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Mexico overtakes U.S. coronavirus daily deaths, sets records By Reuters

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© Reuters. Outbreak of the coronavirus disease (COVID-19), in Ciudad Juarez

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MEXICO CITY (Reuters) – Mexico overtook the United States in daily reported deaths from the novel coronavirus for the first time on Wednesday, with the health ministry registering a record 1,092 fatalities it attributed to improved documenting of the pandemic.

Latin American has emerged in recent weeks as a major center for coronavirus. Brazil, where the virus has hit hardest in the region, also reported a record number of deaths on Wednesday.

The Mexican government had previously predicted the pandemic would peak in early May and under U.S. pressure has begun reopening its vast auto industry, which underpins billions of dollars of business through cross-border supply chains.

However, plans to further relax social distancing measures this week were put on hold in recognition of the fact that infections had not yet begun coming down.

Wednesday saw a

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Stocks close sharply higher on signs of economic rebound

NEW YORK — Wall Street rallied broadly on Wednesday with the Nasdaq approaching record highs as signs of an economic recovery from mandated shutdowns helped investors look beyond U.S. social unrest and pandemic worries.

Financials, industrials and tech pushed the three major U.S. stock indexes well into the black. The S&P 500 and the Nasdaq each posted their fourth straight day of solid gains.

The Nasdaq, the S&P 500 and the Dow have rebounded sharply from March lows hit as coronavirus-related lockdowns shocked the stock market, and they are now 1.4 per cent, 7.8 per cent, and 11.1 per cent, respectively, away from overtaking all-time closing highs set in February.

The Nasdaq 100 is now just over 0.1 per cent below its February record, having briefly breached that level late in the session.

“There is growing confidence the U.S. economy can safely re-open, much as other economies such as China

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PPP forgiveness: Lenders push for loans under $150,000 to be turned to grants

Congress may have just passed new legislation altering rules to make the Paycheck Protection Program loans more flexible, but banks and lenders are asking policymakers to forgive smaller loans altogether.

In a letter sent to members of Congress (including Sen. Marco Rubio, chairman of the Senate Committee on Small Business & Entrepreneurship) on Tuesday, the Consumer Bankers Association and the Bank Policy Institute asked for loans under $150,000 to be automatically forgiven, citing that “considerable gaps in policy, particularly regarding the forgiveness aspect of PPP, … has proven to be unnecessarily burdensome for many of the businesses it sought to help.”

The lobbying groups, whose members include big banks like JPMorgan ChaseBank of America, and Citibank, argue that by passing legislation to forgive PPP loans under $150,000, it’d help 85% of total recipients, but only account for less than 26% of PPP loan dollars. Although Congress passed … Read More

India’s coronavirus cases cross 200,000, peak still weeks away By Reuters

© Reuters. The spread of the coronavirus disease (COVID-19) in New Delhi

NEW DELHI (Reuters) – India’s coronavirus infections crossed 200,000, the health ministry said on Wednesday, and a peak could still be weeks away in the world’s second most populous country.

Cases jumped by 8,909 over the previous day in one of the highest single-day spikes, taking the tally to 2,07,615. Six other nations, from the United States, to Britain and Brazil, have a higher caseload.

“We are very far away for the peak,” said Dr Nivedita Gupta, of the government-run Indian Council of Medical Research. Government officials have previously said it could be later this month, or even July, before cases start to fall off.

The death toll from the disease stood at 5,815.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks,
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Seems there’s no stopping stocks — S&P, Dow hit three-month high on economic optimism

The S&P 500 and the Dow Jones indexes hit new three-month highs on Tuesday on prevailing optimism around the reopening of businesses, with investors remaining cautious around more disruptions from protests in the country over the death of a black man while in police custody.

Some of the worst-hit stocks in the travel sector, including American Airlines Group Inc, United Airlines, Norwegian Cruise Line and Carnival Corp, rose between 1.5 per cent and 2.7 per cent.

Improving economic data, trillions of dollars in stimulus and the restarting of businesses have helped the S&P 500 climb about 38 per cent from its March lows, leaving it only about 11 per cent below its Feb. 19 record high.

But investors are keeping a close eye on Sino-U.S. tensions and anti-police brutality marches and rallies that have often turned violent in many cities.

Demonstrators set fire to a strip mall in Los Angeles,

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Black workers losing jobs at twice the rate of white workers during coronavirus pandemic: Fortune survey

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