(Bloomberg) -- Italy and Spain are preparing for several more weeks of lockdowns, while India further tightened measures. Leaders from Germany to New York urged residents to abide by restrictions as a weekend of Easter celebrations loom.

New York state reported the fewest hospitalizations since the outbreak began, even as deaths hit another high. U.K. Prime Minister Boris Johnson was taken out of intensive care and moved back to the main hospital ward.

U.S. stocks rallied, capping the biggest weekly gain since 1974, after the Federal Reserve acted to provide as much as $2.3 trillion in aid. Europe’s finance ministers reached a deal on a $590 billion rescue package.

Key Developments:

  • Global cases top 1.58 million; deaths pass 94,000: Johns Hopkins
  • Costly CT scans filling virus testing void for U.S. doctors
  • Morgan Stanley CEO had virus, recovered
  • UBS, Credit Suisse will split payouts for 2019 into two installments
  • U.S. governors weigh buying equipment en masse

Pentagon Sends Body Bags for Civilian Victims (5:41 p.m. NY)

The Pentagon has delivered 37,000 body bags over the last week to the Federal Emergency Management Agency, which is seeking 100,000 to help address the pandemic.

The Defense Logistics Agency provided what the military calls “human remain pouches” from a combination of its stockpile and expedited shipments from its current provider. In addition, the agency placed orders for 63,000 more of the bags to fulfill the remainder of FEMA’s request, a spokesman said.

EU Finance Chiefs Reach $590 Billion Rescue Deal (5:14 p.m. NY)

European Union finance ministers agreed on a 540 billion-euro ($590 billion) package of measures to combat the economic fallout of the pandemic. It includes a joint employment insurance fund worth 100 billion euros, a European Investment Bank instrument intended to supply 200 billion euros of liquidity to companies, as well as credit lines of up to 240 billion euros from the European Stability Mechanism -- the euro area’s bailout fund -- to backstop states as they go on a spending spree to help economies back on their feet.

Rhode Island Surge; Michigan Deaths Top 1,000 (4:21 p.m. NY)

A surge in Rhode Island helped push U.S. coronavirus cases higher Thursday, with infections growing by double-digit percentages in a dozen states.

U.S. cases rose 7.5% to 451,491, according to data compiled by Johns Hopkins University and Bloomberg News. That’s below the average 10% daily increase over the week.

In New York -- the hardest-hit state -- deaths reached a new high while hospitalizations fell to their lowest level since the crisis started. It reported 799 dead and 200 hospitalizations in the past 24 hours. New cases in the state rose 7.1% to 159,937, eclipsing the numbers in Italy and Spain.

New Jersey cases rose 7.6% to 51,027, the fifth-straight day of increases of 10% or less. The state, which has the second-highest number of infections, expects to reach the peak of the outbreak in two to three days.

Elsewhere:

  • Rhode Island had the biggest daily increase, with cases rising 41%, to 1,727
  • California Governor Gavin Newsom said the state had a decrease in the number of people with the virus in intensive care units -- 1,132, a 1.9% drop from Wednesday. Newsom asked residents not to interpret the positive news as a trend.
  • Michigan, the state with the third-highest number of cases, hit a grim milestone, with deaths jumping more than 100 to surpass 1,000 in total. Cases increased 5.7% to 21,504.

French President Meets Malaria Drug Backer (4:21 p.m. NY)

French President Emmanuel Macron flew to Marseille to meet with Didier Raoult, the doctor and researcher who put hydroxychloroquine on the map as a Covid-19 treatment. He stayed at the hospital Raoult heads for more than three hours and was shown the team’s latest research.

South Africa Extends Lockdown (3 p.m. NY)

South Africa extended a nationwide lockdown by two weeks to April 30, President Cyril Ramaphosa said in a televised speech. While the nation is at very beginning of a “monumental struggle” against coronavirus, Ramaphosa said evidence shows the lockdown is working. South Africa has 1,934 cases up from 1,845 on Wednesday.

N.J. Expects Peak in Two to Three Days (2:30 p.m. NY)

New Jersey expects to reach the peak of the coronavirus outbreak in two to three days, the state’s health commissioner said.

At its high point, the state expects 14,400 residents to be hospitalized from Covid-19 and as many as 1,880 patients in intensive care, Health Commissioner Judy Persichilli said Thursday at a press briefing.

New Jersey has about 7,363 residents hospitalized, and 1,523 in ICU, Governor Phil Murphy reported. He also pointed to signs that social distancing is helping to slow the rate of infection across the state.

Last week, cases in numerous counties were doubling every three days. Murphy on Thursday pointed to a current map showing no counties with that high rate.

Raab Says Too Soon to End U.K. Limits (1:20 p.m. NY)

It’s too soon for the U.K. to relax the lockdown imposed almost three weeks ago that was set to end Monday, Foreign Secretary Dominic Raab said in a televised briefing.

“Deaths are still rising, and we still haven’t seen the peak of the virus,” he said.

U.K. deaths rose by 881 to bring the total to 7,978. Patrick Vallance, the government’s chief scientific adviser, warned he expects the number of deaths to increase for “a few weeks.”

Raab, in charge of the government while Prime Minister Boris Johnson is in critical care with the virus, said the premier is still in intensive care and is making progress: “He’s in good spirits.”

Italy’s Deaths, Cases Rise (12:15 p.m. NY)

Italy reported a higher number of new coronavirus cases and deaths as the government considers extending a national lockdown.

Civil protection authorities reported 4,204 new cases, up from 3,836 a day earlier. Italy registered 610 deaths in the past 24 hours, compared with 542 the day before. Total fatalities reached 18,279.

The country’s decision to ramp up testing is probably behind the recent pickup, as more previously unreported cases are discovered. Italy conducted almost 100,000 in the past two days.Prime Minister Giuseppe Conte is preparing to extend the national lockdown that ends April 13 for another two weeks, said officials who asked not to be identified discussing a confidential issue.

N.Y. Hospitalizations Drop (12:10 p.m. NY)

New York City reported a record 824 deaths in 24 hours, a grim sign that despite flattening infection curves and lower hospital admissions, the crisis in the largest U.S. city is far from over.

Statewide, the rate worsened with 799 new deaths on Thursday, 779 the previous day and 731 the day before that. The city and state take snapshots at different times during the day, which may account for the discrepancy in reporting.

At his daily briefing, Governor Andrew Cuomo reported only 200 net new hospitalizations over 24 hours, the lowest number since the crisis broke out. That number had been as high as 1,400. But Cuomo is urging people to keep social distancing practices in place and keep the progress going.

Turkey Aids Israel With Medical Gear (11:30 a.m. NY)

Turkey approved the sale of medical equipment on humanitarian grounds to Israel, including face masks, protective overalls and sterile gloves. Israel is expected to allow a similar shipment of Turkish aid to reach Palestinian authorities without delay, according to a senior Turkish official in Ankara.

Three planes from Israel are expected Thursday at an air base near Incirlik to pick the cargo, said the official, who asked not to be named discussing the sensitive issue. Turkey will donate medical aid for the Palestinians within the next few days, the official said.

Israeli authorities weren’t immediately available for comment on Thursday, which is a public holiday in the country.

Africa Has Chance to Contain Outbreak: WHO (10:40 a.m. NY)

Much of the African continent still has a chance to contain the coronavirus pandemic, the World Health Organization said at its weekly Africa briefing. While a few African countries are experiencing a rapid increase in local transmissions, more than 30 nations can still prevent a larger outbreak by testing, contact tracing and isolating patients, the WHO said.

Canada’s Curve May Be Flattening (9:17 a.m. NY)

Three weeks after the governments of Canada’s three most populous provinces told their 28.4 million residents to stay home, the measures appear to be working. The provinces, which have three-quarters of Canada’s people, have recorded just 1.2 deaths from Covid-19 per 100,000 residents. That compares with 32 for New York, 10 for Michigan and 6 for Washington.

Canada’s coronavirus case count has been increasing slower than most countries, said Theresa Tam, the nation’s chief public health officer. The number doubles every three to five days. The government expects between 22,580 to 31,850 cases by April 16, which could mean 500 to 700 total deaths, Tam said.

Morgan Stanley’s CEO Says He Had Virus, Now Recovered (9:10 a.m. NY)

Gorman told staff he contracted coronavirus and has since recovered. He had flu-like symptoms last month and tested positive, he said in a message to the bank’s employees. Gorman was never hospitalized, self-isolated in his home and has been cleared by his doctor.

U.S. Virus Fatalities Looking More Like 60,000, Fauci Says (8:10 a.m. NY)

“I believe we are going to see a downturn” and projections look “more like the 60,000 than the 100,000 to 200,000,” National Institutes of Allergy and Infectious Diseases chief Anthony Fauci said in response to an NBC interview question about virus fatality models. Fauci said he thinks the U.S. is starting to see a flattening of the curve in New York. “I don’t want to jump the gun on that but I think that is the case,” he said.

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