Total Covid-19 cases
View charts and mapsConfirmed
36,454,828Deaths
1,050,952Ireland reports most new cases since second wave began
Arthur Beesley in Dublin
Ireland has reported 617 new Covid-19 cases, the most in one day since the second pandemic wave began in late summer, amid mounting anxiety about exponential coronavirus growth in the country.
Dublin officials warned the situation was still worsening on a day when Northern Ireland reported the largest number of infections since coronavirus struck.
The Irish government also reported five additional deaths on Friday, bringing the total so far to 1,821. “The profile of the disease continues to deteriorate,” said Tony Holohan, the chief medical officer.
“There have been an additional 32 hospitalisations and 8 ICU admissions in the past 24 hours. We are continuing to see a high number of daily cases.”
On Monday the government rejected a call for a new national lockdown from health officials overseeing the response to Covid-19, opting instead for restrictions on personal movement and the hospitality sector.
Florida reports above-average new Covid cases and deaths
Peter Wells in New York
New coronavirus cases and deaths in Florida on Friday remained above average levels over the past week.
A further 2,908 positive tests were reported over the past 24 hours, authorities revealed this morning, down from a nine-day high of 3,306 yesterday. That was up from the 2,660 cases reported on Friday last week.
The state reported nearly 75,600 tests over the past day, about 900 fewer than Thursday, and about 2,000 fewer than the volume from a week ago. Of the latest batch, the positivity rate among Florida residents tested for the first time eased to 4.13 per cent from 4.55 per cent yesterday.
Authorities attributed a further 119 deaths to the disease, down from an eight-day high of 170 on Thursday and compared with 111 a week ago.
Over the past week, Florida has averaged about 2,445 new cases and 92 deaths a day.
Norwegian Air proposes 25% cut to its Gatwick staff
Philip Georgiadis in London
Norwegian Air Shuttle has warned it could cut nearly quarter of its staff at Gatwick Airport, as the UK's pilot union warned the industry has entered a "death spiral".
The carrier has begun consultations with unions over the future of 259 of the 1,142 cabin crew and pilots based at the UK's second-busiest airport.
The global aviation industry has been plunged into crisis, but Norwegian entered the pandemic in a weakened position given its high debt load following ill-fated expansion plans in recent years. The airline in August warned it needed another rescue package only months after it secured a massive debt-for-equity swap backed by Norway’s government.
"UK aviation is in a death spiral and this is a disaster for the whole economy," the pilots union Balpa said.
"These latest proposed job losses are yet more evidence of the devastating effect Covid-19 is having on global aviation. If the Government fails to act to support the sector, we will see more job losses as airlines are decimated," it added.
US shares set to clock second week of gains on renewed stimulus hopes
Naomi Rovnick in London
US stocks were poised for a second week of gains, shaking off a technology-driven rout last month as investors renewed their hopes for another round of government stimulus.
The S&P 500 looked set to finish the week around 3 per cent higher, as polls indicated the Democrats, who have agreed a $2.2tn relief package for the pandemic-scarred US economy, may win both houses in next month’s presidential election.
The technology-focused Nasdaq was heading for a weekly rise of around 4 per cent, its second week of gains following a sell-off last month.
Both US indices rallied to records in late August, before pulling back last month as investors feared technology companies such as Apple and Facebook, which have benefited from social-distancing measures and people stuck at home under quarantine and lockdown rules, were over-valued.
That caution has been forgotten since polls began forecasting a “blue wave” Democratic victory.
According to the Financial Times tracker, if the election were held today, Donald Trump would win 125 electoral college votes with his Democrat challenger Joe Biden taking 279.
Prices of US government debt also show the market is banking on a Democrat victory, followed by extra borrowing to fund stimulus spending.
The yield on the 30-year US bond, which rises as prices fall in anticipation of extra supply of the securities, is hovering at its highest since early June, at 1.566 per cent.
Northern Ireland hit by record cases as it toughens fines on breaches
Arthur Beesley in Dublin
Northern Ireland has joined a number of other European countries in showing a record number of daily coronavirus infections as a second wave of Covid-19 sweeps through the region.
The UK's devolved nation registered 1,080 cases over the latest 24-hour period, the most in a single day, to push the number of new infections over seven days to 5,272.
The region’s health department on Friday reported no recent coronavirus-related deaths. Michelle O’Neill of Sinn Féin, the region’s deputy first minister, is self-isolating after contact with a family member who tested positive for Covid-19.
The devolved executive based at Stormont outside Belfast toughened penalties on Thursday for breaching Covid-19 restrictions.
But it has also sought additional funding from the UK Treasury to support business to provide scope in coming weeks to shut down parts of the economy if it opts for a “circuit-breaker” lockdown to tackle Covid-19.
Arlene Foster of the Democratic Unionists, the first minister, said financial support was “critically” important.
“If we do have to go down that route then there’s a need to support working families and people who may well be in difficulties,” she told Irish state broadcaster RTE.
Pound edges up against dollar after UK expands job support scheme
Harry Dempsey
Sterling eked out marginal gains against the dollar as Rishi Sunak, the UK chancellor, unveiled jobs support for pubs, restaurants and entertainment venues told to close in local lockdowns.
The pound edged up 0.3 per cent to trade at $1.2975 on the expansion of the job supports scheme. The UK currency was relatively unmoved against the euro following the announcement, up 0.2 per cent on Friday with one euro buying 91.01p.
Under the scheme, workers in outlets forced to close will be given two-thirds of their usual wages by the government, up to a maximum of £2,100 a month, and businesses will be able to access grants to help cover fixed costs.
UK chancellor unveils local furlough scheme
Jim Pickard, Delphine Strauss and Alice Hancock in London, Chris Tighe in Newcastle and Andy Bounds in Manchester
Rishi Sunak has unveiled a multibillion-pound local furlough scheme for workers in pubs, restaurants and some entertainment venues forced to close in the coming months, days before tighter coronavirus restrictions are expected to be imposed on northern England.
Workers in outlets forced to close will be given 66 per cent of their usual wages by the state, up to a maximum of £2,100 per month, the UK chancellor said on Friday afternoon.
During that period employers will not be required to contribute towards wages and will only asked to cover National Insurance and pension contributions.
In addition, the Treasury will pay cash grants to companies shut in the local lockdowns to help with their fixed costs, with payments linked to rateable values — which represents the rental cost of the property — of up to £3,000 per month payable every two weeks.
The local furlough policy is expected to cost hundreds of millions of pounds a month over a period of six months, according to one Treasury official.
In January there will be a three-month review to examine whether the “levels and criteria” are appropriate.
Pandemic prompts football transfer market spending to slump 30%
Samuel Agini in London
The world’s football clubs slashed their expenditure on players in the extended summer transfer window, the busiest time for trading, as the coronavirus pandemic continues to hit their revenues.
Fifa, the sport’s international governing body, said the value of international transfers in the men’s game fell by 30 per cent to $3.9bn in the latest window, which ran from around June and closed on October 10.
It is the first time since 2016 that the value of transfer fees has sunk below $5bn since 2016, the data showed. The number of transfers made with fees fell by a quarter, with clubs opting to sign players who were out of contract to save money.
Emilio García Silvero, Fifa’s chief legal and compliance officer, said it was the first time in the last decade that the number of players bought and sold had fallen. The number of players transferred fell by 18 per cent to 7,424 deals.
Spain's government deploys state of alert to seal Madrid off
Daniel Dombey in Madrid
Spain’s government has used emergency powers to reimpose a ban on people entering and leaving Madrid, deepening a confrontation with regional authorities in one of Europe’s coronavirus hotspots.
The move to trigger Spain’s “state of alert”, which gives national and regional authorities sweeping powers for an initial period of two weeks, comes a day after a Madrid high court struck down similar previous curbs because of a lack of legal basis.
“Patience has a limit," said Salvador Illa, Spanish health minister. "The obligation of this government and of any government with a soul," he added, "is to protect the inhabitants of Madrid and Spain.”
Mr Illa argued that the region was doing less to combat the virus than other national capitals such as Paris. He added that there were not just clusters of cases in the city, but community transmission.
The issue has pitted the leftwing national government against the centre-right regional administration of Madrid, which has argued that reimposing a state of alert — the legal order in force during the pandemic’s first wave from March until June — would be “death to our community”.
On Friday, Enrique López, regional justice minister, lambasted the government's “disproportionate, unnecessary and sectarian” move as a “constitutional outrage” and “an attack on all Madrileños”.
However, many epidemiologists maintain that Spain was too quick to lift the previous state of alert, by contrast with countries like Italy, which has extended its own state of emergency until January next year.
The national government says it has no intention of reimposing another draconian lockdown. Nevertheless, the latest measures, which will affect the capital plus nine nearby municipalities, will be enforced by the police and national guard.
Under the government restrictions, only people with good cause, such as the need to travel for work or educational reasons, are permitted to cross in and out of the affected towns.
The national government emphasises that Madrid’s infection rate of 563 coronavirus cases per 100,000 people over the past two weeks is more than twice the total for Spain as a whole, one of the worst hit countries in Europe by the pandemic.
Edinburgh Woollen Mills owner files for administrators
Sarah Provan
The owner of Edinburgh Woollen Mills filed to appoint administrators "for a short breathing space", potentially putting thousands of jobs at risk, as the retailer assesses its options in the wake of the coronavirus pandemic.
EWM Group, which owns fashion retailers Peacocks and Jaeger, filed the notice in the High Court on Friday in response to “harsh trading conditions” caused by the impact of the Covid-19 crisis.
“We have found the past seven months extremely difficult,” said Steve Simpson, chief executive of EWM. “This situation has grown worse in recent weeks as we have had to deal with a series of false rumours about our payments and trading which have impacted our credit insurance."
The group, which its latest accounts show has 11,203 employees, plans to appoint FRP Advisory as administrators to carry out the overhaul of the business.
“Traditionally, EWM has always traded with strong cash reserves and a conservative balance sheet," said Mr Simpson, "but these stories and the reduction in credit insurance against the backdrop of the initial lockdown, current local lockdowns, and the second wave of Covid-19 reducing footfall have made normal trading impossible.”
Mr Simpson added: “We have applied to court today for a short breathing space to assess our options before moving to appoint administrators.”
He said there will “inevitably be significant cuts and closures”.
A review of high street chains that included the EWM group outlets was set up, with reports last month that the retail empire of Philip Day — the owner of EWM Group — could be broken up following unsolicited offers.
Mr Day, who has made a fortune by buying and restructuring distressed retail businesses, has received interest from potential bidders for all or part of value fashion chain Peacocks and his collection of “heritage brands”, which includes Jaeger, Austin Reed and Jacques Vert, it was reported in September.
L’Oréal to cut 400 US jobs and close retail locations
David Keohane in Paris and Harry Dempsey in London
L’Oréal plans to close retail locations as part of a reorganisation of its US luxury division that will hit 400 jobs, as the pandemic accelerates the change in consumer behaviour.
The Luxe Division of L’Oréal USA plans to cut costs on bricks-and-mortar retail to channel investment to growth areas such as ecommerce as part of a six-month overhaul, the company said in a statement.
“Luxury consumer behaviour in the US has fundamentally evolved,” L’Oreal said about its most important market.
The pandemic has rung the death knell for several US-based department stores, such as Lord & Taylor and Neiman Marcus, which cosmetic brands have long relied on.
Sales for luxury brands have been hit by the halt to tourism and cosmetic brands have struggled as people socialise less under restrictions but online sales have boomed with stay-at-home shoppers even foraying into purchasing expensive handbags and cosmetics over the internet.
Scotland's Sturgeon seeks clarity as tighter rules unveiled
Mure Dickie in Edinburgh
Nicola Sturgeon, Scotland’s first minister, has sought to end confusion on the definition of cafés, which under tough new coronavirus rules will be allowed to stay open during the day in the Scottish central belt while pubs and restaurants must close for the next 16 days.
Restaurateurs have complained that the extent of the ban was unclear after the Scottish government said on Thursday that cafés with a licence to sell alcoholic drinks would also be able to open from 6am to 6pm as long as they did not sell alcohol during the period.
Under rules unveiled hours before they take effect at 6pm on Friday, cafes are defined as premises whose “primary activity” is the sale of non alcoholic drink and snacks or light meals. Ms Sturgeon said restaurants would not be able to change their activities to meet the definition, saying the increase in transmission of Covid-19 required tough action to limit contact between households.
Scotland recorded 1,246 cases of coronavirus on Thursday, with 16 per cent of those tested showing infection with Covid-19. Most of the cases were in the populous central belt, which includes Edinburgh and Glasgow.
Ms Sturgeon waved aside complaints that the temporary rules were unclear, saying the only way she could give absolute clarity on such issues in a fast-changing situation would be to say “everybody closes”.
“The reason some lack of clarity emerges is because we are trying to be as flexible as possible,” she said. “This balance…lives in this hand, jobs in the other, is really difficult to strike.”
Infections rise sharply in England, ONS data show
Clive Cookson in London
The weekly Covid-19 survey by the Office for National Statistics shows a big increase in coronavirus infections. An estimated 224,400 people in England had the virus during the week from September 25 to October 1 — around 0.4 per cent or 1 in 240 people.
The equivalent figure released by ONS last Friday was 116,600 people.
There were around 17,200 new cases per day on average from September 25 to October 1, compared with 8,400 new cases per day in the previous survey.
"We’ve seen another striking increase in the number of people testing positive for Covid-19 across England in this week’s figures," said Katherine Kent, co-head of analysis for the Covid-19 infection survey. "Rates have been highest in the north of the country and amongst young adults.”
The infection rate was close to 1 per cent in northern England but just 0.3 per cent in London and 0.1 per cent in the rest of south-east England.
More estimates of coronavirus infections from other sources are expected this afternoon.
Investors lift European travel stocks to best week since June
Naomi Rovnick in London
European travel and leisure shares are on course for their best week since June, as fund managers look beyond lockdowns and tightening coronavirus restrictions to a potential surge in demand for holidays and eating out once economies can reopen.
The Stoxx 600 travel and leisure index has risen almost 8 per cent this week, although it remains far below the levels it traded at before coronavirus swept into Europe in the early months of this year.
Europe’s travel and tourism industry remains depressed, as the below chart of visits to transit hubs in Spain, using Google mobility data up until October 4, illustrates.
European governments are battling a sustained surge in virus cases. In recent days, France has temporarily closed bars and cafes in Paris and four other cities, the UK is considering more restrictions and local lockdowns and the Czech government has declared a state of emergency.
EasyJet is the latest large travel business to have requested government support. Tui, Europe’s largest tour operator, has said it needs to raise around €1.5bn to shore up its finances.
But despite all this, said Kasper Elmgreen of fund manager Amundi, investors are starting to look ahead to a time when a proven coronvirus vaccine is widely available or mass testing has improved to the point where people can move more freely.
“It is what we call the reopening trade,” he said, while cautioning that such bets are brave and require an intimate understanding of businesses in the travel and leisure sector.
Some businesses will have strong enough balance sheets to see them through many more months of restrictions and lockdowns while others could fail, he pointed out. “You really have to be very selective where you go,” he said.
Christopher Jeffery, a strategist at Legal & General Investment Management, added that, whatever its merits, the reopening trade was currently popular because “the market’s expectations around a vaccine remain very strong.”
The World Health Organization has identified 300 vaccine candidates, roughly 40 are being tested on humans, and only nine of those have reached the final stage before possible implementation. But, as the FT’s Anna Gross and Ian Bott reported here, governments and drugmakers are likely to drive a viable vaccine into production at unprecedented scale and speed.
Panto's back for Christmas. Oh, yes it is!
James Pickford in London
Pantomime productions will go ahead at theatres around the UK this Christmas after the National Lottery agreed to buy seats that are required to stay empty under Covid-19 social distancing restrictions.
Theatre producers said the initiative made it financially viable to put on productions, generating income and helping retain jobs. The National Lottery scheme will enable up to 250,000 tickets to be made available.
The first production to be announced under the initiative is Panto at the Palladium, starring Julian Clary and Nigel Havers, which will open for a three-week run from December 12. Further venues are expected to be announced in the coming weeks.
The London Palladium in the West End has been at the forefront of efforts to sustain theatre under Covid-19 restrictions, as it has become an official venue for government pilot schemes designed to show that theatres can operate safely under the guidelines. Audience and staff members are required to wear face coverings and seating is reconfigured to maintain distancing.
Andrew Lloyd Webber, the composer and owner of LW Theatres, which counts the Palladium among its venues, said the lottery help for the theatre would support struggling restaurants and other hospitality businesses across the West End, and would help retain jobs on stage and off stage.
“Since theatres were closed in March, we have spent considerable time, effort and money, making The London Palladium Covid-secure," he said. "By next spring, our major productions across London’s beloved West End must - and will - be back.”
The show will be produced by Qdos Entertainment, the UK’s biggest panto producer.
Russia shoots past May peak as spread of infections accelerates
Henry Foy in Moscow
Russia surpassed its previous peak of daily coronavirus cases on Friday as the Kremlin showed some reluctance in re-imposing tighter restrictions for fear of dealing more damage to the economy.
Russia, which has the world's fourth-largest number of confirmed Covid-19 cases, recorded 12,126 infections and 201 coronvirus-related deaths in the latest 24-hour period. Friday's record daily caseload was worse than its figures in May as the spread of the virus accelerated throughout central and eastern Europe.
The Kremlin is worried further restrictions on its citizens will hammer the economy and drag Russia's budget further into deficit.
Moscow, the centre of Russia's pandemic with roughly a quarter of all new infections, has introduced some restrictions for elderly people and has instructed employers to send at least 30 per cent of their staff home. Emergency steps to close nightclubs and bars are being considered, the newspaper RBC reported.
The Kremlin has consistently denied that it is planning to reimpose a national quarantine, which President Vladimir Putin lifted in May in order to hold a national vote on a new constitution that allows him to rule for 12 additional years.
Poland outbreak worsens with third day of record cases
James Shotter in Warsaw
Poland reported a record number of new coronavirus cases on Friday for the third straight day, as the pace of infection continues to spiral in central Europe.
The health ministry said on Friday morning that there had been 4,739 new cases in the past 24 hours, 10 per cent more than the previous day, which was itself a record. 52 people died during that period.
The latest figures mean that Poland, which has been testing less than almost all other EU states, has now recorded 116,338 cases of coronavirus, and 2,919 deaths.
From Saturday, Poles will be obliged to wear masks outdoors throughout the country in an effort to stem the spread of the virus. The government has also not ruled out introducing a state of emergency if the rate of new infections does not fall.
However, prime minister Mateusz Morawiecki said on Thursday that the government wanted to avoid a repeat of the wide-ranging lockdown introduced during the first wave of the pandemic in March and April.
Italian industrial output grows quickest among European peers
Valentina Romei in London
Italy's industrial production grew more than in any other major European economy, nearly closing the gap with last year’s level and pointing to a stronger than previously forecast recovery.
The third-largest eurozone economy's factory output rose 7.7 per cent in August compared with the previous month, the national statistics agency said on Friday.
The reading outran the 1.3 per cent forecast by economists polled by Reuters and it was stronger than the 1.3 per cent for France and marginal contraction for Germany.
Thanks to the rise in August, Italy’s industrial output nearly closed the gap with last year's level since output was only down 0.3 per cent from August 2019, improving from a shortfall of 8 per cent in July.
August’s growth was driven by a strong performance for durable consumer goods, including cars, recording monthly growth of almost 20 per cent, but the expansion was broad-based with all major sectors increasing output. Fashion, which is an important sector in Italian industry, rebounded with a monthly growth rate of 36 per cent in August.
Italy has surprised most economists on the upside over the summer and its stronger performance is likely to continue if infections and restrictions remain below those of peers as managed in September.
Czech Republic records 15% of all of its cases in three days
James Shotter in Warsaw
The Czech Republic, where coronavirus is spreading faster than in any other EU country, has reported 15 per cent of its confirmed infections in the past three days, which each broke records for case numbers.
The central European nation reported 5,394 daily infections on Friday, its highest 24-hour tally since the start of the pandemic.
Like most of central Europe, the Czech Republic came through the first wave of the pandemic relatively unscathed. But after the country relaxed most restrictions at the end of June, cases began to rise again, and accelerated sharply in September.
In total, the Czech Republic has recorded 100,757 cases of Covid-19, and 869 coronavirus-related deaths. The latest figures, published on Wednesday, show 31 per cent of tests were positive.
Cultural institutions, such as cinemas and theatres, and sports facilities, such as gyms and swimming pools, will close for two weeks in an attempt to rein in the spread of the virus, the government said on Thursday.
Stagecoach expects to avoid operating losses even as sales fall
George Steer and Cat Rutter Pooley in London
Stagecoach said it expected to avoid significant operating losses thanks to government support, even though revenues were down between 40 per cent and 50 per cent on last year.
The UK bus operator said the recent tightening of localised coronavirus restrictions were likely to add pressure to its revenues as people were discouraged from using public transport.
Since mid-September, the government has advised those living in the north-west, west Yorkshire and the Midlands to only use public transport for essential purposes, such as travelling to school or work.
The group said that a recovery from the pandemic crisis in the transport sector was under way but Covid-19 uncertainty meant predicting future performance was difficult. The transport group kept its outlook for the year ending in May unchanged.
Mileage covered by its bus network was now in excess of 93 per cent of last year's levels, the company said, while commercial revenues had returned to about 50-60 per cent.
"While the situation remains fluid, we have made progress in the restoration of our networks to close to pre-Covid levels and in growing passenger volumes safely within the current restricted environment," said chief executive Martin Griffiths.
UK chancellor to set out details of another furlough scheme
George Parker in London
Rishi Sunak will on Friday be forced to open the Treasury cheque book again to support companies told to close during local lockdowns, little more than two weeks after he set out his “winter economic plan”.
The chancellor plans to set out details of a new local furlough scheme, as claims resound that the government has turned its back on parts of northern England, which are set to face tougher lockdown restrictions in the coming days.
Keir Starmer, opposition Labour party leader, accused the government of “losing control” of the fight against coronavirus, while leaders of northern cities claimed they had been left in the dark by Boris Johnson’s government.
“People aren’t asking for miracles — they just want to know that the prime minister has a plan and a strategy in place,” Sir Keir wrote in the Daily Telegraph.
“However, what we have seen in recent weeks is a government that has lost control: lost control of its message; lost control of testing; and — crucially — lost control of the virus.”
Mr Sunak set out a plan for supporting jobs through the winter on September 24, including a “job support scheme” under which the government would pay up to 22 per cent of wages of part-time workers.
British Land collects half its rents but plans to resume dividends
George Hammond in London
British Land is set to start paying a dividend again even as it will only collect half the rent it is owed by retailers on its estate.
The company will resume dividend payments in February next year, but the payouts will be semi-annual rather than quarterly as before, and will be paid at 80 per cent of underlying earnings per share.
The FTSE 100 landlord said on Friday that it had collected 50 per cent of the rent it is owed by its retail tenants for the three months to the end of the year, which was due on September 29.
Since April, 16 retailers on its estate have either entered administration or used a controversial restructuring process known as a company voluntary arrangement to extract rent concessions or close stores, costing the company £11.6m in lost rent for the year.
Office tenants have fared better, paying 91 per cent of the rent owed for the current period, despite office occupancy being at less than 20 per cent of pre-Covid levels in September.
Rent collection for the current three-month period is ahead of the same point after previous quarterly payment dates in June and March.
Retail sales on the company’s estate, which includes large London campuses in Paddington and Broadgate as well as out of town retail parks in Basildon and Orpington, were up at around 90 per cent of normal levels in September, with retail parks performing particularly strongly.
Petropavlovsk predicts lower output and profits due to Covid
Neil Hume in London
Russian-focused gold producer Petropavlovsk has warned of lower production and profits in 2020 and delayed full commissioning of a key expansion project.
Petropavlosk said it expects to produce 560,000 and 600,000 ounces of gold this year, down from a previous forecast of 620,000 to 720,000 ounces.
It blamed the shortfall on “logistical issues” associated with the pandemic and lower grades from third-party material processed at its plants.
Friday’s profit alert will raise fresh concerns about the ability of interim chief exectuive Maxim Meshcheryakov to effectively run the London-listed company, which has been rocked by a succession of shareholder feuds.
The Financial Times revealed this week that Mr Meshcheryakov had to force his way into the company’s Moscow office last month following a stand-off with staff, who remain fiercely loyal to his predecessor Pavel Maslovskiy.
In addition, Petropavlovsk said it would not complete work on the Pioneer flotation plant until the second quarter of 2021 because of a “desire to avoid full commissioning during the winter months".
UK economy grows 2.1% in August, less than expected
Valentina Romei in London
The UK economy grew less than expected in August, despite a boost from the hospitality sector, and output remained well below its pre-pandemic levels, pointing to a long road to a full recovery.
Gross domestic product grew 2.1 per cent in August compared with the previous month, following strong monthly expansions since June, according to data from the Office for National Statistics.
However, August’s growth was much slower than the 4.6 per cent forecast by economists polled by Reuters.
Despite the monthly increase, output was still 9.2 per cent below pre-pandemic levels in February, signalling that a full recovery, which is key for the survival of many jobs and businesses, was still distant.
The UK pound barely budged against the dollar, up 0.1 per cent at $1.2947. Against the euro, it was €1.0992, with €1 worth 90.94p. The benchmark 10-year gilt was at 0.293 per cent.
In the second quarter, the UK economy suffered the sharpest contraction of any G7 country.
August’s output growth was slower than a revised down 6.4 per cent expansion in July, when the economy benefited from the reopening of the hospitality sector.
Services, which accounts for about 80 per cent of the economy, expanded at a monthly rate of 2.4 per cent in August, supported by the government’s “eat out to help out” scheme. Yet growth was down from 5.9 per cent in the previous month and output was still 9.6 per cent below pre-pandemic levels.
Growth nearly stopped in the industrial sector with a rate that slowed to 0.3 per cent from 5.3 per cent in July.
Iran suspends non-urgent hospital care amid Covid surge
Najmeh Bozorgmehr in Tehran
Iran’s health ministry has prevented all hospitals from admitting non-urgent cases after the military also designated all its hospitals for coronavirus patients in response to a new surge in infections.
“Considering the large number of visits by coronavirus outpatients and those in need of hospitalisation, admitting non-urgent cases will stop until later notice,” Iran’s deputy health minister Iraj Harirchi was quoted as saying by domestic media on Friday.
Meanwhile, Iran’s supreme leader Ayatollah Ali Khamenei authorised armed forces to designate their hospitals for Covid-19 patients. “The hospitals of the armed forces will attend to coronavirus patients with full capacity,” Mr Harirchi added.
Iranian health authorities warned this week that designated hospitals had run out of capacity.
Iran — already struggling with tough US sanctions that were further tightened on Thursday — has not been able to fulfil promises of stimulus packages for its people.
The need to earn a living has led to defiance of calls for social distancing by many people, particularly in the poorer segments of society.
Iran, which has a population of 80m, has reported 27,888 deaths linked to the virus out of 488,236 who tested positive. Iran is the top Middle Eastern country in terms of casualties.
Hotspots of resurgent Covid erode faith in ‘herd immunity’
FT reporters
For a short time the Brazilian city of Manaus, in the heart of the Amazon rainforest, offered a glimmer of hope in the search for herd immunity from Covid-19.
After a devastating wave in May killed about 3,400 people and infected many more, the prevalence of the virus subsided rapidly, leading some scientists to theorise that the city of 2m had reached a form of collective immunity.
That hypothesis is now in doubt as a resurgence in cases in Manaus poses fresh challenges to the authorities and difficult questions for the scientists and policymakers worldwide who have been edging toward herd immunity policies as an alternative to harsh lockdowns.
“How do you explain the number of [daily] deaths being in the 30s yesterday and the 50s today?” said Arthur Virgilio, the mayor of Manaus. “What has caused the death rate in Manaus to increase?”
Read more here
Japan’s Takeda to begin patient trials for potential Covid-19 treatment
Kana Inagaki in Tokyo
A group of pharmaceutical companies including Japan’s Takeda Pharmaceutical has begun enrolling patients in a global clinical trial for a potential Covid-19 treatment using convalescent plasma collected from patients who have recovered from the virus.
The National Institute of Allergy and Infectious Diseases in the US is sponsoring the phase 3 trial, which plans to enroll 500 hospitalised patients in the US, Mexico and 16 other countries.
Patients who will be treated with the new drug called hyperimmune intravenous immunoglobulin (H-Ig) will also be given Gilead’s antiviral drug remdesivir, and the results will be compared with those treated with remdesivir and a placebo.
Plasma — the fluid remaining after red and white blood cells and platelets are extracted from the blood — in those who have recovered from Covid-19 contains antibodies with the potential to kill the virus.
Researchers have highlighted convalescent plasma’s potential as a therapy for Covid-19.
In April, Takeda and other pharmaceutical companies working on plasma-derived therapies launched the CoVIg-19 Plasma Alliance, which is refocusing its network of donation centres to pool convalescent plasma.
In the clinical trial, the new medicine will be provided by Takeda, CSL Behring, Emergent BioSolutions and Grifols SA of Barcelona.
“We are hopeful that data from the clinical trial will be available before the end of the year. If the trial proves successful, this therapy could bring new hope to those suffering serious health consequences from Covid-19,” Bill Mezzanotte, chief medical officer at CSL Behring and co-leader of the CoVIg-19 Alliance, said in a statement.
European business braced for second wave
Peggy Hollinger, Leila Abboud and Alice Hancock
September was not kind to Frédéric Moschetti, whose company provides equipment for big events such as the Cannes Film Festival and Grand Prix races.
After eking out some work this summer when Covid-19 briefly abated in France, allowing people to travel and meet, four big contracts were cancelled in two weeks. “I lost €200,000 worth of work in a flash,” the boss of family-owned SMM Events said. “I try to stay positive but that was a tough blow.”
The entrepreneur is not the only one struggling to remain optimistic as a second wave of the virus sweeps across Europe, bringing with it new constraints on doing business.
France, Spain, and Germany have all introduced tougher controls on movement and gatherings in recent days, while Italy and the UK are preparing new measures to address a surge in infections. Current restrictions are now close to the peak in June, when the EU was in lockdown, according to an analysis by UBS.
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Business hits out at California over coronavirus restrictions
Alistair Gray and Patrick McGee
Corporate America has rounded on authorities in California over coronavirus restrictions, complaining they are being too slow to allow the country’s largest economy to reopen as case numbers fall.
Almost seven months since California became the first US state to issue shelter-at-home orders, officials are under mounting pressure from exasperated companies, which have taken to the courts to push for restrictions to be lifted.
Mall owner Westfield is suing Los Angeles county, complaining protracted closures are “unjustifiable”. “There’s no clarity,” Jean-Marie Tritant, the company’s US president, told the Financial Times.
A coalition of almost 300 gym chains is also taking legal action against the state governor, arguing that restrictions on the sector are “unfounded”. The National Retail Federation, meanwhile, has submitted a public records demand for officials to disclose the evidence behind policy decisions.
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$30m ADB loan to boost Myanmar’s Covid response
Gary Jones in Hong Kong
The Asian Development Bank has approved a $30m loan to boost Myanmar’s response to the pandemic, especially in areas with high minority populations but inadequate access to health care.
The loan, as additional financing to the ADB's Greater Mekong Sub-region Health Security Project, will help the government make immediate investments in 31 district and township hospitals.
It will provide emergency departments with equipment for the assessment, isolation and treatment of patients and also upgrade laboratory and hospital equipment for the supply of oxygen, electricity, water and other essential inputs.
“ADB’s fast-track financing ... will help scale up the government’s response to Covid-19,” said ADB senior social sector specialist Rikard Elfving, adding: “The investment will focus on hospitals serving vulnerable groups, including minority populations challenged by poverty and inadequate access to essential services such as health care.”
China’s stocks and currency rally as traders return from holiday
Hudson Lockett in Hong Kong
China’s currency jumped by the most in two-and-a-half years while the country’s onshore stocks gained on positivity over the world’s second-biggest economy as traders returned from a lengthy holiday.
The onshore exchange rate for the renminbi, which has not traded since September 30 due to the long National Day holiday, rose by as much as 1.1 per cent in morning trading on Friday to Rmb6.7188 per dollar.
That is the currency’s biggest intraday rise since March 2018. The offshore renminbi, which trades more freely than its onshore counterpart, climbed 0.3 per cent to Rmb6.7154.
Strength in China’s currency has been supported by positivity surrounding the recovery of the nation’s economy following coronavirus. It got a further boost on Friday after an independent measure of China’s services sector — the Caixin China General Services purchasing managers’ index — showed activity climbed to its highest level in three months in September.
In equities, China’s benchmark CSI 300 index of Shanghai and Shenzhen-listed stocks climbed 1.6 per cent as onshore markets opened for the first time in six trading days. Shenzhen’s technology-focused ChiNext index rose 2.4 per cent.
S&P 500 futures edged 0.4 per cent higher in Asian trading on Friday, although volumes are often light during this time, adding to volatility. Elsewhere in the region, Japan’s Topix index fell 0.4 per cent while Hong Kong’s Hang Seng rose 0.3 per cent.
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China joins WHO Covid-19 vaccine initiative
Tom Mitchell in Singapore
China will join a World Health Organization initiative aimed at ensuring fair distribution of Covid-19 vaccines when they become available, the country’s foreign ministry announced on Friday.
The Covax initiative, which is also steered by the international vaccine group Gavi and the Coalition for Epidemic Preparedness Innovations, had been struggling to attract members, especially developed countries which agree to purchase vaccines at prices that subsidise low-income countries’ access to them.
Gavi has described the programme as “a lifeline and the only way in which [low-income nations] will get access to Covid-19 vaccines”.
Hua Chunying, a foreign ministry spokesperson, said the move was evidence of China’s commitment to “to turn Covid-19 vaccines into a global public good”.
“China continues to focus on ensuring that developing countries have equal access to appropriate, safe and effective vaccines,” she added.
Chinese companies led by Sinovac, Sinopharm and CanSino Biologics are racing to develop effective vaccines to combat the global pandemic, which has so far resulted in almost 36m infections and more than 1m deaths.
Autumn falls victim to coronavirus in South Korea
Edward White in Wellington
South Korea is discouraging tour groups to the country’s national parks over the coming weeks in an effort to stem transmission of coronavirus.
Visits to view South Korea's striking seasonal changes and autumn foliage will be restricted as part of broader measures to stop mass gatherings that risk spreading Covid-19, the environment ministry has said, according to a report by state-backed news agency Yonhap.
Health officials in Seoul reported 54 new coronavirus infections on Friday, marking a continued improvement from a serious outbreak in August that had sparked tougher social-distancing measures.
But experts from the Korea Disease Control and Prevention Agency remain wary of community transmission flaring up again, particularly after a five-day holiday period last week and with another national holiday on Friday.
Pubs and restaurants take blame for UK’s Covid spike
Chris Giles and Alice Hancock in London
Health authorities across the UK believe the normalisation of eating out and drinking in pubs has contributed to the UK’s second wave of Covid-19, triggering howls of rage from the battered hospitality sector, which says there is little proof they are responsible for spreading the virus.
However, the dispute over the evidence is unlikely to stop England’s politicians following Scotland’s lead in shutting pubs and restaurants in the north of England from next week — a move likely to coincide with the end of Britain’s post-lockdown economic recovery.
The hospitality sector was closed from late March to early July and started to operate initially at low capacity during the summer. This was given a shot in the arm with chancellor Rishi Sunak’s Eat Out to Help Out discounts in August and spending in the sector remained strong in September.
But the implications of that scheme for the spread of the disease may only be emerging now. In its weekly surveillance reports, Public Health England has noted that for those testing positive, “eating out was the most commonly reported activity in the two to seven days prior to symptom onset”.
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UN chief calls for universal health coverage, insisting it is ‘more urgent than ever’
Gary Jones in Hong Kong
The pandemic has shown that “our health systems are inadequate”, the UN secretary-general told a ministerial meeting on Thursday, citing weak structures and unequal access to healthcare as “major reasons” why the coronavirus has killed 1m people globally and infected more than 30 times that number.
António Guterres said in his video message to senior UN ministers: “Universal health coverage is not only essential to end the pandemic, it will also drive progress across all health-related SDGs [Sustainable Development Goals].”
The UN chief added that “Covid-19 has made the need for universal health coverage … more urgent than ever”, reminding that it was a major recommendation in the UN policy brief that he launched a day earlier.
Other recommendations in the policy guidance include strengthening public health measures, co-ordinating a global pandemic response and protecting other health services during the pandemic, including mental health and sexual and reproductive health programmes.
Mr Guterres said he hoped the meeting would “build momentum for urgent action” to transform policies and systems to deliver health and human security for all.
Trump’s doctor expects president’s ‘safe return to public engagements’ from Saturday
Alice Woodhouse in Hong Kong
Donald Trump’s personal doctor said he expects the president’s “safe return to public engagements” from Saturday after he responded well to treatment for Covid-19.
Sean Conley, the president’s personal physician said the president’s condition had remained stable since he returned to the White House from hospital on Monday. He did not say if the president is still testing positive for the virus.
“Saturday will be day 10 since Thursday’s diagnosis, and based on the trajectory of advanced diagnostics the team has been conducting, I fully anticipate the president’s safe return to public engagements at that time,” Dr Conley wrote in a health update released by the White House.
Dr Conley’s often upbeat assessments of the president’s health since his positive coronavirus test have prompted concern in some parts of the medical community that he was not giving a full picture of Mr Trump’s health.
Mr Trump tested positive for coronavirus last Thursday and received hospital care for three days. He was given the experimental drug regeneron.
The president has pledged to boycott a second presidential debate with Democratic candidate Joe Biden next week, after organisers said it will be held virtually for safety reasons.
Pandemic has ‘forever changed online shopping’, says UN-backed survey
Gary Jones in Hong Kong
The coronavirus pandemic has changed the way consumers shop – and probably for good, the UN trade and development agency, Unctad, said on Thursday, announcing results of a survey of some 3,700 consumers across nine countries.
The study examined how the global crisis has impacted how people use ecommerce and other digital tools, with more than half of respondents reporting they now shop online more frequently.
Purchases across most product categories increased by six to 10 percentage points, with the biggest gains found in electronics, gardening and DIY, pharmaceuticals, education, household items, and cosmetics and personal care.
However, the survey revealed that average online monthly expenditure per person has dropped significantly. Consumers in both emerging and developed economies have postponed larger purchases, while spending on travel has declined by 75 per cent.
“The Covid-19 pandemic has accelerated the shift towards a more digital world. The changes we make now will have lasting effects as the world economy begins to recover,” said Unctad secretary-general Mukhisa Kituyi.
The countries covered in the survey were Brazil, China, Germany, Italy, South Korea, Russia, South Africa, Switzerland and Turkey.
Asia-Pacific stocks take a breather
Alice Woodhouse in Hong Kong
Asia-Pacific equities struggled for traction on Friday as talks on aid for the US economy resumed.
Japan’s Topix was flat, the Kospi in Seoul added 0.2 per cent and the S&P/ASX 200 was down 0.1 per cent in Australia.
The moves in Asia came after the S&P 500 closed 0.8 per cent higher at a one-month high and the Nasdaq Composite added 0.5 per cent.
Nancy Pelosi, the Democratic speaker of the House of Representatives, held her latest call with Steven Mnuchin, the US Treasury secretary over the stimulus deal. However, Ms Pelosi ruled out targeted aid for airlines without a broader stimulus package.
“Global equities remained firm as optimism over additional fiscal support in the US resurfaced, but the back and forth between policy makers could see volatility linger for a while yet,” ANZ said in a note.
S&P 500 futures were up 0.5 per cent.
New US cases top 50,000 for a second day
Peter Wells in New York
The US reported its biggest one-day jump in coronavirus cases in about two weeks on Thursday, pushing the country to back-to-back days of more than 50,000 new infections for the first time in almost two months.
States reported 54,870 positive cases over the past 24 hours, according to Covid Tracking Project data, up from 50,602 on Wednesday and compared with 45,694 on Thursday last week.
It was the biggest one-day jump in infections since just over 55,500 were reported on September 25 and also marked the first time since August 15 that the US has reported two consecutive days of more than 50,000 new cases.
A record 22 states reported daily increases of more than 1,000 new infections, according to a Financial Times analysis of Covid Tracking Project data, topping the previous peak yesterday by one. States in the Midwest and Mountain regions were among those to report large, and in some instances, record increases.
The sunbelt states of Texas (3,872), California (3,575) and Florida (3,306) had the largest daily increases.
The Midwest states of Wisconsin (3,274) and Illinois (3,059) were the other states with more than 3,000 new infections.
Wisconsin's health department this afternoon reported a slightly lower figure for cases (3,132) than the Covid Tracking Project, but the increase is a record jump in either case.
Other states to report record increases in infections were North Dakota (527) in the Midwest, and Utah (1,501) and Wyoming (193) in the Mountain region, a subregion of the west, as defined by the US Census Bureau.
A further 975 deaths were attributed to coronavirus, up from 916 on Wednesday and compared with 851 on Thursday last week. It was the largest one-day jump in fatalities since 1,061 were reported on September 30.
Texas reports new cases and deaths in line with recent daily increases
Peter Wells in New York
Texas reported back-to-back days of more than 100 deaths for the first time in a week on Thursday, while new cases hovered around the 3,800-mark for the third day running.
A further 104 deaths were attributed to coronavirus, authorities revealed this afternoon, down from 119 yesterday and compared with 112 on Thursday last week.
It was the first time since September 30 and October 1 Texas had back-to-back days of more than 100 fatalities.
A further 3,786 people in the state tested positive for the virus over the past 24 hours, up from 3,776 new cases yesterday and compared with 3,872 on Tuesday. That also compared with 3,234 on Thursday last week.
Texas added a further 452 historical cases to its statewide total, although these older infections were excluded from the daily numbers. For nearly two months, the state health department has routinely been adding older cases stemming from backlogs of tests at commercial laboratories to the statewide tally.
The number of patients currently in Texas hospitals continued to creep up, hitting 3,556 today from 3,519 yesterday. That remains the highest number of hospitalisations since 3,575 on September 10.
Wisconsin has record daily jump of more than 3,000 new Covid cases
Peter Wells in New York
Wisconsin reported more than 3,000 new coronavirus infections on Thursday, a record daily jump for the state that has become one of the hot spots for the virus in the US.
A further 3,132 people tested positive over the past day, the state's health department revealed this afternoon, up from 2,819 yesterday and compared with 2,823 on Thursday last week. That sailed past the Badger State's previous record of 2,830, reported on September 30, according to state data.
Since the start of the pandemic, only 12 other states have ever reported one-day increases of more than 3,000 cases, according to a Financial Times analysis of Covid Tracking Project data. Many of those, such as California, Florida, New York and Texas, have much larger populations.
On a per capita basis over the past week, Wisconsin has averaged about 42 new cases per 100,000 people a day, and about one case shy of a record rate notched up over the weekend, according to an FT analysis of data from Covid Tracking Project and the US Census Bureau.
Wisconsin's per capita metrics are the third highest in the US at present, lagging South Dakota and North Dakota, but its recent peak is enough to rank among the top 10 highest infection rates for any state.
Wisconsin's health department attributed a further nine fatalities to coronavirus, down from 16 yesterday and compared with 21 on Thursday last week.
California reports biggest one-day jump in deaths since September
Peter Wells in New York
California reported its biggest daily increase in coronavirus deaths since late September on Thursday, while cases rose by the most in several days.
A further 99 deaths were attributed to coronavirus, authorities revealed this afternoon, up from 51 on Wednesday. That compared with 96 a week ago and was the biggest one-day jump in fatalities since 152 were reported on September 30.
Over the past 24 hours, a further 3,575 people tested positive for coronavirus, up from 2,764 yesterday. That was the biggest one-day increase since 4,293 reported on Sunday and compared with 3,062 on Thursday last week.
The state health department said 66,917 tests were conducted over the past day, more than halving from nearly 126,300 on Wednesday. It was the smallest volume of tests conducted since the roughly 66,650 reported on Thursday last week.
Despite the drop in testing, California's rolling 14-day average test positivity rate held steady at a record low 2.6 per cent.
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Northern Ireland has toughened penalties for breaking coronavirus rules and made it compulsory to wear face coverings in more locations as the region’s devolved government grapples with surging infections and a sharp post-lockdown recession.
France has moved another four towns into a state of “maximum alert” against the pandemic, closing bars and imposing strict rules in restaurants as cases climb and hospitals come under increasing strain.
Florida reported its biggest one-day increase in cases in nearly a month on Thursday, and its biggest rise in deaths in just over a week. A further 3,306 people in the state tested positive over the past 24 hours.
New figures from Newcastle University showed 1,003 students, plus 12 university staff, have tested positive for Covid-19 in the last seven days. Northumbria University shortly afterwards announced that it had 619 new cases of students with Covid.
The Czech Republic and Poland both announced new restrictions to stop the spread of coronavirus on Thursday, as the pandemic continues to rage in central Europe.
Britain’s National Trust, a charitable organisation that runs stately homes, gardens and historic locations, plans to shed nearly 1,300 jobs as the effects of the coronavirus crisis hit “almost every aspect” of its income.
Portugal's daily cases have exceeded 1,000 for the first time since April, reaching 1,278 in the past 24 hours. Health authorities said on Thursday that 10 Covid-19 patients died over the same period, bringing the total number of deaths from the virus in the country to 2,050.
First-time applications for US unemployment benefits dropped slightly last week but remained elevated at 840,000, underscoring the sluggish improvement of the labour market as it recovers amid the pandemic.
The number of people in England testing positive for coronavirus rose 56 per cent in the most recent week for which data are available, while fewer than seven out of 10 who had been in contact with them were reached and advised to self-isolate.
Americans’ appetite for Big Macs at drive-throughs has helped McDonald’s sales bounce back in the US, but greater reliance on dine-in and foot traffic in other markets hurt overseas revenues.
A court has thrown out Spanish restrictions on entering and exiting Madrid, dealing a blow to Prime Minister Pedro Sánchez and throwing his government’s strategy in the country’s coronavirus hotspot into chaos.
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