US markets not ready for a ‘second wave’

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 2,416,135
• Global deaths: At least 165,939
• US cases: More than 759,786
• US deaths: At least 40,683

The data above was compiled by Johns Hopkins University.

Shake Shack will return the small business loan it received from the U.S. government, the burger chain’s chief executive said, making it the first major firm to hand back money aimed at helping small businesses ride out the coronavirus impact.

The company will immediately return the entire $10 million Small Business Administration (SBA) loan as it was able to raise additional capital, CEO Randy Garutti and founder Danny Meyer said in a blog post. Last week, it raised about $150 million in an equity offering.

SBA, which is a key part of the government’s $2.2 trillion aid package, is aimed at helping small companies keep paying their employees and their basic bills during the shutdowns so that they are able to reopen quickly when public health allows.

Shake Shack said the money it received could be reallocated to the independent restaurants “who need it most, (and) haven’t gotten any assistance.” —Reuters

Major U.S. stock indices may have recovered from their recent lows, but Citi Private Bank warned that the worst may not be over.

“In the event that we have a very significant second wave of disease in the United States that cause a further shutdown of the economy … that clearly is not priced into the market,” David Bailin, the bank’s chief investment officer, told CNBC’s “Squawk Box Asia.”

“The other thing that may not be priced into the market is the fact that this virus may take another 18 to 24 months to really cycle through the globe, and ultimately have a vaccine,” he added. —Yen Nee Lee

Russia’s handling of the coronavirus epidemic is coming under increasing scrutiny and could potentially damage the credibility and legitimacy of President Vladimir Putin and the Kremlin, experts say.

Russia was arguably slow to recognize that the epidemic was coming to the country, even as it spread rapidly among its neighbors and in Italy, Spain, Germany, and France.

On Sunday, Russia saw its largest daily rise in new confirmed cases, with its crisis response center reporting 6,060 new cases, bringing the total number of cases to 42,853. The number of reported deaths remains low, however, with total fatalities at 361. —Holly Ellyatt

The number of people diagnosed in Spain has now surpassed 200,000, the country’s health ministry said.

The ministry said the number of cases rose to 200,210 from 195,944 cases on Sunday. Meanwhile, the total number of deaths has now reached 20,852, up from 20,453 the previous day.

Spain has overtaken Italy, which has 178,972 confirmed cases, as the worst-hit country in Europe, and second worst-hit country in the world after the U.S., which has almost 800,000 confirmed cases, according to data from Johns Hopkins University. —Holly Ellyatt

Austria has called for EU rules on state aid to be suspended for countries that have shown solidarity with hard-hit member states like Italy during the coronavirus pandemic, Austrian Finance Minister Gernot Bluemel said on Monday.

“This solidarity cannot be a one-way street. We also want to be able to show solidarity with our own companies, and we, therefore, demand that this crisis be used for solidarity in that we suspend the EU state aid regime for the duration of the crisis,” Bluemel told a news conference, Reuters reported. —Holly Ellyatt

Read CNBC’s coverage from CNBC’s Asia-Pacific and Europe teams overnight here: Spain’s confirmed cases surpass 200,000, health ministry says