Takeda treatment trial could start in July

This is CNBC’s live blog covering all the latest news on the coronavirus outbreak. This blog will be updated throughout the day as the news breaks.

  • Global cases: More than 4.3 million
  • Global deaths: More than 296,600
  • Most cases reported: United States (over 1.38 million), Russia (over 242,200), United Kingdom (over 230,900), Spain (over 228,600), Italy (over 222,100)

The data above was compiled by Johns Hopkins University as of 8:30 a.m. Beijing time. 

All times below are in Beijing time.

9:29 am: Global funds are investing more in China

In the midst of uncertainties around the pandemic, foreign fund managers are “reshuffling” their holdings and putting more money into China stocks.

“Allocations to China are something people are looking to increase,” Todd Willits, head of flow tracking firm EPFR, told CNBC.

As U.S. equities fell sharply in March, allocation to Chinese stocks among more than 800 funds reached almost a quarter of their near $2 trillion in assets under management — or up from about 20% a year ago, according to fund flow data from EPFR. — Evelyn Cheng

9:07 am: Moody’s cuts sales forecast for global automakers again

Global auto unit sales are predicted to fall 20% this year, widening from an earlier forecast of a 14% drop, Moody’s Investors Service said.

Auto sales in Europe and the United States face steep declines in 2020. They are expected to drop 30% and 25%, respectively, Moody’s said.

Moody’s forecast in China, on the other hand, remains unchanged. The ratings agency said it expects auto unit sales in the world’s second-largest economy to contract 10% this year.

“Global auto sales growth is likely to rebound 11.5% in 2021, although off a diminished base, on expectations of a 4.8% rise in G-20 GDP growth next year,” Falk Frey, a senior vice president at Moody’s, said in a statement. — Saheli Roy Choudhury

8:57 am: LA Mayor Eric Garcetti says retail businesses can start to re-open with restrictions

Los Angeles Mayor Eric Garcetti said all of the city’s retail businesses can reopen for pick up and delivery starting Wednesday night.

The reopening of retail is part of a new order that eases restrictions on activities in Los Angeles while still requiring that people wear masks and practice social distancing. There is no specific end date for the order, Garcetti said.

As part of the order, manufacturing businesses that support retail will also be allowed to reopen at reduced capacities, Garcetti said. 

Additionally, Garcetti dismissed news reports this week that said Los Angeles County would remain locked down for the next three months.

“No,” Garcetti said. “We won’t be shut down for three more months.” — Sal Rodriguez

8:21 am: Japan’s Takeda says treatment trial using recovered patients’ blood could start in July

Japan’s Takeda Pharmaceutical said it could begin a clinical trial for a potential treatment as early as July, Reuters reported. The treatment would be based on antibodies from people who have recovered, the news agency said, citing Takeda executives.

If the trial, which would include hundreds of patients, succeeds, then Takeda could file for approval by U.S. authorities later this year, according to Reuters. Still, Takeda said the treatment’s availability beyond the clinical study remains “a bit unclear.” — Saheli Roy Choudhury

8:10 am: NYC City Council votes to cap app delivery fees at 15% during state of emergency

New York City lawmakers passed a new 15% delivery fee cap Wednesday that would apply to third party services like GrubHub and Uber Eats during states of emergency, where restaurants can’t serve food on premises.

The caps would extend 90 days after the emergency state lifted. The fee would be capped at 5% for other types of services.

People queue to collect food distribution at Harlem’s Community Kitchen and Food Pantry service by the Food Bank for New York City during the outbreak of the coronavirus disease (COVID-19) in the Manhattan borough of New York City, May 9, 2020.

Andrew Kelly | Reuters

The law, which still needs to be signed into effect by Democratic Mayor Bill de Blasio, would be a blow to delivery services that have seen surging demand during the pandemic, but are still not profitable.

But it could help restaurants maintain some profits as they have had the most lucrative part of their business shut down. Restauranteurs have complained for years of delivery fees on third party apps and their calls have been elevated during the crisis. — Lauren Feiner

8:02 am: Global cases top 4.3 million, death toll exceeds 296,000

More than 4.3 million people around the globe have now been infected with the coronavirus since an outbreak was first reported in China’s Hubei province late last year. At least 296,690 people have died from Covid-19, the respiratory disease caused by the virus, according to data compiled by Johns Hopkins University. 

The United States has the highest number of reported infection cases, topping 1.38 million, and more than 84,000 people have died. Outside the U.S., countries like Russia, the United Kingdom, Spain, Italy, and Brazil remain some of the worst-affected places. — Saheli Roy Choudhury

Read CNBC’s coverage from the U.S. overnight: Records show Tesla furloughed more than 11,000 in California, Maryland lifting stay-at-home order on Friday

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