By Gina Lee
Investing.com – China reported a huge shrink in its first quarter gross domestic product, its first since data was gathered in 1992.
Australia could implement social distancing measures to curb the spread of COVID-19 could remain in place for another year.
The United States digested its latest unemployment figures, with 5.2 million claims this week. Meanwhile, U.S. President Donald Trump hinted at reopening the U.S. economy and Gilead Sciences (NASDAQ:GILD) reported positive clinical trial results for its drug to treat the virus.
Asia Pacific
Australian Prime Minister Scott Morrison warned that social distancing measures, such as people standing 1.5 meters apart, could be in place for another year.
He said in an interview with radio station 3AW that Australians should “get very used to” the measures, adding that “It could be a year, but I’m not speculating about that.”
Meanwhile, the country is pushing to reopen schools, as medical advice received by the government suggested that children are at lower risk of transmission.
China reported a 6.8% year-on-year contraction in its first quarter gross domestic product. This was against analyst forecasts of a 6.5% decrease.
Chinese industrial production also fell 1.1% year-on-year in March, less than the predicted 7.3%.
North America
The United States announced overnight that 5.2 million people claimed unemployment over the past week, against analyst forecasts of 5.1 million claims.
The latest claims bring the total number of unemployed Americans to over 20 million.
Meanwhile, U.S. President Donald Trump hinted at the reopening of the U.S. economy as he briefed U.S. governors on guidelines in “opening up America again” overnight.
Gilead Sciences reported that clinical trials of its antiviral drug remdesivir showed promising results in treating COVID-19.