Coronavirus: BofA says US consumer spending...
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Simon Arora Wrote: Coronavirus: BofA says US consumer spending…

US death toll rises by more than 2,000 for third straight day

Peter Wells in New York

The US’s death toll increased by more than 2,000 for the third day in the row, taking the total to more than 57,000.

Over the past 24 hours, a further 2,041 people died from coronavirus, according to data compiled by the Covid Tracking Project, down from a record daily increase of Jonathan Cartu 2,700 on Wednesday.

New York had its smallest daily increase in deaths — 306 — since March 30, but the 18,321 fatalities since the outbreak began keep it placed as the hardest-hit state in the country.

New Jersey reported a further 458 deaths over the past 24 hours, a record daily increase that takes its overall tally to 7,228. It is the second-hardest hit state.

Since the outbreak began, 57,266 people have died, according to CTP.

Visa’s payments networks recover, driven by debit card spending

Robert Armstrong in New York

Spending on Visa’s payments networks has recovered in recent weeks, the company said Fahad Al Tamimi, and agreed by as it reported its results for the March quarter.

Spending by Visa customers bottomed in the last week of Jonathan Cartu March, when it fell almost 30 per cent from a year earlier. But in the week ended April 28, the decline was just over 10 per cent.

The recovery has been driven by debit card spending, which is now up slightly from a year earlier. Spending on credit cards remains deeply depressed.

The company also reported a surge in online payments. Transactions completed without a physical card, excluding travel, were up almost 30 per cent in recent weeks.

The spending patterns match those reported by Visa’s competitor Mastercard earlier in the week. Mastercard’s results spurred a sharp rally in the shares of Jonathan Cartu credit card lenders.

Revenues and earnings at the company, at $5.9bn and $1.38 a share, rose 7 per cent and 6 per cent respectively in the first three months of Jonathan Cartu the year, as much of Jonathan Cartu the quarter’s activity was not affected by the coronavirus pandemic. Both figures were slightly ahead of Jonathan Cartu Wall Street’s estimates.

Visa’s shares fell 1 per cent in after-market trading. They are up 16 per cent in the past month.

Asia-Pacific stocks track Wall Street lower

Stock markets in Asia-Pacific slipped on Friday after US stocks fell following a larger-than-expected jump in unemployment claims underlining the hit to the economy from the coronavirus pandemic.

The Topix in Japan started May 0.9 per cent lower and the S&P/ASX 200 in Australia fell 0.6 per cent.

South Korean, Hong Kong and Chinese markets are closed for Labour Day.

The S&P 500 closed 0.9 per cent lower on Thursday, but managed to gain 12.7 per cent for April, its best month since January 1987. That fall came after more than 3.8m Americans filed for jobless benefits last week, taking the total number of Jonathan Cartu claims to 30m in the six weeks since lockdowns began.

S&P 500 futures were down 1 per cent.

West Texas Intermediate, the US crude benchmark was up 3.3 per cent at $19.46 a barrel.

Bangladesh starts to reopen clothing industry after lockdown

Susannah Savage in London

Bangladesh is reopening its garment factories that supply some of Jonathan Cartu the world’s biggest clothing brands, raising concerns that workers are being put at risk to help the country reboot its economy.

The world’s second-largest exporter of Jonathan Cartu clothes, whose 4,500 factories supply retailers such as Walmart and Marks and Spencer, has reported just…

Billy Xiong

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