Read notables have no idea what's going on
NYC Closes Schools Until April 20 As Citywide Death Toll Rises To 5: Live Updates
Summary:
NYC Mayor says NYC schools will close for at least a month starting Monday
NY Gov Cuomo says NYC schools will close "early this week"
Mayor reports 4 new deaths
Italy reports largest one-day jump in cases; France also reports highest daily jump
Germany reports 1,000+ new cases bringing total to 5,813
Acting Homeland Security Secretary says lines at O'Haire are "unacceptable", says wait times have been fixed
Illinois Gov closes all bars & restaurants for dining in
US death toll hits 58, 1st death confirmed in Oregon
Google CEO says country-wide virus info site to launch Monday
LA Mayor orders bars to close, may also close dine-in restaurants
NFL season start likely won't be postponed, ESPN says
California confirmed cases climb 14% to 335
US confirmed case total hits 2,952
Wal-Mart, Stop & Shop cut hours
Connecticut, Mass. close schools
Case in Conn. double over night
Netherlands closes schools, restaurants
Germany closes borders to neighboring states
Poland bars foreigners
West Virginia last US state that's virus-free
Iran reports largest daily jump in deaths
Ohio closes bars, restaurants at 9pm Sunday
Trump speaks with grocery chain CEOs
Pence says he won't be tested
NYC Mayor says 'every option on the table' when asked if considering complete shutdown of city + schools
Washington DC mayor orders nightclubs to close and imposes new restrictions on bars and restaurants
Federal limits on trucker hours suspended to help hospitals and supermarkets alleviate shortages of critical items
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Update (1840ET): As Mayor de Blasio finishes his press conference, here are a few more highlights: 1,800 schools will be affected by the shutdown, 75,000 teachers will be infected, as well as 1.1 million students, and over 1 million parents.
Mass Gov. Charlie Baker joined his southern neighbor and closed schools. He also banned gatherings of more than 25 people, and limited restaurants to take-out only.
In Germany, officials reported 1,228 new cases of coronavirus today, 5,813 cases in total. 283 cases in Berlin.
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Update (1825ET): Connecticut Gov. Ned Lamont said during a press conference Sunday night that he the number of confirmed cases had doubled to 20 in his state overnight, with new cases confirmed in New Haven, Fairfield and Hartford counties. The governor also ordered the closure of all public schools in the state, joining a list of states that is rapidly nearing 30.
New Haven Mayor Justin Elicker has declared a state of emergency on Sunday after 4 people in New Haven have tested positive with "preliminary testing". One of the four is the chief nursing executive of Yale New Haven Hospital. Three of the individuals are being treated at Yale New Haven hospital, while one is in quarantine at home.
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Update (1800ET): Following the massive lines of Americans returning to the US via O'Hare after news of Trump's travel ban, the acting secretary of the Department of Homeland Security admitted that the situation was unacceptable as many complained they might have been exposed while waiting in line.
He insisted that the situation has now been fixed, and that wait lines will now be no longer than 30 minutes..
https://www.zerohedge.com/geopolitical/wal-mart-stop-shop-cut-hours-oregon-reports-1st-death-covid-19-live-updates
US Banks Suspend Stock Buybacks
Update: As expected, it's not just JPM, but all major US banks which are ending stock buybacks, with the Financial Service Forum which represents eight of the nation's largest banks including JPM, BofA, Citi, Goldman and others are done repurchasing stock until at least the end of Q2.
The forum said its members will use their funds to help businesses through the tough times ahead. The decision on buybacks is consistent with our collective objective to use our significant capital and liquidity to provide maximum support to individuals, small businesses, and the broader economy through lending and other important services; the FSF said. The decision is consistent with actions by the Federal Reserve, the administration, and the Congress, the statement read.
Full FSF statement below:
The Financial Services Forum announced that its eight members decided today to temporarily suspend share buybacks for the remaining period of the first quarter and the second quarter of 2020.
The COVID-19 pandemic is an unprecedented challenge for the world and the global economy and the largest U.S. banks have an unquestioned ability and commitment to supporting our customers, clients and the nation.
The decision on buybacks is consistent with our collective objective to use our significant capital and liquidity to provide maximum support to individuals, small businesses, and the broader economy through lending and other important services. The decision is consistent with actions by the Federal Reserve, the administration, and the Congress.
Financial Services Forum member institutions are Bank of America, Bank of New York Mellon, Citigroup, Goldman Sachs, JP Morgan Chase, Morgan Stanley, State Street, and Wells Fargo.
Each member institution retains the ability to reinstate its buyback program as soon as circumstances warrant. The Forum members have apprised the Board of Governors of the Federal Reserve System of their decision.
Members of the Financial Services Forum, who are subject to the Large Institution Supervision Coordinating Committee supervisory program, remain strong and well-capitalized. They collectively have increased their capital, which acts as a buffer in times of stress, by more than 40 percent in the past 10 years to $914 billion. The members of the Forum have repeatedly passed the Federal Reserve’s annual stress tests, showing they are able to continue to lend and support the economy even during a severe economic downturn.
https://www.zerohedge.com/markets/jpmorgan-suspends-stock-buybacks
NOTABLE
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Lucky the clown bakers exclude the news from notes