US food sector industry promise of rebound, Germany sets path to reopening

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Wall Street is getting a look at another batch of quarterly earnings reports on Wednesday, with General Motors, CVS Health and Wendy’s all offering updates ahead of the market open. Disney reported a rough second quarter for parks and cruises when it provided results after the bell on Tuesday, recording a 58% drop in operating income for that division. Health experts are weighing research on a potentially more contagious strain of the virus, as states and local governments continue to ease closures. 

This is CNBC’s live blog covering all the latest news on the coronavirus outbreak. All times below are in Eastern time. This blog will be updated throughout the day as the news breaks. 

  • Global cases: More than 3.6 million
  • Global deaths: At least 257,818
  • US cases: More than 1.2 million
  • US deaths: At least 71,078

The data above was compiled by Johns Hopkins University.

7:53 am: Wendy’s sales show signs of rebound as customers return

Same-store sales at Wendy’s restaurants showed signs of rebounding, after tanking in March and the first half of April, as American consumers began to return to the burger chain in recent weeks.

The company is still taking measures to ensure its liquidity through the crisis. It slashed its quarterly dividend from 12 cents to 5 cents and found $30 million in potential cost savings. It said it has $365 million cash on hand as of May 3.

Read more on Wendy’s first-quarter results from CNBC’s Amelia Lucas. —Will Feuer

7:46 am: US Foods CEO says food service industry will recover

7:03 am: German government and states agree on path to easing restrictions

MUNICH, GERMANY – Germany has launched a nationwide policy that people should wear protective face masks in stores and public transportation after easing lockdown measures.

Alexander Hassenstein/Getty Images

The German government and its 16 states have agreed on a path to reopening large parts of the economy, according to a document viewed by Reuters.

Shops can reopen and some sports can resume with certain conditions, schools will gradually reopen and states will decide on their own about the reopening of restaurants, hotels and gyms, according to the document, which is dated May 5. Reuters reported the document was prepared by federal chancellery chief Helge Braun and heads of regional chancelleries for a conference call Chancellor Angela Merkel is due to hold with state premiers on Wednesday.

States will decide whether to reopen universities, bars, trade fairs, cosmetic studious, brothels, theaters, cinemas and discos based on infection levels, Reuters reported. —Will Feuer

Read CNBC’s coverage from CNBC’s Asia-Pacific and Europe teams overnight here: Spain’s daily death toll rises again; EU to see sharp economic decline

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