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China's global growth in jeopardy as Beijing blasts allies amid coronavirus crisis
Breaking News Trump says China will 'do anything' to have him lo Thu, 30 Apr 2020 09:18:23 +0000 PatriotsNews Read More Trending Now European COVID 19 (which came to US?) is NOT Chinese Version at all – Pasteur Institute – Veterans Today Read More New York Times Says Biden Campaign Inaccurately Citing Report Read More Senate to Hold Hearing Next Week for Trump's DNI Nominee Read More TOGETHER WITHGood morning. We're excited to announce you all have pitched in more than $76,000 for meals for frontline workers through the Brew's charity poker tournament, Chipping in for COVID.The goal is to hit $100k by the end of the day, and you can help us get there.- Either sign up to play here ($100 gets you a seat at the table this Saturday and the chance to play against celebs like poker legend Erik Seidel)
- Or you can simply donate to the cause. All proceeds will go to Frontline Foods, a grassroots organization that pays restaurants to prepare meals for frontline workers.
Seats are filling up so make sure you secure your spot today. Thanks for your support!MARKETS
NASDAQ8,914.71+ 3.57%S&P2,939.51+ 2.66%DJIA24,633.86+ 2.21%GOLD1,729.40+ 0.42%10-YR0.628%+ 1.30 bpsOIL15.58+ 26.26%*As of market close- Markets: Stocks surged and the S&P is on track for its best month since 1974.
- Fed meeting: With interest rates already near zero, the central bank didn’t see any reason to tinker further. At his press conference, chair Jerome Powell highlighted that low-income workers are suffering the most just as they were starting to see gains pre-pandemic. “It is heartbreaking to see that is threatened now,” he said.
Francis ScialabbaPretty much ruins it. Yesterday, we got the numbers for Q1 from the Commerce Department: GDP fell at a 4.8% annual rate, the first quarterly drop since 2014 and the worst quarterly drop since 2008.The gory details
The pandemic took out consumer spending, business investment, imports, and exports like cans at a carnival booth. Pick your superlative—according to various commentators, this recession is “the worst in our lifetime,” “the worst in the post-World War II era,” and “the sharpest in the U.S. since the Great Depression.”- Consumer spending plunged 7.6%, the most since 1980. It accounts for ~70% of GDP.
Services dropped the most on record, driven mostly by one industry: healthcare. The pandemic required providers to pull back on profit drivers like elective procedures and routine visits. Meanwhile, costs for extra equipment like PPE climbed. It all added up to mass layoffs.- 43,000 healthcare jobs were lost in March, per the Bureau of Labor Statistics.
- Nearly half of all medical practices have temporarily furloughed staff, while 22% have laid people off permanently, according to one survey.
That’s the bad news, here’s the worse news
Q2. After all, things were mostly fine in Q1 until stay-at-home orders pulled the rug out mid-March. Next quarter, economists are projecting at least a 30% annual decline.- “We are going to see economic data for the second quarter that is worse than any data we have seen for the economy," Jerome Powell said yesterday. So basically we're looking at the worst economy ever.
Some glimmers of hope: Most analysts expect a bounce-back starting in July as states lift restrictions. Treasury Secretary Steve Mnuchin said he anticipates a quick recovery over the summer as government relief funds work their magic.- But the Congressional Budget Office projected a more muted recovery in the second half of the year and a more sobering picture overall.
Bottom line: We keep saying it...because it remains true. Any economic recovery depends on ramping up testing and tamping down infection rates.PHARMA
Remdesivir Is the Red Squiggly Line That Won't Go Away
Dr. Anthony Fauci added another loop de loop to the remdesivir roller coaster yesterday, offering an influential endorsement of the promising coronavirus treatment from Gilead Sciences.Remarking on new findings from the National Institute for Allergy and Infectious Diseases, the country’s top infectious disease official said, "The data shows that remdesivir has a clear-cut, significant, positive effect in diminishing the time to recovery.”Why Fauci is excited:- The results come from a randomized controlled trial in which 1,063 hospitalized patients participated.
- Coronavirus patients who took the drug recovered 31% faster than those taking the placebo—11 days compared to 15 days.
- The proportion of patients who died was also lower (8% to 11.6%), however that's not a statistically significant difference.
In a separate study also released yesterday, Chinese researchers found that the drug was “not associated with statistically significant clinical benefits.”Why remdesivir matters: 1) The FDA is likely to give emergency approval for the drug and 2) the markets react to any news about remdesivir in a big way.EARNINGS
Executives on the Record
In our never-ending quest to present earnings reports in interesting ways, we give you: quotes.Facebook CEO Mark Zuckerberg: Reopening the country too soon will “almost guarantee future outbreaks,” he said on an earnings call. Despite that warning, Facebook reported a strong quarter and said the ad market had stabilized after an initial drop-off.Tesla CEO Elon Musk: “To say that they cannot leave their house and they will be arrested if they do, this is fascist." On his earnings call, Musk took pretty much the polar opposite attitude from Zuck re: lockdowns. Tesla’s earnings were less controversial—it scored its third straight quarterly profit.Airbus CEO Guillaume Faury: “We are in the gravest crisis the aerospace industry has ever known.” He also said the company is putting plans to reduce airplane emissions on the backburner.Starbucks CEO Kevin Johnson: “We have all been in our homes for six weeks, we have got a little stir-crazy,” he admitted to Bloomberg a day after the company reported a 10% drop in global sales. Which is why Johnson thinks people will be eager to go out as Starbucks begins to reopen U.S. stores.SPONSORED BY SEAVEES
Kick It Into Low Gear
We’re pretty sure California invented casual. Casual dining, casual conversation, casual attire—the terminator casually becoming governor. You get the idea.So it’s no surprise that in 1964, SeaVees pioneered casual footwear in California. How’d they kick it off? By blending the comfort of a sneaker with modern sophistication and timeless style, resulting in a shoe suited for any occasion.In addition to the cult classics, we’ve been peepin’ their new Magnum Collection inspired by the 80s private eye series set in Hawaii.SeaVees is actually the first footwear brand to be granted permission to use the same Hawaiian prints used in the show to complement one of the greatest mustaches of all time.In other words, if you’re growing a casual quarantine ‘stache at the moment, these kicks would pair quite nicely.AUDIO
Music to Spotify's Earnings
Yesterday, Spotify said it hit 130 million paying subscribers in Q1, but like that ex who will call you after quarantine ends, music consumption has ~totally changed~ over the last few months.Commutes go mute
Now that most morning commuters wear slippers instead of seatbelts, Spotify reported a decline in usage of its car, wearable, and web platforms. But its TV and game console audiences grew more than 50%.We also got an update on Spotify's adventure into podcasts, highlighted by last quarter's $196 million acquisition of sports/culture content machine The Ringer—and its empire of 30+ pods.- So far, so good: 19% of monthly active users engaged with podcast content, up from 16% last quarter.
Searches for "chill" and "instrumental" playlists were also up, as two-in-five consumers reported listening to more music than usual to manage their stress.Bottom line: Spotify’s Q1 places it alongside streaming buddy Netflix as a rare bright spot in an otherwise dismal consumer environment.Giphy. Bonus points if you can name this movie...118 million Americans, or more than 33% of the country’s population, live in states that have either eased restrictions on nonessential businesses or plan to do soon, according to CNBC.It may be less exciting than it sounds. To comply with public health measures, restaurants will need to cap capacity and maintain distance between tables. Masks are required...everywhere. If you’re playing golf, you better not touch that pin.To help you keep track of this quickly evolving situation, we’ve created a page that shows each state's timeline for loosening restrictions. Check where your state stands.WHAT ELSE IS BREWING
- Microsoft said COVID-19 had “minimal” net impact on quarterly revenue, but its cloud products like Teams did see a benefit from WFH policies.
- Boeing will shrink its global workforce by 10%.
- Lyft is laying off 17% of its workforce.
- The NCAA's Board of Governors approved a plan to allow college athletes to be compensated for their name, image, or likeness.
- TikTok has passed 2 billion global downloads after the "best quarter for any app ever," reports Sensor Tower.
BREW'S BETS
They had us at “delicious broth delivered,” but Kettle & Fire has more to offer than taste and delivery. Their broth is immune-boosting, shelf-stable for two years, improves gut health, and comes in tasty flavors. Start your day with a calming, steamy mug. Get 25% off your broth plus free delivery here.*Put on some pants. We understand you’re just at home and all, but c’mon. Revtown combines the comfort of a pair of WFH sweats with the style of premium denim jeans. Put on some pants.*Accelerate your career. Enroll in NYU Professor Scott Galloway’s two-week online course that breaks down the winning strategies of tech behemoths like Amazon and Apple. Due to high demand, we've opened up a limited number of seats in an exclusive cohort for Morning Brew readers. Spots are filling up, so sign up today.*Pod take two: In Part I of Business Casual's interview with billionaire hedge fund manager Ray Dalio, you heard him talk like a history professor. Today in Part II, you'll hear him talk like he’s running for president. The takes are hot, the debt cycle analysis is hotter. Listen now: Apple / Spotify / everywhere elseBrowse the best images of 2020: See World Press Photo’s pic of the year, along with the runners-up.*This is sponsored advertising contentGUESS THE SKYLINE
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SingaporeApril 30, 2020 Read in Browser FOX
Daily update ⋅ April 30, 2020NEWS Analysis: As Trump frets over sliding poll numbers, he doubles down on Fox-centric media strategy
The announcement of Fox's Sunday evening event capped a day in which the conservative network continued to have unprecedented access to the ...Flag as irrelevant Even as pain deepens, huge resistance to reopening
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The YouTube vloggers, sisters Lynnette Hardaway and Rochelle Richardson, hosted a weekly video series on Fox Nation and made occasional ...Flag as irrelevant New York Times says Biden camp's talking points 'inaccurately' describe their Tara Reade reporting
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