Rolling updates on the latest developments and headlines from around the world on the COVID-19 pandemic.
By Gina Lee, Peter Nurse and Kim Khan
12:20 PM ET: Trump ‘miffed’ at China
White House adviser Larry Kudlow said President Trump is so "miffed" with Beijing over the coronavirus and other matters that the U.S.-China trade deal is not as important to him as it once was. The White House is looking carefully at a potential "back to work bonus" to encourage Americans who had been laid off, he said.
11:55 AM ET: Americas now epicenter - WHO
The World Health Organization considers the Americas the new epicenter of the coronavirus pandemic, and now is not the time for countries to ease restrictions, officials said in a briefing.
11:29 AM ET: Merck CEO cautious on vaccine timeline
Merck CEO Ken Frazier said the timeline for a Covid-19 vaccine to be available in 12 to 18 months is “very aggressive,” the Financial Times reported.
10:00 AM ET: U.S. new home sales show surprise jump
April new home sales rose unexpectedly, posting a 0.6% gain to an annual rate of 623,000. Economists surveyed by Investing.com predicted a plunge of nearly 22%.
10:00 AM ET: U.S. consumer confidence holds steady
The Conference Board said its measure of consumer confidence dipped slightly in May to 86.6 from 88 in April.
06:38 AM ET: 80% of British retailers report cash flow difficulties - CBI
Eight out of 10 British retailers reported cash flow difficulties this month as sales dropped sharply again during the coronavirus lockdown, an industry survey showed on Tuesday.
The Confederation of British Industry's (CBI) monthly gauge of retail sales rose to -50 in May from a joint record low of -55 in April.
06:32 AM ET: Bank of England reviewing negative interest rates - chief economist
The Bank of England is assessing the potential impact of negative interest rates on the economy and financial system -- though “to be clear, reviewing and doing are different things,” Chief Economist Andy Haldane said.
“Currently we are in the review phase,” he said in an webinar hosted by the Confederation of British Industry Tuesday. “Our approach to these issues is not to rule anything out as a matter of principle, and to review all of our options.”
06:29 AM ET: British government awards 32 billion pounds to small businesses
The British government has awarded more than 32 billion pounds ($39 billion) in loans and guarantees to businesses to see them through the coronavirus pandemic, finance minister Rishi Sunak said on Tuesday.
03:02 AM ET: India restarts domestic air travel
India has restarted domestic air travel as the country recorded its highest daily total of 7,000 new infections. The return of plane travel after a two-month absence came amid opposition from some states and confusion about what quarantine measures would meet passengers on arrival.
Passengers travelling on Monday could only board flight if they had no symptoms, were registered on the government’s Covid-19 app, and had checked in online. They were ordered to avoid eating on flights and air crew wore protective gowns, masks, and face shields.
02:58 AM ET: Non-essential retailers to open in U.K. from June 15 - PM
All non-essential retailers will be able to reopen in England from June 15, U.K. Prime Minister Boris Johnson has announced, as part of plans to further ease the lockdown.
However, the move is "contingent on progress in the fight against coronavirus", and retailers will have to adhere to new guidelines to protect shoppers and workers, the PM added.
Outdoor markets and car showrooms will be able to reopen from June 1.
01:28 AM ET: Masks too dangerous for children under two - Japanese medical group
Children under the age of two shouldn't wear masks because they can make breathing difficult and increase the risk of choking, a Japan medical group said, launching an urgent appeal to parents as the country reopens from the coronavirus crisis.
Prime Minister Shinzo Abe lifted a state of emergency for Tokyo and four remaining areas on Monday after the number of infections fell across Japan, but warned that it could be reimposed if the virus started spreading again.
01:04 AM ET: China to strengthen policy, lower interest rates to support economy - central bank governor
China will strengthen its economic policy and continue efforts to lower interest rates on loans, central bank Governor Yi Gang said, reinforcing expectations of further support measures to revive an economy ravaged by the coronavirus pandemic.
00:59 AM ET: Bank bad loans at a high level in China - regulator
China's banking and insurance regulator said on Tuesday that bad loans at banks now stand at a high level due to the impact of the coronavirus pandemic.
00:56 AM ET: Saudi Arabia to end curfew on June 21, apart from Mecca - state news agency
Saudi Arabia will revise curfew times this week, and lift it entirely across the Kingdom with the exception of the holy city of Mecca starting June 21, state news agency reported in a statement early on Tuesday.
Bans on domestic travel, holding prayers in mosques, and workplace attendance in both government and private sector will be lifted, starting May 31, the statement added.
For Mecca, the curfew time will be adjusted to 3 p.m-6 a.m and prayers will be allowed to be held in mosques from June 21.
00:53 AM ET: Germany seeks end to travel warning in 31 European countries - report
The German government wants to end a travel warning for tourist trips to 31 European countries from June 15 if the coronavirus situation allows, magazine Focus on Tuesday cited dpa news agency as reporting.
It said a paper on European tourism that may be agreed by the cabinet on Wednesday showed the government wanted to allow travel to the 26 other European Union nations and Britain as well as the four non-EU countries in the Schengen passport-free zone - Iceland, Liechtenstein, Norway and Switzerland.
00:50 AM ET: Australia won't be opening its borders "anytime soon" - PM
Australia will not open the country's borders "anytime soon", Prime Minister Scott Morrison said on Tuesday, but added the country will continue its discussions with neighbouring New Zealand for a trans-Tasman safe travel zone.
9:41 PM ET: Novavax starts clinical trial for novel COVID-19 vaccine
U.S. biotechnology company Novavax (NASDAQ:NVAX) started clinical trials for its novel COVID-19 vaccine, targeting preliminary results by July. Phase 2 of the trial, expected to take place in several countries including the U.S., will start once phase one is successfully completed.
“Administering our vaccine in the first participants of this clinical trial is a significant achievement, bringing us one step closer toward addressing the fundamental need for a vaccine in the fight against the global COVID‑19 pandemic. We look forward to sharing the clinical results in July and, if promising, quickly initiating the Phase 2 portion of the trial,” Novavax's CEO Stanely C. Erck said in a statement.
9:39 PM ET: WHO official warns of possible “immediate second peak”
A World Health Organization official warned that countries with declining numbers of COVID-19 cases could still see an “immediate second peak”.
“When we speak about a second wave classically what we often mean is there will be a first wave of the disease by itself, and then it recurs months later. And that may be a reality for many countries in a number of months’ time,” WHO emergencies head Dr Mike Ryan said.
“But we need also to be cognizant of the fact that the disease can jump up at any time. We cannot make assumptions that just because the disease is on the way down now it is going to keep going down and we get a number of months to get ready for a second wave. We may get a second peak in this wave.”
9:34 PM ET: Trump no longer taking hydroxychloroquine
U.S. President Donald Trump said that he had discontinued taking anti-malarial drug hydroxychloroquine after he announced earlier in May that he was taking it as a preventative measure against COVID-19.
Meanwhile, the World Health Organization said that it would temporarily halt its hydroxycholoroquine trial due to safety concerns.
There is no evidence that the drug is a proven treatment or deterrent for COVID-19.
9:29 PM ET: Lufthansa announces $9.8 billion stabilization package
Lufthansa announced that it will receive a $9.8 billion “stabilization package” to tide the carrier through the economic impact of COVID-19.
The European Commission is yet to approve the package. But if approved, the package gives a 20% stake in Lufthansa, as well as two seats in the board of directors, to the government fund financing the package.
9:26 PM ET: Brazil overtakes U.S. in COVID-19 death toll over last 24 hours
Brazil’s Health Ministry announced that virus fatalities over the last 24 hours have surpassed those in the United States over the same time period.
807 deaths were registered in Brazil, compared to 620 in the United States.
-- Reuters contributed to this report.