Skip to content

Global tourism could fall 70%; EU official says more stimulus needed soon


The U.S. death toll from the coronavirus passed 100,000 late Wednesday, far exceeding reported deaths in every other country. Black Americans made up a disproportionately large share of the deaths, according to an analysis of data from the Centers for Disease Control and Prevention.

Two new studies that looked at the share of total infections that are asymptomatic are raising questions about how widely the virus might have already spread throughout the seemingly healthy population. 

This is CNBC’s live blog covering all the latest news on the coronavirus outbreak. This blog will be updated throughout the day as the news breaks. 

  • Global cases: More than 5.71 million
  • Global deaths: At least 356,124
  • U.S. cases: More than 1.69 million
  • U.S. deaths: At least 100,442

The data above was compiled by Johns Hopkins University.

Virus will continue to circulate even with a vaccine, Dr. Scott Gottlieb says

7:50 a.m. ET — Even once a vaccine is discovered, the coronavirus will probably continue to circulate, becoming a “second flu,” former Food and Drug Administration Commissioner Dr. Scott Gottlieb said.

“Even if we get through this, we get a vaccine, this is probably going to continue to circulate,” he said on CNBC’s “Squawk Box.” “It might be sort of a second flu, if you will, and from a productivity standpoint, if we have two flu seasons that’s not really sustainable, so we’re going to need to figure out a way to reduce the morbidity not just from coronavirus in the long-run, but also flu as well.”

There are currently no treatments for Covid-19 approved by the FDA, though several have been granted emergency use authorization, which allows physicians to prescribe the treatment in life-threatening situations and for research purposes. —Will Feuer

Disclosure: Scott Gottlieb is a CNBC contributor and is a member of the boards of Pfizer and biotech company Illumina.

EU needs to agree on more stimulus soon, top official insists

7:10 a.m. ET — The European Union needs to agree on additional coronavirus-related stimulus “in the coming months,” a top EU official told CNBC. The comment comes after the bloc proposed a ground-breaking plan to help the region Wednesday.

The European Commission, the executive arm of the EU, proposed to raise 750 billion euros ($826 billion) in public markets and distribute that money in the form of grants and loans to the 27 members of the EU. However, some countries are reluctant to approve the idea as it would mark the first time the EU tapped financial markets together on such a large scale. The proposal requires the agreement of EU members before it can be implemented.

In the meantime, there are other short-term measures available across Europe. The European Central Bank is buying government bonds as part of its 750 billion euro program and there are 540 billion euros available in unemployment schemes, business investments and loans to governments. —Silvia Amaro

Global tourism expected to slump most since 1950s

A general view of almost desert Pantheon square during Italy’s lockdown due to Covid-19 pandemic.

Andrea Staccioli | Getty Images

7:04 a.m. ET — International tourism is expected to fall as much as 70% this year, United Nations World Tourism Organization Secretary-General Zurab Pololikashvili told newspaper Handelsblatt. He added that this would be the biggest drop since records for the metric began in the 1950s. 

The drop in business could put 110 million jobs around the world at risk, he said. He added that there could be a boom in travel to rural areas while tourism in typically desirable, and densely packed, destinations drops. 

The estimated 70% drop is based on the assumption that countries will begin to open their borders in August. While most European countries appear to be on track to reopen to international travel at the beginning of the summer, countries in other areas, including the Americas, are still grappling with uncontrolled outbreaks and the borders remain closed. —Will Feuer


Source link