Coronavirus live updates: Buffett warns of impact, global markets are roiled

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All times below are in Eastern time.

Total confirmed cases: More than 79,400
Total deaths: At least 2,621

A seventh person has died in the coronavirus outbreak in northern Italy, news agency ANSA said, while the number of confirmed cases rose to more than 220 in the country. ANSA said the latest person to die was an 80-year-old man who had been taken to hospital last week in Lodi after suffering a heart attack. Doctors believe he caught the virus there from another patient. —Reuters

The Dow Jones Industrial Average plunged by more than 900 points in morning trading as the number of cases outside China surged, stoking fears of a prolonged global economic slowdown from the virus. “I’ve now come to the view that equity markets, global equity markets, have to reprice to take into account or fully discount the dramatic economic impact that all of this is going to have,” Jonathan Pain, author of The Pain Report, told CNBC’s “Street Signs” on Monday in Asia. “I believe that repricing … has just started and I think it’s going to be approximately 20% to 25% in the next month or so.” Pain said there isn’t “a letter in the alphabet which adequately describes the profile of the economic shock that … we’re beginning to see.” —Imbert, Huang

World Health Organization officials are holding a press conference at 9:30 a.m. ET to update the public on the outbreak. In the past week, the virus has spread substantially beyond China. It’s infected more than 220 people in Italy as of Monday morning. The majority of the cases are in the northern region of Lombardy and neighboring Veneto, where authorities have shut schools and banned public gatherings in an attempt to contain the virus. South Korea confirmed 231 new cases on Monday, bringing the total there to more than 830. The recent surge in cases prompted the South Korean government raise the COVID-19 alert to its highest level. Iranian health officials have confirmed 61 total cases in the country as of Monday, with 12 deaths nationwide. Most of the confirmed cases were found in the city of Qom. However, last week health ministry official Minou Mohrez warned about unconfirmed cases. Watch the live press conference here.

Coronavirus fears spread to Milan, Italy’s financial hub, where the final two runway shows of Milan Fashion Week scheduled for Monday were canceled. While most fashion houses held shows as usual Sunday, Giorgio Armani and Laura Biagiotti presented their collections behind closed doors, streaming live for the fashion public. —Associated Press

Source: https://www.cnbc.com/2020/02/24/coronavirus-latest-updates.html

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