermarkets or public transport.
H.K. Pure Fitness Member Tests Positive (10:31 a.m. HK)
The individual, who tested positive for the coronavirus Wednesday, appears to have last visited Pure Fitness’s gyms at California Tower on March 11, ICBC Tower on March 14 and Kinwick Centre on March 16, according to a statement from Pure.
The gym operator says the three locations have been disinfected and are safe to use.
Vietnam Makes Space to Quarantine 60,000 (10:20 a.m. HK)
Vietnam’s military is expanding its quarantine facilities to house about 60,000 people by adding as many as 20,000 beds, as thousands of Vietnamese return home from virus-hit countries.
Nearly 7,000 Vietnamese reportedly returned by plane on Wednesday, including more than 5,700 from across Southeast Asia.
Two Members of U.S. Congress Test Positive (9:32 a.m. HK)
Two representatives from the U.S. House were infected with the virus. Mario Diaz-Balart, a Florida Republican, developed symptoms over the weekend and has been working from an apartment in Washington while in quarantine, according to his office. Ben McAdams, a Utah Democrat, said he tested positive after experiencing symptoms Sunday. He also is working in quarantine.
The House is on recess this week. Several congressional staffers have also tested positive for the virus.
China’s Virus Epicenter Sees No New Cases (9:10 a.m. HK)
Hubei, the Chinese province at the center of the outbreak, reported no new infections for the first time since the pathogen emerged more than two months ago.
China still faces another concern as imported cases continue to add to the country’s tally of infections. The National Health Commission reported 34 new cases for March 18, all of them patients who brought the disease from other countries.
Early Drug Trials Yield Mixed Results (8:08 a.m. HK)
Drug trials on coronavirus patients in China yielded mixed results, with an HIV pill showing little benefit and a flu medication made by Fujifilm Holdings Corp. resulting in faster clearance of the virus.
The combination of lopinavir and ritonavir, marketed by AbbVie Inc. as Kaletra, didn’t improve the condition of patients or stop them from dying more than standard care in a randomized, controlled trial of 199 patients. The research was published Wednesday in the New England Journal of Medicine.
Twitter Cracks Down on Misinformation (7:59 a.m. HK)
Twitter Inc. said it’s expanding rules to capture misinformation around the virus, following a similar escalation of measures from Facebook Inc.
Twitter will require users to remove tweets that deny expert guidance, encourage fake or ineffective treatments and preventions, or falsely purport to be from experts or authorities.
Qantas Furloughs About 20,000 Staff (7:46 a.m. HK)
The Australian airline furloughed two-thirds of its 30,000-strong workforce and scrapped all international flights as travel demand dried up.
“We have no work for most of our people,” Chief Executive Officer Alan Joyce said in a note to employees.
U.S. May Take Stakes for Company Aid (7:39 a.m. HK)
The White House’s top economic adviser, Larry Kudlow, said the administration may consider asking for an equity stake in corporations that want help from taxpayers.
But Kudlow cautioned that the idea was one of many, and the ultimate form of the coronavirus stimulus legislation would depend on negotiations with Capitol Hill.
London to Close as Many as 40 Underground Stations (7:17 a.m. HK)
Transport for London said public transit should only be used for essential journeys as it moved to close as many as 40 London Underground stations that don’t interchange with other lines.
From March 20, there will be no service on the Waterloo & City line and from March 23, the frequency of other services will be gradually reduced.
ECB Launches Emergency Bond Buying (7:16 a.m. HK)
The European Central Bank launched an extra emergency bond-buying program worth 750 billion euros ($820 billion) to calm a worsening financial crisis and protect the economy.
The decision in an unscheduled meeting on Wednesday evening came less than a week after a policy session in which officials agreed to pump more liquidity into the financial system.
Trump Gives U.S. Control Over Health-Care Supply Chain (6:29 a.m. HK)
President Donald Trump signed an executive order giving the federal government broad powers to direct the production and distribution of health protective gear, ventilators and other supplies if the virus outbreak gets far worse. As part of an emergency measure, the order lets U.S. Health and Human Services Secretary Alex Azar take priority over private contracts and agreements. The department could also get control over how needed health-care goods are distributed.
NYSE to Move to Fully Electronic Trading (4:55 p.m. NY)
The New York Stock Exchange will temporarily close its equities and options trading floors, moving to all-electronic trading starting Monday.
“While we are taking the precautionary step of closing the trading floors, we continue to firmly believe the markets should remain open and accessible to investors,” said NYSE President Stacey Cunningham. The markets will continue to operate under normal trading hours.
Senate Passes Relief Bill, Plans for More Stimulus (4:25 p.m. NY)
The Senate cleared the second major bill responding to the pandemic. The 90-8 vote, following House passage on Saturday, sends President Donald Trump a measure providing paid sick leave, food assistance for vulnerable populations and financial help for coronavirus testing.
As the Senate voted, Republican and Democratic leaders were already working on the next proposal.
“I will not adjourn the Senate until we have passed a far bolder package that includes significant relief for small businesses,” Senate Majority Leader Mitch McConnell said on the floor of the chamber.
Read the full story here
Navy Hospital Ship Weeks Away From NYC Deployment (3:13 p.m NY)
The Navy hospital ship USNS Comfort will be dispatched to New York City as coronavirus cases almost doubled, Governor Andrew Cuomo said Wednesday.
The floating hospital can help free 1,000 beds when it arrives in a few weeks, the governor said. Another ship, the Mercy, will head to the West Coast. Defense Secretary Mark Esper told reporters that hospital ships aren’t equipped to handle infectious disease patients but could provide care for trauma victims. Read full story here
Detroit Automakers to Temporarily Shut U.S. Plants (2:20 p.m. NY)
General Motors Co., Ford Motor Co., and Fiat Chrysler Automobiles NV will temporarily shut down their U.S. plants.
Ford will halt operations at all North American manufacturing facilities after Thursday evening shifts, according to a statement. GM and Fiat Chrysler also plan to idle their factories, according to people familiar with the matter, who asked not to be identified ahead of official announcements.
U.S. Mayors Request $250 Billion in Federal Aid (2:20 p.m. NY)
The U.S. Conference of Mayors requested $250 billion from the federal government to aid local governments fighting the coronavirus outbreak.
Cities are the front lines in addressing this public health crisis, according to the group’s letter to U.S. House and Senate leaders on Wednesday.
Johnson Closes Schools in England (1:30 p.m. NY)
U.K. Prime Minister Boris Johnson said schools will close from Friday, increasing restrictions on the British population as the country grapples with a spiraling coronavirus crisis.
Johnson’s announcement covers English schools, after administrators in Scotland and Wales earlier told schools in those regions to prepare to close from Friday.
“After schools shut their gates on Friday afternoon, they will remain closed for most pupils, the vast majority of pupils, until further notice,” Johnson said.
School sites will be kept open to provide care to the children of key workers, Johnson said.
U.S. Allows Doctors to Work Across State Borders (12:59 p.m. NY)
Doctors and medical professionals will soon be allowed to practice across state lines, Vice President Mike Pence said.
The step may help health workers move to hotspots where the new coronavirus is spreading and in some cases infecting hospital staff. Pence said the Department of Health and Human Services will issue the regulation Wednesday.
U.S. Invokes Defense Production Act (12:19 p.m. NY)
President Trump invoked the Defense Production Act, allowing the the government more latitude in emergencies to direct industrial manufacturing. He also said the Housing and Urban Development department will suspend foreclosures and evictions through the end of April.
According to FEMA’s website, the act allows for the president “to expedite and expand the supply of resources from the U.S. industrial base to support military, energy, space, and homeland security programs.”
Italy May Ban Outdoor Recreation (10:30 a.m. NY)
Italy may consider a complete ban on outdoor activities if people don’t respect advice to stay at home during the nationwide lockdown to counter spread of coronavirus, Sports Minister Vincenzo Spadafora told RAI television.
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