This is a live blog. Please check back for updates.
All times below are in Eastern time.
Total confirmed cases: More than 40,000
Total deaths: At least 910
XPO Logistics operates 8 million square feet of warehouse space in Asia, including more than 1 million square feet in China alone. However, CEO Bradley Jacobs said the coronavirus outbreak and travel restrictions haven’t damped demand for logistics yet.Â “We have not seen a noticeable impact as of now,” Jacobs said, “We are watching it. Anything that slows down the global economy is not good for the transport and logistics industry.”Â â Holland
China has released a mobile app that tracks people and alerts them if they have been in “close contact with someone infected” with the new coronavirus.Â The “close contact detector” was released Saturday night, according to China’s state news agency Xinhua. Users scan a QR code on popular Chinese apps like WeChat and QQ, and submit their name, phone number and government-issued ID number to request information about whether they have been in close contact with anyone infected by the virus.Â China’s National Health Commission defines close contact as someone who has been close to someone who is infected or is suspected of being infected, according to the report. It also includes potential cases, the report says, such as family members, caregivers as well as passengers and crew members who have been on the same train or plane as those suspected of being exposed to the virus.Â â Feuer
More than a week after shutting down all stores and offices in China, the status of Apple’s manufacturing workforce in the country remains murky.Â Apple supplier Foxconn was approved to resume production in Zhengzhou, a key manufacturing plant in China, Reuters reported Sunday citing an unnamed source with direct knowledge, but so far only 10% of the workforce has returned, or about 16,000 people. Reuters later reported that a Foxconn plant in Shenzhen was approved to resume partial production Tuesday, according to a source with direct knowledge of the matter.Â â Feiner
Concern about the coronavirus is weighing heavily on the outlook for first-quarter growth and some forecasters suggest the equity market is not taking the threat as seriously as the bond market. A CNBC survey of 11 forecasters over the weekend finds first quarter GDP estimates averaging just 1.2%, down nearly a point from the fourth quarter. Economists see a bounce back to 2% growth in the second quarter, depending on the severity of the virus both in China and in other countries. First-quarter forecasts range from a low of 0.4% from UBS to a high of 2% for Action Economics. Deutsche Bank shaved 0.3% off its first quarter number due to the coronavirus effects and 0.4% because of Boeing. “Most of the lost output is expected to be recouped in the back half of the year,” the bank wrote in its recent report.Â â Liesman