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U.S. intelligence agencies alleged in a secret report that China has concealed the true extent of its coronavirus infections and deaths, three officials who requested anonymity told Bloomberg. President Donald Trump, under siege for months of falsehoods, delays and mistakes in his response to the pandemic, has been trying to put the onus on Beijing, including calling Covid-19 the “Chinese virus.” Nevertheless, the new report adds to growing global concern about the accuracy of China's numbers. Its leaders have been increasingly worried about social unrest as the country struggles to get its economy running again. The U.S., which has the largest publicly reported outbreak in the world, has more than 189,000 cases and more than 4,000 deaths. —Josh Petri

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France and Spain reported another increase in fatalities, while Italy and Germany moved to extend shutdowns. Russian President Vladimir Putin joined the list of global leaders working remotely after being exposed to the virus. The upcoming United Nations climate conference has been postponed. And Wimbledon was cancelled for the first time since WWII, with its facilities offered for use in coping with the outbreak. Here’s the latest.

The 11 southern states that broke from America over slavery have the nation’s least healthy residents and some of the loosest precautions against the coronavirus. Now that the pathogen is arriving in the region in earnest, a public health disaster looms. One of those states is Florida, where after weeks of resistance Governor Ron DeSantis ordered people to stay indoors. But it may be too late for many, and not just in Florida: some of those who crowded the state’s beaches for Spring Break have Covid-19, and have been spreading it back home.

Asymptomatic patients, or those who can spread the virus without showing symptoms themselves, can play an outsize role in transmitting the pathogen to others. As many as 25% of those infected fall into this category, according the Centers for Disease Control and Prevention. China on Wednesday reported 130 such people in the first daily count of its kind.

The unproven drugs Trump touted as a potential Covid-19 treatments have been added to the Food and Drug Administration’s shortage website. Some Americans who took the medications for rheumatoid arthritis, lupus and other disorders before Trump’s pronouncements are now unable to fill prescriptions.

Regulators tried to make the financial system safer after the Great Recession by blocking banks from taking on extreme leverage. Turns out it didn’t take: in a matter of days, a slew of trades unraveled to expose various forms of soured levered bets on Wall Street. U.S. stocks on Wednesday dropped for the third time in four days. 

After health care professionals,truckers and delivery drivers have become some of the most indispensable U.S. workers. But they’re increasingly worried about the risks they’re taking and how they’ll get paid if they get sick. As millions of supposedly dispensable workers are laid off, they’re all doing the same risk calculation: Should they apply for one of the risky jobs the pandemic is creating, or should they wait it out? The uninsured should forget about new healthcare options if they choose the former: Trump just decided not to reopen Obamacare for enrollment during the pandemic.

U.S. landlords are finding themselves stuck between a rock and a hard place: missed rent payments and overdue loans. Even WeWork is asking landlords for a break.

What’s Joe Weisenthal thinking about? The Bloomberg news director says everyone is grasping for analogies to what we’ve seen in markets and the economy over the last several weeks. So what does this mean for a recovery? On a recent podcast in which Joe spoke with Zoltan Pozsar of Credit Suisse and economist Perry Mehrling, we discover the analogy is a bridge to nowhere.

What you’ll need to know tomorrow

What you’ll want to read in Bloomberg Green

The Secret Cost of Google’s Data Centers

Alphabet Inc.’s Google is building more data centers across the U.S. to power online searches, web advertising and cloud services. The company has boasted for years that these huge computer-filled warehouses are energy efficient and environmentally friendly. But there’s a cost that the company tries to keep secret: These facilities use billions of gallons of water, sometimes in dry areas that are struggling to conserve it.

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