Coronavirus Updates

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Welcome to the Finance Magnates live Coronavirus blog updates page. Keep up-to-date with the latest coronavirus news, focusing on the impact upon the financial, fintech and crypto worlds.

Unemployment Slows in Spain as Lockdown Eases

12:04 The number of new job seekers in Spain was close to 27,000 in May, around 10 times lower than in March and April during the coronavirus lockdown, the labour ministry said today.

Spain imposed a nationwide lockdown on 14 March to slow the spread of the virus, and that month it counted more than 302,000 new jobseekers, followed by another 280,000 in April.

But in May, as the lockdown was gradually eased, the government counted a total of 26,573 new jobseekers in the eurozone’s fourth-largest economy, where the total number of unemployed stands at 3.8 million. At the end of March, the National Statistics Institute (INE), which calculates figures in a different way, gave Spain’s jobless figure as 3.31 million.

South Koren GDP to Worsen More Than Expected

08:09 South Korea’s economic contraction will worsen in the current quarter, the central bank forecast Tuesday, as the coronavirus outbreak hits consumer demand and economic activity even harder, AFP reports.

The Bank of Korea predicted the world’s 12th-biggest economy will shrink at least 2.0 percent in the April-June period over the previous three months.

It already declined 1.3% quarter-on-quarter in the first three months, it said – a slight improvement from its first announcement in April of a 1.4% contraction, but still the biggest drop in gross domestic product since the 2008 global financial crisis.

Tuesday 6th May

German New Cases Recorded

15:03 Germany recorded 333 confirmed new infections and 11 new deaths linked to Covid-19, the country’s disease control body said on Monday.

The reproduction number (R), indicating how many new cases one infected person generates on average,rose to 1.04 on Sunday, staying above the critical threshold of one for the second row in a day.

Iran Records Highest Increase in Two Months

12:26 Iran has counted its most new cases of coronavirus on any day for nearly two months, with 2,979 more people testing positive for the virus since yesterday, according to the health ministry.

It is the highest increase since April 1st.

Indonesia Death Toll Increase

11:37 Indonesia has reported 467 new infections, bringing their total to 26,940, of whom 7,637 have recovered. There have also been 28 deaths since yesterday, taking the country’s total to 1,641

Philippines Cases Increase

11:12 The Philippines has confirmed 552 new cases of Covid-19, and three deaths. That brings its total number of deaths to 960, with 18,738 confirmed cases of which 3,979 have recovered

Monday 1st June

How Has the BTC Futures Landscape Shifted After COVID-19 & Bitcoin Halving?

In a Finance Magnates Analysis, we looked at how Bitcoin futures trading has grown significantly on some exchanges and whether this occurred at the expense of others.

We discussed how has price volatility affected the crypto derivatives space and the crypto sphere post-COVID-19 and post Bitcoin Halving.

No stone was left unturned in this must-read analysis

Read more on the BTC Futures landscape here.

Did the 2008 Financial Crisis Hit the Market Harder Than COVID-19?

Finance Magnates Intelligence took the volatility during the last two crises – the financial crisis of 2008 and this year’s COVID-19-inspired volatility under the magnifying glass, checking when price fluctuations were greatest.

In an intriguing taster of the full report, the comparison between the two periods throws up some surprising results.

Read more on the 2008 v 2020 analysis here.

Thailand Passes Record Stimulus Package Bill

16:49 Thailand has passed a record stimulus package of nearly $60 billion to revive its economy which has been hammered by the coronavirus.

Thailand’s parliament approved the 1.9 trillion baht ($59.7 billion) package – the kingdom’s biggest-ever cash injection – on Sunday.

It is a much-needed boost for Southeast Asia’s second-biggest economy, expected to contract by 6-7 percent in 2020.

Two Canadian Banks Set Aside C$4 billion for Coronavirus Credit Losses

Royal Bank and Bank of Montreal, Canada’s biggest and fourth-largest banks, respectively, have set aside an additional C$4 billion during the first quarter to cushion against loans that go bust, according to their recent financial reports.

As Finance Magnates reported, Having missed analysts’ estimates for earnings, both Toronto-based firms said the unprecedented sum underscores the magnitude of the economic shock, vast uncertainty over the shape of a recovery. It also reflects new accounting standards that require banks to project losses over the life of loans.

Read more on the Royal Bank and Bank of Montreal Losses Projection here

Trump Postpones G7 Summit

13:41 President Donald Trump has postponed the next G7 summit to be held in the US. He will also expand the list of countries invited to attend the rescheduled event to include Australia, Russia, South Korea and India.

Speaking to reporters on Air Force One during his return to Washington from Cape Canaveral in Florida, Trump said the G7 in its current format was a “very outdated group of countries.

Russian Cases Increase

09:40 Russia has reported 9,268 new cases of the novel coronavirus, raising the national tally to 405,843.

Officials said 138 people had died of COVID-19, the respiratory disease caused by the coronavirus, in the last 24 hours, pushing to nationwide toll up to 4,693.

Brazil Passes France, Second Only to US

08:50 Brazil has surpassed France’s death toll after it reached 28,834 coronavirus fatalities, becoming the country with the world’s fourth-highest death toll. The country has almost 500,000 cases, second behind the US.

Worldwide Infections Top 6 Million

08:19 The world has passed the milestone of six million confirmed coronavirus cases, with 6,048,384 confirmed infections worldwide, according to the Johns Hopkins University tracker.

The US is the worst-affected country in terms of cases and deaths, with 1,769,776 infections and 103,685 fatalities.

Sunday 31st May

Philippines Records Highest Daily Infection But Eases Lockdown

08:39 Residents in Manila will see their lockdown – one of the toughest and longest in the world – ease from Monday, despite the Philippines seeing its biggest spike in coronavirus cases on Thursday. The Philippines reported 539 infections on Thursday, its highest ever daily tally, to make a total of 15,588. It has recorded 921 deaths

Singapore New Cases Increase

08:27 Singapore’s health ministry said on Friday it had confirmed 611 new coronavirus cases, taking the city state’s tally for infections to 33,860.

Friday 29th May

How Has the BTC Futures Landscape Shifted After COVID-19 & Bitcoin Halving?

Now that the world is three months into the post-corona era, and the Bitcoin space is two weeks past its most recent halving, how exactly has the Bitcoin derivatives landscape shifted?

In a Finance Magnates analysis, we looked the future for BTC post halving and post Covid-19

Read more on the BTC future here

US Unemployment Soars Past 40 Million

15:21 The number of Americans who have lost their jobs in the past 10 weeks soared to more than 40 million as the number of unemployment claims continued to rise with 2.1 million people filing for unemployment last week.

Revolut Sees 57% Jump in Crypto Demand with COVID-19 Lockdown

As Finance Magnates reported, Revolut announced a significant jump in the number of its clients trading cryptocurrencies on its application.

According to the data published by the payments company, the number of Revolut users trading digital currencies surged 68 percent in April.

Read more on the Revolut Crypto Jump here

Did the 2008 Financial Crisis Hit the Market Harder Than COVID-19?

In a Finance Magnates Intelligence report, we compare the financial crisis of 2008 to the market conditions today driven by the coronavirus pandemic

Read more of 2008 vs 2020 analysis here

South Korea Returns Lockdown Restrictions

09:24 Officials in South Korea have re-implemented lockdown measures in the metropolitan area of Seoul, home to half the country’s 52 million population, following the biggest spike in infections in nearly two months.

Global Cases Top 5.7M Mark

08:32 According to researchers at Johns Hopkins University, at least 5,693,066 people are known to have contracted the virus since the pandemic began, while at least 355,653 people are known to have died. The true death toll and the number of cases are likely to be significantly higher due to differing definitions and testing rates, delays and suspected underreporting.

US Deaths Pass 100k

08:16 US deaths pass 100,000. Data from Johns Hopkins University shows that the United States has recorded more than 100,000 deaths from Covid-19.

The US has recorded more deaths from the disease than any other country in the pandemic, and almost three times as many as the second-ranking country, Britain.

Thursday 28th May

Spain Starts to Open Up

09:15 Spain’s tourism minister has said this morning that foreigners can book vacations in Spain from July as the two-week self-quarantine for overseas travellers is likely to be suspended by then.

Spain has been one to the worse affected nations so far.

US Suspends Travel From Brazil

09:00 President Donald Trump has further limited travel to the US from the world’s coronavirus hotspots by denying entry to foreigners coming from Brazil, which is second to the US in the number of confirmed cases.

Germany Sees Recession in Q1

08:52 Falling consumer spending, capital investments and exports, aided by the coronavirus impact, pushed the German economy into a recession in the first three months of the year, the national statistics office said this morning, as the virus continued to hurt the major economies.

Capital investments slumped by 6.9%, private consumption by 3.2% and exports by 3.1% between January and March compared with the last three months of 2019.

Monday 25th May

India Records Worst Day Yet

19:56 India has reported 6,000 new cases in its biggest one-day rise since the outbreak started. The country has also reported over 118,000 confirmed cases – around a 5% increase from yesterday.

VC Funding for Fintechs is Down: Will COVID-19 Kill Startup Innovation?

In a Finance Magnates analysis, we looked at the falling funding for fintech and the impact COVID-19 has had upon VC funding and the wider fintech industry.

With insights from a range of top-level experts such as Spiros Margaris, fintech influencer and founder of Margaris Ventures, Manish Mistry, chief technical officer and vice president of Internet of Things (IoT) solutions at Infostretch, and Emre Tekisalp, Director of Business Development at O(1) Labs, this is a must-read analysis on fintech funding and its future.

Read more on VC Funding and COVID-19 here.

China Cancels GDP Target for First-Ever Time

07:07 China has taken the unusual step of not setting an annual GDP target this year after the coronavirus battered the world’s second-largest economy and ravaged global growth.

This is the first-ever time that China has not set a GDP target since the Chinese govt first started setting targets nearly 30 years ago.

Canadian Regulators Relax Filing Deadlines Amid COVID-19

As Finance Magnates reported, due to the Coronavirus, the Canadian Securities Administrators (CSA) published two blanket orders, providing temporary relief from certain regulatory filings and delivery obligations for investment funds and non-investment fund issuers.

Read more on the CSA COVID Relief here

Friday 22nd May

Spain Lowest Death Toll for Two Months

17:14 Spain’s daily death toll from the novel coronavirus was 48, its health ministry said on Thursday, marking the first time it has dipped below 50 since 16 March, Reuters reports.

The cumulative death toll was 27,940, while the number of confirmed cases rose by 482 to 233,037, the ministry said.

50 New Cases in Malaysia But No New Fatalities

10:05 Malaysian health authorities on Thursday reported 50 new coronavirus cases, raising the cumulative total to 7,059 cases.
The health ministry also reported no new deaths, keeping total fatalities at 114.

Worldwide Infections Top 5 Million

07:30 The total number of confirmed cases worldwide has passed 5 million, according to the Johns Hopkins University tracker.

The current total is 5,000,038.

Global Daily Cases Increase the Most

05:57 The World Health Organization gave a stark warning on Wednesday that the coronavirus pandemic is far from over, after 106,000 new cases were recorded worldwide over the past 24 hours – the most in a single day so far.

Speaking in Geneva, the WHO’s director general, Tedros Adhanom Ghebreyesus, said the virus was spreading in poorer countries, just as wealthier nations were emerging from lockdown.

Thursday 21st May

Global Trade at 4-Year Low

14:24 International imports and exports have fallen to their lowest level for at least four years, according to World Trade Organization figures revealing the economic damage caused by the coronavirus pandemic.

The WTO’s quarterly goods trades barometer, which provides real-time information on the trajectory of world merchandise trade relative to recent trends, slumped to 87.6 on a scale where anything below 100 indicates a downturn in activity.

Russia Cases Rise

10:12 The total number of coronavirus cases in Russia, already the second-highest in the world, has passed 300,000.

8,764 new novel coronavirus infections reported on Wednesday took the nationwide total to 308,705.

However, the daily increase was the lowest since May 1st

Global Cases Edge Towards 5 Million Mark

09:02  According to researchers at Johns Hopkins University, at least 323,286 people are known to have died from Covid-19 while at least 4,897,567 are confirmed as having been infected since the outbreak began.

The figures, which are based on official and media reports, are likely to significantly underestimate the scale of the pandemic due to differing testing and statistical recording regimes, as well as suspected undercounting.

Wednesday 20th May

Dutch Death Toll Eases

15:36 Twenty one more people have died from Covid-19 in the Netherlands, the lowest number reported on a Tuesday since March, taking the total death toll in the country to 5,715.

African Cases Surpass 86,000

14:53 The World Health Organisation has confirmed the number of cases in the African continent has surpassed 86,000

EU Aid Budget Debate

08:29 Austria insists that the European Union’s emergency aid for coronavirus-hit member states should be based on repayable loans not grants, Austrian daily Die Presse reports.

The European Union’s biggest powers, Germany and France, proposed a €500bn ($546bn) fund on Monday that would offer non-repayable grants to EU regions and sectors hit hardest by the pandemic, with the cash borrowed by the bloc as a whole rather than by individual member states.

German Cases Accelerate

07:37 The number of confirmed coronavirus cases in Germany rose by 513 to 175,210, data from the Robert Koch Institute for infectious diseases shows, with new infections accelerating after decelerating the previous four days.

The reported death toll rose by 72 to 8,007, the tally showed.

Tuesday 19th May

Global Economy Expected to Contract More Than Expected

16:04 Kristalina Georgieva, managing director of the IMF, said the global economy will take much longer to recover from the coronavirus pandemic than initially expected.

The IMF head said it will likely have to revise downward its forecast for a 3% contraction in GDP in 2020, with only a partial recovery expected next year.

Europe Slowly Opening Up

14:51 Hungary and Slovenia have agreed on a road map towards a gradual reopening of their border by 1 June. Meanwhile, Germany is hoping to replace a travel warning that is in place for all touristic trips abroad until 15 June with softer guidelines

Brazil Death Toll Mounts

09:02 Deaths in Brazil have risen sharply in recent days, and with more than 241,000 infections reached over the weekend, South America’s largest country now has the fourth-highest caseload in the world.

Japan Enters into Recession

07:30 Japan, the world’s third-largest economy, plunged into its first recession since 2015. The Japanese economy contracted by 0.9% in the first quarter as it wrestles with the fallout from the coronavirus.

The Cabinet Office reported Monday a drop of 3.4% annual pace in seasonally adjusted real gross domestic product, or GDP, the total value of a nation’s goods and services, for the January-March period, compared to the previous quarter.

The annual pace gives what the rate would be when continued for a year. For just the quarter, the drop was 0.9%, AP reports. Exports dived 21.8%. Private residential investments slipped nearly 17%, and household consumption edged down 3.1%.

Analysts say things are expected to get worse, as the world’s third-largest economy undergoes its biggest challenge since the second world war.

Monday 18th May

French Death Toll Edges Higher

19:13 France’s total number of coronavirus deaths recorded in hospitals and nursing homes has risen to 28,108 from 27,625 on Saturday. Of the total toll, 17,466 have been in hospitals while 10,642 happened in nursing homes

India Extends Lockdown

16:19 India has extended a nearly two-month-old lockdown by another two weeks with Mumbai, New Delhi, Chennai and some other key regions still battling to control the rising curve of coronavirus infections,

Greece to Partially Reopen Ahead of Schedule

13:16 The Greek government is poised to announce that restaurants and other eateries can now open on 25 May, one week ahead of schedule. Shopping malls and department stores will also be allowed to open tomorrow, two weeks ahead of schedule.

Coronavirus Lifts FX Revenues 25pc at Top Global Banks

As Finance Magnates reported, frenzied FX trading around the coronavirus crisis has bolstered revenues at major US banks in the first quarter of 2020.

Top four global bank’s proceeds from fixed income, currencies, and commodities trading, collectively referred to as FICC, jumped to $29 billion in the three months through March 2020.

Read more on the FX Trading in Corona Jump here.

Latam the Next Corona Hot Spot?

08:41 Four out of five merchants at a major fruit market in Peru have tested positive for coronavirus, revealing shocking levels of infection – and prompting fears that Latin America’s traditional trading centres may have helped spread Covid-19 across the region.

Seventy-nine per cent of stall-holders in Lima’s wholesale fruit market tested positive for Covid-19, while spot tests at five other large fresh food markets in the city revealed at least half were carrying the virus.

Meanwhile, Brazil’s confirmed coronavirus cases rose past those of Spain and Italy, making the country’s outbreak the fourth largest in the world. Brazil’s health ministry announced 14,919 new cases on Saturday, taking the total to 233,142, behind the United States, Russia and the United Kingdom.

Sunday 17th May

Russia Sees Largest Increase Yet

14:29 The country reported 9,200 new confirmed cases of coronavirus on Saturday, with 119 deaths over the last 24 hours. The latter figure is the highest daily figure of deaths the country has recorded so far.

Spain Reports Lowest Daily Cases Since March

13:28 Spain’s overnight death toll from Covid-19 was 102 on Saturday, the health ministry has said, marking the country’s lowest 24-hour rise since mid-March. The cumulative death toll rose to 27,563. Meanwhile, the number of confirmed coronavirus cases rose to 230,698 on Saturday from 230,183 on Friday.

Saturday 16th May

WHO Warns of Fatal Second Wave Risks

19:21 Dr Hans Kluge, director for the WHO European region, warned countries beginning to ease their lockdown restrictions that now is “time for preparation, not celebration”

Denmark Reports No New Deaths

18:10 Denmark reported zero coronavirus-related deaths in the last 24 hours for the first time since 13th March.

Friday 15th May

Record US Unemployment

19:46 36 million Americans are now unemployed as another 3 million filed for benefits. The latest figures from the Department of Labor show the rate of claims is slowing but the record-breaking pace of layoffs has already pushed unemployment to levels unseen since the Great Depression of the 1930s.

eToro Reaches 13 Million Global Users, Sees COVID-19 Surge

eToro announced this Thursday that it has reached 13 million registered users globally, with the investment platform seeing a surge in new users in the first four months of 2020.

As Finance Magnates reported, eToro saw an increase of 427 per cent amid a surge of trading attributed to the COVID-19 Lockdown.

Read more on the eToro 13 million registered users milestone here

Global Death Tally Surpasses 300,000

18:52 The global toll from Covid-19 has just passed 300,000, with nearly 4.5 million people infected.

According to data collected by Johns Hopkins University, at least 300,074 people have now died as a result of the outbreak.

The institution says it has counted 4,405,688 confirmed cases worldwide.

Russian Central Bank Sees Surge in FX Promotions Amid Corona Lockdown

Russia’s central bank said it has spotted a notable increase in solicitations from unregulated brokers. As Finance Magnates covered, the Russian regulator specifically warned the public from doing business with forex platforms that promise an income stream during the Covid-19 lockdown.

Read more on the Russian Central Bank Covid-19 warning here.

HSBC Takes $200 Million Hit on Gold Volatility Spurred by Corona

As Finance Magnates reported, HSBC took a $200 million floating loss in March after price of gold in New York and London has diverged by the most in four decades.

Read more on the HSBC loss here

Thursday 14th May

Death Rate Slows in France

19:36 France’s cumulative death toll has risen by 83 to 27,074, with the rate of increase slowing after accelerating the three previous days, local authorities have said.

Italy to Announce Emergency Aid Amid Rising Death Count

17:39 Prime minister Giuseppe Conte’s cabinet is expected to soon approve a €55bn package to revive Italy’s economy.

There were 195 new coronavirus deaths in Italy on Wednesday, 23 more than on Tuesday, bringing the death toll to 31,106,

New infections rose by 888, down by 514 since Tuesday.

Russia Reports 10,000 New Cases

10:48 Russia registered more than 10,000 new coronavirus cases on Wednesday. Health officials reported 10,028 new cases over the last 24 hours, bringing Russia’s total number of infections to 242,271

UK Economy Retracts Due to COVID-19

08:19 The British Office for National Statistics has announced that UK economy contracted by 2% in the first quarter of 2020 after plunging 5.8% in March as the coronavirus crisis took hold.

Germany and Austria Reopening Border

07:16 The border between Austria and Germany will be completely opened from 15 June,

Wednesday 13th May

Egypt Receives Emergency Funds

17:32 Egypt has received $2.77 billion in emergency financing from the International Monetary Fund, its state news agency reported on Tuesday, citing a senior central bank source, according to Reuters.

Taiwan Enjoys 5 Days Free of New Infections

10:07 Taiwan confirmed no new Covid-19 cases for the fifth consecutive day on Tuesday, keeping the country’s total at 440, according to the Central Epidemic Command Center (CECC).

Tuesday 12th May

Netherlands Posts Fewest Daily Deaths

15:54 The Netherlands reported 16 more Covid-19 deaths on Monday, the fewest in nearly two months, bringing the total death toll from its outbreak to 5,456.

Russia in Record Cases Increase

11:52 Russia has reported a record rise in the number of new coronavirus infections with 11,656 new cases in the last 24 hours.

The Russian government attribute the spike in cases to an increased testing programme.

The country’s coronavirus response centre also reported 94 new deaths, taking the overall death toll to 2,009 people.

India Eases Restrictions Despite Rise in Infections

11:49 India is to reopen parts of its railway network this week, despite an ongoing rise in the coronavirus infection rate in the country.

An estimated 20m Indians use the railways each day under normal circumstances, and any resumption of services will be essential to restarting the Indian economy.

Figures released by the government on Sunday, however, showed coronavirus infections had jumped by 4,214 to 67,152, the biggest recorded daily rise.

German Cases Slow

07:22 The number of confirmed coronavirus cases in Germany increased by 357 to 169,575, data from the Robert Koch Institute (RKI) for infectious diseases showed on Monday.

The reported death toll rose by 22 to 7,417, the tally showed.

Monday 11th May

Global Cases Top 4 Million

20:26 Global cases are at over 4 million. The total number of confirmed cases stands at 4,055,863, while the global death toll has reached 279,892, according to Johns Hopkins. The US has reported the most fatalities, at 78,862, followed by the UK (31,662) and Italy (30,395)

France Death Toll Falls

20:15 France reported 70 more deaths from the coronavirus on Sunday, its lowest daily toll in recent weeks just ahead of the first easing of an almost two-month lockdown.

The new deaths brought the total toll in hospitals and nursing homes from the pandemic in France to 26,380, the health ministry said.

It was the lowest daily toll announced since March 17, the day the lockdown in France began. Saturday had also seen a record low toll of 80 deaths.

South Korea Gets Second Wave

07:45 As life returns to normal and restrictions eased in a country held up as a role model for other nations, a second wave of infections has hit South Korea.

34 new cases were reported on Sunday, taking the total to 10,874 – the largest daily increase in a month.

Sunday 10th May

Russian Central Bank Sees Surge in FX Promotions Amid Corona Lockdown

As Finance Magnates reported, Russia’s central bank said it has spotted a notable increase in solicitations from unregulated brokers and specifically warned the public from doing business with forex platforms that promise an income stream during the Covid-19 lockdown.

Read more on the Russian Central Bank Warning here

Hong Kong Eases Restrictions

19:32 Hong Kong has begun to ease major social distancing measures today with bars, gyms, beauty parlours and cinemas reopening their doors, reports AFP.

US Unemployment at Record High

16:41 More than 20 million people in the US lost their jobs in April and the unemployment rate more than trebled as the coronavirus pandemic shuttered the global economy, triggering a financial crisis unseen since the Great Depression.

The US unemployment rate rose to 14.7% from just 4.4% in March and a near 50-year low of 3.5% in February before the US was hit by the virus.

Friday 8th May

France Cases Fall

20:15 France reported 178 new coronavirus deaths, a fall on the previous day, and saw its number of patients in intensive care drop under 3,000 for the first time since late March.

The health ministry said 25,987 people were now confirmed to have died from the virus in hospitals and nursing homes.

Over the past 24 hours, 178 people died from COVID-19, down from 278 on Wednesday.

France’s lowest daily death rate in recent weeks was reported on May 3 when 135 people were confirmed to have died.

France is due to emerge from a lockdown on Monday that began in mid-March.

Chinese Exports Post Surprise Increase

11:45 China’s exports saw a shock 3.5% rise in April despite a hit to external demand from the coronavirus pandemic, official figures showed on Thursday.

JPMorgan Survey Shows Corona-Led Uptick in FX Algo Trading

As Finance Magnates reported, The use of algorithmic execution tools in foreign exchange has increased by over 60% since March 2020 as Coronavirus-led volatility drive FX traders to seek increased efficiencies in trading,

Read more on the JPMorgan survey here

Pakistan in Record Deaths

07:48 Pakistan reported a record 40 deaths and 1,049 cases in the last 24 hours, taking the total number of infections to more than 22,000. The country is also preparing to resume train services from 10 May with railway employees being called in to work to make necessary arrangements,

Thursday 7th May

Will COVID-19 Cause ASIC to Delay Leverage Restrictions?

In a Finance Magnates analysis, we delved deep into whether amid the chaos of the coronavirus pandemic, the Aussie regulator will delay its leverage restrictions?

Read more on ASIC’s next move here

Youngest Hardest Hit?

15:29 Youth unemployment in the UK could rise by 640,000 this year – taking the total to above one million, a report from the Resolution Foundation think tank found.

India Unemployment at Record High

14:33 A lockdown to curb the spread of coronavirus has seen 122 million Indians lose their jobs in April alone, new data from a private research agency has shown.

India’s unemployment rate is now at a record high of 27.1%, according to the Centre for Monitoring the Indian Economy (CMIE).

Wednesday 6th May

UK Has Highest European Death Toll

11:39 The UK now has the highest death toll in Europe from coronavirus after new official figures revealed that more than 32,000 people have died from the virus, vis.

The Office for National Statistics (ONS) said 29,648 deaths had taken place by 27 April in England and Wales with Covid-19 mentioned in death certificates. With the addition of deaths in Scotland and Northern Ireland, this takes the UK’s death toll to 32,313.

Israel in ‘Significant Breakthrough’ With Vaccine

09:24 Israel’s defence minister has claimed researchers in the country have made a “significant breakthrough” in a possible treatment for Covid-19 patients.

Cameroon Receives IMF Money Amid Covid Concerns

09:01 Cameroon will receive $226m (£181m) from the IMF’s rapid credit facility to help it meet payment needs stemming from the Covid-19 pandemic. The country’s government has sought to increase health spending, strengthen existing social safety nets and provide support to affected businesses and households.

Singapore Confirmed Cases Increase

09:00 Singapore has confirmed 632 new Covid-19 cases, bringing its total to 19,410. The foreign ministry said the majority of these cases had been diagnosed in work permit holders residing in foreign worker dormitories.

Tuesday 5th May

2020 Survival Guide: Servicing Brokerages and Outlasting Covid-19

Finance Magnates spoke with Máté Farkas from Smartlogic for his in-depth perspective on the state of the industry and Smartologic’s place in it. Farkas also provided insight on how brokers can outlast coronavirus

Read the 2020 Survival Guide for brokers here

Aussie Unemployment at Record High

19:44 Austrian unemployment has hit an all-time high. The coronavirus pandemic has pushed the number of unemployed Austrians to historically high levels, with a year-on-year rise of nearly 60%

French Doctors Finds Case From 2019

19:24 A French hospital has discovered a Covid-19 case from December. The hospital retested old samples from pneumonia patients and discovered that it treated a man who had Covid-19 as early as 27 December, nearly a month before the French government confirmed its first cases.

Japan Extends State of Emergency Until May 31

11:45 Japan’s prime minister Shinzo Abe said on Monday he had decided to extend the country’s national state of emergency to May 31, Reuters reports.

Abe will consider lifting the state of emergency without waiting for its 31 May expiration if experts decide that is possible based on detailed analysis of regional infection trends, he said at the start of a meeting of the government’s coronavirus task force.

Global Cases Top 3.5 Million

06:45 Global coronavirus cases top 3.5 million, according to Johns Hopkins University data, with deaths nearing a quarter of a million. There are currently 3,506,924 confirmed cases of the virus, and 247,473 people have lost their lives in the pandemic so far.

Monday 4th May

Rakuten Launches Takeout Service for Restaurants Amid Covid-19 Crisis

As Finance Magnates reported, Japanese e-commerce giant Rakuten announced that it would launch a new takeout support service Rakuten Realtime Takeout.

The service makes it possible for customers to pre-order and pay for products from restaurants, cafes, and other eateries and is designed to help struggling restaurants in light of the pandemic.

Read more on the Rakuten Realtime Takeout launch.

Coronavirus & Altcoins: Why are Some Crypto Assets Beating Bitcoin?

In a Finance Magnates analysis, we delved deep into why some altcoins have bounced back quicker than Bitcoin. With expert insight from David Waslen, CEO and founder of HedgeTrade and David Zeiler, cryptocurrency expert and associate editor of Money Morning, no stone or altcoin was left unturned.

Read more on Coronavirus and Altcoin here

Global Cases Near 3.5 Million

08:15 Global cases near 3.5 million as death toll approaches 250,000. According to the Johns Hopkins University coronavirus tracker there were 3,428,422 confirmed cases worldwide on Sunday, with 243,831 people losing their lives to the disease.

The US continues to be the most affected country, with more than 1.3 million cases and 66,385 deaths.

Pakistan in Largest Spike Yet

07:52 Pakistan announced nearly 1,300 new cases Saturday, raising the total in the country of 220 million people to about 18,000.

Sunday 3rd May

The Situation in Europe Easing?

11:24 Of the 44 countries in the European region that have implemented domestic movement restrictions, 21 countries have started easing some of these measures, and a further 11 are planning to do so in the coming days.

Investment Managers Expect Covid-19 Related Scam Spike

As Finance Magnates reported, the Investment Association (IA) warned vulnerable and at-risk groups of the potential risks posed to their savings and investments from scams and financial crime during the Covid-19 pandemic.

Read more on the Investment Managers Covid-19 warning here

Russia in Record Daily Rise

08:36 Russia reported 7,099 new cases of the coronavirus on Thursday, a record daily rise, bringing its nationwide tally to 106,498.

The official nationwide death toll rose to 1,073 after 101 people with the virus died in the last 24 hours, Russia’s coronavirus crisis response centre said.

Global Death Tolls Near Quarter Million

07:01 The official global death toll passes 225,000. At least 227,644 people have lost their lives in the coronavirus pandemic, according to Johns Hopkins University data. More than 3,193,961 confirmed infection shave been recorded worldwide.

South Korea Reports No New Domestic Cases

06:35 South Korea has recorded no new domestic cases of Covid-19 for the first time since February.

The KCDC reported four new infections, all imported cases, taking the national tally to 10,765. The death toll rose by one to 247, while 9,059 have been discharged.

Thursday 30th April

US Cases Surpass a Million

20:34 The United States saw the number of confirmed cases top the million mark today, making the country responsible for about a third of all confirmed cases.

The global total stands at 3,083,467, according to data compiled by Johns Hopkins University. The US has confirmed 1,002,498.

That is far more than any other country. Spain has confirmed 232,128 cases, and Italy has confirmed 201,505 cases. No other country has confirmed more than 200,000 cases.

Russia Extends Restrictions

17:02 Vladimir Putin has extended a non-working period in Russia until 11 May, as he warned the rate of infection in the country had not yet peaked.

EU Funds Being Spent

15:20 The Slovak government have approved the use of €1.2bn from unspent EU funds to compensate for the impact of the coronavirus outbreak. The government will use more than €500m to protect jobs, almost €250m to fund healthcare and €330m to help small businesses, deputy prime minister Veronika Remisova said at a televised press conference.

HSBC Hurt by COVID-19, Q1 PBT Falls by 48% YoY

As Finance Magnates reported, global banking giant HSBC posted a 48% decline in profits with coronavirus blamed.

Read more on the HSBC results here.

Spain Downward Trend Continues

10:39 Spain’s coronavirus death toll has risen to 23,822 but the downward trend continues, with 301 deaths recorded over the past 24 hours, compared to 331 yesterday and 288 on Monday.

A total of 210,000 cases have been reported since the pandemic began

German Economy to Suffer

10:32 The German economic institute, Ifo, on Tuesday said it expected the economy to contract by 6.6% in 2020 year-on-year due to the coronavirus pandemic.

It said Europe’s largest economy shrank by 1.9% in the first three months of 2020 and is expecting a 12.2% contraction in the second quarter. A return to the pre-crisis level is expected for the end of 2021, Ifo said.

Tuesday 28th April

Italian Deaths Increase Again

18:17 Deaths from the coronavirus in Italy rose by 333 on Monday, 73 more than on Sunday, bringing the death toll to 26,977.

XTB Net Profit Soars Amid Covid-19 Volatility

As Finance Magnates reported, Polish brokerage XTB has published its financial and operational results for the first quarter of 2020 on Sunday, revealing a significant yearly uptick in net profit, new clients and contracts for difference (CFD) trading volume.

Read more on the XTB Q1 Results here.

Russian Cases Surpass China

10:51 Russia now has more confirmed coronavirus cases than China, the news agency Tass reports.

Russia has confirmed 6,198 new coronavirus cases over the past day, bringing the total number in the country to 87,147 in all regions, the anti-coronavirus crisis centre reported on Monday.

Spanish Cases Increase Again

10:49 Spain announces 331 more deaths. Spain’s heath ministry has announced a further 331 deaths from Covid-19, taking its total to 23,521. The daily figure is a slight rise on Sunday, when 288 new deaths were announced.

The total number of diagnosed cases rose to 209,465 from 207,634 the day before.

Monday 27th April

France Sees Steep Decline

18:31 The death toll in France from Covid-19 has risen by 242 to 22,856, the health ministry said on Sunday, down from 369 new deaths the previous day.

New York Deaths Lower

17:54 The daily Covid-19 death toll in New York State is markedly lower on Sunday than it was on Saturday, with officials having recorded a daily increase of 367 fatalities, compared to 437 a day earlier.

Spanish Deaths Decrease

16:41 Spain has reported its lowest daily death toll since 20 March, with 288 fatalities. The figure is a steep drop from the 378 deaths recorded on Saturday.

Russia Cases Pass 80,000

13:27 Russia reported 6,361 new cases of the novel coronavirus on Sunday, pushing its national tally to 80,949, Reuters reports. Sixty-six people succumbed to the virus in the past day, bringing the death toll to 747, Russia’s official crisis response centre said.

Hope For Spain

09:11 Spanish health authorities have begun to outline plans to move towards “a new normality” as the number of overnight coronavirus deaths in the country dropped below 300 for the first time in weeks.

Sunday 26th April

UK Reports 684 More Deaths

16:40 The UK has reported 684 more deaths in hospitals from Covid-19, bringing the total death toll in the country to 19,506, according to a daily report from health authorities.

Friday’s update from the Department of Health and Social Care also showed an increase of 5,386 confirmed cases of coronavirus, bringing the UK total to 143,464.

Germany Warned on Easing Restrictions

14:51 Germany’s leading public health body, the Robert Koch Institute, has warned against further loosening restrictions introduced to slow down the spread of coronavirus.

Lars Schaade, its vice president, said at the RKI’s twice-weekly briefing the situation was too fragile to allow more relaxation, after small shops were allowed to reopen this week and some pupils returned to school, following a month of strict lockdown measures.

Schaade said only if the confirmed cases fell to a few hundred, should Germany consider further relaxation. Currently there are typically more than 2,000 new infections every day.

Italy to End Lockdown?

13:26 Newspapers in Italy are reporting that the country’s coronavirus lockdown, the longest and toughest in Europe, is to be eased over the next four weeks, however, there has been no official confirmation. Over 25,000 people have died in Italy due to coronavirus

Russian Cases Increase

09:33 Russia reported 5,849 new confirmed cases of the novel coronavirus today, pushing its nationwide tally to 68,622.

Sixty people with the virus died overnight, pushing the death toll to 615, Russia’s official crisis response centre said.

EU Heading Towards 5-10% Economic Contraction

09:10 More disheartening economic news. European Union Industry Commissioner Thierry Breton said on Friday the EU was heading this year towards a 5-10% economic contraction due to the coronavirus outbreak – and that could be an optimistic prediction.

Breton said on France 2 television:

“As of today, in the European Union, we’re on course for a 5% to 10% (recession), meaning it’s about 7.5%. But that is today, and if things don’t improve and if we have a second peak (of the outbreak), things could get worse.”

Friday 24th April

US Economic Woes From Coronavirus Mount

20:05 Another 4.4 million Americans filed for unemployment, adding to a total of more than 26 million since the pandemic shut down the US and large parts of its economy. Millions more are expected to file in the coming weeks as there is a backlog of claims.

Italian Deaths Increase But New Cases Fall

18:06 Italy reported 464 new deaths from coronavirus on Thursday, 27 more than on Wednesday, bringing the death toll to 25,549.

However, the number of people currently infected with the virus fell for the fourth day in a row, by 851 to 106,848.

‘Unprecedented’ Global Recession Ahead

12:00 Ratings agency Fitch says the world is heading for a recession of “unprecedented depth in the post-war period” with global gross domestic product to tumble by 3.9% in 2020.

“This is twice as large as the decline anticipated in our early April GEO [global economic outlook] update and would be twice as severe as the 2009 recession,” said Fitch’s chief economist.

Germany Increases Stimulus Package to Offset Coronavirus Effects

11:06 Germany has agreed on a further aid package to help its economy survive the coronavirus crisis. The extra 10.8bn euros (£9.4bn, $11.7bn) will go towards tax cuts for businesses and further employment benefits for workers.

Africa Calls For Aid

08:49 Cyril Ramaphosa, President of South Africa and chairman of the African Union, called for aid for Africa from the G20 group of nations – saying that the global recession likely to follow the pandemic would hit African countries “particularly hard”

Thursday 23rd April

Italian Death Toll Passes 25,000

22:07 The number of people who have died with coronavirus in Italy, one of the countries hardest hit by the pandemic, has passed 25,000.

Italy’s civil protection services on Wednesday reported a further 437 fatalities over the past 24 hours, increasing the overall tally to 25,085.

However, the number of people registered as currently carrying the illness fell to 107,699 from 107,709 on Tuesday, a third consecutive daily decline.

Nasdaq Posts Strong Q1 Results Due to Volatility Caused by Covid-19

As Finance Magnates reported, global exchange operator and technology firm Nasdaq today announced their financial results for the first quarter of 2020.

First quarter 2020 net revenues were $701 million, an increase of $67 million, or 11%, from $634 million the year before.

Read the full Nasdaq Q1 Results report here.

Spanish Death Toll Shows Slight Increase

12:21 Despite announcing an easing of restrictions yesterday, Spain has now recorded 435 deaths over the last 24 hours.

This number, a slight increase on yesterday, brings the total death toll to 21,717.

How Should Payment Providers Ideally Manage the Coronavirus Fallout?

In a Finance Magnates Thought Leadership piece, the global shift towards contactless payments and the impact of the coronavirus were all discussed and dissected.

Read how coronavirus is impacting payment providers here.

Spain to Ease Restrictions

09:14 Reuters are reporting that the Spanish government plans to start winding down the country’s lockdown measures in the second half of May.

Spain is also to extend its state of National emergency until the 9th May,

UK Numbers Back on the Rise

08:58 A further 823 coronavirus-related deaths in hospitals were reported on Tuesday in the UK, following a post-weekend dip in Monday’s figures

Wednesday 22nd April

Coronavirus Cases Worldwide Surpass 2.5m

19:33 There are now more than 2.5 million coronavirus infections worldwide. The current figure stands at 2,501,156, according to Johns Hopkins University in the US.

The current death toll stands at 171,810.

Swedish Posts Deadliest Day Yet

15:29 Sweden, one of the countries not implementing lockdown, has reported its highest daily death toll since the start of its coronavirus outbreak, with 185 added to its total since yesterday.

The total number of Covid-19 deaths in the worst-affected Nordic country is now 1,765, with 15,322 total confirmed cases to date – up 545 on the day before.

Spanish Deaths Jump Higher

12:02 Coronavirus deaths in Spain are up slightly at 430, compared with 399 yesterday. Fatalities from the virus now stand at 21,282, with 204,178 reported cases and 82,514 recovered.

Singapore Extends Lockdown

11:59 Singapore’s prime minister Lee Hsien Loong has extended a lockdown to curb the spread of coronavirus by four weeks until 1 June, after the city-state saw a sharp rise in cases.

The measures, which include the closures of most workplaces and schools, were initially set to run from 7 April until 4 May.

Corona Killing Oil Prices

On Monday, for the first time ever, futures for West Texas Intermediate (WTI) – the benchmark for US oil – fell into negative territory.

And today, the price of Brent Crude – the benchmark used by Europe and the rest of the world – slipped below $20 for the first time in 18 years.

Read more about the Oil Price Slump Here

Tuesday 21st April

US Protests Mount

10:42 Protesters have taken to the streets in states across the US, with the implied support by President Donald Trump, demanding that governors reopen economies closed by the coronavirus pandemic.

The US has become the epicentre of the coronavrius crisis, with over 735,000 cases and some 40,000 deaths.

Countries Starting to Ease Restrictions

10:39 As the world grapples with the health and economic effects of the coronavirus, more and more countries are starting to ease restrictions.

India allowed some industrial and agricultural work to resume, even as the country recorded its single biggest-day rise in coronavirus cases.

In Europe, Germany, Poland, Norway, the Czech Republic and Albania are beginning to ease their lockdowns – though France and Spain have decided against relaxing measures at this stage.

Monday 20th April

US Death Toll Surpasses 41,000

22:36 The number of coronavirus-related deaths in the US has now surpassed 41,000. In New York, the US’s Covid hotspot, the New York governor said the outbreak was “slowing, not growing” in his state.

UK Economy Under Pressure

13:04 At least 6.5m jobs in the UK economy are at risk if the lockdown continues for an extended period, a new study suggests. The government is under intense pressure after being accused of a series of failings in their response to the pandemic.

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Swiss Toll Increases

13:00 The Swiss Covid-19 death toll has reached 1,135 people, the country’s public health agency said on Sunday, rising from 1,111 on Saturday.

The number of confirmed infections increased to 27,740, it said, up from 27,404.

Sunday 19th April

UK in Deadliest Day Yet

18:48 Britain’s coronavirus daily death toll today rose by 5 per cent to 888 – the highest in a single day and dashing hopes that the country’s fatality curve may be flattening after days of uncertainty.

German Cases Increase for Fourth Consecutive Day

14:06 There has been a rise in the number of new infections in Germany, for the fourth day in a row. The latest figures, from the Robert Koch Institute, show there were 3,609 new cases in the past 24 hours. There were also 242 deaths, taking the country’s total tally to 4,110.

Spanish Deaths Surpass 20,000

12:40 The number of people who have died with coronavirus in Spain has passed 20,000, the health ministry has announced. Since the start of the pandemic, 20,043 people have died from Covid-19. In 24 hours, the death toll rose to 565, a slight drop from the 585 reported on Friday.

Spain is one of the worst-hit countries, behind the United States and Italy.

Global Cases Hit 2.2 Million

10:12 The latest data, compiled by Johns Hopkins University, shows that there are now more than 2.2m cases of Covid-19 worldwide and almost 155,000 deaths. Over 4.5 billion people are under some form of social distancing curb designed to slow the pandemic’s spread.

New Cases in Singapore Increase

10:01 Singapore’s health ministry confirmed 942 more coronavirus infections on Saturday, a new daily record. The vast majority of new patients were foreign workers living in dormitories. Singapore has previously been praised by the WHO for its handling of the outbreak, but case numbers have recently risen.

Plus500 Share Buy Back Continues on the Back of Corona-Boosted Highs

Although coronavirus might have cast a shadow of uncertainty over many things, it appears to have not had an effect on Plus500’s share buyback program, with the broker announcing this Friday that it has repurchased even more of its shares, as its share price continues to climb on the back of increased volumes amid corona-inspired volatility.

Read more on the Finance Magnates coverage of the Plus500 Buy Back here.

As COVID-19 Tore Into BTC Prices, Crypto Exchanges Saw Record Volumes

Finance Magnates delved deep into the record BTC volumes as the coronavirus ripped into bitcoin prices. Read the COVID-19 BTC Analysis here

Saturday 18th April

Will Fintech ‘Save the Day’ as USA Struggles with Corona Stimulus?

In a Finance Magnates analysis, we looked at why Fintech platforms may be the way forward as the US’s legacy banking system struggles under the weight of stimulus distribution.

Read the Fintech analysis here

Germany Cases Increase

12:58 The number of new confirmed coronavirus infections in Germany has risen for a second consecutive day, as the country prepares to lift restrictions aimed at slowing the spread of the virus. The Robert Koch Institute (RKI) for infectious diseases reported 2,866 new confirmed cases on Thursday, bringing the country’s total to 130,450. The number of new cases on Wednesday was 2,486.

The daily death toll also rose for a second day, by 315 to 3,569, the tally showed. On Wednesday the reported death toll was 285

G20 to Help Poorer Nations

06:40 Nations in the G20 group of top economies have agreed to suspend debt payments owed to them by 77 of the world’s poorest countries

Thursday 16th April

France Death Toll Tops 17,000

19:11 France has revealed its death toll has now risen to 17,167. 10,643 of those died in hospitals, a rise of more than 500 over the past 24 hours

Global Cases Surpass Two Million

15:36 The number of confirmed cases across the world reaches two million according to figures from Johns Hopkins University, which has been tracking infections and deaths around the world.

Over 600,000 cases have been recorded in the US alone, while 128,000 people have died globally.

EU Lays Down Conditions For Easing Lockdown

11:32 The European Union has announced its recommendations for member states to come out of lockdown measures, warning countries to be cautious. EU Commission President Ursula von der Leyen said the main pre-conditions were for states to have a significant decrease in infections, sufficient capacity in their health system and adequate monitoring and surveillance.

UK Economic Hit

08:48 Britain’s economy could shrink by 35% and unemployment rise by more than 2 million people due to the crisis, the official economics forecaster, the Office for Budget Responsibility warned, as it forecast a 13% fall in GDP for 2020.

Trump Signs Off Stimulus

08:00 President Trump has signed into law a $2tn stimulus bill to kick-start the coronavirus-hit US economy, the world’s largest economy. He also announced the suspension of funding to the World Health Organization, as well as an investigation into the WHO’s handling of the coronavirus pandemic.

Wednesday 15th April

Slight Rise in Spanish Deaths, But Business Restrictions Ease

11:30 As businesses in the construction and manufacturing sectors tentatively reopened yesterday – a public holiday, coronavirus deaths in Spain rose slightly over the past 24 hours to 567, compared to the 510 recorded in the previous 24 hours.

ASIC Steps up Market Supervision Amid Coronavirus Concerns

Reported earlier today by Finance Magnates, as the Aussie regulator deals with COVID-19 and tries to ensure the integrity of its markets, ASIC will be deferring some of its activities and reassign some of its staff to address issues of immediate concern.

Read more on the ASIC Coronavirus response here

FBI Warns Against Rising Crypto Scams with COVID-19 Pandemic

As Finance Magnates reported, an increasing number of scammers are targeting people of all ages, using the backdrop of the coronavirus pandemic to trap the potential victims into the scams.

Read more on the coronavirus crypto scammers here

China to Review African Debt

09:20 China, the source of the coronavirus, could temporarily freeze debt repayments by African nations to free up cash for those countries to tackle the coronavirus outbreaks, reports the Reuters news agency.

China is a major creditor to African economies, having lent them billions of dollars over the last two decades.

Global Update

09:07 The global death toll neared 120,000 as cases passed 1.92 million. According to Johns Hopkins University figures, 1,920,985 people worldwide are known to have been infected with coronavirus, though the total number of infections is likely higher. So far, 119,687 people have died in the pandemic.

Corona Affected France in Record Economic Output Low

08:48 The French government’s budget deficit is set to hit a post-war record of 9% of economic output this year, the budget minister has said in the second revision in less than a week.

Budget minister Gerald Darmanin said that financial shortfall would exceed the 7.6% prediction announced last week after President Emmanuel Macron extended a nationwide lockdown until 11 May.

Tuesday 14th April

Belgium the New Hotspot?

12:40 Health authorities in Belgium have reported 303 more deaths from coronavirus in the past 24 hours, bringing the country’s total death toll from the outbreak to 3,903.

Although its absolute numbers seem small in comparison to those in other European countries and the US, Belgium’s small population means that in terms of deaths per million the impact of the outbreak is now greater than in Italy.

COVID-19 Highlights Automation is Key for Regulatory Compliance

In a Finance Magnates analysis, we explored how regtech firms have been influenced by the coronavirus pandemic? Read RegTech’s response to the coronavirus here.

Russia Infections Rise

09:03 Russia on Monday reported 2,558 new cases of the novel coronavirus, a record daily rise, bringing its overall nationwide tally to 18,328.

Russia’s coronavirus crisis response centre said that 148 people diagnosed with the virus have died so far, an overnight rise of 18.

China Reports New Cases

08:25 China on Sunday reported 108 new cases, its highest number in weeks. State sources report that almost all the new cases were imported.

Spain Eases Some Restrictions

08:20 Some non-essential workers in Spain will be allowed to go back to work this morning as the country partially relaxes its lockdown measures.

Monday 13th April

US Records Most Amount of Deaths

12:52 The US now has the most coronavirus deaths in the world – on Saturday its death toll topped 20,000, overtaking Italy

Spanish Death Toll Rises After Three Week Low

12:50 The number of daily reported deaths from coronavirus in Spain rose by more than 100 on Sunday following a nearly three-week low on Saturday. Spain’s health ministry reported 619 deaths, up from 510 on Saturday as a three-day run of declines came to an end.

The country’s total death toll from the virus climbed to 16,972 from 16,353.  Overall cases rose to 166,019 from 161,852.

Sunday 12th April

Chairman of Santander’s Portuguese Unit Dies from Coronavirus

As Finance Magnates covered, Antonio Vieira Montero, Chairman of Santander Portugal became the second victim of the disease in Portugal, passing away from coronavirus aged 73.

Vieira Montero was placed in quarantine after traveling to hit Italy earlier this month. He had been with the company for more than 20 years.

Read more on Antonio Vieira Montero’s passing and Santander’s statement here.

US Records Deadliest Day Yet

16:40 The US has recorded 2,000 deaths in a day – the first country to do so – and could soon overtake Italy with the most worldwide

Volatility Drives Up Slumbering Retail Volumes: GAIN Hits Fresh Record

With FX brokers reporting record Q1 volumes, it was the turn of GAIN to benefit from last month’s coronavirus-driven volatility. Clients hedging and rebalancing their portfolios, GAIN Capital’s retail traders transacted a total of $388.6 billion in March 2020, up 95 percent month-over-month from $199 billion in February and more than double the daily average reported year-to-date.

Read more on the GAIN results here.

Corona-led Price Drop Casts Pall Over Crypto Scammers’ Revenues

As Finance Magnates covered, the total daily value sent to cryptocurrency scams dropped 61 percent between March 13 and March 31. Read more on how Coronavirus is hitting the scammers here.

Saturday 11th April

Binance Charity SVP on ‘Crypto Against Covid’

In an exclusive interview with Binance Charity SVP Jarred Winn spoke with Finance Magnates on Binance’s ‘Crypto Against COVID’ initiative & the ethics of corporate social responsibility.

Listen to the Binance Charity VP podcast here.

Bad News From Singapore

16:50 In what could be a further blow to hopes of an end to the Covid-19 pandemic, officials in South Korea on Friday reported 91 patients thought cleared of the coronavirus had tested positive again.

Japan Numbers Increase

16:40 In Japan, a total of 589 new cases of coronavirus have been confirmed in the past 24 hours, increasing the total number of cases in the country to 6,134.

FX Liquidity Shifting Away from Rush Hours in Corona-Like Times

Finance Magnates reported on a study by Financial markets analytics firm Mosaic Smart Data that examines FX market liquidity based on data recently provided by foreign exchange settlement provider CLS Group.

Read the FX Liquidity Report Analysis here.

Portugal Extending Lockdown

15:23 Portuguese President Marcelo Rebeleo de Sousa said on Friday he would propose next week extending a national lockdown until 1 May as the number of coronavirus cases in the country rose above 15,000.

Portugal declared a 15-day state of emergency on 18 March and last week approved its extension by a further 15 days until 17 April.

Coronavirus Inspiring Record FX Volumes

As Finance Magnates reported, all major FX trading venues reported strong ADV increases for March due to the high volatility caused by Covid-19. Read more on FX Volumes here.

Singapore Suspends Use of Zoom by Teachers

13:30 Singapore has suspended the use of video-conferencing tool Zoom by teachers after “very serious incidents” occurred in the first week of the country’s coronavirus lockdown.

Russia in Record Rise

09:02 Russia reported 1,786 more coronavirus cases on Friday, its largest daily rise so far, which took the national tally of confirmed infections to 11,917. The number of coronavirus-related deaths rose by 18 to 94, the Russian coronavirus crisis response center said in a statement.

Spain and Italy Update

08:50 Spain’s prime minister warned that nationwide confinement would likely last until May even though he said the worst should soon be over and the death toll slowed.

The Italian government is planning to extend its lockdown until May 3, two trade union sources told Reuters on Thursday after meeting ministers.

Friday 10th April

Spanish Death Toll Surpasses 15k, But Numbers Slow

13:39 The number of people killed by the coronavirus in Spain passed 15,000 on Thursday, but the daily death toll fell to 683 after two consecutive days of rising above 740.

Italy to Lift Restrictions?

12:05 Italy may begin to lift current lockdown measures by the end of April. Prime minister Giuseppe Conte told the BBC that some restrictions could be relaxed if the spread of the disease continued to slow. On Wednesday, there were 542 coronavirus-related deaths in Italy, compared to 604 the previous day.

ASIC Extends Reporting Deadline

As Finance Magnates covered, ASIC has extended the deadline as it acknowledges that the reporting processes for companies may take extra time amid the COVID-19 pandemic.

Read more on the ASIC Deadline Extension here.

Russian Cases Increase

10:45 Russia has reported a record one-day rise of 1,459 new cases of Covid-19, bringing its national total to 10,131.

The number of reported related deaths also increased by 13 to 76 on Thursday, the national coronavirus crisis response centre said.

Thursday 9th April

Worldwide Trade to Decline by a Third

19:06 The World Trade Organisation forecast a fall in global trade of up to a third. The suffering caused by the pandemic will be compounded by “unavoidable declines in trade and output”,

Global Tally Increase

19:02 At least 83,615 people have now died worldwide, according to researchers at Johns Hopkins University. They say at least 1.4 million people have been infected, more than 300,000 of whom have recovered.

French Economic Woes

18:32 Data issued today showed some of the impact being felt by the Coronavirus. The French economy shrank 0.1% in the last quarter of 2019 and a new estimate that it further contracted around 6% in the first three months of 2020.

According to the central bank, France’s first-quarter performance was already its worst since 1945.

Italy Deaths Slow

17:49 Deaths from coronavirus in Italy rose by 542 on Wednesday, 62 less than on Tuesday, while the number of people currently infected increased by 1,195, or 1.3%, according to figures from the civil protection authority.

There was a record day-to-day increase – 2,099 – in the number of people who have survived the virus, taking the total to 26,491.

EU Promises Aid Package

17:35 The European Union has reshuffled its aid budget and promised €20bn (£17.5bn, ¢21.7bn) to help countries in Africa, Asia and the Pacific tackle coronavirus, as well as near neighbours in eastern Europe.

German Cases Accelerate

08:17 New cases of Covid-19 have risen in Germany for the second straight day after four previous days of drops, data from the Robert Koch Institute has shown. The number of confirmed infections grew by 4,003 in the past 24 hours to 103,228 on Wednesday. The federal government agency also reported that the death toll rose by 254 to 1,861.

Wednesday 8th April

UK Numbers Leap

14:48 UK’s coronavirus death toll jumped by a record-high 854 in a day with 6,227 known victims according to the latest government figures

Dutch Increase But Trend Slows

14:00 The number of confirmed new coronavirus cases in the Netherlands rose by 777 to 19,580, health authorities said on Tuesday, as a slowing trend in the rate of increase continued. Deaths increased by 234 to 2,101.

Spanish Death Toll Rises Again

10:37 The death toll in Spain has risen to 13,798, up from 13,055 on Monday, the health ministry has reported

COVID-19 Boost, Plus500 Sees 487% YoY Uptick in Q1 2020 Revenues

As Finance Magnates covered, Plus500 achieved “exceptional Q1 revenues” with user acquisition up 98% on a year-on-year basis. Read more on the Plus500 results and revenues here.

Sweden Economic Forecast Bleak Due to Coronavirus

09:04 Sweden will run large deficits in 2020 and 2021 due to the coronavirus outbreak and the effects on the central government budget will be seen from April, the debt office said in a statement on Tuesday.

Tuesday 7th April

Global Death Toll Surpasses 70,000

18:53 Global death toll passes 70,000. The number of known cases around the world nears 1.3 million as the global number confirmed to have died hits 70,798, according to data collected by Johns Hopkins University. In all, 271,013 people are confirmed to have recovered after contracting the virus.

UK Death Toll Increases

16:49 The department of health and social care said as of 5pm yesterday 5,373 people who had tested positive for coronavirus have died in UK hospitals, an increase of 439 in 24 hours.

Is Lockdown Working?

12:13 With deaths in Spain declining for the fourth consecutive day, Italy reporting its lowest death toll in two weeks and France recording a decline in new hospital admissions, there is tentative hope across Europe that lockdowns are starting to show results.

Iran Cases Soar

11:31 Coronavirus cases passed 60,000 in Iran, with 2,274 new cases confirmed in last 24 hours. A health ministry spokesman said the total number of infections now stands at 60,500 now.

136 more patients have died of covid-19 in 24 hours in Iran, pushing the total number of deaths to 3,739.

How the Coronavirus Will Change Online Financial Services

Volumes across virtually every asset class have experienced a major boost in Q1 2020. But, can it last? Read the Finance Magnates analysis here.

Monday 5th April

Westpac Names Peter King as CEO to Bring Clarity During COVID-19

King had been the acting CEO since December of last year, having worked with the Australian bank for the past 25 years. The appointment comes at a time when the bank is seeking management strength and stability amid the global coronavirus pandemic.

Read more on the Westpac King CEO appointment here.

Brokers React to Coronavirus Volatility

As Finance Magnates explored, trading platforms are reacting to the heightened volatility fueled by the coronavirus. Find out what brokers are doing here.

Global Cases Surpass 1.2 Million

09:41 The number of confirmed coronavirus cases globally has passed 1.2m, according to Johns Hopkins University figures

UK Economy Set to Shrink by 7.8%

08:39 Economists at banking giant Nomura has warned that the UK economy could shrink by an eye-watering 7.8 percent overall in 2020 making it the most severe hit to livelihoods since 1921.

Saturday 4th April

UK Death Toll Rises, Spain Sees Decline

15:35 The UK death toll rose by 708 yesterday. Meanwhile, Spain saw the lowest daily toll for a week.

Swiss to Up Funding to Combat Coronavirus

14:35 The Swiss government is doubling the size of its coronavirus emergency loan scheme to 40bn Swiss francs ($40.94bn). The Swiss death toll from coronavirus rose to 484, from 432 on Thursday, while the number of positive tests rose to 19,303.

Global Cases Pass One Million Mark

10:06 According to researchers at Johns Hopkins University, more than a million people are now known to have been infected worldwide. The number of confirmed deaths from Covid-19 passed 50,000, according to the same researchers.

UK Hospital Deaths Increase 569 to 2,921

US Jobless Claimants Soar

13:54 More than 6.65 million people filed for unemployment benefits in the US last week, the latest official figures to highlight the devastating economic impact of the Covid-19 pandemic on the American economy.

EU to Borrow to Protect Jobs

10:10 The European Commission is set to propose to borrow €100bn against EU governments’ guarantees to finance a short-term work scheme in order to be able to protect jobs impacted by the coronavirus epidemic.

UK Business Woes

7:35 The British Chambers of Commerce (BCC) has said six in 10 UK firms have no more than three months of cash left as companies across the UK were suffering from a sharp and significant fall in domestic and overseas sales, threatening widespread job losses.

IMF Update

20:28 The International Monetary Fund officials say the pandemic is putting major strains on emerging market economies, but they are confident the Fund has sufficient resources to meet their needs.

The fund is “quite a bit away” from exhausting its $1tn (£800bn) in total lending capacity and is working to identify new sources of funding and liquidity for member countries

New York Death Toll Tops 1000

15:25 Deaths from the coronavirus surged past 1,000 in New York City on Wednesday, as an emergency field hospital was opened in Central Park.

Fintech Experts Share Tips for Remote Work During Coronavirus Quarantine

In a Finance Magnates analysis, we talked to some of fintech’s biggest names about they are tackling the remote work situation and asked them what tips they would give.

Read more on the Fintech expert’s tips for remote work here.

UK Death Toll Increase

14:24 The Department of Health and Social Care reported that as of 9am on 1st April, 152,979 people had been tested for the coronavirus, of whom 29,474 tested positive. Deaths of coronavirus patients in UK hospitals have risen by 563 in a single day to 2,352 as of 31 March.

Virus a ‘Deadly Risk to the EU’

14:00 Jacques Delors, the former European Commission president who helped build the modern EU, warned that lack of solidarity across the bloc posed “a mortal danger to the European Union”.

Italy’s former prime minister, Enrico Letta, said the EU faced a “deadly risk” from the global pandemic.

How the Coronavirus Will Change Online Financial Services

In a Finance Magnates analysis, we looked at exactly how the coronavirus will change online financial services. Read it here,

UK Banks Cancel Dividends

21:57 Britain’s biggest banks have agreed to scrap payouts to shareholders and are expected not to pay out any bonuses to senior staff, after a request from the Bank of England.

The Prudential Regulation Authority, which is part of the Bank, said Standard Chartered, NatWest, Santander, the Royal Bank of Scotland, Nationwide, Lloyds, HSBC and Barclays have all agreed to drop their dividends and share buybacks until the end of the year, and cancel outstanding dividends from 2019.

French Deaths Increase

20:15 France has recorded 499 new hospital deaths in the past 24 hours, bringing the total to 3,523 – the highest daily increase in such deaths in France since the outbreak started.

Global Deaths Surpass 40,000

20:07 Data collected by Johns Hopkins University researchers show at least 40,636 people have died across the world, while 174,019 people have recovered after becoming infected. At least 823,479 people have been infected.

New York Peak Expected in Next 14 – 30 Days

18:46 New York has now reached 1,550 deaths from 1,218 yesterday. Experts are predicting the peak will be in the next 14 to 30 days

Italy Deaths Rise

18:02 Italy has confirmed 837 more deaths from coronavirus, taking the country’s total to 12,428 – the highest toll in the world. There are 2,107 new infections compared with Monday’s figure of 1,648. The official total now is 77,635 current cases. That’s a 2.8% rise in positive cases, slightly up on Monday

Spain Records Deadliest Day Yet

11:26 Spain has posted a record new single-day coronavirus death toll after 849 people died from the virus between Monday and Tuesday. The country’s total number of cases now stands at 94,417 – up from 85,195 on Monday – and its death toll at 8,189.

World Banks Warns of Asian Pain

10:18 The World Bank says “significant economic pain seems unavoidable” in the Asia Pacific region

UK Supermarket Spending Surge

07:23 Britons made over 79 million extra grocery shopping trips in the four weeks to March 21 year-on-year as they stocked their “pandemic pantries”, driving a 20.5% jump in supermarket sales, industry data published on Tuesday showed.

Dutch Increase

13:32 Cases of coronavirus in the Netherlands have risen by 884 to 11,750, according to the Dutch broadcaster RTL. There have been 93 deaths

Global Infections Surpass 730,000

12:29 Coronavirus cases worldwide have risen to 732,000, according to the Johns Hopkins University tracker. The US had the highest number of cases, with over 142,000. Italy was second with nearly 98,000, and Spain has now surpassed China’s 82,000 cases with 85,000. Italy still had the highest number of coronavirus related deaths, with almost 10,800. Spain was second with 7,340. Just over 2,500 people have died in the US so far.

Could Covid-19 Impair Bitcoin Mining? Riot Blockchain Says It Might

As Finance Magnates covered, cryptocurrency mining firm Riot Blockchain is concerned that the outbreak of Covid-19  could “seriously disrupt” its Bitcoin mining business and operations. Read more here.

Spain Deaths Easing

10:43 Spain has logged a slight fall in the number of people dying from the coronavirus after days of record death tolls. According to the latest figures, released just now by the ministry of health, 812 people died from the virus between Sunday and Monday The virus has so far claimed 7,340 lives.

UK Set for Prolonged Economic Agony

06:37 According to forecasts circulating over the weekend, the coronavirus pandemic could cause UK economic output to plunge by an unprecedented 15% in the second quarter of the year and unemployment to more than double, according to dire forecasts.

Australian Business Support Announced

05:00 Australian prime minister Scott Morrison has announced a AU$1,500 per fortnight “job keeper” payment to businesses. The payment, made per employee, will last for at least six months.

UK Stabilizing?

14:01 The UK death toll from coronavirus has increased by 209 people in the last 24 hours, bringing the total number of deaths in the UK to 1,228 so far. The figure was lower than Saturday’s record rise of 260, which may bring some hope that the rise in deaths could stabilize soon.

Record Daily Increase in Tokyo

11:50 Tokyo has confirmed 68 new coronavirus cases, a record daily increase, public broadcaster NHK reported on Sunday. 1,800 people have been reported infected in Japan, with 55 deaths as of Sunday.

Spain in Worst Day Yet

09:41 Spain has recorded a further 838 deaths in 24 hours in a record daily increase of fatalities

Greece Update

16:42 The number of confirmed coronavirus cases in Greece has risen to 1,061. It comes after Greece confirmed 95 new cases on Saturday. So far, 32 people have died due to coronavirus in the country.

UK Death Toll Surpasses 1,000

15:01 A further 260 people across the UK have died in the last 24 hours as of 5pm on Friday, marking a dramatic one-day rise from 759 – a 34% increase and by far the largest since the outbreak began.

Switzerland Death Toll Increase

13:32 Another 38 people have died in Switzerland from the coronavirus over the past 24 hours, the health ministry has said. Switzerland’s death toll is now 235 people, and the number of cases has also increased to 13,213 from 12,161.

UK and ZA Credit Rating Changes

12:34 The ratings agency Fitch has cut Britain’s sovereign debt rating to AA-, saying debt levels will jump as the government ramps up its spending to offset the near shutdown of the economy in the face of coronavirus. Meanwhile, Moody’s downgraded South Africa’s sovereign credit rating to “junk” status, heaping more misery on an economy already in recession and now facing the effects of COVID-19.

Global Cases Surpass 600,000

12:12 According to the latest data from the Johns Hopkins University, the number of confirmed cases of coronavirus globally has now surpassed 600,000

Wuhan Eases Restrictions

08:46 Wuhan, the Chinese city where the coronavirus first emerged last year, has partially reopened after more than two months in isolation. People are now allowed to enter Wuhan, but not exit.

COVID-19 and Gold: What Happened & How Did the Market React?

In a Finance Magnates analysis, we broke down what happened to gold, a prominent safe-haven asset, and why during these coronavirus-centered times. Read the gold coronavirus analysis here.

Italians Suffer Worst Day

02:00 Italy experienced yesterday what is thought to be the biggest death toll spike of any country during the coronavirus crisis, with 919 fatalities

US Cases Surpass 100k

21:53 According to data collated by Johns Hopkins University, the number of confirmed coronavirus cases has surpassed 100,000 in the US. The world’s largest economy now has more confirmed cases of coronavirus than any other country in the world.

Trump Signs Off Largest Spending Bill in US History

21:41 President Donald Trump has signed into law the largest spending bill in US history. The main details are:

  • Every American earning less than $75,000 (£60,200) annually will soon receive a $1,200 (£960) cheque from the government; parents will receive $500 (£400) per child
  • State governments will also receive financial support
  • The unemployment benefits programme will see more funding
  • Jobless benefits will cover some normally exempt individuals, like freelancers and gig-economy workers
  • Companies suffering from the lockdown measures will also receive loans and tax breaks

US Senate Approves $2tn Bailout

20:35 The US House of Representatives has passed the biggest ever fiscal stimulus bill in history to combat the economic effects of the coronavirus. The bill, allowing for $2 trillion (£1.7tr) in funding, has already been approved by the Senate and now goes to President Trump to sign into law. The bill includes sending $1,200 cheques to most adult Americans.

UK-EU Brexit Trade Negotiations to Continue

19:32 Talks between the UK and the EU on a post-Brexit trade deal will go ahead as planned next week, despite the chief negotiator on each side being diagnosed with coronavirus.

Volumes Buzzing, But Why Coronavirus Boost Likely to Be Short-Lived

In another Corona-centred Finance Magnates analysis, we discussed why the uncertain outlook warrants caution and raises questions about how deep possible pullback in volumes will be. Read the analysis here.

UK in Largest Daily Rise

19:00 The UK has again recorded its biggest daily rise in coronavirus deaths. In the last 24 hours, 181 people have died after testing positive for Covid-19. It comes after 115 deaths were recorded the day before. The UK death toll stands at 759, with 14,579 confirmed cases.

The Netherlands in 16% Infections Increase

15:29 The number of confirmed cases of COVID-19 in the Netherlands has increased by 1,172 to 8,603 — a 16% rise. The coronavirus death toll has increased to 546, with 112 new deaths.

India Low Testing Rates a Concern

15:15 In India, the second biggest nation on the planet with a population of 1.3 billion, testing rates have been staggeringly low compared to Western nations. As of today, Indian authorities have confirmed 691 positive cases among just 26,798 people tested.

UK PM Tests Positive for Coronavirus

12:27 The UK Prime Minister, Boris Johnson has tested positive for coronavirus.

Coronavirus and Forex: How Well Are Brokers Faring?

Increased volatility has resulted in increased trading volumes for brokers. So, is it fair to say that brokers are one of the biggest benefactors of the current crisis? And if so, is this sustainable? Read the Finance Magnates analysis here.

Italy Toll Increases

08:16 The coronavirus death toll in Italy rose by 662 to 8,165 on Thursday. The number of cases in Italy’s northern region of Lombardy increased by some 2,500, a sharper increase than in previous days. Lombardy has now eclipsed Wuhan as the worse affected region in the world.

US Overtakes China in Confirmed Cases

Johns Hopkins University suggests the US now has more suspected and confirmed cases of Covid-19 than China, with 85,991 reported in the US and 81,872 in China. Italy is third with 80,589.

South African First Deaths Reported

08:02 South Africa has reported its first deaths resulting from COVID-19, says Health Minister Dr Zwelini Mkhize. There are now more than 1000 cases in the country.

US Stimulus Package to Fight Coronavirus

09:54 The US has agreed on a $2tn stimulus package, the largest economic stimulus in US history, in response to the economic impacts of Covid-19.

Italian Bonds Rally After ECB Removed Barriers

09:11 Following the ECB’s declaration of €750bn of asset purchases to fight the coronavirus crisis and the legal decision last night to remove barriers, Italian bonds have rallied early Thursday.

ABN Amro Loses $200m On a Single Client Amid Corona-Fueled Volatility

08:45 Dutch bank ABN Amro has announced a $200m hit to its profits after recent corona-fueled market volatility led to the failure of a client in its business catering to proprietary trading firms.

Italian Infections Slow for Fourth Day

17:08 The death toll from coronavirus in Italy rose by 683 to 7,503 on Tuesday. The rate of new infections slowed for a fourth day, rising by 3491 compared with 3,612 new cases on Tuesday. Civil Protection said 57,521 people in Italy are currently infected with the coronavirus.

Total cases of Covid 19 in Italy (currently infected, deaths and recovered): 74,386

Coronavirus: New Challenges and Opportunities for Fintech

How has the coronavirus impacted Fintech? Read a full Finance Magnates analysis on what the coronavirus means for the fintech industry here.

Italian Relief?

13:01 According to the World Health Organization, Italy could reach its peak number of coronavirus cases on Sunday. The death toll from coronavirus in Italy rose by 743 to 6,820 on Tuesday. However, some hope is given by the fact that the rate of new infections slowed for a third day, rising by 3,612, compared with 3,780 new cases on Monday.

Despite Market Turmoil, Aussie Brokers are Thriving Amid COVID-19

As Finance Magnates reported, increased corona-fueled volatility has led to higher volumes for brokers. However, challenges still remain. Read the full Aussie broker analysis in coronavirus times here.

Africa Asks for Help

07:26 Government ministers across Africa have called for the suspension of debt interest payments as their countries adapt to cope with the Covid-19 crisis.

France Becomes Fifth Country to Top 1000 Death Toll

19:48 French authorities reported 240 new deaths from coronavirus on Tuesday for a total of 1,100, an increase of 28% that made France the fifth country to cross the 1,000-fatalities threshold after China, Italy, Iran, and Spain.

Corona Fueling Volumes

CLS has published its trading volumes for the month of February 2020, revealing an overall uptick in volumes, which were largely driven by increased market volatility in reaction to the COVID-19 pandemic. Read more on the CLS spot fx figures here.

South African Cases Increase, Lockdown Expected

14:25 South Africa’s confirmed number of coronavirus cases has risen to 554 from 402 a day earlier. The government is expected to announce a lockdown shortly.

Coronavirus & Crypto Lending: Could the Crisis Spur Growth?

In a highly-read Finance Magnates analysis, we asked industry leaders in the field of crypto lending what the coronavirus is meaning for them. Read the crypto lending analysis here.

G7 Pledge to”to do whatever is necessary”

13:47 A joint statement from the G7 ministers released today stated:  “We will do whatever is necessary to restore confidence and economic growth, and to protect jobs, businesses and the resilience of the financial system”.

Olympic Games to be Postponed

12:25 Following a conference call between Japanese prime minister Shinzo Abe, Tokyo governor Yuriko Koike and IOC president Thomas Bach, the Olympics have been postponed for 12 months.

UK’s FCA to Continue to Allow Short Selling

The UK’s Financial Conduct Authority (FCA) announced on Monday that it will not put a temporary ban on short-selling despite the recently increased volatility in the market.  France, Belgium, and Italy have already put an emergency ban on short selling. Read the Finance Magnates coverage of the FCA decision to allow short-selling here.

Global Lockdown

08:54 According to the World Health Organisation, around 20% of the global population are under lockdown. The first 100,000 cases took 67 days to appear, while the most recent 100,000 took just four days.

UK Wakes Up to Lockdown

08:00 Police in Britain will enforce new coronavirus restrictions, which only allow people outside to buy food or medicines, exercise alone once a day, or to travel to work if absolutely necessary.

Swindlers Cashing in on Coronavirus

As Finance Magnates reported, the Texas state regulator on Monday warned Texans about criminals trying to steal their monies using several scams tied to the coronavirus pandemic. Read more on the coronavirus scams here.

Global Cases Surpass 350,000

14:52 The number of people confirmed infected with coronavirus around the world has passed 350,000, according to statistics collected by Johns Hopkins University.

According to the tally kept by the university, 350,536 people have now been diagnosed with the virus, of whom 15,328 have died and 100,182 have recovered.

German Cases Rise

07:59 the number of confirmed coronavirus cases in Germany has risen to 22,672 with 86 dead. That compares with 18,610 cases and 55 deaths yesterday.

Spanish Deaths Increase

11:40 There are a reported 394 new virus-related deaths in Spain since yesterday, bringing the total to 1,720. The increase compares with 324 new deaths recorded on Saturday.

More than 3,600 new cases have been confirmed by Spanish authorities. Officially, 28,572 have been infected since the outbreak started. As of Sunday, 2,575 people have so far recovered.

Global Cases Surpass 300K

09:57 The number of cases surpass 300,000 with over 13,000 deaths around the world; 92,000 people have recovered

Coronavirus Wipes Out All Trump Stock Gains

The Dow Jones Industrial Average of 30 major American companies fell more than 4.5% on Friday, erasing all the gains it had made since Donald Trump became president in January 2017. The drop helped to finish the worst week on Wall Street since 2008, with all three indexes down at least 12%

Italian PM Orders Businesses to Close All Operations

22:35 Italian prime minister Guiseppe Conte has said businesses should close all operations apart from essential supply chains.

Ireland Numbers Rise

19:09 Ireland has reported 102 new cases of coronavirus – bringing the total to 785, the country’s health department has said.

Can the Coronavirus Boost Fintech?

On the surface, it may seem as though fintech is suffering just as much as many other sectors seem to be suffering. However, in this Finance Magnates analysis, the coronavirus could be a catalyst for fintech. Read how here

Italy Sees Largest Daily Increase

17:22 The death toll from an outbreak of coronavirus in Italy rose by 793 to 4,825 on Saturday, the biggest single daily increase since the virus emerged. The total number of cases in Italy increased to 53,578 from a previous 47,021, an increase of 13.9%, the Civil Protection Agency reported.

African Cases Surpass 1000

15:09 The number of confirmed coronavirus cases in Africa rose above 1,000 on Saturday. 40 of Africa’s 54 countries were impacted by the outbreak after Angola confirmed its first cases. Congo reported its first death, while Burkina Faso reported two new ones.

Spanish Death Toll Jumps Higher

11:30 Spain’s death toll from the coronavirus epidemic soared on Saturday to 1,326 according to the country’s Health Ministry’s latest data. The latest death toll is an increase from 1,002 on Friday. The number of registered cases in the country increased to 24,926 on Saturday from 19,980 in the previous tally announced on Friday

Singapore Confirms First Two Fatalities

05:31 Singapore, widely praised for its fastidious onslaught against the virus, has reported its first two coronavirus-related deaths on Saturday, The country has confirmed 385 cases of the infection.

Thai Cases Leap

05:10 Thailand reported 89 new cases on Saturday, the largest daily increase in infections since the outbreak began, bringing the national tally to 411.

Italy Deaths Rise

17:30 The Italian Civil Protection Agency announced that the number of coronavirus cases in Italy has reached 7,021, with 627 coronavirus-related deaths in the last 24 hours. 4,032 people in Italy have died so far from the disease. Italy now accounts for 36.6% of the world’s coronavirus deaths and has seen more than 1,500 deaths from COVID-19 in the past three days alone.

UK Deaths Increase

16:29 The total number of confirmed coronavirus-related deaths in the UK now stands at 177. There have been 167 in England, six in Scotland, three in Wales and one in Northern Ireland.

World Cases Soar

12:53 As it stands according to data from John Hopkins University, there are 245,484 confirmed cases, with 10,031 deaths. So far 86,035 cases have recovered.

Belgium Records Worst Day for Cases

11:51 Belgium has recorded its biggest daily rise in deaths since the beginning of the epidemic. Authorities recorded 16 new deaths on Thursday because of coronavirus, for a total of 37 in the country which imposed lockdown measures on Wednesday.

COVID-19 Causing More Trading, More Disputes

FinaCom revealed that “trading-related” complaints jumped eight percent year-to-date, while “financial-related” complaints rose by a third since the beginning of 2020. As volatility triggered by the COVID-19 pandemic encourages more activity, more disputes are being registered. Read more on the FinaCom figures here

Coronavirus vs. The Fed: How Effective Can QE & Rate Cuts Be?

In an interesting analysis, Finance Magnates looked at the stimulus package the Fed announced this week and whether or not it will beat the impact of Coronavirus. A must-read analysis found here.

Scammers Capitalise on Coronavirus

The US Commodity Futures Trading Commission alerted investors that scams related to COVID-19 are increasing, with criminals capitalizing on the situation to run a range of financial scams. The Malta Financial Services Authority (MFSA) also warned locals that the COVID-19 pandemic has become a bonanza for scammers. Read more on the types of coronavirus-related scams here

Spanish Death Toll Surpasses 1,000

11:18 Spain’s Ministry of Health released figures today showing that there are 19,980 people infected, with 1,141 admitted to the intensive care units and 1,002 dead.

Moscow Exchange Reacts to Coronavirus

As Finance Magnates covered yesterday, the Moscow Exchange (MOEX) announced in a statement that it is operating as normal amid high volatility and trading volumes. Read more on the MOEX Coronavirus statement here

In the Last 24 Hours in Europe

  • Germany saw another 11 deaths in the past 24 hours, bringing the number to 31. Health official Lothar Wieler says a rise in infections of almost 3,000 marks “exponential growth”; the army has been mobilised and hundreds of reservist medics have been contacted
  • European Commission President Ursula von der Leyen says the EU will do everything in its power to protect the economy and that includes relaxing debt rules: “Everything that helps in this crisis will be used”
  • France is among many European countries trying to bring home their nationals from abroad; the foreign ministry in Paris has put the number at 130,000
  • Swedish-Chinese carmaker Volvo is halting production in Sweden, Belgium and the US
  • Italy has seen 3,405 deaths so far, the biggest number recorded officially since the pandemic began in Wuhan, China. Leaders in the worst-hit region of Lombardy have appealed for the army to be brought in and for almost everything to be shut down, including local public transport, to halt the spread

Key Developments From Thursday

Here are a few key developments from Thursday:

  • Italy reported 427 more deaths in the past 24 hours, bringing its overall toll to 3,405. This means more people have now died after getting the virus there than in China, where it originated.
  • The confirmed number of deaths globally is now more than 9,000, and confirmed cases have risen to more than 222,000.
  • Michel Barnier, the EU’s chief Brexit negotiator, has tested positive. He tweeted that he’s “doing well and in good spirits”.
  • UN Secretary General Antonio Guterres has urged world leaders to work together, warning that if the virus were left to spread unchecked “it would kill millions of people”.
  • In the UK, the Queen issued a message to the nation about “coming together to work as one” during this “period of great concern and uncertainty”.
  • UK Prime Minister Boris Johnson said the country could “turn the tide” on the virus within 12 weeks if people followed official guidance, around the likes of social distancing. But he hasn’t gone any further to enforce restrictions on public life in the way that many other countries have.
  • The US State Department issued a Level 4 warning – the highest possible – advising US citizens to avoid all international travel and, for those abroad, to “arrange for immediate return to the United States”. The death toll in the US is 157, while the number of cases has risen to 11,274.

Privacy Rights in Coronavirus Times

In an interesting op-ed, Ella Rosenberg, an EU Law Regulatory Consultant at the Porat Group and CEO of the Israel-EU Chamber of Commerce and Industry, discusses the effect of the coronavirus on privacy rights and GDPR. Read the op-ed here.

South Korea Stimulus Package

11:40 South Korea’s president, Moon Jae-in, has pledged $39 billion) in emergency financing for small businesses along with other stimulus measures to help shore up its economy, which has been battered by the coronavirus crisis.

German Cases Increase

11:30 The number of confirmed cases in Germany has risen to 12,853, with the number of deaths reaching 34.

Stocks Stabilise After ECB Launches 750bn Euro Stimulus

08:50 Asian stocks close higher as global stocks stabilise on the back of the launch of a 750bn Euro stimulus Pandemic Emergency Purchase Programme (PEPP)

Global Unemployment Could Top 25 Million

17:11 UN agency; the International Labour Organisation has warned the coronavirus crisis could lead to a rise in global unemployment of almost 25 million. The ILO called for governments to take large scale coordinated efforts to provide employment and support incomes.

FTSE Closes Down

17:00 The blue-chip index closed down 4.05%, after losing 214.32 points, at 5,080.58.

Greece Bans Short Selling

11:54 Greece’s securities regulator banned short-selling on the Athens stock exchange effective from Wednesday until April 24 to shield the equities market from volatility, after Greek shares lost nearly half their value this year due to the coronavirus crisis.

Thailand and Philippines Escalation

08:06 In the Philippines, there have been six more cases bringing the total to 193 with 14 deaths. In Thailand, there have been 35 new cases bringing the total to 212 with one death.

South Africa Sees Largest Increase in Cases in One Day

06:12 South Africa has recorded 23 new cases of coronavirus in one day, the highest increase of any 24-hour period since the country confirmed its first case.

CFTC Provides Relief to Market Participants in Response to COVID-19

18:28 The Commodity Futures Trading Commission today announced the Division of Swap Dealer and Intermediary Oversight (DSIO) has issued a number of no-action letters providing temporary, targeted relief to futures commission merchants, introducing brokers, swap dealers, retail foreign exchange dealers, floor brokers, and other market participants in response to the coronavirus pandemic.

So How Does a Firm Stay Afloat During Market Panics and Quarantines?

In an exclusive op-ed, Ron Finberg discusses a number of contingency plans that most firms should be able to implement in order to survive staff having to work from home. Read the full op-ed here.

What are Governments Doing to Protect Their Economies?

 As the potential for coronavirus to devastate economies is hitting home, numerous countries are announcing huge stimulus packages:

  • Italy: The government has promised to “inject liquidity” to generate €340bn ($383bn) cash flows
  • Spain: Prime Minister Pedro Sanchez says his government will spend €200bn ($220bn), in the largest spending package since Spain became a democracy 40 years ago. “The state will absorb the shock,” he said
  • France: On Tuesday Paris created a €45bn ($50bn) package to support businesses and workers. Another €2bn ($2bn) has been earmarked for small restaurants or tourism companies. That adds to the €500bn ($547bn) package promised on Monday.
  • Germany: Chancellor Angela Merkel promised €550bn ($603bn) in government-backed loans
  • US: President Trump will ask Congress to approve an $850bn package
  • Japan: The country is preparing a package of up to $193bn, that could include cash payouts to households

FTSE Closes Higher, Wall St. Opens With Gains

18:09 The UK’s FTSE 100 closed higher on Tuesday, ending the day up 2.79%, or 143.82 points, at 5,294.90. In the US, the Dow is up 2.39%, the NASDAQ up 4.11% and the S&P500 up 4.08%.

Alitalia to be Nationalised

11:32 The Italian airline is to be nationalised after a rescue package reportedly costing the taxpayer some $670m (£550m) has been agreed to save the Italian company in the wake of the coronavirus.

Travelex Prepares for Insolvency

11:07 The owner of currency firm Travelex has called in accountants to prepare for possible insolvency. Shares in the firm were suspended yesterday. The impact of the coronavirus is believed to be the final nail in the coffin for the company.

FTSE Opens Higher

08:15 In the first few minutes of trading, London’s FTSE 100 Index opened with 1,9% gains.

Amazon to Hire 100,000 to Meet Online Demand

07:12 Online retail giant Amazon has said that it will look to hire an additional 100,000 extra warehouse staff in order to meet the heightened demand for online purchases prompted by the coronavirus.

Trump Warns Virus Could Cause Recession

21:45 President Trump has warned that the US could be heading for a recession due to the coronavirus outbreak.

EU Death Toll Rises

19:19 The death toll in Italy from Coronavirus has increased to 2,158, with another 349 victims announced today. Spain confirmed 9,191 cases and 309 deaths, making it the second hardest-hit country in Europe after Italy.

How Has Coronavirus Affected the FX Markets?

In a Finance Magnates exclusive, legendary trader and analyst Marshall Gittler, breaks down how has coronavirus affected the forex markets. Marshall looks at the United States and explores exactly how prepared is the world’s largest economy for the impact of the Coronavirus

Coronavirus Vaccine Being Trialed

18:37 In the US, a human trial of a vaccine against coronavirus has given a dose to its first participant. This is the first of a group of 45 healthy volunteers to be given the trial at the Kaiser Permanente research facility, in Seattle. All the volunteers will receive an injection over a six-week period.

ASIC Imposes Emergency Trading Rules

The Australian Securities and Investments Commission (ASIC) announced that it has taken steps to ensure the country’s equity markets remain resilient after high volumes led to the regulator imposing a 25% reduction in market trades. Read more on ASIC emergency measures here.

IMF Calls for Fiscal Action on Coronavirus

18:00 The IMF has called for governments to take fiscal action to combat the economic impact of coronavirus.

Managing Director Kristalina Georgieva says “Many governments have already taken significant steps, with major measures being announced on a daily basis—including yesterday’s bold, coordinated moves on monetary policy. But clearly, even more needs to be done. As the virus spreads, increased coordinated action will be key to boosting confidence and providing stability to the global economy.”

EU Proposes Suspending Non-Essential Travel

16:03 The president of the EU commission has announced that the EU is proposing suspending all non-essential travel for 30 days.

Plus500 Benefiting From Coronavirus Fuelled Volumes

Finance Magnates reported that Plus500 expects that revenue and profitability for 2020 will be substantially ahead of its forecasts. Having issued a statement via the London Stock Exchange, part of the uptick in customer trading activity has been attributed to the heightened market volatility caused by the coronavirus. You can read the full story here.

Ireland Layoffs

15:51 According to state broadcaster RTE, an estimated 140,000 people have been laid off in Ireland since emergency measures to combat coronavirus were introduced four days ago. The comprises 70,000 restaurant workers, 50,000 pub and bar staff, and around 20,000 crèche and childcare workers.

US Stocks Sink Again

15:32 US markets plummetted over 7%, triggering an automatic suspension of trade in the minute after opening.

Bankrupt Airline Industry?

12:35 Aviation intelligence newsletter Centre for Aviation (CAPA) is predicting that by the end of May 2020, “most airlines in the world will be bankrupt”.

“As the impact of the coronavirus and multiple government travel reactions sweep through our world, many airlines have probably already been driven into technical bankruptcy, or are at least substantially in breach of debt covenants.”

Brent Oil Hits 4-Year Low

12:28 Brent Oil Plummets more than 10%, down to a 4-year low.

FTSE Opens to Heavy Losses

09:35 The FTSE 100 fell nearly 9 percent in the opening hour of trading, taking the London blue-chip index to its lowest level in almost a decade

Central Banks Partner Over USD Liquidity Swaps

21:39 The US Federal Reserve announced that it has signed an agreement with the central banks of Canada, Japan, Switzerland, the UK, and the European Central Bank to lower the price of standing USD liquidity swap arrangements by 25 basis points.

Fed in Surprise Rate Cut

21:15 The US Federal Reserve has made its second emergency cut to interest rates in less than two weeks, lowering the benchmark borrowing rate to a range of 0-0.25%.

It has pledged to keep it at this level “until it is confident that the economy has weathered recent events.”

120 Dead in France

19:25 France’s health minister confirmed on Sunday that 120 people had now died from coronavirus in the country, up from 91 on Saturday. The number of cases had risen to about 5,400, up from 4,449 yesterday.

Italy Sees Cases Surge

18:35 Italian authorities have confirmed the number of infected in the country has risen from 2,853 to 20,603. The death toll has risen from 1,441 to 1,809 on Sunday.

Spanish Numbers Soar

13:13 Spain has now recorded 2,000 new virus cases and over 100 deaths in the last 24 hours. Spain is the second hardest-hit country in Europe, after Italy

Czech Cases Rise

11:42 The Czech ministry of health confirmed that there are now 214 confirmed cases of coronavirus in the country – an increase of 25 since yesterday

113 Iranian Deaths in 24 Hours

10:47 Iran’s death toll from the coronavirus has now reached 724, with 113 new deaths recorded in the past 24 hours.

UK Over-70s to Self Isolate for up to Four Months

09:31 Over 70’s in the UK will be asked to self-isolate for up to four months, in order to protect them from the virus

Greece Confirms Fourth Coronavirus Death

08:58 Greek authorities have confirmed the fourth death from coronavirus. Health Ministry officials announced that 228 people have so far contracted the virus in Greece

Egypt Cases Increase

08:14 COVID-19 infections have jumped to 110 confirmed cases in Egypt according to the country’s Ministry of Health, up from 80 on Friday.

Latest Worldwide Figures

07:13 There are now 156,400 coronavirus cases worldwide, according to Johns Hopkins. There have been 5,833 deaths related to the virus.

Here are 10 countries with the highest numbers of confirmed cases:

China: 80,995
Italy: 21,157
Iran: 12,729
South Korea: 8,086
Spain: 6,391
Germany: 4,585
France: 4,481
US: 2,952
Switzerland: 1,359
United Kingdom: 1,143

Thailand Reports Biggest Daily Increase

06:38 Thailand reported 32 new coronavirus cases on Sunday, the largest single daily increase so far. bringing the total infections in the Southeast Asian country to 114,

Uzbekistan Confirms First Coronavirus Case

06:21 An Uzbek citizen has tested positive for coronavirus after returning from France, Uzbekistan’s Healthcare Ministry said on Sunday, marking the first infection from the virus in the Central Asian country of 34 million.

Queensland Total Hits 55

05:20 The Australian state of Queensland has confirmed fifteen new coronavirus cases, bringing the total to 55

Spanish Death Toll Leaps Higher

17:43 The coronavirus death toll in Spain has so far reached 190 on Saturday, up from 120 the day before.

Italy Reveals Scale of Spread

17:21 According to official data, Italy’s coronavirus death toll rose to 1,441 from 1,266 on Friday. The number of confirmed cases has risen to 21,157 from 17,660 over the same period.

Latvia to Close Borders

17:01 As well as banning all public gatherings of more than 50 people, prime minister Arturs Krišjānis Kariņš has announced that Latvia will also close its borders to all foreigners from Tuesday

US Suspends UK and Ireland Travel

16:49 In a press conference, Vice-President Mike Pence announced all travel to the UK and Ireland will be suspended from midnight Monday EST.

Denmark Confirms First Coronavirus Death

16:24 According to Reuters, Denmark has confirmed its first coronavirus-related death. As of 14 March 2020, there have been 836 confirmed cases in Denmark.

Indonesia to Close All Schools

15:23 Indonesia, the world’s fourth most populous country, reported on Saturday 27 more coronavirus cases, bringing the total confirmed infections to 96 and deaths to five.

Jordan Goes Into Lockdown

14:54 Despite only having one single confirmed case of coronavirus, Jordan says it will suspend all passenger flights in and out of the country from Tuesday. Schools, universities and tourist sites will also be closed. Saudi Arabia and Kuwait have already cancelled all international flights.

South Africa Cases Increase

14:39 The total number of coronavirus infections in South Africa increased to 38 on Saturday, from 24 a day earlier, the health ministry stated.

UK Deaths Almost Double in a Day

14:13 According to the latest statistics from the National Health Service, the total number of deaths in the UK from coronavirus has almost doubled in the past 24 hours, going up from 11 to 21. Since 2pm yesterday 342 new cases have been diagnosed with 1,140 coronavirus cases now confirmed in the UK, according to Public Health England.

Netherlands Cases Rise

13:48 The number of coronavirus cases in the Netherlands has increased by 155 to 959, with two further deaths.

Spain Sees 37% Increase in 24 Hours

11:46 The tally of confirmed Covid-19 cases in Spain has now reached 5,753, up from 4,209 on Friday, representing a 37% increase in 24 hours. Madrid accounts for about half of all cases. Seville has announced that it will be cancelling the city’s world-famous Holy Week processions

Malaysia Reports 41 New Cases

11.21 Saturday has seen Malaysia report 41 new cases of coronavirus, all of them linked to a religious event just outside of the capital Kuala Lumpur, attended by around 10,000 people.

Iran Death Toll Mounts

10.31 Iran’s death toll from the Coronavirus has jumped another 97, as Iranian state TV reports the number dead has now risen to 611.

WHO Reports 142,000 Worldwide Cases

10:24 The latest figures from the World Health Organization show that there are now more than 142,000 coronavirus cases globally and over 5,300 related deaths. China remains the hardest-hit country, with close to 81,000 cases. Italy has more than 17,000 cases, followed by Iran, with more than 11,000 cases.

Ventilator Production Increased in Europe

10:10 According to Reuters, Germany has ordered 10,000 ventilators and Italy has ordered 5,000 medical ventilators costing $17,000 each. Italy is getting the army involved to help with the production line as European factories are in overdrive.

New Cases in China Slow

9:53 China is now reporting more imported cases than local infections for the first time. According to data released by the National Health Commission, mainland China had 11 new confirmed cases on Friday, up from eight cases a day earlier, but only four of those – all in the virus epicenter of Hubei province – were locally transmitted. The remaining seven cases were all detected in travelers coming into China from overseas.

US Travel Ban

8:25 A ban on non-Americans travelling from 26 European countries comes into force in the US as President Donald Trump declares a national emergency, releasing $50bn in federal funds.

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