The stock market has suffered yet another historic day of losses as the Dow Jones reportedly lost the entirety of economic gains seen under Donald Trump’s presidency amid increasing anxieties over the global coronavirus pandemic.
The US Centre for Disease Control meanwhile released a grim outlook for a worst-case scenario surrounding the pandemic, in which 214 million people would be impacted and nearly two million would die as a result of the outbreak. The Trump administration released its own plan-of-action while seeking a nearly $1 trillion economic relief package that could include sending checks to all Americans in the coming weeks to help battle back against the economic downturn.
The number of total cases in the US surpassed 7,000 on Wednesday, according to the latest data, as the death toll rose to at least 117. Experts have said the true rate of infections is likely far higher nationwide, citing a lack in testing.
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Stock market wipes out all of Trump's economic gains
The entirety of stock market gains since the president took office have now been erased amid the economic downturn caused by increasing fears over the coronavirus pandemic, according to reports:
Trump defends calling Covid-19 the 'Chinese virus'
The president is once again using the offensive term to describe Covid-19 as the global pandemic impacts thousands of Americans across the country:
Hospital workers creating makeshift masks
Health officials in Washington bought household items and designed face masks using industrial tape and foam in an effort to buy time as the US runs dangerously low on medical supplies amid the coronavirus pandemic.
Purchasing the materials from local craft stores and a Home Deport, infection control officials and quality experts from Providence St Joseph Health formed an assembly line on Tuesday and created the face-shields, according to Bloomberg News.
The volunteers reportedly included nearly 20 administrative staff from the network of 51 hospitals comprised by Providence St Joseph Health, as well as quality experts and infection control officials.
The initiative came at a time when local hospitals warned they were experiencing a critical shortage of supplies like face masks and ventilators as confirmed cases of Covid-19 surged across the country.
Becca Bartles, executive director of infection prevention for Providence St Joseph Health, told Bloomberg News: “We are very close to being out of face shields.”
Story to come...
Breaking news: Cases exceed 7,000 in US
The United States has confirmed at least 7,000 cases of coronavirus, according to the latest local and state data, as hospitals prepare to be potentially inundated with patients amid a severe shortage of critical supplies.
With testing ramping up nationwide and governors declaring states of emergency, tens of millions of Americans have isolated themselves in homes and apartments. The death toll in the country has meanwhile risen to at least 117.
Story to come...
Trump spiritual adviser in coronavirus 'seed money' grift
The president's propserity gospel pastor Paula White has been busy exploiting the epidemic to persuade her gullible parishoners to part with their savings. Unbelievable.
Another iffy character giving the president advice is Sanctuary TV pundit and ex-commidities trader Eric Bolling, who thinks he has the answer on how to rescue a crashing economy as the country (and wider world hits a standstill).
He is the author of that celebrated work of literature (soon out in a Penguin Classics edition, no doubt), The Swamp: Washington's Murky Pool of Corruption and Cronyism and How Trump Can Drain It (2017).
The president's propserity gospel pastor Paula White has been busy exploiting the epidemic to persuade her gullible parishoners to part with their savings. Unbelievable.
Another iffy character giving the president advice is Sanctuary TV pundit and ex-commidities trader Eric Bolling, who thinks he has the answer on how to rescue a crashing economy as the country (and wider world hits a standstill).
He is the author of that celebrated work of literature (soon out in a Penguin Classics edition, no doubt), The Swamp: Washington's Murky Pool of Corruption and Cronyism and How Trump Can Drain It (2017).
West Virginia senator warns: 'We have no testing, we are not prepared'
Also on TV this AM was West Virginia senator Joe Manchin, who told CNN he did not wish for people to be “lulled into a false sense of security” as his state confirmed its first coronavirus diagnosis.
He said West Virginia''s population is no less vulnerable than anywhere else because it has a higher percentage of elderly people as well as citizens with respiratory issues and diabetes.
Also on TV this AM was West Virginia senator Joe Manchin, who told CNN he did not wish for people to be “lulled into a false sense of security” as his state confirmed its first coronavirus diagnosis.
He said West Virginia''s population is no less vulnerable than anywhere else because it has a higher percentage of elderly people as well as citizens with respiratory issues and diabetes.
“I thought it was just carnage waiting to happen, I wanted to make sure that people understood that they shouldn’t get a false sense of security,” Manchin told John Berman.
His most notable line was on testing, however, saying the reason the state's rate was of infection was so low was because they hadn't been able to check people for the virus (!)
“Up until a couple days ago we only had 40 tests done, now I think we are at 130 or so, but with that being said, John we have no testing, we are not prepared, people think that we are immune from this.”
Manchin said he had spoken to Mike Pence and told him they needed additional testing kits and supplies.
“Up until a couple days ago we only had 40 tests done, now I think we are at 130 or so, but with that being said, John we have no testing, we are not prepared, people think that we are immune from this.”
Manchin said he had spoken to Mike Pence and told him they needed additional testing kits and supplies.
“When it hits my state - and it has hit - it’s going to be absolutely catastrophic,” he said.
US surgeon general warns of blood shortages
Dr Jerome Adams was on NBC this morning and took the opportunity to warn that the country is running out of donated blood.
"You can still go out and give blood. We’re worried about potential blood shortages in the future. Social distancing does not have to mean social disengagement," he told the programme.
Dr Adams was speaking after the American Red Cross announced on Tuesday that it is facing a "severe blood shortage" due to an "unprecedented number of blood drive cancellations" as a consequence of the coronavirus outbreak. Cancellations have already resulted in about 86,000 fewer blood donations, according to the organisation.
"As a nation, this is a time where we must take care of one another including those most vulnerable among us in hospitals,” Gail McGovern, president and CEO of the American Red Cross, said.
Dr Adams also said Americans "should be acting as if we have the virus".
"If we do those three things - making sure we’re cleaning our surfaces, making sure we’re washing our hands, and making sure we’re staying six feet away from people - that’s how we will most protect ourselves from this disease," he commented.
"You should not change your approach to mitigation measures based on a positive or a negative test. You could test negative and still be early in the incubation period and still spread coronavirus."
Dr Adams was speaking after the American Red Cross announced on Tuesday that it is facing a "severe blood shortage" due to an "unprecedented number of blood drive cancellations" as a consequence of the coronavirus outbreak. Cancellations have already resulted in about 86,000 fewer blood donations, according to the organisation.
"As a nation, this is a time where we must take care of one another including those most vulnerable among us in hospitals,” Gail McGovern, president and CEO of the American Red Cross, said.
Dr Adams also said Americans "should be acting as if we have the virus".
"If we do those three things - making sure we’re cleaning our surfaces, making sure we’re washing our hands, and making sure we’re staying six feet away from people - that’s how we will most protect ourselves from this disease," he commented.
"You should not change your approach to mitigation measures based on a positive or a negative test. You could test negative and still be early in the incubation period and still spread coronavirus."
Coronavirus outbreak may last 18 months and cause critical shortages, government report warns
Chris Riotta has this latest update on the state of play in the US of A as the following developments emerge across the country:
Chris Riotta has this latest update on the state of play in the US of A as the following developments emerge across the country:
- The White House delays state dinner for King Felipe VI and Queen Letizia of Spain
- Justice Department closes 10 more immigration courts
- New York officials discuss "shelter in place" order as 1,000 cases landmark approaches
- New York officials discuss "shelter in place" order as 1,000 cases landmark approaches
- California governor Gavin Newsom says California schools likely to remain closed for rest of school year
- Philadelphia delays non-violent arrests
- Nevada asks ‘non-essential’ small businesses to close
- Philadelphia delays non-violent arrests
- Nevada asks ‘non-essential’ small businesses to close
Trump announces closure of Canadian border to 'non-essential' traffic
The president has just dropped that update on Twitter as the coronavirus crisis deepens.
The president has just dropped that update on Twitter as the coronavirus crisis deepens.
He has also been dwelling on his own popularity within the Republican Party and prematurely calling time on the 2020 candidacy of Bernie Sanders, who is said to be "assessing" whether he still has a path forward with his advisers.
I love that Trump still hasn't decided whether his slogan is still "Make America Great Again" or "Keep America Great" ("MAGA/KAG").
Rand Paul holds up Senate vote on rescue package with doomed amendment
As the Senate prepares to pass a bill to help fund and speed up the response to coronavirus epidemic, Mitch McConnell's fellow Kentucky senator Rand Paul has introduced an amendment that will slow down its passage – even though the amendment has no chance of passing.
The bill being debated, which would provide free coronavirus testing and provisions for unemployment insurance and paid sick leave, has already been passed by the House of Representatives. While some Senators have voiced misgivings about it, with some saying it does not go far enough, the bill looks very likely to pass without dramatic alterations.
Paul’s amendment, however, has no bearing on the substance on the substance of the bill. Instead, it would “require a social security number for purposes of the child tax credit, and to provide the president the authority to transfer funds as necessary, and to terminate United States military operations and reconstruction activities in Afghanistan.”
Andrew Naughtie has the full story.
As the Senate prepares to pass a bill to help fund and speed up the response to coronavirus epidemic, Mitch McConnell's fellow Kentucky senator Rand Paul has introduced an amendment that will slow down its passage – even though the amendment has no chance of passing.
The bill being debated, which would provide free coronavirus testing and provisions for unemployment insurance and paid sick leave, has already been passed by the House of Representatives. While some Senators have voiced misgivings about it, with some saying it does not go far enough, the bill looks very likely to pass without dramatic alterations.
Paul’s amendment, however, has no bearing on the substance on the substance of the bill. Instead, it would “require a social security number for purposes of the child tax credit, and to provide the president the authority to transfer funds as necessary, and to terminate United States military operations and reconstruction activities in Afghanistan.”
Andrew Naughtie has the full story.
Fox hosts change tune on coronavirus reporting as Trump declares national emergency
Fox News personalities such as Sean Hannity and Laura Ingraham accused the news media of whipping up “mass hysteria” and being “panic pushers”.
Fox Business host Trish Regan called the alleged media-Democratic alliance “yet another attempt to impeach the president”.
But a week is a long time in this game...
Fox News personalities such as Sean Hannity and Laura Ingraham accused the news media of whipping up “mass hysteria” and being “panic pushers”.
Fox Business host Trish Regan called the alleged media-Democratic alliance “yet another attempt to impeach the president”.
But a week is a long time in this game...
Mike Pence aide denies 20 per cent US unemployment rumours
Marc Short, the chief of staff for Vice President Mike Pence, has said there were no forecasts of 20 per cent unemployment in the United States because of the coronavirus outbreak, after reports suggested such a rise was a possibility.
Treasury xecretary Steven Mnuchin had told Republican senators on Tuesday that failure to act on a proposed coronavirus rescue package could lead to US unemployment as high as 20 per cent, a person familiar with the closed-door meeting told Reuters.
Short said Mnuchin was talking about different actions under a wide range of scenarios. "Nobody is right now that I know forecasting a 20 per cent unemployment from the coronavirus," he told Fox Business Network. "The foundation of our economy remains incredibly strong. This is a short-term, we believe, challenge."
Mnuchin met with senators to persuade them to pass a $1trn stimulus package that would send cash to Americans within two weeks and backstop airlines and other companies.
Pence leads the White House task force created to coordinate the federal response to the coronavirus outbreak.
"We're trying to make sure that the people who are impacted in the short term get the resources they need in a quick fashion and that's what secretary Mnuchin and this president are looking to do," Short said.
"We believe the economy will bounce back in a hurry once we get over the hump of this virus."
Marc Short, the chief of staff for Vice President Mike Pence, has said there were no forecasts of 20 per cent unemployment in the United States because of the coronavirus outbreak, after reports suggested such a rise was a possibility.
Treasury xecretary Steven Mnuchin had told Republican senators on Tuesday that failure to act on a proposed coronavirus rescue package could lead to US unemployment as high as 20 per cent, a person familiar with the closed-door meeting told Reuters.
Short said Mnuchin was talking about different actions under a wide range of scenarios. "Nobody is right now that I know forecasting a 20 per cent unemployment from the coronavirus," he told Fox Business Network. "The foundation of our economy remains incredibly strong. This is a short-term, we believe, challenge."
Mnuchin met with senators to persuade them to pass a $1trn stimulus package that would send cash to Americans within two weeks and backstop airlines and other companies.
Pence leads the White House task force created to coordinate the federal response to the coronavirus outbreak.
"We're trying to make sure that the people who are impacted in the short term get the resources they need in a quick fashion and that's what secretary Mnuchin and this president are looking to do," Short said.
"We believe the economy will bounce back in a hurry once we get over the hump of this virus."
Ivanka Trump criticised for giving childcare advice during social distancing
The president's favourite child is being ridiculed on social media after giving advice on entertaining the kids during self-isolation, with many pointing out the hypocrisy of her association with an administration whose dismissal of the situation early on has proved so costly and others taking exception to her privilege and the assumptions they betray.
Here's James Crump on the Trumps.
The president's favourite child is being ridiculed on social media after giving advice on entertaining the kids during self-isolation, with many pointing out the hypocrisy of her association with an administration whose dismissal of the situation early on has proved so costly and others taking exception to her privilege and the assumptions they betray.
Here's James Crump on the Trumps.
Asian stocks backslide after Wall Street rebounds on Trump economic pledge
Major Asian stock markets fell back after early gains on Wednesday after Wall Street jumped on Trump's promise of aid to get the US economy through the coronavirus outbreak.
Benchmarks in Shanghai, Tokyo and Hong Kong all advanced and then fell. Australia's main index fell 6.4 per cent and smaller Asian markets also were mostly lower.
As I mentioned earlier, the White House proposal could approach $1trn in spending to ward off the pressure of business closures to contain the virus. The Federal Reserve announced more measures to keep financial markets operating.
On Wall Street, the benchmark S&P 500 index rose by an unusually wide daily margin of 6 per cent, regaining just under half of the previous day's history-making loss. Professional investors expect more big daily swings in both directions until the spreading virus is brought under control.
Major Asian stock markets fell back after early gains on Wednesday after Wall Street jumped on Trump's promise of aid to get the US economy through the coronavirus outbreak.
Benchmarks in Shanghai, Tokyo and Hong Kong all advanced and then fell. Australia's main index fell 6.4 per cent and smaller Asian markets also were mostly lower.
As I mentioned earlier, the White House proposal could approach $1trn in spending to ward off the pressure of business closures to contain the virus. The Federal Reserve announced more measures to keep financial markets operating.
On Wall Street, the benchmark S&P 500 index rose by an unusually wide daily margin of 6 per cent, regaining just under half of the previous day's history-making loss. Professional investors expect more big daily swings in both directions until the spreading virus is brought under control.
There are "green shoots of risk appetite emerging, and some further concerning aspects," said Chris Weston of Pepperstone Group in a report. "I am not going to call a bottom in the risk story by any means."
The Shanghai Composite Index fell 0.2 per cent to 2,772.91 and the Nikkei 225 in Tokyo shed 1.1 per cent to 16,826.99. Hong Kong's Hang Seng skidded 1.5 per cent to 22,918.46.
Those three markets account for the bulk of the region's stock value.
The Kospi in Seoul slumped 2.2 per cent to 1,634.97. Australia's S&P-ASX 200 fell to 4,953.20. Market benchmarks in New Zealand and Singapore rose 1 per cent while Manila fell 7.9 per cent. Bangkok surged 2.8 per cent.
On Tuesday, European stocks swung from gains to losses and back to gains.
On Wall Street, the S&P 500 rose to 2,529.10. It still is down 25.3 per cent from last month's record.
The Dow Jones Industrial Average advanced 5.2 per cent to 21,237.38. A day earlier, the Dow lost nearly 3,000 after Trump said a recession may be on the way.
The virus has spread so quickly that its effects haven't shown up in much US economic data yet.
On Tuesday, a report showed retail sales weakened in February, when economists expected a gain. A separate report a day earlier showed manufacturing in the state of New York contracting.
"The global recession is here and now," S&P Global economists wrote in a report on Tuesday.
As many as 2.2m American lives could be lost to coronavirus unless social distancing adhered to, says new report
An alarming new disease modelling report from Imperial College London has underlined the importance of implementing social distancing measures in America.
Citizens continuing to go about their ordinary lives without taking evasive action could lead to as many as 2.2m deaths, whereas abiding by self-isolation could cut that number by 90 per cent to 220,000.
An alarming new disease modelling report from Imperial College London has underlined the importance of implementing social distancing measures in America.
Citizens continuing to go about their ordinary lives without taking evasive action could lead to as many as 2.2m deaths, whereas abiding by self-isolation could cut that number by 90 per cent to 220,000.
Here's more on the report, which is chilling indeed.
Trump resumes attacks on 'disgraceful and false' media while again repeating 'Chinese Virus' slur
Well, it appears I spoke too soon...
Well, it appears I spoke too soon...
President cuts down on contentious tweets to share expert advice
Aside from continuing to push that racist "Chinese virus" line, Trump's Twitter game has notably softened this week along with his tone in press briefings.
Here's his latest round of hollow reassurances this morning:
Aside from continuing to push that racist "Chinese virus" line, Trump's Twitter game has notably softened this week along with his tone in press briefings.
Here's his latest round of hollow reassurances this morning:
For the most part, we've just been getting retweets of credible advice from the Centres for Disease Control and Prevention and the National Institutes of Health and the occasional rallying cry like this:
Long may it continue.
That hasn't entirely stopped him remaining on brand in person, however. "I felt it was a pandemic long before it was called a pandemic," he claimed yesterday to a room full of incredulous reporters, who remembered him calling a "hoax" a matter of weeks ago.
"I've been talking about this for many years, long before I decided to run for president, I've been talking about this," he continued, entirely without burning shame.
The change of tone is welcome overall, it must be said, as the coronavirus crisis continues to escalate in the US and across the world with each passing day.
Here's Chris Riotta with our latest update.
Long may it continue.
That hasn't entirely stopped him remaining on brand in person, however. "I felt it was a pandemic long before it was called a pandemic," he claimed yesterday to a room full of incredulous reporters, who remembered him calling a "hoax" a matter of weeks ago.
"I've been talking about this for many years, long before I decided to run for president, I've been talking about this," he continued, entirely without burning shame.
The change of tone is welcome overall, it must be said, as the coronavirus crisis continues to escalate in the US and across the world with each passing day.
Here's Chris Riotta with our latest update.
Trump confirmed as Republican 2020 nominee
The president in turn secured the GOP nomination last night, an outcome that was never really in doubt in the aftermath of his acquittal in the impeachment trial.
Lucy Gray has this one.
The president in turn secured the GOP nomination last night, an outcome that was never really in doubt in the aftermath of his acquittal in the impeachment trial.
Lucy Gray has this one.
Joe Biden secures primary wins in Arizona, Illinois and Florida
Democratic front-runner Biden has all but secured his party’s nomination to take on Trump in November after winning the latest round of primary votes, leaving Bernie Sanders for dust.
This is what Diamond Joe had to say to Sanders supporters in a livestream from Delaware.
Here's Andrew Buncombe's report.
Democratic front-runner Biden has all but secured his party’s nomination to take on Trump in November after winning the latest round of primary votes, leaving Bernie Sanders for dust.
This is what Diamond Joe had to say to Sanders supporters in a livestream from Delaware.
Here's Andrew Buncombe's report.
Pentagon makes hospital ships and labs available to treat civilians, report says
The Pentagon is opening military labs, deploying massive hospital ships and donating medical gear to the federal coronavirus fight that Donald Trump called "a war" on Tuesday.
Defence Secretary Mark Esper said the military will give civilian agencies as many as five million respirator masks and other items to protect emergency personnel, according to The Wall Street Journal. He also said the Defence Department will provide up to 2,000 ventilators, the newspaper reported.
In addition, the Pentagon will open up to 16 military laboratories for civilian testing, and could call up more National Guard and Reserve members to help with the response.
Here's John T Bennett's report.
The Pentagon is opening military labs, deploying massive hospital ships and donating medical gear to the federal coronavirus fight that Donald Trump called "a war" on Tuesday.
Defence Secretary Mark Esper said the military will give civilian agencies as many as five million respirator masks and other items to protect emergency personnel, according to The Wall Street Journal. He also said the Defence Department will provide up to 2,000 ventilators, the newspaper reported.
In addition, the Pentagon will open up to 16 military laboratories for civilian testing, and could call up more National Guard and Reserve members to help with the response.
Here's John T Bennett's report.
