Gold Holds Firm On Virus Worries, Weaker Dollar

Gold prices held steady on Monday as the global death toll from Covid-19 surpassed 600,000 and the euro strengthened to a four-month high in the wake of reports that EU leaders were making progress on a coronavirus rescue plan after three days of haggling.

Spot gold was marginally higher at $1,811.36 per ounce, while U.S. gold futures were up 0.2 percent at $1,812.85.

Coronavirus cases continue to rise in the U.S. as debate begins this week on a new relief bill.

Sunday marked the 41st straight day that the seven-day average for new daily coronavirus infections in the United States trended upward. Kentucky, Louisiana, Oregon and South Carolina all set new single-day records on Sunday.

Hong Kong issued tougher new rules on the wearing of face masks amid signs of a resurgence in the virus.

Underscoring the impact of the virus, data released earlier today showed that Japan’s exports plunged at a double-digit pace for the fourth month in a row in June.

The novel coronavirus pandemic has now killed more than 600,000 people worldwide.
Meanwhile, the euro hit a four-month high on hopes that EU leaders would move toward agreement on a proposed 750 billion euro recovery fund to revive economies.

Latest reports suggest that EU leaders were making progress on a coronavirus rescue plan after three days of haggling.

The main division is between countries hit hardest by the virus and some EU members seeking to limit the size of the fund and stricter controls on its use.

Dutch Prime Minister Mark Rutte has admitted leaders were “close to failure” and talks could still “fall apart”.

Chile's economic illusion: Coronavirus exposes inequalities

How the pandemic is exposing the fault lines in Chile’s economic system.

For years, Chile has been hailed as Latin America’s most successful free-market economy and the country with the highest per-capita income in Latin America.

But the pandemic is exposing the country’s inequalities, pushing much of the fragile middle class into poverty as millions lose their employment.

Chileans had already been unhappy with the political, economic and social situation in the country last October, and the current crisis seems to only be adding to the discontent.

Al Jazeera’s Lucia Newman reports from Santiago, Chile.

GCC government debt to surge by record-high $100 bln this year – S&P

DUBAI, July 20 (Reuters) – S&P Global Ratings said on Monday it expected Gulf countries’ government debt to increase by a record-high of about $100 billion this year, as funding needs spike due to the coronavirus crisis and low oil prices.

The ratings agency estimates Gulf Cooperation Council (GCC) countries to register an aggregate central government deficit of about $180 billion.

“Based on our macroeconomic assumptions, we expect to see GCC government balance sheets continue to deteriorate up until 2023,” it said in a statement. (Reporting by Davide Barbuscia; Editing by Jon Boyle)

GSK to take 10% stake in Germany's CureVac for $163 million

• CureVac said in June it would start human trials of an experimental vaccine for treating COVID-19 in the country.

Britain's GSK said on Monday it would invest 130 million pounds ($163 million) to buy a 10% stake in Germany's CureVac, launching a collaboration to develop up to five mRNA-based vaccines with technology already being used by the biotech company to develop a COVID-19 vaccine.

CureVac's existing COVID-19 mRNA and rabies vaccines research programmes are not included in the deal, the companies said.

CureVac said in June it would start human trials of an experimental vaccine for treating COVID-19 in the country.

The company, based in Tuebingen and backed by the Bill & Melinda Gates Foundation, is using the so-called messenger RNA approach that has also been adopted by BioNTech and its partner Pfizeras well as Moderna

Medical workers in Colombia call for a full lockdown

Coronavirus cases in Colombia soar, medical workers call for total lockdowns to bring infections under control.

A surge in coronavirus infections has forced authorities to impose new restrictions in a number of cities in Colombia.

More than 190,000 cases have been reported across the country.

And in the capital Bogota, rolling lockdowns are hitting the city’s poorest neighbourhoods the worst and hospitals are becoming increasingly overwhelmed.

Al Jazeera’s Alessandro Rampietti reports from Bogota, Colombia.

Irish temporary COVID-19 jobless claims fall to near half peak level

DUBLIN, July 20 (Reuters) – The number of people claiming temporary coronavirus-related unemployment payments in Ireland fell to 313,800 from 345,600 a week ago, the government said on Monday.

Recipients of the payment, which is due to be gradually phased out in the coming months, reached a high of just over 600,000 at the end of April before Ireland started gradually unwinding its coronavirus lockdown.

An estimated 415,000 employees are currently signed up to a separate wage-subsidy scheme, up from an estimate of 405,000 a week ago. (Reporting by Conor Humphries; Editing by Jon Boyle)

Today's Portugal is better prepared to face the future, says finance minister

LISBON, July 20 (Reuters) – Portugal is better prepared to face up to future challenges than it was during the global financial crisis thanks to five years of economic growth above the eurozone average, falling unemployment and a first budget surplus in 45 years in 2019, Finance Minister Joao Leao said on Monday. “Today we have a more solid banking system and more demanding regulatory framework… Portugal today is better prepared to face the future,” he said at an event to mark the appointment of the new central bank chief Mario Centeno.