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Italy PM raises maximum fine to 3,000 euros for those who defy lockdown
TOGETHER WITHGood morning. To be honest with you, quarantine life is nothing like you see in the movies. We haven't been serenaded by an Italian tenor, we've recorded no extra muscle mass from the pushup challenge, and our upstairs neighbor hasn't returned our love notes.Starting to get pretttty good at grilled cheese though. Hope you all stay safe and healthy.MARKETS
NASDAQ7,417.86+ 8.12%S&P2,447.33+ 9.38%DJIA20,704.91+ 11.37%GOLD1,663.70+ 6.13%10-YR0.848%+ 5.90 bpsOIL24.16+ 3.42%*As of market close- U.S. markets: The Dow had its best day since 1933 (!) as lawmakers approached the endzone on a gargantuan stimulus package to rescue the economy. Still waiting on that Gronk spike.
- Gold: Well hello, old friend. The metal had its best day in more than a decade yesterday as Goldman Sachs said it was the “currency of last resort” and poised to go higher during this market turmoil.
MANDEL NGAN/AFP via Getty ImagesIn recent weeks, President Trump and his administration have promoted public health measures that have effectively shut down large swaths of the U.S. economy. But now he's getting antsy.At a news conference Monday night, Trump said he didn't want the "cure" (a self-induced economic recession) to be worse than the disease itself. Then yesterday, he said on Fox News that he’d like to “have the country opened up and raring to go by Easter.”What that looks like
Trump has reportedly talked to his aides about loosening or reworking the 15-day restrictions his administration issued last week.- The administration may also make social distancing rules specific to vulnerable groups like the elderly and those with underlying medical conditions.
Zoom out: The stock market is mimicking a bucking bronco, and analysts say growth could tank, unemployment could soar, and layoffs could be devastating as much of the country's economy is put on hold to contain the virus. Some members of the administration, like top economic adviser Larry Kudlow, are reportedly pressuring Trump to stop the bleeding.But public health experts do not support relaxing those rules yet. Authorities say the U.S. hasn’t seen the worst of this pandemic, and the infection rate is accelerating, not slowing. Many other countries as well as some U.S. states have tightened restrictions on social interaction and nonessential businesses in the past week.- Plus, the economy isn’t your PS4. You can’t just turn it back on again and resume building your Ultimate Team.
- Dr. Scott Gottlieb, Trump’s former FDA Commissioner, suggested Trump was talking about a false tradeoff. He tweeted, “The only way to return to a stable economy and restore our liberty, is to end epidemic spread of covid-19.”
Bottom line: This crisis is unique in that it pits economic growth against public health. In the coming weeks and months, public officials will be looking for responsible ways to gradually get healthy people back to work. Others, like the NYT's editorial board, say it's far too early to start thinking about that.MARKETING
We'll Have to Wait Another Year for This
GiphyYesterday, Japanese Prime Minister Shinzo Abe and the International Olympic Committee officially announced the 2020 Tokyo Olympics will be delayed “beyond 2020 but not later than summer 2021.”What that means: A Mount Olympus-sized pile of advertising just went poof. Over $10 billion in ads, sponsorship deals, and promotional events was tied to this year’s games, per market intelligence service Sportcal.- NBCUniversal, which owns the exclusive U.S. rights to air the games, said it had sold 90% of its inventory, worth a record $1.3 billion.
Zoom out: The Olympics is a unique media event—the games draw young people and cord-cutters alike back to the boob tube. NBC probably can't charge as much to fill those ad spaces during non-Olympic programming. You may like This Is Us, but it can’t really ~compete~ with This Is Simone Biles Doing 30 Backflips.Bottom line: Japan has spent more than $10 billion over the last seven years preparing for the 2020 Olympics. By some estimates, a delay could still cost the country, which is in a recession, billions more.INTERNATIONAL
Coronavirus Around the World
NARINDER NANU/AFP via Getty ImagesWhatever you're going through, there is someone on the other side of the world feeling the same way. At least 2.8 billion people across the globe are under some kind of lockdown.India: PM Narendra Modi announced a nationwide lockdown yesterday, ordering India’s 1.3+ billion people to stay in their homes for the next 21 days. Among other things, that could prove a logistical nightmare for the country’s $181 billion outsourcing industry.South Africa: The country of more than 56 million has also imposed a three-week lockdown. President Cyril Ramaphosa said the move would “save the lives of hundreds of thousands of people.” Cases in Africa shot past 2,000 yesterday.Italy: In Europe’s hardest hit country, videos of local politicians yelling at their constituents to stay at home are going viral. "I am getting news that some would like to throw graduation parties. We will send over the police. With flamethrowers."China: For the first time in nearly two months, the government is easing its lockdown of Hubei, the province where the coronavirus originated. China is desperate to get its factories humming again.SPONSORED BY WHOOP
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With WHOOP, we now have the tools to improve our overall well-being, starting with actionable feedback on our sleep. Don’t worry, we are still providing you with the greatest business newsletter your inbox has ever seen. Now, we are just better at it because WHOOP gives us the information we need to take on the day.WHOOP provides us with 24/7 insights around our sleep, recovery, and performance, so we can stay healthy and make smarter life decisions.You don’t have to be an athlete to make an investment in your body with WHOOP. You also don’t have to be a technophile to geek out on all of its data, like circadian rhythm, sleep stages, and heart rate variability.WHOOP gives you the analytics you need to understand what your body is trying to tell you.Embrace your inner data nerd (or at least finally get a good night’s sleep) with WHOOP.MANUFACTURING
Margie the Medical Device Maker
Rosie the RiveterYesterday, the Trump administration activated the Defense Production Act to procure ~60,000 coronavirus test kits. The 1950 statute lets the president ask companies to make products for national defense much like how your mom asks you if you have time to load the dishwasher.Many companies have already joined the effort. Fashion designer Christian Siriano put seamstresses to work on hospital masks. And LVMH, L'Oréal, and Coty are producing hand sanitizer to plug shortages.With the encouragement of U.S. Trade Rep. Peter Navarro, a group of nine U.S. apparel companies, including Hanesbrands, fast-tracked mask production on Monday and expect to crank out up to 10 million/week by mid-April.It’s not an easy transition:- While those producers are part of an apparel supply chain based in the Carolinas, many other retailers rely on international suppliers.
- Facilities can take weeks or months to retool for a new product.
It’s even harder for more specialized medical supplies. Take GM, which along with Ford, Tesla, and their partners will build ventilators. GM arranged for 95% of the parts it needs, but is still looking to source 37 remaining components.MOBILITY
United States of Distancing
Screenshot from UnacastSchool’s out but grades aren’t. Yesterday, Unacast launched the Social Distancing Scoreboard, a report card of how well every U.S. county’s residents are staying six feet away from each other.- Unacast is a “human mobility insights” company, which means they track your smartphone location data. It typically mines that info for marketers, retailers, and real estate firms, but this time it’s doing a public service so you can earn your county extra credit.
Unacast compared how far people traveled last Friday to an average Friday as a proxy for social distancing. Counties with at least a 40% drop in distance traveled were awarded As. Honors students include D.C., Alaska, Nevada, New Jersey, and Rhode Island.- NYC travel was down 57%, and Santa Clara County, CA, 54%.
- Wyoming was the lone F with a <10 a="" and="" distance="" ds.="" earned="" idaho="" in="" joke="" montana="" reduction="" s="" somewhere...="" span="" there="" traveled="" while="">
- Overall, the U.S. scored a B, with movement down 32%.
+ While we’re here: Emerging Tech Brew wrote about how the U.S. government and tech companies are considering using smartphone location data to curb the spread of coronavirus.WHAT ELSE IS BREWING
- Chevron is scaling back production, cutting spending, and halting stock buybacks in the face of collapsing oil prices.
- Wonder Woman 1984 is pushing its release date back to August. In the Heights has been postponed indefinitely.
- YouTube is starting to lower its video quality across the world.
- Revolut, a European banking app, launched in the U.S. yesterday.
- The New Jersey Devils and Philadelphia 76ers reversed their decision to cut pay for salaried employees after criticism from staff and players.
- The White House told people who've left NYC to self-quarantine for two weeks.
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Business Is Not Usual
As we've been learning from your WFH horror stories, many of you have now met your coworkers’ roommates, kids, parents, and pets. Some of you have unwittingly shared your underwear and bodily noises with them, too.Here are a few of our favorite stories:- “One dog barked on a conference call and everyone else’s dogs barked back.”
- “After seeing myself and my sister working all day, my six-year-old nephew drew himself a laptop and started saying things like ‘Where's my headphone charger?’ and ‘Sorry, I can't hear you. I'm on a call.’”
- “I live on the first floor of my building, and I was in the middle of a meeting when I saw an Uber Eats driver get out of his car to deliver some food. I was not ready for what came next. I watched a hook on a rope descend from the floors above, and the Uber Eats driver hooked the food bag onto said rope, which was subsequently raised back to my above neighbor’s apartment.”
Can you top that? Keep sharing your WFH horror stories here.GiphyAlex Hickey is not only a top-notch writer, she also happens to be the best chef in the Morning Brew office. Here's what she cooked up for you today:Morning workout
barre3 is offering a 15-day free trial of their online classes. Pick how long of a workout (10, 30, 45, or 60 minutes) and what type (strength training, cardio, mindfulness) you want, then get ready for some serious muscle burn.Videos for your group chat
My definitive ranking of the best corgi content of all time: 1. the corgi flop 2. happy belly rubs 3. swimming when your butt is a floatation device 4. the Swiffer 2.0 and 5. that first-bite-of-ice-cream feelingWork playlists
Big Little Lies has an amazing soundtrack for seasons 1 and 2. For something more instrumental, Beasts of the Southern Wild is the best movie score in existence.Lunch break, but make it productive
- Level up: The podcast Inside Trader Joe’s offers a behind-the-scenes look into the actual happiest place on Earth.
- Do good: A lot of healthcare workers don’t have the time or ability to take lunch breaks. Link up with your friends and pool donations, call a local hospital to coordinate, and donate lunch for staff on hand.
- Stay up-to-date: This thread taught us a lot about what ER docs are going through right now.
Dinner plans
- This lentil barley salad with pomegranate and feta is crazy healthy, hearty, and keeps well as leftovers.
- Curried chicken salad with cashews and golden raisins goes great on a sandwich or a bed of fresh greens.
- Browse Kale Me Maybe’s Instagram or blog for some healthy and loaded sandwich and wrap inspiration.
Evening activities
No screen: 1) 52 tricks to teach your dog, or 2) test your paper skills with this origami YouTube channel, then take a crack at Jo Nakashima’s videos when you feel like a pro after making 10 cranes.Screen: If you haven’t already, give Dark a watch. It’s Netflix’s first German-language original and has been compared to Stranger Things.SPORTS CENTER
On Monday, the Los Angeles Rams unveiled their new logo to whatever the opposite of a standing ovation is. It doesn't seem that bad...Los Angeles RamsAnyway, we'll use the opportunity to ask this trivia question: There are 18 professional sports teams in California across the MLB, NHL, NFL, NBA, and MLS. How many can you name?SHARE THE BREW
When you share the Brew with your network, you earn free swag like our classic Morning Brew t-shirt.Whether you’re rocking it as a weekday undershirt, a weekend statement piece, or you’re just looking to cause a stir at Aunt Margaret’s black tie wedding, our comfy tees will get the job done.Hit the button below to learn more and access your rewards hub.Click to ShareOr copy & paste your referral link to others:
morningbrew.com/daily/r/?kid=a17a7110 SPORTS CENTER ANSWERS
MLB: Angels, Dodgers, Padres, Athletics, and Giants
NFL: Chargers, Rams, 49ers
NBA: Warriors, Kings, Clippers, Lakers
NHL: Kings, Sharks, Ducks
MLS: LAFC, Galaxy, EarthquakesMarch 25, 2020 Read in Browser
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