CNBC Asia

Hong Kong's status as a world financial hub looks to be under threat. Beijing has expedited a new national security law, which some experts warn has the potential to erode the very structure that grants the region major privileges on the international stage.

The coronavirus has infected more than 10.45 million people around the world as of Wednesday, killing at least 510,632 people.

The coronavirus has infected more than 10.3 million people around the world as of Tuesday, killing at least 505,518 people.

"We are now having 40 plus thousand new cases a day. I would not be surprised if we go up to 100,000 a day if this does not turn around, and so I am very concerned," Fauci said.

The fund said Asia's economy is expected to contract by 1.6% this year — a downgrade from its previous forecast of no growth in April.

The Caixin/Markit manufacturing Purchasing Manager's Index for June came in at 51.2. That was above expectations of a reading of 50.5 by analysts in a Reuters poll.

The central Chinese government passed a sweeping new security law for Hong Kong that took effect late Tuesday.

Singapore is set to hold general election on July 10 — a little more than a month after the country started easing restrictions put in place to contain one of the largest coronavirus outbreaks in Southeast Asia.

Beyond Meat announced Tuesday that Alibaba's Freshippo grocery stores would start selling its meatless burger patties.

Texas reported more than 6,900 new coronavirus cases on Tuesday, a record daily increase that brings the state's total to nearly 160,000 cases, according to the state's department of health.

That's despite many countries in Asia Pacific garnering international praise for their efforts in curbing the spread of the coronavirus.

"You asked, Mr. Chairman, who's the fire department, who responds when there's an outbreak that threatens to become an epidemic," former U.S. Ambassador Jimmy Kolker said. "My reply to that question is there is no alternative to WHO."

The U.S. would need to do a better job of responding to the outbreak "in a coordinated way" rather than facing challenges with disparate responses, Dr. Anthony Fauci told lawmakers.

"What we have in the United States, it's hard to describe because it's so many different outbreaks," said Dr. Anne Schuchat, principal deputy director of the CDC.

More than 12 states have now paused or rolled back their reopenings as cases in the U.S. jumped 40% over the past week to an average of about 39,750 on Monday, based on a seven-day moving average.

The researchers said the percentage of New York City-area residents with Covid-19 antibodies "is well below the estimated 67% needed to achieve community immunity."

China's official manufacturing PMI for June came in at 50.9, according to data released by the country's National Bureau of Statistics (NBS). PMI readings above 50 signify expansion, while those below that indicate contraction.

Former Malaysian Prime Minister Mahathir Mohamad wants to take down the current government. His resignation from the top job in February had resulted in the collapse of the previous administration that he led.

The Philippines' central bank still has plenty of room to maneuver as the country's economy faces a downturn amid the coronavirus pandemic, according to the institution's chief.

"We all want this to be over. We all want to get on with our lives, but the hard reality is that this is not even close to being over," WHO chief Tedros Adhanom Ghebreyesus said.