This is CNBC’s live blog covering all the latest news on the coronavirus outbreak. All times below are in Eastern time. This blog will be updated throughout the day as the news breaks.
- Global cases: More than 1,026,900
- Global deaths: At least 53,975
- US cases: At least 245,500
- US deaths: At least 6,058
The data above was compiled by Johns Hopkins University.
9:55 am: FedEx slashes CEO’s salary, draws $1.5 billion from its credit line
FedEx said it would slash its chief executive officer’s pay and draw down $1.5 billion from a credit facility as delivery services take a hit from coronavirus-led lockdowns across the globe.
The company, which also suspended its financial outlook, said its board had approved a 91% reduction in CEO Frederick Smith’s base salary for six-month period from April 1 to Sept. 30. —Reuters
9:51 am: Pelosi wants more small business loans, direct payments, and unemployment benefits
US Speaker of the House Nancy Pelosi speaks to the press after the House passed a $2 trillion stimulus bill, on March 27, 2020, at the US Capitol in Washington, DC.
Alex Edelman | AFP | Getty Images
“It’s not enough,” Pelosi told CNBC’s “Squawk on the Street” about the last relief measure, after the government employment report showed the U.S. economy lost 701,000 jobs in early March as businesses started to close.
The California Democrat said she wants more direct payments to individuals, beyond the chunks of up to $1,200 lawmakers previously approved. She pushed for more small business loan funding beyond the $350 billion in the last law, and to extend beefed-up unemployment insurance for two more months. —Jacob Pramuk
9:44 am: The White House tried to force 3M to send face masks to US instead of Asia, report says
The White House reportedly tried to force 3M to export 10 million N95 respirator masks from its Singapore facilities to the U.S. rather than sending them to its markets in Asia, the Financial Times first reported, citing a person familiar with the conversations.
The Minnesota-based company was reluctant to accept the White House request on legal and humanitarian grounds since health-care workers across the region would be left without protection, the person said.
Peter Navarro, the White House advisor on trade and manufacturing, said that the administration “had some issues” making sure all the production 3M does around the world is going to the right places. The White House invoked the Defense Production Act on the company in an effort to boost its production of face masks.
In a statement, 3M said the administration also requested the company cease exporting respirators to Canadian and Latin American markets, however, it said there are significant humanitarian implications of doing so. —Noah Higgins-Dunn
9:15 am: New Google site shows where people are taking social distancing seriously — and where they’re not
The COVID-19 Community Mobility Reports web site will show population data trends of six categories: Retail and recreation, grocery and pharmacy, parks, transit stations, workplaces, and residential. The data will track changes over the course of several weeks, and as recent as 48-to-72 hours prior, and will initially cover 131 countries as well as individual counties within certain states.
Google says the data will be collected in aggregate, rather than at an individual level, and it won’t show absolute numbers of people showing up at parks or grocery stores. The idea instead is to outline percentages, which highlight potential surges in attendance. —Jennifer Elias
9:00 am: ‘The Hot Zone’ author warns the next pandemic could ‘balloon faster’ than the coronavirus
The world will experience another pandemic, and it could be even more severe than the new coronavirus, author Richard Preston told CNBC on Friday.
“We hear some people saying, ‘Well this is a once-in-a-100-year event.’ It is absolutely not,” Preston said on “Squawk Box.” “I think a worse-case scenario could be worse than coronavirus.”
Preston is the author of the 1994 book, “The Hot Zone: The Terrifying True Story of the Origins of the Ebola Virus.” It was the basis of 2019 TV mini-series from the National Geographic Channel. —Kevin Stankiewicz
8:56 am: Small businesses have ‘a million questions’ about paycheck relief loan as applications come due
Millions of small business owners on Friday will start applying for government-backed loans that will let them pay people not to work with the hope that once the economy reopens companies can pick up where they left off. But confusion about the Small Business Administration loans is widespread at banks and among potential borrowers.
The banks responsible for accepting the applications and distributing the money aren’t all up to speed and, inundated with inquiries, are relaying differing messages to their clients. CNBC reported on Thursday that JPMorgan Chase, the biggest U.S. bank, told customers by email that it would likely not be ready to start taking applications on Friday.
The loan in question is the paycheck protection program (PPP), and it accounts for $349 billion of the $2 trillion coronavirus rescue package, or CARES Act, passed by Congress and signed into law last week. Businesses with fewer than 500 employees are eligible, and that includes independent contractors. Employers can apply to receive up to 2.5 times their average monthly payroll expense, including health-care benefits, for annual salaries up to $100,000. Loans max out at $10 million. —Ari Levy
8:40 am: The White House tried to force 3M to send face masks from Singapore to US, report says
The White House tried to force 3M to export 10 million N95 respirator masks from its Singapore facilities to the U.S., rather than sending them to its markets in Asia, the Financial Times first reported, citing a person familiar with the conversations. The Minnesota-based company was reluctant to accept the White House request on legal and humanitarian grounds since healthcare workers across the region would be left without protection, the person told the FT.
The White House invoked the Defense Production Act in an effort to boost 3M’s production of face masks. In a statement, 3M said the administration also requested the company cease exporting respirators to Canadian and Latin American markets. However, it said there are significant humanitarian implications of doing so.
“Ceasing all export of respirators produced in the United States would likely cause other countries to retaliate and do the same, as some have already done,” the company said in a statement. “If that were to occur, the net number of respirators being made available to the United States would actually decrease.” —Noah Higgins-Dunn
8:33 am: US payrolls drop 701,000 in March, the first jobs decline since 2010
Nonfarm payrolls dropped by 701,000 in March, according to Labor Department numbers that begin to show the economic damage wrought by the coronavirus crisis.
The unemployment rate rose to 4.4% as employers just began to cut payrolls ahead of social distancing practices that shut down large swaths of the U.S. economy in order to stop the virus’s spread.
Economists surveyed by Dow Jones had been looking for a payroll decline of 10,000 and for the unemployment rate to rise to 3.7%. —Jeff Cox
8:20 am: Cannes Lions advertising festival, previously postponed, is now canceled
The Cannes Lions International Festival of Creativity, the ad industry’s major awards festival and conference held in France each summer, has been canceled due to the coronavirus.
The festival, originally scheduled for June 22 through June 26, was postponed in March to Oct. 26 through Oct 30, but organizers announced the decision to cancel it for good this year.
“As the impact from COVID-19 continues to be felt across the world on consumers and our customers across the marketing, creative and media industries, it has become clear to us our customers’ priorities have shifted to the need to protect people, to serve consumers with essential items and to focus on preserving companies, society and economies,” organizers said in a statement Friday.
The next festival will take place June 21 through June 25 in 2021. —Megan Graham
8:09 am: Italian luxury shoemaker Sergio Rossi dies
Italian luxury shoemaker Sergio Rossi has died aged 85 after being hospitalized with the coronavirus, the mayor of the designer’s home town said.
Italy has recorded more deaths from coronavirus than any other country in the world, with 13,915 fatalities as of Thursday. The elderly have been particularly hard hit. Rossi died on Thursday in the small town of Cesena in central Italy.
“He was among the founders of the high-end women’s footwear district in the area of Forlì and Cesena in the mid-20th century,” said Luciana Garbuglia, mayor of San Mauro Pascoli, where Rossi was born in 1935 and where he founded his brand.
French luxury fashion group Kering took over the brand in 1999. It then passed into the hands of the Italian private equity fund Investindustrial in 2015, when Rossi had already retired. —Reuters
7:56 am: Spain cases surpass Italy’s, now second in the world
A general view of the temporary hospital for COVID-19 patients located at the Ifema convention and exhibition centre in Madrid, Spain taken on April 03, 2020.
Pierre-Philippe Marcou | AFP via Getty Images
As of 6 a.m. ET, Spain had reported 117,710 confirmed cases, according to Johns Hopkins University, surpassing the total count of cases in Italy, the original epicenter of Europe’s outbreak. According to Hopkins, Italy had reported 115,242 cases as of 6 a.m. That makes Spain second in the world for COVID-19 cases, behind only the U.S. Spain typically reports daily new cases several hours ahead of Italy, and the numbers will likely change throughout the day. —Will Feuer
7:30 am: UK health minister suggests nationwide peak could be Easter Sunday
U.K. Health Minister itMatt Hancock reportedly said the deadliest peak of Britain’s coronavirus outbreak could be on Easter Sunday.
In an interview with Sky News, Hancock said he “would defer to the scientists on exact predictions,” but the peak of the U.K. outbreak falling on April 12 was “one perfectly possible outcome.”
To date, the U.K. has reported more than 34,000 cases of the COVID-19 infection, with 2,926 deaths, according to data compiled by Johns Hopkins University. —Sam Meredith
7:19 am: BMW CEO says the company is working to safeguard liquidity
An employee inspects the body frame of a BMW X4 sports utility vehicle on the assembly plant in Greer, South Carolina.
Luke Sharrett | Bloomberg | Getty Images
BMW Chief Executive Oliver Zipse said the carmaker is focusing on preserving the health of its balance sheet and workforce.
“No company can possibly get through something like this unscathed. Guaranteeing our liquidity needs to happen very quickly. The Management Board are currently meeting twice as often as normal, so we can make the necessary decisions,” Zipse said in a statement.
“We are preparing to ramp up production as soon as the time is right in full compliance with all the safety aspects, and with international coordination. It’s essential that we synchronize with the supplier network on this,” he added. —Reuters
7:10 am: March job losses could be the worst in a decade
March’s employment report could show the most monthly job losses in a decade, but it’s only a fraction of the real hit to the workforce that came when many states issued stay-at-home orders late in the month.
Economists expect a consensus decline of 100,000 nonfarm payrolls when data is released at 8:30 am ET, according to Refinitiv. But the survey for the report was done before many states began telling residents to stay home. For the final two weeks of the month, 10 million people sought unemployment benefits as businesses and schools closed to stop the spread of the coronavirus. —Patti Domm
7:06 am: European business activity craters as Brussels races to find a ‘credible’ funding plan
The coronavirus pandemic is hitting European economies sharply, with the latest economic data showing massive falls in services activity across the region.
In Italy, the services industry dropped in March at the fastest rate since the IHS Markit survey began in 1998. In Germany, the services sector laid off staff at the steepest rate in about 23 years. In Spain, services activity contracted for the first time in six-and-a-half years.
The data released Friday showed the final Composite Purchasing Managers’ Index — which includes services and manufacturing — for the whole euro zone crashed to a record low of 29.7 in March, from 51.6 in February. This was the biggest monthly fall since the survey began. —Silvia Amaro
6:00 am: Spain’s daily death toll falls for the first time since March 26
Coffins containing the bodies of people who have died of coronavirus (COVID-19) are lined up in the long-term parking of the Collserola morgue before they either buried or incinerated, on April 02, 2020 in Barcelona, Spain.
David Ramos | Getty Images
The amount of people that have died from the coronavirus in Spain has seen its first daily fall since March 26. A total of 932 people died in the last 24 hours, down from 950 people the previous day, according to Reuters who cited the country’s health ministry. Spain’s death toll now stands at 10,935. —Matt Clinch
5:33 am: China’s central bank announces new stimulus measures
The People’s Bank of China said it was reducing the amount of cash that small and mid-sized banks need to hold in reserve. It will reportedly free up around 400 billion yuan ($56.38 billion) in liquidity and aid the country’s economy which has been badly hit by the coronavirus pandemic. —Matt Clinch
4:50 am: Singapore shuts schools, closes most workplaces
People seated in a food center in Marina Bay Sands shopping mall according to safe distancing markers on March 30, 2020 in Singapore.
Ore Huiying | Getty Images
Singapore’s Prime Minister Lee Hsien Loong announced stricter social distancing measures in the city-state, joining a chorus of countries globally that have done so to stem the spread of the coronavirus.
The measures include closing most workplaces, except those offering “essential services” such as food establishments, hospitals, and transport, Lee said. All schools will also be closed temporarily, he said. The prime minister also said his government is rethinking its advice that only those who are ill need to wear masks. —Yen Nee Lee
Read CNBC’s coverage from CNBC’s Asia-Pacific and Europe teams overnight here: Spain’s services industry records ‘unprecedented’ decline, survey shows
CORRECTION: This blog has been updated to correct the spelling of Cannes Lions in the headline.