Disinfection professionals wearing protective gear spray anti-septic solution against the coronavirus (COVID-19) at a subway station on February 28, 2020 in Seoul, South Korea.
Chung Sung-Jun | Getty Images
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- Total confirmed cases: More than 83,700
- Total deaths: At least 2,859
11:15 am: Jeremy Siegel sees coronavirus as a 'severe one-year shock' to stocks but then a 'bounce back'
Wharton School professor Jeremy Siegel said the coronavirus outbreak would cause a one-year hit that could drag down earnings by as much as 30%, but that markets should rebound next year. Siegel, speaking on CNBC's "Squawk on the Street" as the stock market extended its dramatic sell-off, said the odds are "overwhelmingly yes" that the economy and stocks will bounce back in the next couple of years, despite the outbreak. "I see this as a very severe one-year shock, and then a bounce back that could be extremely rigorous," Siegel said. —Pound
11:00 am: IMF likely to downgrade global growth due to coronavirus, IMF spokesman says
The fast-spreading coronavirus will clearly have an impact on global economic growth and the International Monetary Fund is likely to downgrade its growth forecast as result, a spokesman for the International Monetary Fund said on Thursday. "Clearly the virus is going to have an impact on growth," IMF spokesman Gerry Rice told a regular briefing. He gave no specific details. Rice said he expected a decision soon on the impact of the coronavirus for the IMF and World Bank spring meetings in April, noting that a range of options were under consideration. Reuters reported Wednesday that officials were considering scaling back the meetings or holding them by teleconference. —Reuters
10:55 am: FDA reports first coronavirus-related drug shortage
The Food and Drug Administration said the pharmaceutical industry reported the first shortage of a drug due to the coronavirus outbreak that has spread to 44 countries in a matter of weeks. The FDA, which declined to identify the drug, said the shortage is related to a manufacturing site impacted by the outbreak in China. "The shortage is due to an issue with manufacturing of an active pharmaceutical ingredient used in the drug," the agency said in its notice dated Feb. 27. "It is important to note that there are other alternatives that can be used by patients. We are working with the manufacturer as well as other manufacturers to mitigate the shortage." —Lovelace
10:40 am: WHO raises threat assessment of coronavirus to 'very high' at global level
World Health Organization officials are increasing their risk assessment of the coronavirus, which has spread to at least 49 countries in a matter of weeks, to "very high" across the world. "We have now increased our assessment of the risk of spread and the risk of impact of COVID-19 to very high at global level," Tedros Adhanom Ghebreyesus, director-general of WHO, said during a press briefing at the agency's headquarters in Geneva. Outside of China, there are 4,351 cases across 48 countries, including 67 deaths as of Friday morning Tedros said."He said health officials are seeing "linked epidemics of COVID-19 in several countries, but most cases can still be traced to known contacts or clusters of cases." —Lovelace
9:50 am: World Health Organization holds press conference
World Health Organization officials are holding a press conference Friday to update the public on the coronavirus outbreak. On Thursday, the WHO said COVID-19 had spread substantially beyond China and was circulating in over 44 countries. Epidemics have emerged in Iran, Italy and South Korea, where the number of cases are rapidly rising every day. "We're at a decisive point," WHO's director-general Tedros Adhanom Ghebreyesus told reporters on Thursday. "The epidemics in the Islamic Republic of Iran, Italy and the Republic of Korea demonstrate what this virus is capable of." Watch the live press conference here.
9:41 am: United Airlines slashes Asia service
United Airlines said it's reducing service throughout Asia as the spread of coronavirus drives down demand. The air carrier has more service to Asia than any other U.S. airline. United is lowering capacity on flights to and from Tokyo, Osaka, Singapore and Seoul, South Korea. Delta Air Lines said earlier this week it would cut its weekly flights to Seoul to 15 from 28. South Korea has more cases of coronavirus outside of China than any other country. United also said it will extend its suspension of service to Beijing, Shanghai and Hong Kong through April 30. —Josephs
Medical officers spray Indonesian nationals with antiseptic as they arrive from Wuhan, China's center of the coronavirus epidemic, and before transferring them to the Natuna Islands military base to be quarantined, at Hang Nadim Airport in Batam, Riau Islands, Indonesia, February 2, 2020.
Antara Foto | Reuters
9:30 am: Moscow deports 88 foreigners for violating coronavirus quarantine
Moscow authorities are deporting 88 foreign nationals who violated quarantine measures imposed on
them as a precaution against coronavirus, the RIA news agency said, citing Moscow's deputy mayor. Hundreds of people have been quarantined in Russia to stop the virus from spreading. Moscow authorities have carried out raids on potential carriers of the virus — individuals at their homes or hotels — and used facial recognition technology to enforce quarantine measures. —Reuters
9:28 am: New York City tests patient recently returned from Italy
New York City is testing a person who recently returned from Italy for the COVID-19 infection after the CDC expanded its testing guidelines Thursday. The U.S. expanded its testing criteria include Iran, Italy, Japan and South Korea, the NYC Health Department said in a tweet. "The spread of the virus from person to person in other countries around the world has raised our level of concern. But rest assured we are deploying all the tools at our disposal to keep New Yorkers healthy," NYC Health Commissioner Dr. Oxiris Barbot said in a video posted on the agency's website. —Kopecki
8:44 am: Mexico confirms first cases
Mexico's health secretary confirmed the country's first two cases of the coronavirus. Hugo Lopez-Gatell said one of the patients is in Mexico City and the other in the northern state of Sinaloa, and neither is seriously ill. At least five family contacts of the first patient have been placed in isolation. He said one of the men had contact with someone who had traveled to the northern Italian region where there has been an outbreak. Brazil on Wednesday confirmed Latin America's first confirmed case of the new coronavirus in a man who traveled to Italy this month. —Associated Press
8:23 am: NYC pathology specialist says US needs to ramp up capabilities
It's unclear how many people in the U.S. are circulating with the virus, senior director of New York City Health's system-wide special pathogens office Dr. Syra Madad said on CNBC's "Squawk Box." She said the possible case of community transmission earlier this week in California was a "wake up call." Cities across the country need to begin to prepare to control an outbreak and treat patients, she added. "We need to ramp up diagnostic capabilities," she said. "The more you wait, the more human toll is going to mount." —Feuer
7:47 am: Yum China says its reopening China stores
Yum China, which operates Pizza Hut and KFC in China, said it is gradually reopening restaurants when possible to do so. Some reopened stores will only be partially operational. Yum China had closed about 30% of its stores in response to the outbreak and introduced contactless delivery and pickup for its food. Shares of the Yum Brands operator were down amid broader market losses. —Lucas
7:26 am: Former Fed governor says he expects coordinated global central bank response
7:15 am: US malls 'will be hit hard' if virus worsens, new study shows
If the coronavirus spreads further in the U.S., that could mean bad news for U.S. mall owners, according to new survey data. Fifty-eight percent of people say they are likely to avoid public areas, such as shopping centers and entertainment venues, if the virus' outbreak worsens in the U.S., a poll by Coresight Research found. It surveyed 1,934 U.S. consumers 18 and older on Tuesday and Wednesday. Roughly 27.5% of respondents said they were already beginning to cut back visits to public areas, Coresight's survey said. Data suggests malls "will be hit hard," it said. —Thomas
A couple wearing protective facemasks as a prevention measure against the COVID-19 coronavirus walk at a nearly empty shopping mall in Beijing on February 27, 2020.
Nicolas Asfouri | AFP | Getty Images
7:10 am: US markets set to continue losses
6:45 am: Azerbaijan, Belarus, Lithuania, New Zealand and Nigeria confirm their first coronavirus cases
Five more countries on Friday reported their first cases of the coronavirus, with the deadly flu-like illness now reported in every continent except Antarctica. The five are Azerbaijan, Belarus, Lithuania, New Zealand and Nigeria, which became the first known case of the coronavirus in sub-Saharan Africa. On Thursday, World Health Organization Director-General Tedros Adhanom Ghebreyesus cautioned that the international spread of the virus showed it had "pandemic potential." —Meredith
6 am: WHO warns coronavirus outbreak could soon reach every country in the world
5:40 am: Iran's death toll rises to 34, total number of coronavirus cases at 388
Iranian couple wearing protective masks to prevent contracting a coronavirus walk at Grand Bazaar in Tehran, Iran February 20, 2020.
Nazanin Tabatabaee | WANA | Reuters
Iran's health ministry confirmed that 34 people have died because of coronavirus infections, Reuters reported Friday, citing an announcement on state television. The total number of infections in the country has climbed to 388, the ministry added. Iran is at the epicenter of the outbreak in the Middle East, having recorded the highest number of coronavirus fatalities outside China. —Meredith
Read CNBC's coverage from the Asia-Pacific overnight: New Zealand, Nigeria report first cases, China's death toll over 2,700
— CNBC's Leslie Josephs, Sam Meredith, Saheli Roy Choudhury, Christine Wang, Weizhen Tan contributed to this report.
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2020-02-28 13:26:00Z
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