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Italy's coronavirus cases see largest daily jump; death toll tops 1,800
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March 16, 2020 Read in Browser TOGETHER WITHGood morning. If you're feeling bummed about being stuck at home for the foreseeable future, remember that Shakespeare wrote King Lear when the plague closed theaters. You too can contribute something of similar value to humankind.MARKETS YTD PERFORMANCE
NASDAQ7,874.88- 12.23%S&P2,711.02- 16.09%DJIA23,185.62- 18.76%GOLD1,530.30+ 0.68%10-YR0.659%- 126.10 bpsOIL31.15- 49.11%*As of market close- Economy: “Not since the attacks of Sept. 11, 2001, has a crisis enveloped so much of the economy so quickly,” writes the NYT. Treasury Secretary Steve Mnuchin said he’s not anticipating a recession, but “because of the things that we’re requesting to do, there are parts of the economy shutting down or slowing down dramatically.”
- Markets: Stock futures plummeted to their "limit down" levels despite coordinated action from central banks around the world. Extreme volatility is going nowhere.
- 2020: With podiums a safe social distance apart, Democratic candidates Bernie Sanders and Joe Biden debated how to respond to the coronavirus pandemic, the chances of a recession, and their handwashing techniques.
ECONOMY
A World at War
This weekend, the world declared war on the coronavirus.The Federal Reserve took drastic emergency action yesterday to stabilize the economy. It cut interest rates by a full percentage point and said it would buy $700 billion in Treasuries and mortgage-backed securities.- Businesses facing a sudden drop in customers need short-term loans to keep the lights on and pay employees.
- "All told, the Fed's aggressive actions are intended to keep financial markets functioning and lending flowing to businesses and consumers," the AP explains.
The private sector mobilizes
During World War II, Chrysler and GM began making fuselages, airplane engines, and tanks. Today, companies are also ditching their day-to-day to serve the greater need.LVMH, the French luxury group, is converting facilities that typically produce cosmetics and perfumes for brands like Christian Dior to make disinfectant gel and prevent a shortage of hand sanitizer.The U.K. is talking to Rolls-Royce, manufacturer JCB, and other firms to help make ventilators.Consumer goods companies are shifting priorities in order to keep stores stocked with essential items. They'll stop making nice-but-not-necessary goods, like scented bleach, and crank out the highest-priority items, like food staples.Google and the U.S. government are launching a website today dedicated to providing the public with COVID-19 resources.The Financial Services Forum, which includes the biggest banks in the U.S. like JPMorgan and Citigroup, said its members would halt stock buybacks through Q2 to provide more capital to customers affected by COVID-19.The road ahead
Millions of healthcare workers, volunteers, and service workers are on the front lines caring for affected populations.The government is also calling on us, everyday citizens, to make extraordinary sacrifices. The CDC has recommended we hold off on gathering in groups of 50 or more people for the next eight weeks. That means no music festivals, no weddings, no trivia nights, no Morning Brew happy hours.It's hard to imagine what the next few months will be like. But what's comforting is knowing that in this battle, we're all fighting on the same side.ECONOMY
COVID-19 Case No. 1: Seattle
John Moore/Getty ImagesWith nearly 650 cases, Washington State—particularly Seattle's King County—is at the center of the U.S.' COVID-19 outbreak. The situation there may give us a better idea of what to expect in other cities.Seattle's brick-and-mortar establishments are as empty as a Chick-fil-A on Sunday. OpenTable reservations were down 63% annually on Saturday. Fine-dining establishments have turned into drive-thrus.- Seattle’s restaurant scene is closely linked to Amazon's workforce. But Amazon employees have been WFH since March 5, and restaurants have seen their corporate dining businesses evaporate, the FT reports.
At the city level, Seattle's providing $1.5 million in grants to small businesses (prioritizing those that are immigrant, refugee, and minority-owned). Washington State expanded unemployment insurance availability, provided extensions for business tax payments, and organized resources for businesses to secure financial aid.Big picture: Loans help, but they can’t replace the thrill of catching a salmon at Pike Place Market. The state could have 25,000 cases by early April if dramatic measures aren't taken, and in the case of a prolonged downturn, businesses may face more layoffs, wage cuts, or shutdowns.INTERNATIONAL
Coronavirus Around the Globe
Francis ScialabbaThe "epicenter" of the pandemic has now shifted to Europe, the WHO said Friday. Here's the latest across the globe...U.S.: With new travel restrictions in place, some airports were overwhelmed with returning passengers Saturday night, leading to hours-long lines and lots of social undistancing. The Dept. of Homeland Security has limited inbound flights from restricted countries to 13 airports.Spain: The government said people should not leave home outside of going to work or buying essential items.France: All "non-essential" stores, such as restaurants and cafes, were ordered to close.Italy: One writer compared the hushed atmosphere in the north to a post-apocalyptic film. Yesterday, the country reported its largest one-day death count from the virus.The U.K.: Prime Minister Boris Johnson has been criticized for implementing lighter restrictions than his European peers. The country's health secretary defended the approach, but cases rose 43% on Saturday.China: The country, which has suffered more than 3,200 deaths from COVID-19, recently reported only 11 new cases, per Dr. Anthony Fauci, the U.S.' top infectious disease expert.AdQuickOn Saturday, Reddit cofounder Alexis Ohanian bought a huge ad in Times Square telling people to avoid Times Square and stay home. As if we haven't already been doing that for years...- "It was a deliberate approach to think what is one of the densest populations of people in the U.S. and on a normal day that would be Times Square,” he told Forbes.
At the bottom of the billboard is the hashtag #FlattenTheCurve. The “curve” shows that healthcare systems can get overwhelmed quickly if everyone gets sick all at once. The more people practice social distancing measures like, say, avoiding Times Square at all costs, the more manageable the caseload becomes in the long run.Appearing on all five Sunday morning talk shows, Dr. Anthony Fauci stressed just how much everyone needs to stay away from each other. Yes, even us millennial-folk, who can still get sick or be a vector/carrier of the disease.- "I think Americans should be prepared that they are going to have to hunker down significantly more than we as a country are doing," he said.
+ The WaPo has more on how you flatten the curve.SPONSORED BY INDUSTRIOUS
Inspiration Doesn’t Come From a Cubicle
My first job out of college was in an office where motivational posters adorned the walls and my core responsibilities included restocking the store-brand cereal and avoiding conversation with Jerry.The idea of a flexible, beautiful workplace where I could really focus—and with amenities that go far beyond free coffee—was the stuff of fantasy.Then came Industrious. Its move-in ready offices changed my entire perspective on what a workplace could be like. From the multi-sized conference rooms and soundproof phone booths to the collaborative lounges and private wellness rooms, Industrious’s spaces are designed to boost productivity in ways I never thought possible.Truly, Industrious has thought about everything. Members can even change their move-in dates as needed on a month-to-month basis. They can also redeem a free day of workspace at any time that works for them.With more than 95 locations in 50+ cities, Industrious has helped companies like Spotify, Compass, and Pivotal scale their operations without skipping a beat.Leave the motivational posters behind and schedule your visit today.GiphyWhen sports come back—and they will come back—football might look a little bit different. This weekend, NFL players voted to approve a new collective bargaining agreement with league owners that lasts through the 2030 season.The headlines: The NFL can expand the regular season to 17 games as early as 2021. And this season, the playoff field could expand from 12 to 14 teams.What's in it for the players?- They'll start to earn a higher share of league revenue. Players currently get 47%, which would bump up to at least 48% in 2021.
- Minimum salaries will jump around 20%.
- A general relaxation around marijuana testing policies, including eliminating suspensions for positive tests.
Zoom out: The deal sets the stage for what'll be blockbuster negotiations with media companies. Networks currently pay more than $5 billion collectively to air NFL games, which accounted for 41 of the 50 most-watched TV broadcasts last year. Most of the current deals last through 2022.CALENDAR
The Strange Week Ahead
Getty ImagesOur routines may be a little out of whack, but at least the Earth still revolves around the Sun. This week, winter ends and spring begins.Monday: Freedom of Information DayTuesday: Retail sales; St. Patrick’s Day (acceptable to drink alone?); presidential primaries (AZ, FL, IL, OH); FedEx earnings; second anniversary of the Cambridge Analytica scandalWednesday: Housing startsThursday: First day of spring; first round of NCAA tournament would’ve been playedFriday: Existing home sales; incredible timing for International Day of HappinessWHAT ELSE IS BREWING
- New York City closed its school system, the country's biggest, through Apr. 20.
- NYC restaurants can only serve takeout and delivery, while bars that don't serve food must close. Ohio and Illinois took more drastic measures.
- Apple is closing all retail locations outside of Greater China.
- Scandinavian airline SAS has mostly suspended its operations due to "essentially non-existent" air travel demand.
- Saudi Aramco’s 2019 profits fell more than 20%. With an oil price war and demand shocks underway, 2020’s not looking much better.
- Ray Dalio’s macro hedge fund reportedly fell about 20% this year. Dalio has a reputation for making money in times of crisis, like he did in 2008.
SPONSORED BY CARIUMA
Your clothes can help the world. Many of our readers are—rightly—concerned with the environment. And while people think about waste in terms of trash or recycling in terms of aluminum cans, we’re taking a different, more stylish approach. So we put together an article with our pals at CARIUMA to show you how to change your wardrobe and help the world.BREW'S BETS
The Brew's Guide to Working From Home
Things are about to get weird.But, as virtually all generic motivational quotes remind us, it’s less about the adversity you face than how you respond.With that in mind, we spent the weekend compiling everything you need to remain a functioning member of society while working from your living room. And by everything…we mean everything:- Tips on how to be productive when the TV is 10 feet away
- Our favorite books, podcasts, and articles once you turn off work for the evening
- Workouts, recipes, board games, music streams, and more
Check out the guide, then share with friends.FROM THE CREW
Business Is Not Usual
Because calling into a meeting while wearing a bathrobe is new to a lot of us, we've been gathering WFH Horror Stories from readers in these unprecedented times. The latest entries:- "I didn't have the heart to tell my boss that the entire team could see his bong sitting on the mantle."
- "Zoom call with over half the company (100 people), the manager forgot he was sharing his screen, and he got a Slack message from another manager talking s*** about the CEO and how he loves to hear himself blabber on for hours."
We're sure more delicious awkwardness will pile up over the days ahead. Share your stories here.BEYOND CROSSWORD
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