Coronavirus live updates: Buffett warns of virus impact, global markets 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

U.S. stock futures pointed to sharp declines on Wall Street at the open on Monday as the number of coronavirus cases outside China surged, stoking fears of a prolonged global economic slowdown from the virus spreading. As of 7:47 a.m. ET, Dow Jones Industrial Average futures were down 774 points, indicating a drop of 767 points at the open. S&P 500 and Nasdaq 100 futures were down by 2.5% and 2.8%, respectively. Futures pointed to the biggest one-day points drop for the Dow since August, when the 30-stock average slid 800 points. Stock markets around the world are selling off on Monday morning as spiking coronavirus cases in Italy, South Korea and the Middle East spark fears of further spread beyond China. South Korea’s Kospi index closed down 3.9% while Italy’s FTSE MIB plunged more than 900 points in early trading. The pan-European Stoxx 600 benchmark tumbled 3.5%, with Britain’s FTSE 100, France’s CAC 40 and Germany’s DAX all falling sharply. —Imbert, Huang, Smith

Ireland said its citizens should not travel to parts of Italy affected by an outbreak of the new coronavirus. Italy’s government has moved to close off the worst-hit areas in the northern regions of Lombardy and Veneto, and the death toll in the country from the disease rose to five on Monday. “There has been an increase in the number of confirmed cases of Coronavirus in Italy… Citizens are advised not to travel to affected areas,” the foreign ministry said on its website on travel advice updated on Monday. —Reuters

As the ongoing coronavirus outbreak hits stocks, Buffett said “a very significant percentage of our businesses one way are affected.” He added, however, that the businesses are being affected by a lot of other things too, and said the real question is where those businesses are going to be in 5 to 10 years. “They’ll have ups and downs,” he said. Specifically, he pointed to Apple and Dairy Queen being hit, as well as carpet maker Shaw Industries. —Stevens

The Hong Kong government warned residents on Monday to avoid all non-essential travel to South Korea, as the government in Seoul reported 231 new cases of the coronavirus, taking the country’s total to more than 800. Fears of a coronavirus pandemic grew on Monday after sharp rises in new cases reported in Iran, Italy and South Korea but China relaxed restrictions on movements in several places, including Beijing, as its rates of new infections eased. —Reuters

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

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