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U.S. spending blitz; EU "tele-summit"
The big policy move of the day will come later in the UnitedStates when the Senate will vote on a $2-trillion package, withthe House of Representatives expected to follow suit soon after.That came after U.S. senators and Trump aides finally reached anagreement on a massive economic stimulus bill to alleviate theeconomic pressure of the coronavirus outbreak.
The European Union is inching towards a coordinated supportpackage of its own, and on top of those launched by individualcapitals. Euro zone finance ministers have agreed governmentscan apply for a precautionary credit line worth some 2% of theirGDP from a joint EU bailout fund: the final green light is dueat a "tele-summit" of EU leaders on Thursday.
Treat with caution: rocketing stocks not cause for comfort
Those pining for a bottom to the gut-wrenching stock marketselloff may be disappointed to learn that mega one-day rallies,like the ones seen since Tuesday, are typically not the start ofa durable recovery.
Of the 20 past instances when the S&P rallied 8% or more ina single day, 13 of them took place when stocks were in theembrace of a bear market.
Your country needs you
Within hours of the appeal being launched, more than 170,000people have come forward as volunteers to help Britain'sNational Health Service tackle the coronavirus outbreak.
"At times of crisis people come together," Stephen Powis,the national medical director of NHS England, told BBC TV. "Thisis a health emergency and we can all play a role."
Britain had called for 250,000 volunteers to deliver foodand medicines, provide transport for patients and supplies, andto telephone those who are becoming lonely because of self-isolation. The NHS is facing a big resources crunch that willonly get worse as the virus spreads.
The spread
There are over 420,000 cases of coronavirus reported across196 countries, according to a Reuters tally at 0200 GMT onTuesday. Almost 19,000 deaths are linked to the virus.
Italy reported over 5,000 infections in the past day, andtotal infections are now almost 70,000. Italy will overtakeChina's case load of 81,000 within days if the rate of infectioncontinues at this pace.
The United States now has the third-highest number of casesglobally, after it added almost 11,000 cases in the past day.The WHO warned it could become the virus' new epicentre.
Cases in India crossed 500 for the first time on Tuesday, asthe world's second-most populous country began a three-weeklockdown.
(For an interactive graphic tracking the global spread, open
Stop press: Vatican daily halted
The Vatican daily L'Osservatore Romano, which Pope Francishas jokingly called "the party newspaper", has suspendedprinting for only the third time in nearly 160 years.
The paper, which was founded in 1861, will continuepublishing online and most of its staff of about 60, including20 journalists, will work from home, editor Andrea Monda said.
The paper was not published on Sept. 20, 1870, when forcesfighting for Italian unification conquered Rome and publicationwas also suspended for a period in 1919 due to labour unrest andother difficulties in Italy after World War One.
Ten copies will continue to be printed. They are for PopeFrancis, former Pope Benedict, a few top officials and severalto be archived for the historical record.
(Compiled by Mark John and Karishma SinghEditing by Gareth Jones) ((Karishma.Singh@thomsonreuters.com;))
