May 28, 2019

Brexit propels New York past London to claim top financial center title

The New York Stock Exchange. Photo: Mario Tama/Getty Images

Brexit uncertainty has helped New York City overtake London to be regarded as the world’s preeminent financial center, a survey of financial executives by Duff & Phelps published Tuesday shows.

By the numbers: New York is now seen as the world’s leading financial center by just over half of the 183 executives surveyed for the annual Global Regulatory Outlook — a 10% rise from 2018. Only 36% see London as the top center, down 17% from last year.

"Last year, Brexit cast a shadow of uncertainty over the United Kingdom’s economy; it has now escalated to a full-blown crisis. ... Looking ahead, however, globalization’s diffusion of influence begins to be apparent: 12% of respondents expect Hong Kong to be the world’s preeminent financial center five years from now."
— Duff & Phelps statement

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U.S. coronavirus updates: Death toll surpasses 14,800

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios

The novel coronavirus has now killed more than 2,000 people for the second day in a row, and it's infected more than 432,000 others, per Johns Hopkins data.

Where it stands: More than 14,800 people have died of COVID-19 in the U.S. — including over 4,500 in New York. The state's death toll surged to its highest one-day total on Wednesday — beating the previous day's record. 779 people died in New York in 24 hours. N.Y. has reported more cases than the most-affected countries in Europe.

Go deeperArrowUpdated 1 hour ago - Health

World coronavirus updates: U.K. PM "stable, improving" in intensive care

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios

British Prime Minister Boris Johnson is "stable, improving, sat up and engaged with medical staff" in the intensive care unit of London's St. Thomas' Hospital, where he is being treated for the coronavirus, Culture Minister Oliver Dowden told the BBC Thursday.

Zoom in: The update comes as ministers meet to discuss whether to extend the United Kingdom's lockdown and after the country's health officials reported Wednesday the highest daily rise in COVID-19 deaths — 938, taking the total to over 7,300. London Mayor said Wednesday the U.K. is "nowhere near lifting the lockdown," with the virus not expected to peak there until next week.

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Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 3 a.m. ET: 1,484,811 — Total deaths: 88,538 — Total recoveries: 329,876Map.
  2. U.S.: Total confirmed cases as of 3 a.m. ET: 432,132 — Total deaths: 14,817 — Total recoveries: 23,906Map.
  3. Federal government latest: Top Trump administration officials had been developing a plan to give cloth masks to huge numbers of Americans, but the idea lost traction amid heavy internal skepticism.
  4. States latest: New York has reported more cases than the most-affected countries in Europe. Chicago's Cook County jail is largest-known source of coronavirus in U.S.
  5. Business: One-third of U.S. jobs are at risk of disappearing, mostly affecting low-income workers.
  6. World: WHO Director-General Tedros Adhanom Ghebreyesus urged countries to put politics aside "if you don’t want to have many more body bags.”
  7. Environment: COVID-19 is underscoring the connection between air pollution and dire outcomes from respiratory diseases.
  8. Tech: A new report recommends stimulus spending to help close the digital divide revealed by social distancing.
  9. What should I do? Pets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  10. Other resources: CDC on how to avoid the virus, what to do if you get it.

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