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Trump’s plans may not be ready; Airlines cut flights: virus update

One of President Trump’s top coronavirus officials said there are more tests available than necessary, a request immediately contested by New York Governor Andrew Cuomo.

President Donald Trump has promised “very dramatic” actions on the economy, but for now he will leave out the travel industry. US equities rose after Monday’s end, supported by optimism over stimulus measures.

Italy was the first country to attempt a national blockade when cases exceeded 9,000 overnight. The Italian government may attempt to enhance a planned stimulus package in Europe’s hardest hit nation and is negotiating with banks on mortgage cuts, while Germany is discussing steps to help lenders. Airlines around the world are rushing to reduce capacity and reduce costs.

The cases exceed 114,000 worldwide; deaths exceed 3,900 European struggles to limit the spread of the virus, led by the Italian block Xi visits Wuhan, China has reported the lowest number of cases since January. Why rational people panic as coronavirus spreads What city dwellers must do to avoid the virus Switzerland closes the border with Italy

Click VRUS on the terminal for news and coronavirus data and here for maps and graphs. For the impact analysis of Bloomberg Economics, click here. To see the impact on the demand for oil and raw materials, click here.

United States Secretary of Defense cancels trip to India (10:30 in New York)

Defense Secretary Mark Esper has postponed his trip to India, Uzbekistan and Pakistan to help manage the Pentagon’s response to the coronavirus.

UN closes visitors’ headquarters in New York (10:29 in New York)

The United Nations said Tuesday that it will close New York headquarters to the public, suspending all guided tours until further notice. There are no confirmed cases among the staff. The decision to reduce the number of staff present in the United Nations building follows.

Azar claims test “surplus”; Cuomo Disagrees (10:24 in NY)

A federal official who led the response to the coronavirus novel said there are more tests available than necessary, a request immediately contested by New York Governor Andrew Cuomo.

“We now have a surplus of tests,” said health and human services secretary Alex Azar during an interview with CNN on Tuesday morning. “They are out in the community, they are available, doctors and public health officials, at no time, at any time, have a public health official who wanted to test an individual for a new coronavirus he was unable to get them tested.”

Cuomo, appearing shortly after Azar on CNN, said it wasn’t true.

“You have to increase your test ability,” said Cuomo. “We don’t test enough people to know where they are.”

While the government has touted a large number of tests, it says they are sent to front-line agencies and institutions, news reports have found that patients with suspicious symptoms have had a hard time getting tested when approaching suppliers on their own.

So far, many tests have been conducted in public health labs – as Azar said – and the ability has been slower to reach hospitals, clinics and other places where people are likely to receive assistance.

Natixis-backed company delays $ 1 billion in office sales (9:55 in New York)

Market turmoil fueled by coronavirus led AEW SA, a real estate investment manager backed by Natixis SA, to dismiss a European-owned sale of 900 million euros. The fund manager is looking to assess the impact of the epidemic on real estate markets before moving on, according to four people with knowledge of the issue.

Cases Rise in the Netherlands (9:53 in NY)

The Netherlands reported a fourth death, while the number of cases rose to 382 from 321 yesterday.

During a press conference on Monday evening, Prime Minister Mark Rutte asked the Dutch to refrain from shaking hands to prevent the spread of the virus. He was later surprised by a camera shaking hands with an official from the Dutch National Institute for Public Health and the Environment. The briefing sparked a tweet from Geert Wilders, the leader of the anti-Islam Freedom Party, who criticized the government for not taking more drastic measures.

Morocco reports first death (9:46 in New York)

Morocco reported its first death from coronavirus, an 89-year-old local woman, said the Ministry of Health. The country has only had 3 confirmed cases. This marks the second death on the African continent from the virus and the first one involving an African citizen. A German died in Egypt a few days ago.

The Moroccan economy faces the prospect of its worst growth rate in the past two decades, as drought and the global coronavirus epidemic combine to hit the vital tourism sector in the only regional-level sovereign.

St. Peter’s Square, Basilica closed to tourists (9:30 in New York)

St. Peter’s Square and the Basilica are closed to tourists until April 3, according to Agence France-Presse.

On Sunday, Pope Francis delivered his weekly blessing via video to avoid attracting crowds to the square. Vatican City hosts around 600 people, including the pontiff. The Vatican also closed its museums until April 3.

Norway moves to alleviate the impact of the virus, Mulls Airline Measures (9:14 in New York)

Norway has proposed changing the layoff regulations and taking other measures to help companies, according to a statement from the ministry of finance and the prime minister’s office. The country is also looking into what can be done to help the aviation industry.

Separately, the Norwegian defense minister is canceling visits and meetings because he may have been exposed to the coronavirus, the ministry said in a statement on its website.

Harvard, MIT Move Classes Online (9 y. NY)

Harvard asks students not to return to campus after the spring break due to coronavirus concerns. The university is trying to switch completely to virtual lessons for all courses by March 23, when they originally had to start after recreation.

The Massachusetts Institute of Technology is also moving about 20 online lessons as it suspends in-person lecture meetings with over 150 students. Previously, Columbia suspended lessons for two days after an individual connected to the school was exposed to the virus and Princeton has been moving the lessons online as of March 23.

Germany Weighs Bank Capital Relief (8:56 in NY)

German bank watchdogs are discussing relief for lenders to counter the slowdown in coronavirus, according to people familiar with the issue. Finance ministry officials met with counterparts from BaFin and the Bundesbank in Berlin on Monday to discuss a relaxation of the planned rule that banks tighten reserves in good times.

Some officials oppose the demolition of the so-called countercyclical capital buffer because they still do not see a worsening of the data sufficient to justify this move, according to known people.

Spain Cases Top 1,600 (8:25 in New York)

Confirmed cases in Spain jumped by about a third, to 1622 from 1204 the previous day. Deaths rose to 35 from 29. The Spanish national government and the Madrid regional authorities agreed on Monday to close all schools and universities in the country’s capital.

The country’s soccer league has announced that all matches in the first and second divisions will be played behind closed doors for at least two weeks. The largest bank, Santander, said it had asked staff from its corporate centers to work remotely.

The White House plan is not here now, says CNBC (8:10 in New York)

The White House is far from ready to present specific economic proposals in response to the growing impact of the coronavirus epidemic, CNBC reported, citing administration officials.

President Donald Trump said he would announce “very dramatic” actions to support the economy during a press conference on Tuesday after discussions with lawmakers. The package will skip aid for the travel industry for now, according to people familiar with the subject.

Trump’s administration has been working on potential stimulus measures for about 10 days, but was not prepared to provide details so quickly, people familiar with the matter told Bloomberg.

The “highly probable” Coronavirus is in Turkey (8:06 in New York)

Turkish Health Minister Fahrettin Koca says that while it is “highly likely” that coronavirus is found in the country, there have been no confirmed cases. Separately, the number of cases in Pakistan has more than doubled in the past 24 hours to 18 from 7.

Macron’s Top Aide Confined (8:01 in New York)

Patrick Strzoda, the main aide to French President Emmanuel Macron, was confined after recently being in contact with a person who tested the coronavirus positively, according to a spokesman for the Elysee Palace in Paris on Tuesday.

Delta, American Join Rush to cut flight schedules (8:00 am in New York)

Delta Air Lines has withdrawn its leadership citing the impact of the virus, while American Airlines has said it will cut international capacity by the 10% summer peak. Gary Kelly, CEO of Southwest Airlines Co., told employees that he will suffer a 10% cut as the airline faces the most severe crisis of the past few decades, according to Dow Jones.

On Tuesday, Qantas Airways Ltd. cut nearly a quarter of its international flights for six months, landed most of its gigantic A380 jets and reduced operating wages. Air France-KLM has said it plans to cancel 3,600 flights this month and Finnair has reduced the capacity of seats in Europe for April by more than 20%.

The virus delays $ 2.3 billion in refinancing in Turkey (7:33 in New York)

Talks between Turkey’s IC Yatirim Holding AS, China Merchants Group Ltd. and a group of Chinese banks to refinance a $ 2.3 billion loan are delayed as the coronavirus epidemic lays the deal, according to people with knowledge of the matter.

Iran Cases Top 8,000 (7:15 in New York)

The number of new infections in Iran has increased for the first time since Friday. The country reported 881 new cases and 54 additional deaths. In total, 8,042 people were infected and 291 died. Separately, Lebanon has announced the death of a man who has arrived from Egypt, while the United Arab Emirates has discovered 15 new cases.

The United States needs 2008-style leadership: BlackRock’s Hildebrand (7:06 in New York)

Consistent leadership in the United States is urgently needed to prevent panic in the markets from turning into another 2008-type financial crisis, said Philipp Hildebrand, vice president of BlackRock Inc.

“If we have the US leadership that we had in 2008 to solve the problem, that’s a big question,” said Hildebrand in an interview with Bloomberg TV. “I think this is one of the global concerns facing the whole system right now. Where is the leadership, where is the leadership of the United States, which was one of the distinctive features of the 2008 crisis? “

Singapore Mulls School Closures (7:04 in NY)

Singapore is considering further social removal measures, including the closure of schools and the suspension of activities such as public events and religious services, said National Development Minister Lawrence Wong during a briefing on Tuesday.

Xi visits Wuhan, says Chinese economy remains healthy (7 in New York)

Chinese President Xi Jinping has visited Wuhan for the first time since the disease first emerged there, according to state media, a trip intended to project the confidence that his government has managed to stem the spread of the virus at the level national. Xi said the outbreak will not affect the long-term fundamentals of the Chinese economy, although in the short term it will harm the economy of Hubei province.

Wuhan, where the disease was first detected in December, has been quarantined since January 23.

Italy negotiating with banks for mortgage cuts (6:24 in New York)

The Italian government is negotiating with banks to provide outages from debt payments, including mortgages, as individuals and businesses are facing a blockade nationwide. Italy is also studying aid for temporary layoffs and additional tax measures to support the economy, Deputy Finance Minister Laura Castelli said in a radio interview. A new decree on economic measures will be announced soon, he said.

Separately, the government could increase the value of a stimulus package to protect the economy from the impact of the coronavirus to € 10 billion ($ 11.4 billion) from € 7.5 billion, according to two officials.

Austrian Chancellor Sebastian Kurz said that the country will not allow travelers from Italy, the most affected country in Europe, to enter unless they can present a medical certificate demonstrating health.

European banks face $ 34 billion, Hit Goldman (6:24 in New York)

European banks will see around 30 billion euros ($ 34 billion) canceled from their net income over the next three years due to coronavirus fallout, according to analysts at Goldman Sachs. The erosion of profits, equal to 7% of their total, will be driven by an increase in credit risk, weaker revenues and substantially flat costs, analysts said.

Goldman also said that the European Central Bank is expected to take measures this week that could jeopardize banks’ profitability but strengthen the long-term system as it seeks to contain the economic consequences of coronavirus.

Hospital bed supply chart in Europe (17:58 HK)

The Italian healthcare system is undergoing unprecedented efforts due to the surge in coronavirus cases, with intensive care units invaded by patients. Finding enough acute care beds is a “race against time,” said the top health official in the worst hit region in the country. The rest of Europe is watching closely and, as the table shows, the supply of beds varies widely.

Abe Japanese reveals second set of emergency passes (17:56 HK)

The Japanese government has released a second set of emergency measures in response to the coronavirus outbreak as the epidemic pushes a struggling economy into recession.

The measures include a loan package that adds 1.1 trillion yen ($ 10.5 billion) to previously announced low-cost loans, bringing total financial support to 1.6 trillion. The package also includes 430.8 billion yen of spending measures to help medical professionals and people affected by the closure of schools.

EMA has not yet seen deficiencies (17:45 HK)

The European Medicines Agency said it had not seen any reports of shortages or interruptions in the supply of medicines marketed in the EU due to the epidemic.

Thailand will inject $ 12.7 billion to mitigate the economic blow (17:25 HK)

The Thai government has approved a stimulus package that said it will inject approximately 400 billion baht ($ 12.7 billion) into the economy to counter the economic blow caused by the coronavirus epidemic. Steps like tax cuts and 180 billion baht of soft loans for some businesses will come together to boost, said Lavaron Sangsnit, general manager of the Tax Policy Office.

Thailand is struggling to cope with a slump in tourism, an industry which accounts for around a fifth of gross domestic product.

DHL owner says improving business prospects in China (16:26 HK)

The head of the owner of DHL Deutsche Post AG has mitigated the impact of the coronavirus, claiming to be optimistic about the outlook and that China appears to be recovering from the epidemic.

“When I talk to our colleagues in China, they say it is getting better every day,” CEO Frank Appel told Bloomberg TV in an interview on Tuesday. “There are encouraging signs, even if it’s not over.” Deutsche Post has been stuck by its guide for the whole year and Appel said last week’s express demand has increased from a year ago.

Singapore checks passengers from cruise ship (16:10 HK)

Singapore health officials conducted coronavirus checks on passengers on the Costa Fortuna cruise ship who were prevented from docking in Thailand and Malaysia.

The cruise ship, which made a return phone call to Singapore on Tuesday, said none of the passengers and its crew showed symptoms of respiratory disease. He left Singapore on March 3rd.

– With the assistance of Shaji Mathew, Angus Whitley, Alessandro Speciale, Daniele Lepido, Naomi Kresge, Eben Novy-Williams, Saleha Mohsin, Jennifer Jacobs, Justin Sink, Nick Turner, Lucas Shaw, Billy House, Ben Bain, Isabel Reynolds, Heather Perlberg, Peter Flanagan, Tommaso Ebhardt, John Follain, Wout Vergauwen, Janet Lorin and Glen Carey.

To contact Bloomberg News staff for this story: Adveith Nair in London at anair29@bloomberg.net

To contact the editors responsible for this story: Stuart Wallace at swallace6@bloomberg.net, Mark Schoifet, Andrés R. Martinez

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