Gilead Spurs Treatment Hopes; N.J. to Open Parks: Virus Update

Competition Planned for Tests (12:52 p.m. NY)

The U.S. National Institutes of Health is urging scientists and investors to compete in a $500 million national challenge that will help the agency identify the best candidates for at-home or point-of-care tests for Covid-19.

The NIH is likening the program to “Shark Tank,” the reality television show where entrepreneurs compete for financial backing. Scientists and innovators will compete for a share of a $500 million fund that will be awarded to those with the most promising technologies. Finalists will also be matched with technical, manufacturing and business experts to help advance their products.

The contest is part of a new program called the Rapid Acceleration of Diagnostics initiative, which received $1.5 billion in federal stimulus funding, the agency said Wednesday.

Swedish Example May Guide Virus Fight (12:45 p.m. NY)

Sweden may be a good example of how governments can rely on the public to help fight Covid-19, according to Mike Ryan, head of the World Health Organizations’s health emergencies program. Contrary to many reports, Sweden has a “strong strategic approach” to fighting the novel coronavirus, and it’s relying on citizens to be informed and make decisions to minimize the risk of spreading the disease, he said.

WHO Director-General Tedros Adhanom Ghebreyesus said a global emergency committee will reconvene Thursday to discuss progress fighting Covid-19 in the three months since it last met and deemed the coronavirus a health emergency. “The damage that this virus can wreak is more than any terrorist attack,” Tedros said. “It can bring political, economic and social upheavals, but the choice is ours. The choice should be unity.”

Following U.K. reports of possible Covid-19 illness in children, WHO epidemiologist Maria Van Kerkhove said European countries have been reporting cases of severe inflammatory reactions among children, but they seem to be very rare. Children seem to be less likely to transmit Covid-19 to adults than the opposite, she said, citing household transmission studies. There’s no reason to think children are less susceptible, she said, but more research is needed.

Austria Wants to Reopen German Border (12:30 p.m. NY)

Austrian Chancellor Sebastian Kurz said he wants “in the foreseeable future” to open the border with Germany and other countries where the pandemic is developing in a similarly favorable way.

If the situation is similar in two countries, it wouldn’t make much difference to allow travel between them, Kurz was quoted as saying by Bild newspaper. While skiing in the Austrian Alps this winter will “surely” be an option for Germans, summer vacations there could also be possible, Kurz said.

U.K. Issues First All-Settings Death Report (12:20 p.m. NY)

A further 765 deaths from the coronavirus have been reported in the U.K., the latest figures show.

It is the first time deaths from all settings have been reported on a daily basis — not just in hospitals — giving the most complete picture of the impact the virus is having on the country. The change to reporting was introduced following criticism that daily figures released by the Health Department were ignoring a significant number of deaths in care homes or in the community.

The total number of deaths in the U.K. increased by 3,811 as the country added historical data to its running total.

Some 4,076 people were diagnosed with the disease, a slight increase from 3,996 the day before, according to Foreign Secretary Dominic Raab, who has been deputizing for Prime Minister Boris Johnson. Approximately 52,000 tests were carried out on Tuesday, still significantly short of the government’s target of 100,000 tests a day by the end of April.

Turkey Cases Rise 2.6% (12:11 p.m. NY)

Turkey reported 89 new coronavirus fatalities on Wednesday, taking the death count from the outbreak to 3,081, according to data from the Health Ministry.

Turkey screened 43,498 people over the past 24 hours and 2,936 tested positive for virus. The total confirmed cases stands now at 117,589, though the number of coronavirus patients requiring intensive care fell to 1,574 from 1,621.

Restrictions will continue through the month of May, Health Minister Fahrettin Koca said in press meeting on Wednesday, explaining that Turkey is at its peak phase and “if measures aren’t followed, we may see another wave.”

Fauci Calls Remdesivir Test ‘Good News’ (12:06 p.m. NY)

Anthony Fauci, the head of the U.S. National Insititute of Allergy and Infectious Diseases and the government’s top infectious-disease specialist, said at a White House meeting with President Donald Trump and Louisiana Governor John Bel Edwards that a U.S. trial showed Gilead Sciences Inc.’s experimental drug to treat coronavirus had a significant positive effect on the virus and that the results “were quite good news.”

Fauci called the study the “first truly high-powered randomized placebo-controlled trial” of remdesivir.

Gilead’s share price and the broader stock market have been churned in recent weeks by a series of early looks and leaks of trial data on the drug, called remdesivir. Last week, the market swooned after apparently discouraging results from a Chinese trial were accidentally posted on a World Health Organization web page. Data confirming those more downbeat results were published in the U.K. medical journal The Lancet on Wednesday.

U.K. Schools Plan Reopening (11:55 a.m. NY)

U.K. Education Secretary Gavin Williamson said schools in England will open to children in a “phased manner” once the coronavirus lockdown ends.

Williamson said he could not yet give a date for schools to restart, but he would give them “as much notice as possible” so they can prepare properly. He ruled out opening them during the summer vacation between mid-July and the start of September.

“We recognize that the idea of schools all returning on day one with the full complement of pupils is not realistic or practical,” Williamson told the House of Commons Education Committee in an online session on Wednesday. “I do expect schools to be opened in a phased manner.”

Schools, colleges and nurseries across the U.K. have been shut for five weeks, apart from a limited provision for vulnerable children and those of designated key workers. Williamson said he is looking at the experience of countries that have started to reopen schools, such as Germany and Denmark, to establish which age groups should return first.

Florida Cases Slow to 0.5% (11:08 a.m. NY)

Florida reported 33,193 Covid-19 cases on Wednesday, up 0.5% from a day earlier. If the trend holds, it would mark a dramatic slowdown from the pace of past weeks.

Deaths among Florida residents reached 1,218, an increase of 4%.

Governor Ron DeSantis is expected to provide details later Wednesday of his plan to reopen Florida.

Brazil Deaths on Rise (10:50 a.m. NY)

Brazil is rising in the ranking of most-hit places by the coronavirus, becoming the third country with the largest number of deaths reported over the past 24 hours after the U.S. and the U.K.

Total virus-related deaths surpassed 5,000 with 474 on Tuesday only. In contrast to other parts of the world, the curve of new cases in Brazil is climbing, Health Minister Nelson Teich said at a news conference Tuesday. As of Tuesday, the country had counted nearly 72,000 positive cases, 5,017 deaths, and a 7% death rate.

When asked during the same news conference about mounting fatalities, President Jair Bolsonaro answered, “So what? What do you want me to do about it?” before joking that even though his middle name means messiah in Portuguese, “I can’t make miracles.”

The leader has refused to follow World Health Organization guidance on combating the virus throughout the outbreak. On the domestic front, he’s criticized governors who called for quarantines, fired his health minister for advocating for restrictions and containment measures, and personally took to the streets without a protective face mask, shaking hands and visiting crowded bakeries and markets as a rebellious gesture.

NYC Plans Antibody Tests (10:30 a.m. NY)

New York City will offer antibody tests for more than 150,000 health-care workers and first responders, Mayor Bill de Blasio said.

Testing may begin next week, with a goal to test all the workers within a month, through a partnership with the U.S. Department of Health and Human Services and the Centers for Disease Control and Prevention.

The tests, to be offered at hospitals, firehouses, police stations and corrections facilities, indicate likely past infection to the new coronavirus, according to the mayor’s office. Positive tests do not mean full protection, according to slides presented during his virus briefing.

Portuguese Case Rise Eases (10:05 a.m. NY)

Portugal reported a smaller daily increase in confirmed coronavirus cases on Wednesday, and the number of patients in intensive care units fell for an eleventh day. There were 183 new cases in a day, taking the total to 24,505, the government said. Deaths rose by 25 to reach 973.

Portugal will announce on Thursday which businesses can reopen from May 4, with confinement measures to be eased gradually every 15 days. The government hasn’t shut down the economy entirely; industrial, construction and transport activities have been allowed to continue.

Japan to Extend State of Emergency: Nikkei (9:28 a.m. NY)

The Japanese government plans to extend a nationwide state of emergency past its current May 6 end date, Nikkei Asian Review reported. The proposal is to be discussed at a meeting Friday.

Fraction of Jobless-Aid Claims Paid in March (9:01 a.m. NY)

Federal data showed that 14% of workers who filed for unemployment insurance benefits in March received payment that month, as the unprecedented surge of pandemic-driven layoffs began to inundate state labor departments nationwide.

Lufthansa’s Swiss Gets $1.3 Billion Loan Guarantee (8:54 a.m. NY)

Swiss International Air Lines, part of Germany’s Deutsche Lufthansa AG, will receive 1.275 billion francs ($1.3 billion) in loan guarantees from the Swiss government to get through the coronavirus crisis.

Gilead Remdesivir Trial Hit Primary Target (8:35 a.m. NY)

Gilead Sciences said it’s aware of positive data emerging from the National Institute of Allergy and Infectious Diseases’ study of the investigational antiviral remdesivir for the treatment of Covid-19.

The company said “we understand that the trial has met its primary endpoint and that NIAID will provide detailed information at an upcoming briefing.”

U.S. Will Be ‘Really Rocking Again’ by July: Kushner (8:28 a.m. NY)

“You’ll see by June a lot of the country should be back to normal and the hope is that, by July, the country’s really rocking again,” said Kushner, Trump’s senior adviser and son-in-law, in a Fox News interview. May will be a transition month, he said.

“You’ll see a lot of the states starting to phase in the different reopening based on the safety guidelines that President Trump outlined on April 19,” Kushner said.

Kenya Puts Refugee Camp Under Lockdown (8:24 a.m. NY)

Kenya put one of the world’s largest refugee camps under lockdown, even as humanitarian agencies warned there’s no infrastructure in place to deal with a potential outbreak of the coronavirus. All movement in and out of Dadaab, home to more than 220,000 people living in makeshift housing, as well as the smaller Kakuma refugee camp in northwest Kenya, will be prohibited as of Wednesday, according to the Interior Ministry. The measure is an extension of a 21-day partial lockdown across the country that was imposed last week.

Dutch Fatalities Surpass Mainland China (8:19 a.m. NY)

Fatalities in the Netherlands rose 3% to 4,711, surpassing the official tally of 4,633 in mainland China, where the outbreak began. The jump of 145 deaths is the highest daily increase since April 21, though it includes an administrative backlog of previously unrecorded deaths following a three-day weekend. Confirmed cases rose 1% to 38,802.

Germany Sees Output Shrinking 6.3% (8 a.m. NY)

Germany expects the impact of the coronavirus to plunge the economy into its worst recession since the nation began its recovery in the aftermath of World War II, as confidence at companies and households plummets across Europe.

Gross domestic product is forecast to shrink by 6.3% in 2020, more than even during the financial crisis a decade ago, according to Economy Ministry projections published Wednesday. The low point of the recession — the worst since at least 1950 — is expected in the second quarter, before a gradual recovery and growth of 5.2% next year.

Boeing to Cut Jobs, GE ‘Materially Challenged’ (7:45 a.m. NY)

Boeing reduced production rates, burned $4.7 billion in the first quarter — its worst period for free cash flow ever — and is “actively exploring” all available options for additional funding. CEO Dave Calhoun said the company is targeting a 10% cut through voluntary layoffs, natural turnover and “involuntary layoffs as necessary.”

Earlier, GE CEO Larry Culp said Covid-19 “materially challenged” first-quarter results, especially in aviation. The pandemic reduced cash from operating activities and industrial free cash flow by about $1 billion. Anthem temporarily suspended its share repurchases and maintained its profit forecast, while withdrawing all other guidance. Meanwhile, Spotify said that “every day now looks like the weekend” as usage in car, wearable and web platforms drops while TV and game-console use increases “materially.”

Travel Demand From Beijing Surges (7:30 a.m. NY)

Sales of plane tickets leaving Beijing surged shortly after the local government announced it will lower its municipal emergency response to the coronavirus outbreak to the second-highest level, from the highest level now. Trip.com ADRs gained as much as 12% in pre-market trading.

As the Chinese capital prepares to host the nation’s highest-profile political meeting next month, the city will relax quarantine requirements for domestic travelers from low-risks areas starting Thursday. The easing doesn’t apply to overseas visitors, as well as travelers from Hubei province and other places designated as mid- and high-risk areas, she said.

Flight bookings from Beijing increased 15 times on Qunar, a Chinese travel platform, within 30 minutes of the news being announced, according to a report by Beijing Daily citing data provided by Qunar. Searches for holiday packages and hotels also tripled, the report said.

Germany to Extend Travel Warning (7:15 a.m. NY)

Germany will extend its warning for all tourist trips abroad until June 14 and cannot promise that it will be dropped after that date, Foreign Minister Heiko Maas told reporters on Wednesday in Berlin. “To answer that question we will have to wait and see how things develop in the next few weeks,” he said. A coordinated European approach for ending travel restrictions would be desirable and there will soon be talks about this, Maas added.

Earlier, the number of new cases in the country rose for the first time in three days. Chancellor Angela Merkel is scheduled to consult with state premiers on whether to further relax restrictions on public life. North Rhine-Westphalia Premier Armin Laschet tried to lower expectations, telling the Funke media group that “we won’t discuss any major steps to ease the measures until May 6 at the earliest.”

Separately, Health Minister Jens Spahn said Germany will seek to strengthen the European Centre for Disease Prevention and Control, the EU’s infectious-disease agency, when it takes over the presidency of the Council of the European Union in July.

Spain New Cases, Deaths Hold Steady (5:30 p.m. HK)

The number of new Spanish coronavirus cases and deaths held steady at low rates as the country prepares to ease some restrictions on public life. The number of fatalities rose by 325 to 24,275 in the 24 hours through Wednesday, according to Health Ministry data. The total also includes another 128 previously uncounted deaths. Confirmed cases increased by 2,144 to a total of 212,917.

The latest figures on new infections reflect updated reporting standards adopted in recent days. Previously, the government included people who had virus antibodies in its overall figure, but now the daily total only includes patients who are confirmed positive using a testing technique known as PCR.

On Tuesday evening, Prime Minister Pedro Sanchez announced a plan to end the lockdown within eight weeks, as health officials become more confident that Europe’s largest outbreak has been contained. The government had already announced a tentative easing of some curbs, beginning this week.

Malaysia Cases Rise Most in Two Weeks (5:10 p.m. HK)

Malaysia reported the highest daily increase in new cases since April 16 due to infections among people who returned from overseas. The country confirmed 94 new coronavirus cases on Wednesday, of which 72 recently flew back from neighboring Indonesia. That brings the total number of cases to 5,945.

Malaysia said its lockdown has succeeded in flattening the curve as the number of new cases declined to a six-week low on Tuesday. That’s even as the health ministry cautioned against the possibility of new waves of infections among foreign workers, as seen in Singapore, or among those returning from overseas.

Australia Stokes China Tensions (4:36 p.m. HK)

China’s foreign ministry spokesman Geng Shuang said there was “no factual basis” for Australia’s accusations of “economic coercion.” Australia’s calls for an independent probe into the origins of the pandemic is heightening tensions with Beijing, worrying businesses in the world’s most China-dependent developed economy.

“China stands ready to work with all countries in the world with mutual assistance to overcome the difficulties,” Geng said. “At the same time, we hope other countries will join us in contributing to global cooperation and enhancing mutual trust.”

Even as Australia prepares for its first recession in almost three decades after the lockdown shuttered pubs, cinemas and thousands of small retailers, the government is determined that the roots of the outbreak must be investigated. China is pushing back, labeling calls for the probe “politically motivated” and warning of a potential consumer boycott of Australian products, but Treasurer Josh Frydenberg dismissed the complaints and said Australia would not bow to “economic coercion.”

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