- The central Chinese city of Wuhan — where the coronavirus was first reported — started allowing people to leave for the first time since it was locked down on Jan. 23 to contain the outbreak.
- China's National Health Commission (NHC) reported 62 new cases and two deaths as of April 7.
- Tesla will cut pay for all of its employees and furlough all hourly workers until May 4, when it intends to resume production of electric cars, according to an internal e-mail that multiple employees shared with CNBC.
- President Donald Trump blamed the World Health Organization for getting "every aspect" of the coronavirus pandemic wrong and threatened to withhold funding from the international organization.
The coverage on this live blog has ended — but for up-to-the-minute coverage on the coronavirus, visit the live blog from CNBC's U.S. team.
- Global cases: More than 1,426,000
- Global deaths: At least 81,865
- Most cases reported: United States (396,223), Spain (141,942), Italy (135,586), France (110,065) and Germany (107,663).
The data above was compiled by Johns Hopkins University as of 7 a.m. Beijing time.
All times below are in Beijing time.
6:04 pm: Daily death toll in Spain rises by 757 to 14,555 fatalities
The number of daily coronavirus deaths rose in Spain for the second day on Wednesday as 757 people died over the past 24 hours, the health ministry said. On Tuesday, the death toll had risen by 743 from the previous day.
The total number of fatalities has risen to 14,555 on Wednesday, the ministry said. The overall number of confirmed cases in the country rose to 146,690 up from 140,510 on Tuesday, it added.
5:33 pm: US coronavirus cases top 400,000, doubling in one week
The number of confirmed coronavirus cases in the U.S. surpassed 400,000 on Wednesday, according to figures provided by NBC, with 12,864 fatalities nationwide.
The world's largest economy has recorded by far the most COVID-19 infections of any country around the globe, with the total number of cases nationwide now almost five times that of China — where the virus was first identified in December.
The U.S. confirmed an additional 169 cases in Missouri on Wednesday, data provided by NBC showed, taking the nationwide number of infections to 400,018. — Sam Meredith
A view of the USNS Comfort which is docked on pier 90, in Manhattan on April 07, 2020 as seen from West New York, New Jersey, United States.Roy Rochlin
5:27 pm: European markets decline as hopes for imminent coronavirus recovery fade
European markets traded lower Wednesday morning as optimism over an imminent recovery from the coronavirus started to fade.
The pan-European Stoxx 600 fell 1% in early trade, with oil and gas stocks shedding 2.7% to lead losses, while the tech sector bucked the trend to edge 0.3% higher.
Global markets continue to seesaw on hopes and fears over the direction that the coronavirus pandemic is taking. There was optimism that the virus could begin to slow its spread, but an end to the outbreak appears to be some way off. — Elliot Smith and Holly Ellyatt
5:22 pm: Malaysia reports 156 new coronavirus cases with 2 new deaths
Malaysian health authorities on Wednesday reported 156 new cases of coronavirus infection, pushing the cumulative total to 4,119 cases as Southeast Asia's third-largest economy continues to grapple with the highest rate of infection in the region.
The health ministry also reported two new deaths, including one Pakistani national who had attended a mass religious gathering that was the source of over 1,000 infections in the country. — Reuters
5:09 pm: Some European countries are starting to lift coronavirus lockdown measures
Some European countries have cautiously announced plans to lift coronavirus lockdown measures over the coming days, seeking to pave the way for a return to normal life after a month of severe restrictions.
The WHO recognized Europe as the epicenter of the global outbreak in early March, with Spain, Italy, France and Germany all now reporting more than 100,000 cases of the virus. However, some smaller countries in the region have reported a slowing number of new infections and fatalities in recent days.
It has tentatively elevated hopes of a possible exit strategy to the pandemic. Austria, the Czech Republic, Denmark and Norway have now all announced plans to slowly relax national lockdowns later this month. — Sam Meredith
4:30 pm: Germany's economy probably shrank by 9.8% in the second quarter
Germany's economy probably shrank by 9.8% in the second quarter, its biggest decline since records began in 1970, Germany's leading institutes said on Wednesday.
That would be more than double the drop seen in the first quarter of 2009, when Germany was in the throes of the global financial crisis, the institutes, including the Ifo institute think tank, said. — Holly Ellyatt
3:45 pm: It may take six months to a year before countries lift international travel restrictions, says a health expert
It could be another six to 12 months before countries can lift international travel restrictions, said Archie Clements, pro vice-chancellor of the health sciences faculty at Curtin University in Australia.
"I think that international travel restrictions will be around for much longer than the lockdowns and the social isolation measures that are put in place in countries," Clements told CNBC. That would would allow a vaccine to be developed, he said.
While restrictions around socialization could be lifted in a matter of months in when the disease stops spreading within individual countries, there's always the risk of outbreaks coming back into countries from outbreak hotspots elsewhere, he said. "As long as the pandemic is still spreading around the world, the risk of disease coming back into countries will remain high and therefore, I would expect international travel restrictions to remain for considerably longer," he said. — Huileng Tan
3:30 pm: UK leader Boris Johnson spends a second night in intensive care with coronavirus
U.K. Prime Minister Boris Johnson has spent a second night in an intensive care unit in hospital, but his condition is stable, according to officials.
"The Prime Minister's condition is stable and he remains in intensive care for close monitoring. He is in good spirits," Downing Street said in a statement Tuesday evening.
Johnson was admitted to the unit in St. Thomas' Hospital, London, on Monday evening after his coronavirus symptoms worsened. — Holly Ellyatt
2:40 pm: Euro zone fails to reach a deal on new coronavirus stimulus after 16 hours of talks
A meeting of euro zone finance ministers — known as the Eurogroup — ended Wednesday after 16 hours, with no agreement over additional stimulus to help the bloc's economy weather the coronavirus pandemic.
Eurogroup head Mario Centeno said on Twitter that the ministers came "close to a deal but we are not there yet." He said talks would continue Thursday. — Silvia Amaro
1:40 pm: Cases in Germany jump
The number of confirmed cases in Germany jumped by 4,003 in the past 24 hours to a total of 103,228, according to data from the Robert Koch Institute for infectious diseases.
The number of fatalities rose by 254 to a total of 1,861. — Weizhen Tan
1:05 pm: Australia's parliament set to pass huge stimulus plan as S&P ratings agency lowers 'AAA' outlook
Ratings giant S&P lowered the outlook on Australia's "AAA" sovereign rating to "negative" from "stable," according to a Reuters report.
"The COVID-19 outbreak has dealt Australia a severe economic and fiscal shock," S&P said, according to the report. "We expect the Australian economy to plunge into recession for the first time in almost 30 years, causing a substantial deterioration of the government's fiscal headroom at the 'AAA' rating level." A triple-A credit rating is given to only countries with the strongest finances in the world.
The country's parliament on Wednesday returned to pass an emergency stimulus package worth $130 billion Australian dollars ($80 billion), to boost the economy reeling from the impact of the pandemic. — Weizhen Tan
12:25 pm: Hong Kong extends ban on social distancing measures
Hong Kong said restrictions including a ban on public gatherings of more than four people, as well as closures of some bars, would be extended till April 23, according to a Reuters report.
It said the number of cases in the city spiked more than two-fold in the past two weeks to 936, making the extension necessary, the report said. It also extended indefinitely a two-week closure of its airport to foreign visitors. — Weizhen Tan
11:45 am: Rice prices surge to 7-year high as coronavirus sparks stockpiling
The price of rice — a staple food in Asia — has hit 7-year highs due to the coronavirus outbreak as importers rush to stockpile the grain while exporters curb shipments.
According to the Thai Rice Exporters Association, price of the 5% broken white rice — the industry benchmark — rose 12% from March 25 to April 1. Rice prices are now the highest since late April 2013, according to Reuters data.
The rise in prices is due to expectations of higher demand for Thai rice after fellow top exporters India and Vietnam both face export disruptions of the strategic staple food due to the outbreak of the coronavirus disease, formally known as COVID-19. Asia produces 90% of the world's rice supply and consumes the same amount. — Huileng Tan
VIDEO3:0103:01Food and beverage supply workers are 'absolutely essential' in crises: ExpertCapital Connection
11:25 am: Tesla to slash employee pay, and furlough hourly workers until May 4
Tesla will cut pay for all of its employees and furlough all hourly workers until May 4, when it intends to resume production of electric cars, according to an internal e-mail that multiple employees shared with CNBC.
Health orders implemented to curb the spread of COVID-19 have forced the electric vehicle maker to wind down new vehicle production at its main car plant in Fremont, California.
Last week, Tesla informed staffing agencies that it would be ceasing all contract work until further notice. Hundreds of temps were dismissed from their Tesla gigs as a result. – Lora Kolodny
10:45 am: The battle against coronavirus will last a 'very long time,' says Singapore minister
The coronavirus crisis encompasses several generations and its consequences will likely be far more serious than past financial crises, according to K. Shanmugam, Singapore's home affairs minister.
"You're looking at economic devastation. Businesses destroyed, people's lives ruined, and in such a situation, you don't talk contract. You talk equity, you talk justice, you talk about what is the right thing to do," he told CNBC's "Squawk Box" on Wednesday.
VIDEO2:4402:44Singapore government to protect firms from broken contracts amid virus crisis, says ministerSquawk Box Asia
A day earlier, Singapore's parliament passed a new bill that provides temporary relief to businesses and individuals if they are unable to fulfill their contractual obligations due to the coronavirus outbreak such as paying rent. They would be shielded from legal action for six months.
The bill also tightened restrictions further, and banned all types of social gatherings in public and private spaces and restricted the movement of people. It also makes a provision for the requisition of land, property or services needed to ramp up Singapore's health care capacity and public health capabilities.
As of Tuesday noon, the city-state had at least 1,481 cases. Among them, six patients have died and 377 have been cured and discharged. – Saheli Roy Choudhury
10:40 am: Grammy-winning American folk and country singer John Prine dies from coronavirus complications
Grammy-winning American folk and country singer John Prine died on Tuesday from complications caused by the coronavirus, his publicist confirmed to NBC News. Prine was 73.
Prine was hospitalized in Nashville on March 26 after suffering from symptoms of COVID-19, Reuters reported, citing his wife and manager, Fiona Whelan Prine. — Huileng Tan
9:50 am: South Korea reports 53 new cases, 8 deaths
South Korea on Wednesday reported 53 new cases of infection. There were eight deaths.
On Monday and Tuesday, the country reported fewer than 50 cases on each day — the lowest daily reported numbers for the country since late February when the outbreak spread exponentially within its borders.
South Korea has altogether reported 10,384 cases of infection and 200 people have succumbed to the illness caused by the virus, according to data from the Korea Centers for Disease Control and Prevention.
South Korea is generally praised for its efforts to reduce the spread of infection by mass testing its people and adopting strict measures to quarantine and track those who affected. — Huileng Tan
8:20 am: China reports 62 new cases, 2 deaths
China's National Health Commission (NHC) reported 62 new cases and two deaths as of April 7.
That brings the country's total to 81,802 confirmed case and 3,333 deaths, according to the NHC.
Separately, there were 137 new asymptomatic cases, where people tested positive for the virus but did not show any symptoms.
China started including asymptomatic cases in its daily reports starting April 1. — Huileng Tan
8:10 am: Wuhan further eases lockdown, allows people to leave city
The central Chinese city of Wuhan — where the coronavirus was first reported — started allowing people to leave for the first time since it was locked down on Jan. 23 to contain the outbreak.
The first train carrying departing passengers left the city at 5 a.m. local time, Reuters reported, and outbound highways were opened to vehicles around the same time.
Based on ticket sales, 55,000 people will leave Wuhan by train on Wednesday, Chinese media reported.
Chinese authorities lifted a more than two-month ban on outbound travel from the city where the global pandemic first emerged.Hecto Retamal | AFP | Getty Images
More than 50,000 people were infected with the virus in Wuhan and the death toll in the city has reached 2,572, about 80% of the total fatalities in China, according to official figures.
Chinese authorities gradually eased restrictions in Wuhan city as the epidemic situation improved. At one time, the industrial city's 11 million people were confined to their homes. — Huileng Tan
All times below are in Eastern time.
8 pm: Trump blames WHO for getting coronavirus pandemic wrong, threatens to withhold funding
President Donald Trump blamed the World Health Organization for getting "every aspect" of the coronavirus pandemic wrong and threatened to withhold funding from the international organization.
"They did give us some pretty bad play calling … with regard to us, they're taking a lot of heat because they didn't want the borders closed, they called it wrong. They really called, I would say, every aspect of it wrong," Trump said at a White House press conference Tuesday.
WHO officials declared the outbreak a pandemic on March 11, when there were just 121,000 global cases. In the U.S., there are more than 380,000 cases, according to Johns Hopkins University. —Dawn Kopecki, Berkeley Lovelace Jr.
7:04 pm: Jim Cramer predicts 'U' shape recovery, says economy 'will bounce back gradually'
CNBC's Jim Cramer suggested investors take advantage of the recent market upside to sell some stock and build up some cash for the next dip.
"Without a V-shaped recovery, you have to be skeptical of these big moves higher," the "Mad Money" host said. "Because in a U-shaped recovery I'm expecting, the stock market will pull back again and that is when you can put some money to work."
A V-shaped recovery happens when a quick decline in economic activity is met by an abrupt rebound in activity, while a U-shaped recovery is one where the economy gradually climbs out of a recession environment, which can take up to two years.
Based on Monday's 7% market rally, investors are hoping that the economy has a V-shaped recovery, Cramer said, which is where business activity snaps back if the ongoing outbreak is quelled soon.
″'V' is what justifies yesterday's rally" but "I do not believe in the 'V' when it comes to this recovery," he said. —Tyler Clifford
Read CNBC's coverage from the U.S. overnight: US cases top 387,000, Amazon testing disinfectant fog at New York warehouse after protests
Source: cnbc.com
