The number of new Covid-19 infections is rapidly increasing in the US. Around 60 000 Americans are currently infected with the coronavirus every day, bringing the pandemic to a new peak. Government advisor and immunologist Anthony Fauci appealed to those states where the virus is spreading particularly rapidly to consider a renewed shutdown. These include Florida, where the number of hospitalizations has reached a peak. US President Donald Trump, on the other hand, wants to continue the reopening of the economy and has called on the states to reopen schools. The US now counts more than 3.1 million cases, and more than 12 million people worldwide have been infected with the coronavirus.
The spread of the pandemic is causing uncertainty on financial markets. Most of the American stock exchanges closed with losses on Thursday. Technology stocks were able to escape the downward trend, helping the Nasdaq Composite set a new record against the market trend. The bad mood on Wall Street also caused prices on the European stock markets to slide. Even gold lost value. The price of the precious metal recently approached the record quotations of 2011 and on Wednesday climbed above the USD 1800 an ounce mark for the first time in nine years. According to market observers, investors sought protection in the US dollar.
On Thursday afternoon, investors focused on economic data from the US. Last week, 1.3 million Americans filed for unemployment benefits for the first time. That is almost 100 000 fewer than last week and slightly less than analysts had expected. The situation in the US job market has eased since the initial applications reached a record 6.9 million in mid-March, as the economy came to a standstill. Nevertheless, unemployment remains extremely high by historical standards. About 18 million people are currently receiving unemployment benefits. Although this is below the all-time high of mid-May (22.7 million), it is significantly higher than the previous record of 6.5 million, which was set in the wake of the financial crisis in June 2009.
The US Supreme Court has ruled that Trump must release his tax records to the Manhattan district attorney's office. Among other things, the investigation is about alleged hush money payments that Trump is said to have made. This does not, however, resolve the dispute over the US presidents' financial records, as it is not clear which documents are affected by the decision. Further legal battles are therefore likely. The debate is therefore likely to continue until after the presidential election on November 3.
The pharmaceutical industry is joining forces to arm itself against the worldwide spread of antibiotic resistance. The twenty leading pharmaceutical companies have launched a USD 1 billion fund to finance research in this area. The aim is to develop three to four new antibiotics within ten years, said the global pharmaceutical association IFPMA. The project is supported by pharmaceutical giants Pfizer, Roche, Novartis, Johnson&Johnson and GlaxoSmithKline, among others. The World Health Organization (WHO) and the European Investment Bank (EIB) have also joined the initiative.
|08:45||FR||Industrial production (m/m)||-20.1%|
|10:00||IT||Industrial production (m/m)||-19.1%|
|14:30||US||Producer prices, core rate (June)||-0.1%|
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