COVID-19: Live Updates for Wednesday, May 27

Rolling updates on the latest developments and headlines from around the world on the COVID-19 pandemic.

By Gina Lee and Peter Nurse 

02:23 AM ET: Switzerland set to further relax coronavirus restrictions - NZZ

Switzerland will decide on Wednesday on further relaxations of restrictions brought in to stem the spread of the new coronavirus, including how to reopen nightclubs and football stadiums, the Neue Zuercher Zeitung paper reported.

A four-person limit on the number of people who can eat together in restaurants will be scrapped, while the government could relax curbs on the size of public gatherings, the newspaper said, citing sources.

02:20 AM ET: French economy on course to contract 20% in second quarter - INSEE

France's economy is on course to contract 20% in the second quarter from the previous three months as the country emerges from a nationwide coronavirus lockdown, the INSEE official statistics agency estimated on Wednesday.

That would mark a sharp deterioration in France's recession after the euro zone's second-biggest economy contracted 5.8% in the first quarter.

01:45 AM ET: German employment outlook improves slightly - Ifo

German companies expect their total number of employees will continue to shrink, though the outlook for hiring has improved slightly in May after collapsing the previous month as a result of the coronavirus crisis, according to an Ifo institute survey.

The institute's employment barometer rose slightly to 88.3 points, up from 86.3 in April, helped by improving sentiment in the services and trade sectors. The manufacturing sector continued to report shrinking employment numbers.

01:13 AM ET: South Korea reports highest daily number of cases in 49 days

South Korea reported the highest daily number of new coronavirus cases in 49 days on Wednesday, as one of the country's largest e-commerce companies battled an outbreak linked to a now-shuttered logistics facility.

The Korea Centers for Disease Control and Prevention (KCDC) reported 40 new cases as of midnight Tuesday, bringing the country's total number to 11,265. A day earlier the country recorded 19 new cases.

So far, at least 36 cases have been linked to an outbreak at the logistics centre operated by SoftBank-backed e-commerce firm Coupang Corp in Bucheon, west of Seoul, the KCDC said. It was not immediately clear how many of the cases were reported in the last 24 hours.

01:07 AM ET: Japan plans new economic stimulus worth more than $1 trillion - document

Japan will unveil new economic stimulus worth more than $1 trillion, its second major package in just over a month to keep businesses and households afloat amid the deepening coronavirus recession, a document obtained by Bloomberg showed Wednesday.

The 117 trillion yen ($1.1 trillion) package includes a raft of loan guarantees and private sector contributions along with 31.9 trillion yen in fresh government spending that will be paid for with new bond issuances, according to the document.

01:00 AM ET: New Zealand expects plan for safe travel with Australia in June

New Zealand Prime Minister Jacinda Ardern said on Wednesday a draft blueprint on safely starting travel between New Zealand and Australia will be presented to both governments in early June.

The neighbours have been discussing the possibility of a travel bubble between them as both have slowed the spread of the novel coronavirus to levels well below those in United States, Britain and some other European countries.

00:57 AM ET: ECB ready to expand stimulus if needed - Schnabel

The European Central Bank is ready to expand any of its instruments if it judges that the medium-term inflation outlook has worsened, Executive Board member Isabel Schnabel said.

“If we judge that further stimulus is needed, the ECB will be ready to expand any of its tools in order to achieve its price stability objective,” Schnabel said in an interview with the Financial Times published on the ECB’s website. “With respect to the Pandemic Emergency Purchase Programme, this concerns the size but also the composition and the duration of the program. We are ready to react to new data coming in.”

00:54 AM ET: Fall in Chinese industrial profits narrows in April as economy recovers

The fall in profits of Chinese industrial enterprises narrowed in April from the previous month as China’s economy gradually recovered from the coronavirus slump.

Industrial profits dropped 4.3% in April from a year ago, data from the National Bureau of Statistics showed Wednesday. That was much smaller than the almost 35% drop in March.

9:57 PM ET: New York focuses on reopening in June, Mexico reports record number of deaths

New York Governor Andrew Cuomo said that the state will need federal assistance as it prepares to reopen New York City, the state’s economic engine and the only region still under lockdown. Cuomo will hold discussions with President Donald Trump in Washington D.C. later in the day.

New York City Mayor Bill de Blasio said that the city hired 1,700 contact tracers.

Meanwhile, Mexico’s Health Ministry reported a record 501 deaths. The report came a day after Deputy Health Minister Hugo Lopez-Gatell said on Tuesday that the country’s death rate is stabilizing. President Andres Manuel Lopez Obrador also said that Mexico was close to overcoming the COVID-19 crisis during the previous week.

9:52 PM ET: Novavax to price COVID-19 vaccine based on affordability, says CEO

U.S. biotechnology company Novavax (NASDAQ:NVAX) will price its potential COVID-19 vaccine based on affordability, its CEO Stanley Erck said.

“There’s got to be broad distribution. There’s got to be equitable access,” Erck said in an interview with CNBC.

“There will certainly be tiered pricing depending upon affordability so that the vaccine can be used globally.”

Novavax shares rose as the company announced that it hoped to release its results for the ongoing phase 1 clinical trial in July. The company hopes to ready its first doses by the end of 2020 and produce over a billion does by 2021.

9:50 PM ET: Congress to vote on another U.S. COVID-19 package

Congress will likely vote on another COVID-19 relief bill in the “next few weeks,” according to Senate Majority Leader Mitch McConnell.

Although the possibility of another direct payment to Americans was not discussed, the latest bill tabled by the Democrats included another check of up to $1,200 to individuals.

President Donald Trump has indicated he would back more direct payments.

9:41 PM ET: Number of global cases tops 5.5 million

The number of global virus cases has topped 5.5 million, with data from Johns Hopkins University saying there are 5,588,299 cases as of May 27. Additionally, deaths associated with the virus have topped 350,000.