WHAT YOU NEED TO KNOW
U.S. stock futures edged lower Monday morning as investors turned cautious amid protests that have erupted across the country, as well as continuing tension between the U.S. and China. Demonstrations protesting the death of George Floyd have resulted in thousands of Americans congregating, which infectious disease experts warn could cause “a catastrophic setback for controlling COVID-19.”
Global stocks pulled back on reports China is halting some U.S. farm imports, like soybeans, following an evolving situation between the U.S. and Hong Kong. With a looming global recession, China is set to be one of the few countries that will expand, some experts say.
More than three quarters of leading chief financial officers responded to a survey stating the pandemic will have some sort of “negative” impact on their companies in 2020, further solidifying certainty among C-suite executives that the pandemic will be a big hit to business.
Russia is set to begin administering its first drug approved to treat COVID-19 to patients next week in an attempt to ease tensions on the country’s health system. Preliminary trials have shown the drug could shorten recovery times for patients. For the first time in two months, the Chinese city of Wuhan reported no new asymptomatic cases, according to health officials. The country, where the pandemic began, has made an aggressive effort to test its citizens, including 60,000 people on Sunday. Gilead Sciences said results from a phase 3 trial showed its drug helped patients with moderate COVID-19.
Despite the president’s plan set to turn retailers across the country into drive-through testing locations, a review by NPR shows on average, only 4% of the companies’ stores are currently hosting testing sites. In Los Angeles, coronavirus testing was suspended Saturday afternoon due to safety concerns from protests.
Former FDA Commissioner Scott Gottlieb said the “underlying problems” of racial inequality must be brought to attention in order to stop the pandemic, which has shown it is affecting communities of color at disproportionate rates. On CBS’s “Face the Nation,” Gottlieb attributed the issue mainly to socioeconomic factors. A poll shows almost a third of Americans have had difficulty paying expenses like bills – including medical bills – due to coronavirus. Among black Americans and Latinos, that number climbs to nearly 50%.
With the cost of food skyrocketing by the most in 46 years, prices are to remain volatile due to transportation issues and the health of workers. Disruptions at processing plants and among food distribution networks could mean grocery store prices remain elevated.
As global coronavirus cases surpass 6M, a senior Italian doctor says the coronavirus is losing its potency and becoming “much less lethal.” Meanwhile, cases are escalating in Brazil where the number of fatalities has risen to almost a thousand a day, making the country’s overall death toll the world’s fourth highest.
A community in London has come together to find solace in socially-distanced mourning to remember those who have died during the pandemic. A plywood wall was erected with the words “We Grieve” painted on it, where the names of those lost are immortalized.
NAVIGATING THE PANDEMIC
The Secret, Absurd World of Coronavirus Mask Traders and Middlemen Trying To Get Rich Off Government Money – ProPublica – 6/1/2020
Tim, whose last name is Zelonka, said he had driven halfway to that office park from West Hollywood with his briefcase stuffed with cash when his deal to buy a relatively small amount of masks from VPL fell through. He said he thought perhaps he had asked too many questions of a company representative — about where the masks were sourced, if they were kept in sanitary conditions and about the company’s credentials.
A second wave of coronavirus: When it could come, how long it could last and more – CNET – 5/31/2020
Exactly when it will happen, how it will happen and if we’re already starting to see the effects are still unknown. But scientists, health officials and government leaders around the world have warned that new COVID1-19 cases could surge as lockdown restrictions lift and people come into closer contact with one another than they have in weeks. Because the coronavirus is a highly contagious pathogen that spreads through breath and saliva, experts are urging lawmakers to be on the lookout for a second “peak,” a sharp increase in cases that falls short of a full-blown second “wave.”
Restaurant eating during the pandemic is upending the movement to eliminate single-use plastic – Fast Company – 6/1/2020
With restaurants closed for in-person dining, food delivery—and the waste associated with those take-out orders—has skyrocketed since the start of the coronavirus pandemic. But even when we can eat out again, single-use plastics will still be prevalent, posing a huge threat to the environment as we revert to a world full of disposables.
Hurricane Season Collides With Coronavirus, As Communities Plan For Dual Emergencies – NPR – 6/1/2020
When there’s a hurricane, she almost always evacuates. […] But this year Rokobauer is thinking hard about her hurricane plan. She is 65, and like her mother, she’s considered at higher risk of serious complications from the coronavirus, which has claimed more than 100,000 American lives. “If I have to go any farther or if I have to go somewhere, then you’re going to be exposed to more people in more environments, and you don’t know where those people have been,” she says.
America pulled off an election during the Spanish flu, but not without paying a price – NBC News – 6/1/2020
Except for soldiers, voting by mail was not a widespread option for the majority of citizens at the time. With the war as a backdrop, there was little discussion about delaying the election. Places like San Francisco instead put heavy stock in face masks to protect voters heading to the polls. Election officials urged residents to vote — and many were happy to do so at any cost.
WHAT INFLUENCERS ARE SAYING
To view each social media post, click on the date link within the post.
WSJ Markets @WSJmarkets 1 Jun People are gradually hitting the road and causing modest car traffic in cities from Miami to San Francisco
Ed Mead @ed_mead 1 Jun First day back for many? After an exciting exploration of rush hour M25 and London traffic cams I’d say not – thought people would be keen to be back. Guessing weather and old sales adage of ‘it takes 30 days to change a habit’ mean most still staying at home.
Gideon Lasco @gideonlasco 31 May Today’s scenes of people waiting and waiting, unable to take private vehicles but unable to avail of public transport; unable to go to work but unable to stay home, are heartbreaking. They speak of unnecessary suffering inflicted by an unprepared and incompetent government.
Edwin Lacierda @dawende 1 Jun The 1st day highlighted the lack of public transport. You cannot expect people to walk & line up daily for hours to seek transport. You want to reopen the economy, yet hobbled the very people who will restart the engines.Use the emergency powers, they’re not props
Yale Environment 360 @YaleE360 1 Jun With a sharp drop in auto traffic due to the coronavirus, cities around the globe have closed streets to cars and expanded pedestrian thoroughfares and bike lanes. But as life edges back to normal, will these initiatives survive?
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