Here’s what you need to know about coronavirus outbreaks to navigate the market today.
• Press Secretary Kayleigh McEnany said the US would ban foreign nationals who had been in Brazil in 14 days. The South American country has the second highest number of Covid-19 cases in the world, with almost 350,000 total cases on Sunday. According to The Wall Street Journal, regulations will come into force at midnight on May 28. (go to full story)
• British Prime Minister Boris Johnson defends his adviser, Dominic Cummings, who has been criticized for traveling hundreds of miles to see his parents while he and his wife suffer from coronavirus symptoms and the country is being locked up. “In all respects, he has acted responsibly, lawfully and with integrity,” Johnson said. “I think what they are doing is really understandable. I think any father, any parent will understand what he is doing. “
• Nearly 100,000 Americans died due to Covid-19, data collected by Johns Hopkins University Performances. There were less than 23,000 new cases in the US on May 23. Nationally, the number of new cases began to increase slightly, although it continued to decline in New York, the center of the pandemic in the US. The 50 states have now announced that at least some of the lockdown rules are relaxed.
• Hong Kong riot police fired tear gas and water canons into the crowd to disperse thousands of pro-democracy demonstrators on Sunday, Reuters reports. Saying “Independence of Hong Kong, the only way out,” many people protested the Chinese government’s plan to change the laws that govern semi-autonomous cities and prohibit various political activities. The so-called national security law could cause the US to impose sanctions on China, White House National Security Adviser Robert O’Brien said Sunday on NBC “Meet the Press.” O’Brien also said that the US “might not be able” to say that Hong Kong had “a high degree of autonomy” from Beijing if the law was enacted, a move that could threaten Hong Kong’s status as a global financial and trade center.
• Unemployment could be “north 20%” for May and continue to increase after that, White House economic adviser Kevin Hassett to CNN on Sunday. “My hope is that because there are still initial claims for unemployment insurance in May, that the unemployment rate will be higher in June than in May, but then after that it should start a downward trend,” he said.
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