Coronavirus Update: Trump’s Three-Phase Plan, China’s GDP Contraction | WSJ

President Trump lays out guidelines to reopen the economy in three phases, China records its first-ever contraction in quarterly GDP, and Gilead Sciences shares soar on hopes for a potential Covid-19 drug. WSJ’s Shelby Holliday has the latest on the pandemic. Photo: STR/AFP via Getty Images

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Transcript

– President Trump's new guidelinesto reopen the economy would roll outin three phases.China records its first-ever contractionin quarterly GDP.And Gilead Sciences shares soaron reports that the
company's experimental drugmay be performing well in clinical trials.I'm Shelby Holliday here
with the latest headlinesfrom the Wall Street Journal.The US death toll from
coronavirus spiked yesterdayto nearly double the prior recordas governors extended lockdownsand President Trump sketched
out a three-phase processto reopen the economy.- We're starting our life again.We're starting rejuvenation
of our economy again.- [Shelby] The guidelines
don't suggest specific datesbut put the onus on governors
to decide based on data.States could enter the first phaseafter a downward trend
of cases over 14 days.Venues including movie theaters,restaurants and gyms could openwith strict social distancing rules.In phase two, non-essential traveland school activities could resumeand bars could reopen with restrictions.For the final phase,people could go back to their workplacesand visit hospitals.China's economy shrank 6.8%,the first such drop since
Beijing started reportingquarterly GDP numbers in 1992.The sharp contraction shows
how the country's economywas hit by unprecedented lockdownsand foreshadows the
pain expected globally.Retail sales fell around 16% in March,much worse than the 8%
expected by some economists.State media also reportedthat the death toll in Wuhan jumpedby 50% after officials adjusted the figureto include people who had died at homeand to correct misreporting
from overwhelmed hospitals.Shares of Gilead Sciences
rose more than 16%after hours after a reportthat the company's experimental drug,remdesivir, may be performing
well in clinical trialsof COVID-19 patients.The health news site, STAT,reported that a Chicago
doctor said most patientsenrolled in a company-sponsored
trial were discharged.However, that's far from a
final clinical trial result.Analysts caution that the studydoesn't include a comparison group,making it difficult to
interpret the results.Analysts say the drug is unlikelyto be a significant
financial driver for Gilead.

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