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
2:02 PM ET: Low-Income New Yorkers Hit Hardest
New York City residents from low-income communities have tested positive for Covid-19 antibodies at a higher-than-average rate, underscoring the disproportionate impact of the disease on people of color, Governor Andrew Cuomo. Of the 8,000 people tested in low-income communities of the city, 27% had antibodies compared with 19.9% in the general population.
11:53 AM: Pelosi to introduce infrastructure bill
House Speaker Nancy Pelosi said an infrastructure bill would be “coming soon,” Bloomberg reported.
10:44 AM ET: Trump may host G7
President Trump said he may again host the G7 summit in or near Washington at the “legendary Camp David,” after earlier canceling the in-person meeting amid the novel coronavirus pandemic. "The other members are also beginning their COMEBACK. It would be a great sign to all - normalization!" Trump tweeted.
07:37 AM ET: Renault (PA:RENA) set to reopen Normandy plant on Friday - source
French carmaker Renault will reopen its Normandy-based Sandouville plant in northeastern France on Friday, a trade union source told Reuters on Wednesday.
Renault had suspended production at Sandouville plant, following a court order criticising the way the carmaker told unions about its increased protective measures put in place to prevent the new coronavirus from spreading.
05:45 AM ET: UK sells first government bond with a negative interest rate
The U.K. sold its first government bond with a negative interest rate. According to the Debt Management Office, it auctioned £3.75 billion of 3-year bonds at an average rate of -0.003%.
Demand wasn't strong, with a bid-to-cover ratio of 2.15, which was the lowest since March.
05:40 AM ET: Iceland's central bank slashes its key interest rate to 1%
Iceland’s central bank slashed its main interest rate as policy makers head into uncharted territory to save the economy.
The seven-day term deposits rate was cut to a record low of 1% from 1.75%, Reykjavik-based Sedlabanki said on Wednesday.
05:27 AM ET: Euro zone annual inflation fell to 0.3% in April, lowest in nearly four years
Euro zone annual inflation in April was 0.3%, the lowest level in nearly four years, according to final data released on Wednesday by Eurostat, which revised down its earlier estimate as energy prices fell more than initially expected.
The European Union statistics agency had previously estimated that consumer prices in the 19-nation currency bloc rose 0.4% on the year in April, but on Wednesday lowered the figure to 0.3%, the lowest since August 2016.
04:22 AM ET: Euro zone's current account surplus narrows in March
The euro zone's current account surplus narrowed to 27 billion euros in March from 38 billion euros in February, though the trade surplus increased, the European Central Bank said on Wednesday.
The drop on the current account came on a lower surplus on services and the drop in primary income, which includes items like profit or dividend flows from abroad.
03:01 AM ET: U.K. inflation falls to lowest level since August 2016
Britain's inflation rate sank in April to its lowest since August 2016 as the coronavirus pandemic pushed down global oil prices and clothing retailers cut prices, while power tariffs also slid.
The consumer price index dropped to an annual rate of 0.8% in April from 1.5% in March, official data showed on Wednesday, broadly in line with expectations. Consumer prices fell by 0.2% in April alone.
02:56 AM ET: Unemployment jumps in Netherlands
Unemployment rose at its fastest pace on record in the Netherlands in April as lockdown measures began to hit the economy with young workers hit hardest, Statistics Netherlands said on Wednesday.
The unemployment rate rose to 3.4% in April from a near record low of 2.9% in March, the CBS said in a statement.
01:37 AM ET: Japanese pub sprays customers with disinfectant as they enter
As Japan's restaurants and bars slowly open up from a coronavirus lockdown, many are looking to reassure the public that dining out is safe again and one Japanese-style izakaya pub thinks it has found the perfect solution.
The pub in Tokyo's normally bustling Shinjuku district has installed a machine that sprays customers with hypochlorous acid water as they enter.
Customers are first greeted by a hostess on a monitor, of course, who instructs them to disinfect their hands and check their temperature with a thermometer provided.
They then step into a machine that looks like an airport security scanner, or a car-wash for humans, to get sprayed with a fine mist of the chlorine-based disinfectant for 30 seconds.
01:19 AM ET: South Korean schools open for first time this year
South Korean high schools opened on Wednesday for the first time this year, with mask-wearing seniors returning to class in the vanguard of a phased plan to reopen all schools under strict protocols to prevent the spread of the novel coronavirus.
The beginning of the spring semester has been postponed several times since March as South Korea battled the first large coronavirus outbreak outside China, with classes held online.
01:11 AM ET: New Zealand plans more freedoms within current alert level
New Zealand will progressively allow more freedoms within its current virus alert level as it tries to boost domestic demand and protect jobs, Prime Minister Jacinda Ardern said Wednesday.
The nation moved out of lockdown and into Alert Level 2 last week, allowing shops, restaurants, schools and public venues to open. Bars can begin trading tomorrow. However, a 10-person limit has been imposed on gatherings including church services.
“As we progress through Level 2 we plan to regularly adjust our settings to allow more activity when the data says it’s safe,” Ardern said in Wellington.
00:57 AM ET: South Korea needs to cut interest rates to near zero - think tank
The South Korean central bank should cut benchmark interest rates to near zero to support an economy hit by the coronavirus pandemic, according to a state-run think tank Wednesday.
"There is a need to lower the benchmark interest rate to near zero percent," the Korea Development Institute said in a report. "Unconventional policy tools, such as directly purchasing treasury bonds, need to be actively deployed as rate cuts are unlikely to be enough to support economic recovery and boost inflation."
The Bank of Korea slashed interest rates by 50 basis points to a fresh low of 0.75% in March, in its largest policy easing since the global financial crisis, and signalled strong appetite for further cuts in April.
12:30 PM ET: Japanese business confidence hits decade lows, Reuters Tankan survey shows
The Reuters Tankan survey showed that Japanese business confidence hit decade lows in May. The slump was attributed to firms bracing for a protracted period of economic turmoil due to COVID-19.
10:41 PM ET: China leaves 1-year and 5-year loan prime rates unchanged
China's central bank announced that its loan prime rates will remain unchanged, in line with investor expectations. The 1-year loan prime rate continues to be 3.85% and the 5-year loan prime rate is steady at 4.65%.
10:26 PM ET: Doubts emerge over Moderna 's (NASDAQ:MRNA) potential COVID-19 vaccine
Several vaccine experts said that Moderna did not provide enough information to determine how effective the vaccine is and suggested that the recent announcement from Moderna should be taken “with a big grain of salt.”
This was after the U.S. drug maker announced on Monday that its potential COVID-19 vaccine appeared to be generating an immune response in all its 45 trial participants.
10:22 PM ET: Muchin and Powell testify before Senate Banking Committee
Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell both gave testimonies before the Senate Banking Committee on U.S. efforts to deal with the financial fallout of COVID-19.
Mnuchin specifically spoke about how the $2 trillion allotted to the CARES Act was distributed to individuals and businesses, stating that the Treasury and Fed are “fully prepared to take losses in certain scenarios” on the remaining capital.
10:19 PM ET: Trump wants WHO to "clean up" its act, but WHO head brushes off threats
President Donald Trump added to his threat to withdraw funding and U.S. membership from the World Health Organization, saying that the body must “clean up” its act or the United States won’t “be involved with them anymore.”
Meanwhile, WHO Director-General Tedros Adhanom Ghebreyesus defended the agency’s role, saying on Tuesday that he would keep leading the global fight against COVID-19.
10:15 PM ET: FDA softens stance on hydroxychloroquine, Pence is not taking it
The U.S. Food and Drug Administration stated that the choice of taking anti-malaria drug hydroxychloroquine is “ultimately” between patients and their doctors after President Donald Trump said on Tuesday that he has been taking the drug as a preventative treatment for COVID-19.
The FDA’s statement softened its earlier advisory against taking chloroquine and hydroxychloroquine for COVID-19 outside a hospital or formal clinical trial due to the risk of “serious heart rhythm problems.”
U.S. Vice President Mike Pence said he is not taking the drug.
10:07 PM ET: Record rise in cases for New York, Mexico and Brazil
New York recorded 105 virus deaths on Monday, down from the average of nearly 800 per day seen at the peak of the outbreak. But the number of cases has risen to levels not seen since March.
Down in South America, Columbia extended its mandatory quarantine until May 31 on Tuesday, the country’s fourth extension. Mexico’s health ministry reported 2,713 new cases on Tuesday, its biggest daily increase so far, while Venezuela reported a new high of 131 cases and closed its boarders with Columbia and Brazil.
Brazil continues to be the new outbreak hotspot as it saw a record 1,179 cases on Tuesday, with U.S. President Donald Trump contemplating a travel ban from Brazil.
Meanwhile, infections in India climbed at the fastest pace in Asia, topping 100,000 cases. South Korea reported 32 cases on Tuesday, the highest number of cases in nine days but the country's schools have started reopening in stages.
-- Reuters contributed to this report.