Spain's total coronavirus cases rise by 2,255 to 272,421

MADRID, July 24 (Reuters) – Spain reported a cumulative total of 272,421 coronavirus cases on Friday, up 2,255 from the day before, health ministry data showed, with the figure including people who have recovered from the disease but whose antibody tests were taken now.

In the past 24 hours, some 922 new infections were diagnosed, the ministry said, compared with 971 the previous day.

Since lifting a nationwide lockdown a month ago Spain has struggled to contain a rise in new infections. (Reporting by Emma Pinedo and Nathan Allen Editing by Ingrid Melander)

Verizon Enrolls Covid-Affected Users in Extended Payment Plans

Verizon Communications Inc. said it has enrolled its Covid-affected customers into extended payment plans after the pledge to remain connected expired at the end of June

Chief Financial Officer Matt Ellis was asked on the company’s second-quarter earnings call about customers who face financial hardship due to the pandemic. He said about 1.5 million people are signed up under the pledge. Of those customers, 80% have made at least one payment.

For more on Verizon’s earnings, click here for the TOPLive blog.

‘Hidden Figures’ Stage Musical In The Works At Disney

A stage musical adaptation of the 2016 Oscar-nominated hit film Hidden Figures is in the works at Disney, with plans to assemble a creative team of Black artists, Disney Theatrical Productions confirms.

The project has been in development, quietly, for a few years, but came to light this week with a mention in a New York Times report on Black theater artists. Film scholar and former film critic Elvis Mitchell is attached to the project as a creative consultant.

Other details about the musical production, including casting, creative team, and target dates, are to be determined.

Loosely based on Margot Lee Shetterly’s nonfiction book of the same title, director Theodore Melfi’s Hidden Figures chronicled the contributions made by Black female NASA mathematicians who were crucial – if unheralded – to the United States’ Space Race missions of the 1960s. Taraji P. Henson starred as mathematician Katherine Johnson, and Octavia Spencer earned an Oscar nomination for her performances as NASA supervisor and mathematician Dorothy Vaughan. Also starring were Janelle Monáe, Kevin Costner, Kirsten Dunst, Jim Parsons, Glen Powell, and Mahershala Ali.

European Economics Preview: Eurozone Current Account Data Due

Current account data from euro area is due on Monday, headlining a light day for the European economic news.

At 2.00 am ET, Destatis is scheduled to release Germany’s producer prices for June. Prices are forecast to drop 1.6 percent annually, slower than the 2.2 percent fall seen in May.

At 3.00 am ET, unemployment data is due from Slovakia. Economists forecast the jobless rate to rise to 8 percent in June from 7.2 percent in May.

At 4.00 am ET, the European Central Bank releases euro area current account data for May. The surplus totaled EUR 14.4 billion in April.

In the meantime, industrial production and producer prices are due from Poland. Industrial production is expected to fall 6.9 percent on year in June, slower than the 17 percent fall seen in May. Economists forecast producer prices to drop 1 percent annually, smaller than the 1.5 percent fall in May.

At 6.00 am ET, Germany’s central bank publishes monthly report.

German biotech firm CureVac files for U.S. IPO

(Reuters) – German biotech CureVac BV, one of the companies developing a coronavirus vaccine, said on Friday it had filed for an initial public offering in the United States.

The IPO filing comes days after the company said Qatar Investment Authority (QIA) has taken an undisclosed stake in the firm as part of a $126 million financing round.

JSW Steel slips into red with ₹582-crore Q1 loss

Firm’s revenue slides 40% to ₹11,782 cr.

JSW Steel Ltd. on Friday reported a consolidated net loss of ₹582 crore for the first quarter of FY21.

The firm had clocked a net profit of ₹1,008 crore in the year-earlier period. Revenue from operations declined 40% to ₹11,782 crore.

On a standalone basis, the company reported net loss of ₹146 crore compared with the net profit of ₹1,439 crore. Total revenue declined to ₹10,293 crore from ₹17,698 crore.

Crude steel production at 2.96 million tonnes was lower than 4.24 million tonnes a year ago. Saleable steel sales dropped to 2.8 million tonnes from 3.75 million tonnes.

Supply chain disrupted

The company said the first quarter was marked by formidable challenges of disrupted supply chains, unparalleled drop in demand and activity levels in the domestic markets, uncertainty in seamless inbound and outbound logistics movement and liquidity constraints.

The firm said the average realisation during the quarter was impacted by lower steel prices and adverse product and market mix.

Lower costs of iron ore and other operating expenses partially offset the drag on margins caused by weaker operating leverage and lower realisations.

New York Gov. Cuomo accuses Trump administration officials of 'possible criminal liability' in Trusted Traveler lawsuit

New York Gov. Andrew Cuomo threatened to sue the Trump administration for damages over banning state residents from the Department of Homeland Security's Trusted Traveler Program, saying the agency "abused government resources to advance political purposes."

Cuomo accused two DHS officials acting Secretary Chad Wolf and acting Deputy Secretary Ken Cuccinelli,of potential criminal liability. 

"I believe Mr. Wolf and Mr. Cuccinelli have possible criminal liability. I believe there is civil liability. It was a clear abuse of government power for political purposes," he said at a press conference in Albany on Friday.

Cuomo called on U.S. Attorney General William Barr to launch an investigation. He said the state will seek possible civil damages from DHS. 

The Department of Homeland Security did not immediately respond to CNBC's request for comment.

CNBC's Amanda Macias contributed to this article.

'This is a developing story. Please check back later for updates.