Bloomberg

It's been almost three months since the World Health Organization declared the global outbreak of a novel coronavirus to be a pandemic. The pathogen has infected more than 5.8 million people and killed more than 360,000, but the real numbers may be much higher. While some nations, like Japan and New Zealand, have so far contained the damage, others like Italy, Spain, and most catastrophically America, have not, leading to unprecedented death and misery. Across Latin America, the Middle East and South Asia, the disease is running wild. As summer arrives in the northern hemisphere, restrictions are being lifted in a bid to stem the economic trauma, albeit in many cases too early when it comes to infection rates. A second wave, and its timing, remain front of mind as weary people emerge from isolation. —David E. Rovella

Bloomberg is mapping the pandemic globally and across America. For the latest news, sign up for our Covid-19 podcast and daily newsletter.

Here are today’s top stories

Furious protests erupted across America after the killing earlier this week of an unarmed black man at the hands four white Minneapolis police officers. Earlier deaths in which unarmed black men and women were killed by police in New York City, Kentucky and elsewhere added intensity to calls for a nationwide reckoning on U.S. police violence toward minorities. In Minneapolis, state police added fuel to the fire when they arrested a black CNN reporter and his camera crew. The journalists were later released with an apology from the governor. Derek Chauvin, the now ex-Minneapolis police officer who prosecutors said placed his knee on George Floyd’s neck for almost nine minutes before his death, was charged Friday with third degree murder and manslaughter.

U.S. consumer spending, which accounts for about two-thirds of the world’s largest economy, plunged in April by the most on record. Household outlays fell 13.6% from the prior month, the sharpest drop in records going back to 1959. 

States and cities are slashing jobs in the face of huge deficits spurred by the coronavirus, and a lack of federal assistance in making up the shortfall. But even with the cuts, making the budget math work won’t be simple. 

Beijing’s decision to force national security laws on Hong Kong has outraged many in the European Union, but it places EU governments on the horns of a dilemma over how to respond. On Friday, U.S. President Donald Trump said he would end Hong Kong’s special relationship with the U.S., though it was unclear how that would happen. He also said he would cut ties to the WHO, but his earlier threats to end contributions to the global health agency have raised questions about whether he had the authority to do so without Congressional assent.

Hong Kong’s former chief executive lambasted HSBC over not publicly voicing its support for China’s move to crack down on Hong Kong. The U.K. meanwhile put its finger in Beijing’s eye, threatening to make citizenship offers for residents of its former territory.

Uber and Grubhub are haggling over a breakup fee after nearing agreement on a merger price. Grubhub wants Uber to pay it a cash sum should U.S. regulators block the proposed combination of their food-delivery services.

Trump has recently threatened several unilateral actions that are not within the power of his office. Jonathan Bernstein, writing in Bloomberg Opinion, notes that the embattled Republican has also been ignoring those powers to which he’s entitled, like activating the Defense Production Act, which could have been used to better protect overwhelmed medical professionals. Together, Bernstein contends these are signs of presidential weakness. As for Trump’s latest threat against social media companies, Timothy L O’Brien writes that Twitter has nothing to fear.

What you’ll need to know tomorrow

What you’ll want to read in Bloomberg Pursuits

One of the World’s Great Sandwiches Is Back

American home kitchens are at an unprecedented crossroads. The most pedestrian supermarket staples are now as valuable as fancy homemade products. A household’s most prized possessions can include a jar of sourdough starter just as easily as a can of mayonnaise. Thus the stage has been set: Enter the classic tuna melt.
 

Like Bloomberg’s Evening Briefing? Subscribe to Bloomberg All Access and get much, much more. You’ll receive our unmatched global news coverage and two in-depth daily newsletters, The Bloomberg Open and The Bloomberg Close.

How are global investors and financial regulators navigating the current financial landscape, and what’s on the horizon for global markets? Hear from U.S. Securities and Exchange Chairman Jay Clayton, Jenny Johnson of Franklin Templeton and David Hunt of PGIM on June 2 in the latest installment of our virtual series, Bloomberg Invest Talks.

Download the Bloomberg app:  It’s available for iOS and Android.

Before it’s here, it’s on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. Learn more.