Five Things You Need to Know to Start Your Day

New cases of the coronavirus are slowing in the U.S., but it's still a mixed picture. China stock strategists are hunting for new winners as momentum fades. And Gilead shares were whipsawed for the second time in a week after a leaked summary of its Covid-19 drug indicated that it was a failure. Here are some of the things people in markets are talking about today.

U.S. cases rose at the slowest pace in three weeks, but California reported the most fatalities in one 24-hour period. New York’s hospitalizations were relatively flat, which Governor Andrew Cuomo said “is not great news.” As President Donald Trump offers a muddled response and ad hoc policy swings, his public support is sliding. Spain reported the greatest number of new cases and fatalities in almost a week, while the U.K. reported its biggest weekly tally for 20 years on Tuesday. All over Europe, the virus is leading countries to reach unwanted milestones: new death toll records. Still, Germany is one European bright spot and in Italy, recoveries from the coronavirus overtook new infections for the first time. Analysts are warning that Indonesia's relatively lax social-distancing measures mean its economy will take much longer to recover than others in Southeast Asia, while Japan seeks to extend its Golden Week holiday to tame the spread of the virus. Cases around the world have topped 2.6 million, with deaths exceeding 187,000. Here's how Bloomberg is mapping the spread.