This is CNBC’s live blog covering all the latest news on the coronavirus outbreak. All times below are in Eastern time. This blog will be updated throughout the day as the news breaks.
- Global cases: More than 1,026,900
- Global deaths: At least 53,975
- US cases: At least 245,500
- US deaths: At least 6,058
The data above was compiled by Johns Hopkins University.
8:33 am: US payrolls drop 701,000 in March, the first jobs decline since 2010
Nonfarm payrolls dropped by 701,000 in March, according to Labor Department numbers that begin to show the economic damage wrought by the coronavirus crisis.
The unemployment rate rose to 4.4% as employers just began to cut payrolls ahead of social distancing practices that shut down large swaths of the U.S. economy in order to stop the virus’s spread.
Economists surveyed by Dow Jones had been looking for a payroll decline of 10,000 and for the unemployment rate to rise to 3.7%. —Jeff Cox
8:20 am: Cannes Lions advertising festival, previously postponed, is now canceled
The Cannes Lions International Festival of Creativity, the ad industry’s major awards festival and conference held in France each summer, has been canceled due to the coronavirus.
The festival, originally scheduled for June 22 through June 26, was postponed in March to Oct. 26 through Oct 30, but organizers announced the decision to cancel it for good this year.
“As the impact from COVID-19 continues to be felt across the world on consumers and our customers across the marketing, creative and media industries, it has become clear to us our customers’ priorities have shifted to the need to protect people, to serve consumers with essential items and to focus on preserving companies, society and economies,” organizers said in a statement Friday.
The next festival will take place June 21 through June 25 in 2021. —Megan Graham
8:09 am: Italian luxury shoemaker Sergio Rossi dies
Italian luxury shoemaker Sergio Rossi has died aged 85 after being hospitalised with the coronavirus, the mayor of the designer’s home town said.
Italy has recorded more deaths from coronavirus than any other country in the world, with 13,915 fatalities as of Thursday. The elderly have been particularly hard hit. Rossi died on Thursday in the small town of Cesena in central Italy.
“He was among the founders of the high-end women’s footwear district in the area of Forlì and Cesena in the mid-20th century,” said Luciana Garbuglia, mayor of San Mauro Pascoli, where Rossi was born in 1935 and where he founded his brand.
French luxury fashion group Kering took over the brand in 1999. It then passed into the hands of the Italian private equity fund Investindustrial in 2015, when Rossi had already retired. —Reuters
7:56 am: Spain cases surpasses Italy’s, now second in the world
A general view of the temporary hospital for COVID-19 patients located at the Ifema convention and exhibition centre in Madrid, Spain on April 03, 2020.
Pierre-Philippe Marcou| AFP via Getty Images
As of 6 a.m. ET, Spain had reported 117,710 confirmed cases, according to Johns Hopkins University, surpassing the total count of cases in Italy, the original epicenter of Europe’s outbreak. According to Hopkins, Italy had reported 115,242 cases as of 6 a.m. That makes Spain second in the world for COVID-19 cases, behind only the U.S. Spain typically reports daily new cases several hours ahead of Italy, and the numbers will likely change throughout the day. —Will Feuer
7:30 am: UK health minister suggests nationwide coronavirus peak could be Easter Sunday
U.K. Health Minister Matt Hancock reportedly said the deadliest peak of Britain’s coronavirus outbreak could be on Easter Sunday.
In an interview with Sky News, Hancock said he “would defer to the scientists on exact predictions,” but the peak of the U.K. outbreak falling on April 12 was “one perfectly possible outcome.”
To date, the U.K. has reported more than 34,000 cases of the COVID-19 infection, with 2,926 deaths, according to data compiled by Johns Hopkins University. —Sam Meredith
7:19 am: BMW CEO says company is working to safeguard liquidity
An employee inspects the body frame of a BMW X4 sports utility vehicle on the assembly plant in Greer, South Carolina.
Luke Sharrett | Bloomberg | Getty Images
BMW Chief Executive Oliver Zipse said the carmaker is focusing on preserving the health of its balance sheet and workforce.
“No company can possibly get through something like this unscathed. Guaranteeing our liquidity needs to happen very quickly. The Management Board are currently meeting twice as often as normal, so we can make the necessary decisions,” Zipse said in a statement.
“We are preparing to ramp up production as soon as the time is right in full compliance with all the safety aspects, and with international coordination. It’s essential that we synchronize with the supplier network on this,” he added. —Reuters
7:10 am: Job losses in March could be the worst in a decade, and that’s just the beginning
March’s employment report could show the most monthly job losses in a decade, but it’s only a fraction of the real hit to the workforce that came when many states issued stay-at-home orders late in the month.
Economists expect a consensus decline of 100,000 nonfarm payrolls when data is released at 8:30 am ET, according to Refinitiv. But the survey for the report was done before many states began telling residents to stay home. For the final two weeks of the month, 10 million people sought unemployment benefits as businesses and schools closed to stop the spread of the coronavirus. —Patti Domm
7:06 am: European business activity craters as Brussels races to find a ‘credible’ funding plan
The coronavirus pandemic is hitting European economies sharply, with the latest economic data showing massive falls in services activity across the region.
In Italy, the services industry dropped in March at the fastest rate since the IHS Markit survey began in 1998. In Germany, the services sector laid off staff at the steepest rate in about 23 years. In Spain, services activity contracted for the first time in six-and-a-half years.
The data released Friday showed the final Composite Purchasing Managers’ Index — which includes services and manufacturing — for the whole euro zone crashed to a record low of 29.7 in March, from 51.6 in February. This was the biggest monthly fall since the survey began. —Silvia Amaro
6:00 am: Spain’s daily death toll falls for the first time since March 26
Coffins containing the bodies of people who have died of coronavirus (COVID-19) are lined up in the long-term parking of the Collserola morgue before they either buried or incinerated, on April 02, 2020 in Barcelona, Spain.
David Ramos | Getty Images
The amount of people that have died from the coronavirus in Spain has seen its first daily fall since March 26. A total of 932 people died in the last 24 hours, down from 950 people the previous day, according to Reuters who cited the country’s health ministry. Spain’s death toll now stands at 10,935. —Matt Clinch
5:33 am: China’s central bank announces new stimulus measures
The People’s Bank of China said it was reducing the amount of cash that small and mid-sized banks need to hold in reserve. It will reportedly free up around 400 billion yuan ($56.38 billion) in liquidity and aid the country’s economy which has been badly hit by the coronavirus pandemic. —Matt Clinch
4:50 am: Singapore shuts schools, closes most workplaces
People seated in a food center in Marina Bay Sands shopping mall according to safe distancing markers on March 30, 2020 in Singapore.
Ore Huiying | Getty Images
Singapore’s Prime Minister Lee Hsien Loong announced stricter social distancing measures in the city state, joining a chorus of countries globally that have done so to stem the spread of the coronavirus.
The measures include closing most workplaces, except those offering “essential services” such as food establishments, hospitals and transport, Lee said. All schools will also be closed temporarily, he said. The prime minister also said his government is rethinking its advice that only those who are ill need to wear masks. —Yen Nee Lee
Read CNBC’s coverage from CNBC’s Asia-Pacific and Europe teams overnight here: Spain’s services industry records ‘unprecedented’ decline, survey shows