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What to watch for today
There are more shutdowns in the US. New York City schools are closing. Mayor Bill de Blalsio called the move, which affects 1.1 million children, 75,000 teachers and over one million parents, “extraordinarily painful”. California governor Gavin Newsom called for the closure of all bars and told those over 65 to self isolate. Vegas casinos will shutter from Tuesday.
The US also clamps down on social gatherings… The Centers for Disease Control and Protection discouraged gatherings of 50 or more people, including weddings, funerals, sporting events, concerts, and parades for at least eight weeks.
… and bans travelers from the UK and Ireland. The US is extending its travel restrictions, currently applied to 26 European countries, at midnight eastern time, vice president Mike Pence announced.
The British government is holding daily televised briefings. Prime minister Boris Johnson or another senior figure are addressing the public to inform them of the latest developments, and offer advice. The UK’s anti-coronavirus measures have been notably less stringent than comparable countries.
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The US central bank said it is now targeting a federal funds rate of zero to 0.25%. It is “prepared to use its full range of tools” as the impact of coronavirus ripples through the economy, including buying an extra $700 billion in Treasury and agency mortgage-backed securities.
China released disastrous economic data. Industrial production for the combined months of January and February fell 13.5% from a year earlier, while retail sales plunged 20.5%. China instituted large-scale lockdowns nearly two months ago to contain the coronavirus outbreak.
Coronavirus deaths in Europe have surpassed China. As the Chinese lockdowns show signs of success, Germany closed its borders, domestic transportation in Spain was severely reduced, and Turkey and France shut bars, restaurants, and cinemas, with more stringent measures expected.
Airlines cut pay and schedules. As more countries put travel restrictions in place, carriers asked for government help, drastically reduced capacity, and said they are also forced to pay their staff much less.
Aramco announced a 21% drop in profit. The Saudi oil giant made a mere $88.2 billion in 2019, disappointing investors. It is cutting capital spending, as demand for oil plunges and it finds itself in a price war with Russia, but will still pay a $75 billion cash dividend this year.
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Quartz daily obsession
One of the brightest stars in the sky could go supernova on us. We’re used to Betelgeuse (Alpha Orionis) representing the constellation Orion’s right shoulder. But after thousands of years of dependability, the red supergiant is acting strangely. Take a look at our brilliant friend (while we can) with the Quartz Daily Obsession.
Matters of debate
Quarantine has serious mental health implications. Some people can’t cope.
Our social structure is fragile… Any crisis throws into sharp relief the lack of a safety net in the US.
… and anyway, coronavirus protection is for the rich. It is much easier to isolate if you’re an accountant rather than a bus driver.
Surprising discoveries
A Tennessee man donated 17,700 bottles of hand sanitizer he’d hoarded. The state’s attorney general, however, is investigating him for price gouging.
English soccer kept going, but on the internet. With games suspended, some teams played their fixtures on a simulator, while others competed in games of tic-tac-toe.
Some sporting activity continued… A wrestling tournament took place in Canada, and also Turkish and African soccer, complete with crowds.
… while Olympic athletes kept training. Even though the event might be canceled.
Theaters are filming plays. They want audiences to continue to enjoy them.
Our best wishes for a productive day. Please send any news, comments, internet soccer, and televised plays to hi@qz.com. Get the most out of Quartz by downloading our app on iOS or Android and becoming a member. Today’s Daily Brief was brought to you by Jenny Anderson and Hasit Shah.