(Bloomberg) —

U.S. leaders offered a somber outlook on the coronavirus pandemic with President Donald Trump warning of a “very horrendous” phase and Governor Andrew Cuomo predicting New York — after reporting its most deaths in a day — would soon reach the epidemic’s apex.

Meanwhile Italy, an epicenter of the outbreak in Europe, had the fewest daily fatalities since late March.

The big question for the world remains: When, and how, will this end?

Key Developments:

Global cases pass 1.2 million; deaths top 64,700: Johns HopkinsU.S. cases exceed 312,000, a quarter of the world totalTrump, Modi have phone call on virusBread lines are forming in Mar-a-Lago’s shadowThe virus is destroying jobs around the worldLandlords in peril as retailers withhold rent

Bangladesh Announces Stimulus Amid Virus (1:30 p.m. HK)

Bangladesh Prime Minister Sheikh Hasina rolled out a 727.5 billion taka ($8.6 billion) stimulus package, which is 2.52{c34e2c9cd63a11c97fab811dbaaefe0cfbb1edd2527888e1a44d36f3491ee811} of the country’s GDP, to cushion the impact of the outbreak.

Low-income groups will be affected the most by the outbreak as economic costs will mount in the days to come, she said. The government will prioritize fiscal benefits and low-cost loans for businesses, including small and medium enterprises. Bangladesh has 70 cases, with nine reported Saturday.

Thailand Reports 102 New Virus Cases (1:17 p.m. HK)

The Southeast Asian nation now has 2,169 total cases and 23 deaths.

Trump, India’s Modi Discuss Virus, Supply Chains (10:37 a.m. HK)

Trump and Indian Prime Minister Narendra Modi held a phone call in which they “agreed to remain in touch on the issue of global supply chains for critical pharmaceuticals and medical supplies and to ensure they continue to function as smoothly as possible during the global health crisis,” White House spokesman Judd Deere said in a readout.

South Korea Says 6 More Virus Deaths (9:12 a.m. HK)

The hard-hit country reported 81 new virus cases in 24 hours, for a total of 10,237, as Asia battles a second wave of infections.

China Adds 30 New Confirmed Virus Cases (8:19 a.m. HK)

China reported that it had 30 new infections April 4, including 25 imported cases. It also said there had been three more deaths. China also reported 47 new asymptomatic cases for April 4, including 16 cases from abroad.

Queen to Address Britain (8 a.m. HK)

Queen Elizabeth will strike an optimistic note about the U.K.’s collective response to the coronavirus in a special broadcast Sunday to the U.K. and Commonwealth nations, according to excerpts reported by the BBC and the Guardian. Other than her annual Christmas address, the monarch rarely makes public pronouncements of this kind.

U.S. Warned of ‘Deadly Period’ (6:50 p.m. NY)

Trump offered a stark warning about the days ahead as his top medical adviser said cases in hard-hit cities like New York, Detroit and New Orleans will likely reach a peak within a week.

“There’s going to be a very, very deadly period, unfortunately,” Trump said at the White House on Saturday. “It’s not going to be a good-looking situation.” Trump compared the casualties to a world war, without giving specific estimates.

Deborah Birx, the U.S. State Department immunologist advising the White House on its response, warned that even if new cases slow, or fall, deaths will lag.

“If mitigation in New York worked — and we believe it is working — cases are going to start to go down, but the mortality will lag,” she said. Administration officials have estimated as many as 240,000 could die.

Gilead Donates Drug Doses (6:30 p.m. NY)

Gilead Sciences Inc. donated 1.5 million doses of its experimental anti-coronavirus drug remdesivir, which could treat 140,000 patients, and will offer it for “compassionate use” by people with severe symptoms, Chief Executive Officer Daniel O’Day said in an open letter.

The company is also boosting its supply of remdesivir to more than 500,000 treatment courses by October, and to more than 1 million by the end the year. Production time has also been accelerated to six months from one year, he said.

Trump Backs Panel on Reopening (5:30 p.m. NY)

Trump may form a panel to examine how best to restart the economy after limits to stem the spread of Covid-19 are lifted.

“I’m thinking about it,” Trump said at the White House. “We have to open our country again. We don’t want to be doing this for months and months and months.”

Dana Perino, former press secretary to President George W. Bush, suggested “a nonpartisan/bipartisan mix of experts” who could advise the president about overcoming the economic difficulties stemming from harsh measures suggested by the government.

Trump Vows to Keep Gear in the U.S. (5:15 p.m. NY)

Trump said he would use the Defense Production Act to retaliate when companies ship medical equipment elsewhere that’s needed in the U.S. to cope with the pandemic.

Trump has said he invoked the act to ban the export of supplies — escalating a battle with allies and 3M Co. 3M has pushed back against a request to halt exports, saying the move would raise “significant” humanitarian concerns. Read the story here.

Italy Plans Liquidity Program (3:40 p.m. NY)

Italy is finalizing new measures aimed at providing liquidity to companies, Treasury Minister Roberto Gualtieri said.

The government will 100{c34e2c9cd63a11c97fab811dbaaefe0cfbb1edd2527888e1a44d36f3491ee811} guarantee loans of up to 800,000 euros and boost guarantees to 90{c34e2c9cd63a11c97fab811dbaaefe0cfbb1edd2527888e1a44d36f3491ee811} on another 200 billion euros ($216 billion) in loans, Gualtieri said on Rai TG1. Companies will be able to seek bank loans for as much as 25{c34e2c9cd63a11c97fab811dbaaefe0cfbb1edd2527888e1a44d36f3491ee811} of their revenue, and those new benefits could be combined with other measures the government is studying to help Italian businesses.

New York’s Deadliest Day (2 p.m. NY)

New York, the worst-hit U.S. state, recorded the biggest daily death toll yet, adding 630 fatalities for a total of 3,565, Governor Andrew Cuomo said. One thousand ventilators are due to arrive from China on Saturday. “This is a big deal and it’s going to make a significant difference for us,” Cuomo said. Oregon donated another 140. “We’re not at the apex,” Cuomo told reporters.

Mayor Bill de Blasio earlier repeated calls for a national system to help move doctors and nurses from other states to areas with high need, saying the weeks ahead will be New York City’s “the toughest time.”

Italy’s Daily Deaths Lowest Since March 26 (1:10 p.m. NY)

Italy reported 681 coronavirus deaths on Saturday, including a police officer in Premier Giuseppe Conte’s security team. Authorities warned that a return to normalcy remains distant. The daily toll was the lowest since March 26 and fell from 766 on Friday, according to civil protection data. There were 4,805 new cases.

Dubai Extends Restrictions to 24 Hours (1:05 p.m. NY)

Dubai imposed further restrictions on the movement of people and halted metro services as the Middle East’s business hub seeks to limit the spread of the coronavirus. A program to clear the streets will be extended to 24 hours for two weeks from Saturday, Dubai’s media office said by tweet. Supermarkets, pharmacies and food delivery services will operate, it said. Violators could face legal action, it said.

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Trump Warns of ‘Horrendous’ Phase, Many Fatalities: Virus Update