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UK GDP posts steepest on-month fall in April


The U.K.’s GDP fell by 20.4% compared to the previous month — the largest monthly fall on record — as lockdowns necessitated by the coronavirus pandemic battered the economy.

In Asia, Japan plans to allow up to 250 foreign travelers a day into the country, Kyodo news agency reported on Thursday. The decision comes as the country eases coronavirus restrictions with Tokyo moving into the final stages for a full resumption of business and economic activities.

The coronavirus pandemic continue to weigh on investor sentiment, hitting Asian markets on Friday after U.S.  stocks had their worst day since March as confirmed coronavirus cases in the U.S. topped two million.

This is CNBC’s live blog covering all the latest news on the coronavirus outbreak. This blog will be updated throughout the day as the news breaks. 

  • Global cases: More than 7.5 million
  • Global deaths: At least 421,032
  • U.S. cases: More than 2 million
  • U.S. deaths: At least 113,818

The data above was compiled by Johns Hopkins University.

UK economy contracted by 20.4% on-month in April due to lockdowns

3:15 p.m. Singapore time — The U.K.’s GDP fell by 20.4% compared to the previous month — the largest monthly fall on record — as lockdowns necessitated by the coronavirus pandemic battered the economy.

Britain entered lockdown on March 23 in a bid to curtail the spread of the coronavirus pandemic and has confirmed 292,860 infections as of Friday morning, according to Johns Hopkins University data.

Some measures began to be eased in May, the U.K. economy was mostly stymied throughout April. —Elliott Smith

A jogger walks along Southbank by the River Thames on May 29, 2020 in London.

Jo Hale | Getty Images

Share price of world’s biggest medical glove maker has more than tripled this year

3:00 p.m. Singapore time — The share price of Malaysian firm Top Glove has surged by more than three times this year as demand for medical gloves saw a significant increase due to the coronavirus pandemic.

The company, which is the world’s largest medical glove maker, said an increase in demand for its products came “from virtually every country in the world.” Its monthly sales orders jumped by some 180%, with some customers placing orders for delivery more than a year later.

Such an increase in sales helped the company to report a 366% year-over-year jump in net profit to 347.9 million Malaysian ringgit ($81.4 million) in the quarter ended May.

As of Thursday’s close, Top Glove’s Malaysia-listed shares were up by more than 255% this year, while its Singapore-listed shares jumped by over 256%, according to data by Refinitiv. —Yen Nee Lee

The number of extreme poor could rise over 1 billion due to the pandemic

1:45 p.m. Singapore time — Extreme poverty could spike due to the economic fallout from the coronavirus pandemic, according to a report published by UNU-WIDER, which is part of the United Nations University.

That comes as the cost of the public healthcare crisis could reach $500 million a day in lost…



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2020-06-12 07:38:03

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