• US death toll from the novel coronavirus has climbed to more than 40,000.
  • More than 22 million Americans have filed for unemployment benefits in the past month.
  • US states sparred with President Donald Trump over his claims they have enough tests and should quickly reopen their economies.

The markets had been feeling a little better about COVID-19 last week with a number of positive headlines which are pathing the way for a return of risk-appetite as a light at the end of the tunnel glows brighter. However, there are still plenty of risks associated with US President's Donald Trump's get back to work plan which will certainly be kept in the back of trades minds.

Meanwhile, the US death toll from the novel coronavirus has climbed to more than 40,000 as reported this Sunday, which is the highest in the world and according to a Reuters tally, it has stacked up to be double to that of Italy's.

  • US coronavirus deaths surpass 40,000, cases over 744,000 – Reuters tally

Key notes

  • It took the United States 38 days after recording its first fatality on Feb. 29 to reach 10,000 deaths on April 6, but only five more days to reach 20,000 dead, according to a Reuters tally.
  • The United States' toll increased to 40,000 from 30,000 in four days after including untested but probable COVID-19 deaths reported by New York City.
  • The United States has by far the world's largest number of confirmed coronavirus cases, with more than 744,000 infections.
  • New cases on Saturday rose by nearly 29,000, the lowest increase in three days.
  • More than 22 million Americans have filed for unemployment benefits in the past month as closures of businesses and schools and severe travel restrictions have hammered the economy.
  • Governors in US states hardest hit by the coronavirus sparred with President Donald Trump over his claims they have enough tests and should quickly reopen their economies as more protests are planned over the extension of stay-at-home orders. 
  • The region of Maryland, Virginia and Washington DC is still seeing increasing cases. New Jersey reported on Sunday that its new cases rose by nearly 3,900, the most in more than two weeks. Boston and Chicago are also emerging hot spots with recent surges in cases and deaths.
  • Several states, including Ohio, Texas and Florida, have said they aim to reopen parts of their economies, perhaps by May 1 or even sooner, but appeared to be staying cautious.

Market implications

Markets on Friday were encouraged by the sentiment that the US economy will start to open back up. US President Donald Trump cited several states including Montana and Utah as being close to safe to reopen, and said that 29 states will be able to reopen “relatively soon.” He followed up Friday morning, tweeting that states such as Minnesota, Michigan and Virginia, should “liberate” themselves.

However, a review of the outbreaks in states mentioned by the administration as ready to go indicated that they don’t actually meet the criteria to do so, Bloomberg News wrote – few of the states name-checked by Trump actually appear to meet the task force’s criteria.

Health experts question the White House’s rules and say they’re too easy to meet. Under the White House guidelines, state health departments should show a downward trajectory of documented cases or of positive te ts as a percent of total tests, within a 14 day period. Healthcare experts take issue with the “or,” saying both should be proven before reopening.

 

 

 

 

 

 

 

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