This is CNBC’s live blog covering all the latest news on the coronavirus outbreak. All times below are in Eastern time. This blog will be updated throughout the day as the news breaks.
- Global cases: More than 2,416,100
- Global deaths: At least 165,939
- US cases: More than 759,700
- US deaths: At least 40,683
The data above was compiled by Johns Hopkins University.
8:48 am: Germany and others need to fund the post-virus recovery across Europe, Spanish minister says
MADRID, SPAIN – FEBRUARY 26: Minister of Economic Affairs and Digital Transformation Nadia Calvino attends ‘Reino de España a la Trayectoria Empresarial’ awards, in honour of Placido Arango ‘In Memoriam’ at El Prado Museum on February 26, 2020 in Madrid, Spain.
Carlos Alvarez
Germany needs to understand it will have to fund the post-pandemic recovery across Europe, Spain’s economy minister told CNBC Monday, just days ahead of another pivotal meeting for the European Union (EU).
The 27 European countries that make up the EU remain at loggerheads over how to mitigate the economic shock from Covid-19, despite putting together a half-a-trillion-euro package for more immediate spending needs earlier this month. Their main concern now is to present a second plan that will deal with the vast amount of virus-related debt that is expected to creep up across the region.
Nadia Calvino, Spanish economic affairs minister and deputy prime minister, told CNBC Monday that Germany has a budget surplus that it is “quite determined” to use. ”Now, what we need is for them to understand that we need to also fund the recovery of the rest of the (EU) countries, that we need to fund the recovery of the whole of Europe,” she added. —Silvia Amaro
7:38 am: Putin says Russia has not yet reached its peak
Russian President Vladimir Putin said the country has managed to curb the Covid-19 crisis, but the peak of the outbreak is still ahead.
The number of Russian confirmed coronavirus cases surpassed 47,000 on Monday with a death toll of 405. (See additional entry below about Russia.) —Reuters
7:25 am: Burger chain Shake Shack to return $10 million government loan
Shake Shack said it will return the $10 million small business loan it received from the U.S. government, making the burger chain the first major firm to hand back money aimed at helping small businesses ride out the coronavirus crisis.
The company was able to raise additional capital, CEO Randy Garutti and founder Danny Meyer said in a blog post. Last week, it raised about $150 million in an equity offering.
The government’s $2.2 trillion aid package is aimed at helping small companies keep paying their employees and their basic bills during the shutdowns so that they are able to reopen quickly when public health allows.
Shake Shack said the money it received could be reallocated to the independent restaurants “who need it most, (and) haven’t gotten any assistance.” —Reuters
6:50 am: US markets haven’t priced in a ‘significant second wave,’ says Citi Private Bank
Major U.S. stock indexes may have recovered from their recent lows, but Citi Private Bank warned that the worst may not be over.
“In the event that we have a very significant second wave of disease in the United States that cause a further shutdown of the economy … that clearly is not priced into the market,” David Bailin, the bank’s chief investment officer, told CNBC’s “Squawk Box Asia.”
“The other thing that may not be priced into the market is the fact that this virus may take another 18 to 24 months to really cycle through the globe, and ultimately have a vaccine,” he added. —Yen Nee Lee
6:07 am: Putin is distancing himself from Russia’s outbreak, but it could still damage him politically
People in medical masks in Red Square in central Moscow amid the COVID-19 coronavirus pandemic. Russian President Vladimir Putin has declared a week off work and urged people to stay home to prevent the spread of the COVID-19 coronavirus. Cafes, restaurants, shopping malls and parks are closed in Moscow.
Sergei Bobylev
Russia’s handling of the coronavirus epidemic is coming under increasing scrutiny and could potentially damage the credibility and legitimacy of President Vladimir Putin and the Kremlin, experts say.
Russia was arguably slow to recognize that the epidemic was coming to the country, even as it spread rapidly among its neighbors and in Italy, Spain, Germany, and France.
On Sunday, Russia saw its largest daily rise in new confirmed cases, with its crisis response center reporting 6,060 new cases, bringing the total number of cases to 42,853. The number of reported deaths remains low, however, with total fatalities at 361. —Holly Ellyatt
5:37 am: Spain’s confirmed cases surpass 200,000, health ministry says
Healthcare workers wheel a patient to a triage tent at the Maimonides Medical Center in the Brooklyn borough of New York, the United States, April 19, 2020.
Michael Nagle | Xinhua News Agency | Getty Images
The number of people diagnosed in Spain has surpassed 200,000, the country’s health ministry said.
The ministry said the number of cases rose to 200,210 from 195,944 cases on Sunday. The total number of deaths has reached 20,852, up from 20,453 the previous day.
Spain has overtaken Italy, which has 178,972 confirmed cases, as the worst-hit country in Europe, and second worst-hit country in the world after the U.S., which has almost 800,000 confirmed cases, according to data from Johns Hopkins University. —Holly Ellyatt
4:30 am: Austria calls for suspension of EU rules on state aid amid coronavirus crisis
EU rules on state aid to be suspended for countries like Austria that have shown solidarity with hard-hit member states during the coronavirus pandemic, Austrian Finance Minister Gernot Bluemel said Monday.
“This solidarity cannot be a one-way street. We also want to be able to show solidarity with our own companies, and we, therefore, demand that this crisis be used for solidarity in that we suspend the EU state aid regime for the duration of the crisis,” Bluemel told a news conference, Reuters reported. —Holly Ellyatt
Read CNBC’s coverage from CNBC’s Asia-Pacific and Europe teams overnight here: Spain’s confirmed cases surpass 200,000, health ministry says