Tag Archives: Germany

Putin proposes seven-way online summit to avoid ‘confrontation’ over Iran: Kremlin

MOSCOW (Reuters) – Russian President Vladimir Putin on Friday proposed holding a seven-way online summit of the five permanent members of the U.N. Security Council together with Germany and Iran, to outline steps aimed at avoiding a confrontation over the Iran arms embargo.

In a Kremlin statement, Putin said discussions were becoming increasingly tense over the Iranian issue at the Security Council, which began voting on Thursday on a U.S. proposal to extend an arms embargo on Iran, which is opposed by veto-wielding Russia and China.

“The situation is escalating. Unfounded accusations against Iran are being put forward,” said Putin, adding that Russia remained fully committed to the Iran nuclear deal.

The 13-year-old arms embargo is due to expire in October under a 2015 nuclear deal between Iran, Germany, Russia, China, Britain, France and the United States that prevents Tehran from developing nuclear weapons in return for sanctions relief.

Russia suggested an online video conference to avoid aggravating the situation at the U.N. Security Council.

Putin described the matter as urgent and urged the other nations to carefully consider Russia’s offer, saying the alternative was further escalation of tensions and a growing risk of conflict.

(Reporting by Gabrielle Tétrault-Farber; Writing by Alexander Marrow; Editing by Toby Chopra and Hugh Lawson)

Proportion of youth with COVID-19 triples in five months: WHO

By Ankur Banerjee and Stephanie Nebehay

(Reuters) – Young people who are hitting nightclubs and beaches are leading a rise in fresh coronavirus cases across the world, with the proportion of those aged 15 to 24 who are infected rising three-fold in about five months, the World Health Organization said.

An analysis by the WHO of 6 million infections between Feb. 24 and July 12 found that the share of people aged 15-24 years rose to 15% from 4.5%.

Apart from the United States which leads a global tally with 4.8 million total cases, European countries including Spain, Germany and France, and Asian countries such as Japan, have said that many of the newly infected are young people.

“Younger people tend to be less vigilant about masking and social distancing,” Neysa Ernst, nurse manager at Johns Hopkins Hospital’s biocontainment unit in Baltimore, Maryland told Reuters in an email.

“Travel increases your chances of getting and spreading COVID-19,” she said, adding young people are more likely to go to work in the community, to a beach or the pub, or to buy groceries.

The surge in new cases, a so-called second wave of infections, has prompted some countries to impose new curbs on travel even as companies race to find a vaccine for the fast-spreading virus that has claimed more than 680,000 lives and upended economies.

Even countries such as Vietnam, widely praised for its mitigation efforts since the coronavirus appeared in late January, are battling new clusters of infection.

Among those aged 5-14 years, about 4.6% were infected, up from 0.8%, between Feb. 24 and July 12, the WHO said, at a time when testing has risen and public health experts are concerned that reopening of schools may lead to a surge in cases.

Anthony Fauci, the leading U.S. expert on infectious diseases, urged young people last month to continue to socially distance, wear masks and avoid crowds, and cautioned that asymptomatic people could spread the virus, too.

Indeed, health experts in several countries have urged similar measures as they report that infected youth show few symptoms.

“We’ve said this before and we’ll say it again: young people are not invincible,” WHO Director General Tedros Adhanom Ghebreyesus told a news briefing in Geneva last week.

“Young people can be infected; young people can die; and young people can transmit the virus to others.”

Last month, Tokyo officials said they would conduct coronavirus testing in the city’s nightlife districts, and instructed nightclubs to provide customers with enough space with good ventilation and to ask them to avoid speaking loudly.

In France last month, authorities shut down a bar where people breached hygiene rules and caused an outbreak.

(Reporting by Ankur Banerjee and Vishwadha Chander in Bengaluru and Stephanie Ulmer-Nebehay in Geneva; Editing by Sayantani Ghosh and Bernadette Baum)

What you need to know about the coronavirus right now

(Reuters) – Here’s what you need to know about the coronavirus right now:

Republicans and Democrats in tough talks

U.S. Republicans and Democrats faced difficult talks on Tuesday over how best to recover from the coronavirus pandemic, after Republicans unveiled a relief proposal four days before millions of Americans lose unemployment benefits.

Senate Republicans announced on Monday a $1 trillion aid package hammered out with the White House, which Senate Majority Leader Mitch McConnell touted as a “tailored and targeted” plan to reopen schools and businesses while protecting firms from lawsuits.

But the proposal brought opposition from both sides. Democrats decried it as too limited compared with their $3 trillion proposal that passed the House of Representatives in May. Some Republicans called it too expensive.

Vaccine updates

U.S. and company officials are hopeful Moderna Inc’s vaccine against COVID-19 could be ready for widespread use by the end of this year, after the drugmaker announced the start of a 30,000-subject trial to demonstrate it is safe and effective, the final hurdle prior to regulatory approval.

German biotech BioNTech and U.S. drugmaker Pfizer Inc said on Monday they would begin a pivotal global study to evaluate their lead vaccine candidate. If the study is successful, the companies could submit the vaccine for regulatory approval as early as October.

Meanwhile, European efforts to secure potential COVID-19 vaccines from Pfizer, Sanofi and Johnson & are mired in wrangles over price, payment method and potential liability costs, three EU officials told Reuters.

‘Negligence’ blamed for Germany’s virus case rise

Negligence is behind Germany’s steady rise in new coronavirus infections, the head of a state-funded research body said on Tuesday, adding it was unclear if a second wave was underway.

“The new developments in Germany make me very worried,” said Lothar Wieler, of the Robert Koch Institute (RKI) for infectious diseases. “The rise has to do with the fact that we have become negligent,” he added, urging people not to flout social distancing rules.

The number of daily new cases almost doubled on Tuesday to 633, and the RKI linked that to increased contact at parties and the workplace.

Swift moves in Vietnam

Vietnam suspended all flights to and from Danang for 15 days after at least 14 coronavirus cases were detected in the city. Two people were in critical condition.

“All evacuation flights now are cancelled,” CAAV deputy director Vo Huy Cuong told Reuters by phone on Tuesday. “We operated 90 flights to evacuate tourists stranded in Danang yesterday but most tourists had already left Danang on Sunday, mostly by coach or train to nearby provinces.”

All bus and train services to and from Danang have also been suspended from Tuesday. With over 95 million people, Vietnam is the most populous country in the world to have recorded no COVID-19 fatalities.

Fly all you want

China Southern Airlines, China’s biggest carrier by passengers, on Tuesday rolled out a “Fly Happily” deal, which allows buyers to use passes for as many flights as they wish for destinations across the country from Aug. 26 to Jan. 6 for 3,699 yuan ($529).

At least eight of China’s dozens of airlines have introduced similar deals since June. Industry watchers say the packages have been a shot in the arm.

But Luya You, transportation analyst at BOCOM International, said these promotional packages can only stimulate demand when coronavirus risks are already sufficiently reduced. “While these packages may work in domestic markets, we do not expect similar rollouts for outbound routes anytime soon,” she said.

(Compiled by Linda Noakes and Karishma Singh; Editing by Andrew Cawthorne)

German court convicts 93-year old man for Nazi crimes

By Madeline Chambers

BERLIN (Reuters) – A Hamburg court convicted a 93-year old German man of helping to murder 5,232 prisoners, many of them Jewish, at a Nazi concentration camp in World War Two and gave him a suspended two-year sentence in one of the last cases against Nazi-era crimes.

Rolled into the courtroom in a wheelchair and hiding his face behind a blue folder, Bruno D. acknowledged he had been an SS guard in the Stutthof concentration camp near Gdansk in what was then occupied Poland, but he said his presence did not amount to guilt.

This did not convince the court in Hamburg which found him guilty on Thursday of being involved in the killings from August 1944 to April 1945.

“How could you get used to the horror?” asked judge Anne Meier-Goering as she read the verdict.

About 65,000 people, including many Jews, were murdered or died at Stutthof, the museum’s website says. Prosecutors argued that many were shot in the back of the head or gassed with the lethal Zyklon B gas.

As Bruno D. was only 17-or-18 years old at the time of the crimes, he was tried in a youth court and sessions were limited to two to three hours per day due to his frail health. Prosecutors had called for a prison sentence of three years.

In his final testimony to the court, he apologized for the suffering of victims but stopped short of taking responsibility.

“I would like to apologize to all the people who have gone through this hell of insanity and to their relatives and survivors,” he told the court on Monday, broadcaster NDR and other media outlets reported.

Some 75 years after the Holocaust, the number of suspects is dwindling but prosecutors are still trying to bring individuals to justice. A landmark conviction in 2011 cleared the way to more prosecutions as working in a camp was for the first time found grounds for culpability with no proof of a specific crime.

(Reporting by Madeline Chambers, Editing by Michelle Martin and Angus MacSwan)

When the U.S. sneezes, the world catches a cold. What happens when it has severe COVID-19?

By Howard Schneider

WASHINGTON (Reuters) – During a blue-sky moment in 2018 near the end of a decade-long economic expansion, it was the United States that helped pull the world along as the extra cash from tax cuts and government spending flowed through domestic and global markets.

But if it was U.S. policy that pushed the world higher then, it is U.S. policy that threatens to pull the world under now as the country’s troubled response to the coronavirus pandemic emerges as a chief risk to any sustained global recovery.

Officials from Mexico to Japan are already on edge. Exports have taken a hit in Germany, and Canada looks south warily knowing that any further hit to U.S. growth will undoubtedly spill over.

“Globally there will be difficult months and years ahead and it is of particular concern that the number of COVID-19 cases is still rising,” the International Monetary Fund said in a review of the U.S. economy that cited “social unrest” due to rising poverty as one of the risks to economic growth.

“The risk ahead is that a large share of the U.S. population will have to contend with an important deterioration of living standards and significant economic hardship for several years. This, in turn, can further weaken demand and exacerbate longer-term headwinds to growth.”

It was a clinical description of a grim set of facts: After the U.S. government committed roughly $3 trillion to support the economy through a round of restrictions on activity imposed to curb the virus in April and May, the disease is surging in the United States to record levels just as those support programs are due to expire. More than 3.6 million people have been infected and 140,000 killed. Daily growth in cases has tripled to more than 70,000 since mid-May, and the 7-day moving average of deaths, after falling steadily from April to July, has turned higher.

Meanwhile the country has fractured over issues like mask-wearing that in other parts of the world were adopted readily as a matter of common courtesy. With some key states like Texas and California now reimposing restrictions, analysts have already noted a possible plateau to the U.S. recovery with the country still 13.3 million jobs shy of the number in February.

A GLOBAL DISAPPOINTMENT

For other major economic powers, that is a weight added to their own struggles with the virus and the economic fallout.

The U.S. economy accounts for about a quarter of world gross domestic product. Though much of that is service-related, and much of the direct impact of the virus is tied up in industries like restaurants with weak links to the global economy, the connections are still there. A lost job leads to lower consumer spending leads to fewer imports; weak business conditions lead to less investment in the equipment or supplies that are often produced elsewhere.

Year-to-date U.S. imports through May are down more than 13%, or roughly $176 billion.

In Germany, whose measures to contain the pandemic are considered to have been among the most effective, exports to the United States plunged 36% year-over-year in May. Analysts see little prospect for improvement, with year-to-date U.S. auto sales through June down nearly 24% from a year earlier.

“That is really a disappointment,” said Gabriel Felbermayr, president of the Kiel Institute for the World Economy, in a recent interview with radio network Deutschlandfunk. The spike in U.S. infections, he said, could not have been expected.

In Japan, the speed of the recovery is seen tied directly to U.S. success in stemming the virus.

“Japan’s recovery will be really delayed if the spreading of the coronavirus in the United States isn’t stopped and U.S.-bound exports from various Asian countries don’t grow,” said Hideo Kumano, a former Bank of Japan official who is now chief economist at Dai-ichi Life Research Institute.

PESSIMISM AT BOTH BORDERS

The IMF projected U.S. GDP will shrink this year by 6.6%, in line with many analysts’ projections.

The Bank of Canada is more pessimistic, forecasting U.S. GDP to fall 8.1% on the year. That has already been lowered once as the health situation decayed.

A further leg down would hit Canada directly, with perhaps three-fourths of the country’s exports headed over the U.S. border.

“We did take down our U.S. projection … I would underline that there’s a lot of uncertainty, and the principle source of the uncertainty is the evolution of the coronavirus itself,” said BOC governor Tiff Macklem.

At the southern border, Mexico is also posting record daily numbers of new cases, but President Andres Manuel Lopez Obrador has at times deflected criticism of his government’s efforts by pointing to the U.S. numbers.

Lopez Obrador undertook a risky visit with President Donald Trump earlier in July, couching his journey to Washington as a matter of economic necessity as Mexico attempts to revive an economy that could shrink by 10% or more this year, according to forecasts.

The Mexican president hopes the new United States-Mexico-Canada Agreement (USMCA) trade deal, which took effect on July 1, will spur business and investment, but pessimism about the outlook has been growing.

“To the point that people in the U.S. are losing jobs or incomes it is a downward weight … and it will have ramifications on the ability to consume globally,” said Elizabeth Crofoot, senior economist at the Conference Board, which documented a record drop in global consumer confidence in a recent survey.

“We take one step forward and two steps back.”

(Reporting by Howard Schneider in Washington; Additional reporting by Reinhard Becker and Christian Kraemer in Berlin, Leika Kihara in Tokyo, Steve Scherer in Ottawa and Dave Graham in Mexico City; Editing by Dan Burns and Matthew Lewis)

Germany urges WHO to hasten review of its handling of pandemic

BRUSSELS/BERLIN (Reuters) – Germany’s health minister urged the World Health Organisation (WHO) to speed up its review of how it handled the pandemic, apparently signalling Europe’s tougher line on the United Nations body.

Berlin, which holds the rotating presidency of the European Union, has so far largely shielded the organization from the most intense criticism by Washington, which wants to leave the WHO because of its alleged excessive closeness to China.

But now Germany seems to be taking a more assertive position.

Spahn told reporters he had discussed the review of the WHO’s management of the crisis with its chief Tedros Adhanom Ghebreyesus twice over the last 20 days.

“In both conversations I encouraged him very clearly to launch this independent commission of experts and to expedite its launch,” Spahn said.

The WHO said last week it was setting up an independent panel to review its handling of the COVID-19 pandemic and the response by governments.

U.S. President Donald Trump has accused the WHO of being too close to China and not doing enough to question Beijing’s actions at the start of the crisis. Tedros has dismissed the suggestions and said his agency kept the world informed.

Tedros has said the panel will provide an interim report to an annual meeting of health ministers in November and present a “substantive report” next May.

Spahn said the review was important now, even if the pandemic is still raging across the world, because “we can already draw conclusions.”

This could lead to quick actions over the body’s governance and to improve “cooperation between the political and the scientific level” of the organisation, Spahn added.

EU governments have said the review should be followed by a reform of the organisation, a possibility already being discussed with the United States and other members of the G7 group of rich countries, officials told Reuters.

One official had said the aim was to ensure WHO’s independence.

(Reporting by Francesco Guarascio @fraguarascio in Brussles, Joseph Nasr and Andeas Rinke in Berlin, Editing by William Maclean)

Egypt, France, Germany, Jordan warn Israel on annexation

BERLIN (Reuters) – Egypt, France, Germany and Jordan warned Israel on Tuesday against annexing parts of the Palestinian territories, saying that doing so could have consequences for bilateral relations.

In a statement distributed by the German Foreign Ministry, the countries, which include two of Israel’s leading partners in the Middle East, said their foreign ministers had discussed how to restart talks between Israel and the Palestinian Authority.

They, along with most other European countries, oppose Israeli plans that envisage annexing parts of the occupied West Bank as part of a deal being promoted by U.S. President Donald Trump’s administration.

The Palestinian Authority, which wants the West Bank for a future Palestinian state, opposes the move. The United States has yet to give its approval to the annexation plans.

“We concur that any annexation of Palestinian territories occupied in 1967 would be a violation of international law and imperil the foundations of the peace process,” the European and Middle Eastern foreign ministers said after their video conference.

“We would not recognize any changes to the 1967 borders that are not agreed by both parties in the conflict,” they added. “It could also have consequences for the relationship with Israel.”

Israel declined to comment. But in a separate statement, Prime Minister Benjamin Netanyahu’s office said he had told British Prime Minister Boris Johnson on Monday that he was committed to Trump’s “realistic” plan for the region.

“Israel is prepared to conduct negotiations on the basis of President Trump’s peace plan, which is both creative and realistic, and will not return to the failed formulas of the past,” Netanyahu’s statement said.

(Reporting by Michelle Martin; additional reporting by Dan Williams; editing by Thomas Escritt and Gareth Jones)

German prosecutor arrests head of Wirecard’s Dubai unit

BERLIN/MUNICH (Reuters) – German prosecutors said on Monday they had arrested the head of a Dubai-based subsidiary of Wirecard, widening the circle of suspects in a multi-billion-dollar fraud investigation into the collapse of the payments company.

The Munich prosecutor’s office said in a statement it had questioned the chief executive of Cardsystems Middle East FZ-LLC earlier in the day and arrested him on the basis of a warrant.

The executive had traveled from Dubai and turned himself in, prosecutors said, without naming him. Unless defendants are publicly known, their identity can be protected under German law to avoid prejudicing legal proceedings.

The arrest was made on suspicion of conspiracy to commit fraud, attempted fraud and aiding and abetting other crimes, prosecutors said. Prosecutors fear there was a risk that he would flee or tamper with evidence.

Wirecard filed for insolvency last month owing creditors almost $4 billion after disclosing a 1.9 billion euro ($2.1 billion) hole in its accounts that its auditor EY said was the result of a sophisticated global fraud.

Investigative journalists, researchers and speculators had long highlighted Wirecard’s reliance on an obscure trio of third-party acquiring partners – one of which was Cardsystems – to generate the bulk of its reported revenue and profit.

The latest arrest came after police and public prosecutors raided Wirecard’s headquarters in Munich and four properties in Germany and Austria last Wednesday as they widened their investigation.

Prosecutors are treating Wirecard’s Chief Financial Officer Alexander von Knoop and Chief Product Officer Susanne Steidl as suspects, in addition to former Chief Executive Markus Braun and chief operating officer Jan Marsalek.

Braun, who was arrested and released after posting 5 million euros bail, remains a suspect. Marsalek’s whereabouts are unknown and his lawyer is declining requests for comment.

(Reporting by Douglas Busvine and Joern Poltz; Editing by Arno Schuetze and Edward Taylor)

What you need to know about the coronavirus right now

(Reuters) – Here’s what you need to know about the coronavirus right now:

Traffic jams signal return to normal in New York

New York City residents, gradually emerging from more than 100 days of coronavirus lockdown, celebrated an easing of social-distancing restrictions by shopping at reopened stores, dining at outdoor cafes and getting their first haircuts in months.

The usual traffic jams clogged city streets, and the sound of honking cars brought a welcome sense of a return to the ordinary.

But even as New Yorkers returned to some semblance of normalcy, spikes in coronavirus infection rates elsewhere around the country worried public health experts.

Chief among the latest hotspots was Florida, one of the last states to impose stay-at-home restrictions.

Pig trial shows promise

A trial of AstraZeneca’s experimental COVID-19 vaccine in pigs has found that two doses of the Oxford University-developed shot produced a greater antibody response than a single dose, scientists said on Tuesday.

Research released by Britain’s Pirbright Institute found that giving an initial prime dose followed by a booster dose of the shot elicited a greater immune response than a single dose – suggesting a two-dose approach may be more effective in getting protection against the disease.

Pigs are a useful research model for this type of vaccine and other trials have been able to predict vaccine outcomes in humans, particularly in studies of flu.

Meanwhile, French drugmaker Sanofi said it expects to get approval for the potential COVID-19 vaccine it is developing with Britain’s GlaxoSmithKline by the first half of next year, faster than previously anticipated.

Local lockdown in Germany

The premier of the western German state of North Rhine-Westphalia said he was putting the Guetersloh area back into lockdown until June 30 after a coronavirus outbreak at a meatpacking plant there.

Guetersloh is the first area in Germany to go back into lockdown after the authorities began gradually lifting restrictive measures at the end of April.

More than 1,500 workers at a meat processing plant in Guetersloh had tested positive for the coronavirus, plus some of their family members and 24 people who had no connection to the plant.

The coronavirus reproduction rate in Germany is estimated at 2.76, probably mainly due to local outbreaks.

UK death toll tops 54,000

The United Kingdom’s suspected COVID-19 death toll has hit 54,089, according to a Reuters tally of official data sources that underline the country’s status as one of the worst-hit in the world.

Prime Minister Boris Johnson is due on Tuesday to announce cinemas, museums and galleries in England can reopen next month to try to revitalize the economy.

But the large death toll means criticism over his handling of the pandemic – that Britain was too slow to impose a lockdown or protect the elderly in care homes – is likely to persist.

International haj pilgrims barred

Saudi Arabia said it would bar arrivals from abroad for the haj this year due to the novel coronavirus, making this the first year in modern times that Muslims from around the world have not been allowed to make the pilgrimage to Mecca, which all Muslims aim to perform at least once in their lives.

Some 2.5 million pilgrims typically visit the holiest sites of Islam in Mecca and Medina for the week-long haj. Official data shows Saudi Arabia earns around $12 billion a year from the haj and the lesser, year-round pilgrimage known as umrah. International arrivals for umrah pilgrimages have also been suspended until further notice.

 

(Compiled by Linda Noakes; editing by Barbara Lewis)

Germany surge sounds coronavirus alarm as world takes steps to reopen

By Douglas Busvine and Michel Rose

BERLIN/PARIS (Reuters) – Germany reported on Monday that new coronavirus infections were accelerating exponentially after early steps to ease its lockdown, news that sounded a global alarm even as businesses opened from Paris hair salons to Shanghai Disneyland.

Germany’s Robert Koch Institute reported that the “reproduction rate” – the number of people each person infected with the coronavirus goes on to infect – had risen to 1.1. Any rate above 1 means the virus is spreading exponentially.

German authorities had taken early steps to ease lockdown measures just days earlier, a stark illustration that progress can swiftly be reversed even in a country with one of the best records in Europe of containing the virus so far.

It follows a new outbreak in night clubs in South Korea, another country that had succeeded in limiting infections.

Governments around the world are struggling with the question of how to reopen their economies while still containing the coronavirus. In Europe, the world’s worst-hit continent, Spain and France began major steps to ease lockdowns, while Britain announced more cautious moves.

Traffic flowed along the Champs Elysees in Paris, a giant tricolor flag billowing under the Arc de Triomphe, as workers cleaned shop-front windows to reopen.

“Everyone’s a little bit nervous. Wow! We don’t know where we’re headed but we’re off,” said Marc Mauny, a hairstylist who opened his salon in western France at the stroke of midnight when new rules took effect.

Mickey Mouse welcomed thinned-out crowds in Shanghai, the first Disney theme park to re-open, with a strict limit on the number of tickets. Parades and fireworks were canceled, and workers and guests were required to wear face masks and have their temperatures screened at the entrance.

“I think (these measures) make tourists feel at ease,” said Kay Yu, a 29-year-old pass holder wearing a Minnie Mouse hat, who said he had woken up at 4 a.m. to make the trip to the park.

“IT’S NOT OVER UNTIL IT’S OVER”

A German health ministry spokesman said the authorities were taking the rise in the infection rate seriously and it did not mean the outbreak was out of control.

Karl Lauterbach, a Social Democrat lawmaker and professor of epidemiology, had warned that the virus could start spreading again quickly after seeing large crowds outside on Saturday in his home city of Cologne.

“It has to be expected that the R rate will go over 1 and we will return to exponential growth,” Lauterbach said in a tweet. “The loosening measures were far too poorly prepared.”

In South Korea, which largely avoided a lockdown by implementing a massive testing and contact-tracing program early on, authorities were rushing to contain a new outbreak traced to night clubs.

“It’s not over until it’s over. While keeping enhanced alertness till the end, we must never lower our guard regarding epidemic prevention,” President Moon Jae-In said on Sunday.

New Zealand, which had success in fighting infection with one of the toughest and earliest lockdowns, said it would open malls, cafes, and cinemas this week.

“The upshot is that in 10 days’ time we will have reopened most businesses in New Zealand, and sooner than many other countries around the world,” Prime Minister Jacinda Ardern told a news conference. “But that fits with our plan – go hard, go early – so we can get our economy moving again sooner.”

But some of the countries and territories that were taking steps to open up their economies were acting without yet reporting sustained falls in the spread.

India, which has locked down its population of 1.3 billion people since March, reported a record daily rise in cases. But it said it would begin to restart passenger railway services, with 15 special trains, from Tuesday.

Russia, where the death toll is still comparatively low but the caseload surging, overtook Italy and Britain to report the highest number of cases after the United States and Spain.

In the United States, where unemployment figures released last week were the worst since the Great Depression, President Donald Trump has been trying to shift the emphasis towards reopening the economy. Many states have begun loosening restrictions even though cases continue to rise.

While economies around the world are facing the worst contraction in living memory, stock markets have surged since the start of April, fuelled by unprecedented injections of cash from central banks. That has created unease that financial markets are out of whack with the economies they reflect.

There were signs of a shift in sentiment on Monday, with stock markets giving up their early gains.

“Since late March there has been an extraordinary divergence between the real economy and financial risk, with the latter helped by unprecedented policy accommodation,” said Alan Ruskin, head of G10 foreign exchange trading at Deutsche Bank.

(Reporting by Reuters bureaux, Writing by Peter Graff, Editing by Timothy Heritage)