Government experts believe more than 20 million Americans could have contracted the coronavirus, 10 times more than official counts, indicating many people without symptoms have or have had the disease, senior administration officials said.

By Bloomberg News China National Biotec Group gets U.A.E. approval for testing World’s fast-moving shots approach final stage of trials (Bloomberg) — A Chinese state-owned vaccine developer secured regulatory approval to test its coronavirus shots in the United Arab Emirates, making it one of the first among a slew of global efforts to get the […]

By Andrew Cinko (Bloomberg) — It won’t move markets, but the Kansas City Fed manufacturing U-turn will add to the positive part of the economic backdrop. Among the sub-indexes that drove the improvement is new orders, which is back to where it was in February before the shutdowns hit. With this sharp turn, that makes it four regional […]

(Bloomberg Intelligence) — Alexa, ads and cloud will likely play an increasingly key role in Amazon’s growth, in our view, as Covid-19 accelerates the e-commerce giant’s taking leading share in target end-markets we estimate now total $3.1 trillion across segments. Amazon’s long-term bets have typically paid out over a period of 8-10 years in terms […]

By Prashant Gopal (Bloomberg) — New home sales in the U.S. rose more than expected in May, with record-low mortgage rates pulling buyers back into a housing market that froze up during the pandemic. Purchases of single-family houses climbed 16.6% to a 676,000 annualized pace, government data showed Tuesday. The median forecast based on a Bloomberg […]

U.S. business activity contracted for a fifth straight month in June, but the pace of decline eased, supporting views that the recession caused by the COVID-19 crisis was drawing to an end.  Data firm IHS Markit said on Tuesday its flash U.S. Composite Output Index, which tracks the manufacturing and services sectors, rose to a […]

By Heather Perlberg and Hema Parmar Getting back to 2019 level will take ‘quite a while,’ he says China’s rapid growth to continue, according to Blackstone CEO (Bloomberg) — Steve Schwarzman, chief executive officer of Blackstone Group Inc., said the economy is likely to benefit from a V-type recovery in the next few months. The co-founder of the world’s […]

By Katherine Greifeld and Liz Capo McCormick U.S. money-fund assets have dropped for three straight weeks Cash on sidelines is potential ‘powder’ for risk assets: Yi (Bloomberg) — The $1 trillion pile of cash that investors amassed amid the pandemic-fueled market turmoil may determine the length of the risk rally. U.S. money-fund assets have started to shrink from […]

Dexamethasone, a cheap and widely used steroid, has become the first drug shown to be able to save lives among Covid-19 patients in what scientists hailed as a “major breakthrough”. Results of trials announced on Tuesday showed dexamethasone, which is used to reduce inflammation in other diseases, reduced death rates by around a third among […]

Retail sales shattered already-lofty expectations for May as consumers freed from the coronavirus-induced lockdowns began shopping again. The 17.7% headline gain including food sales easily topped the record 6.7% from October 2001 — a month after the 9/11 terrorist attacks — and beat the 8% estimate from economists surveyed by Dow Jones.