WHO calls Iran and Italy cases deeply concerning, Goldman cuts GDP forecast

The coverage on this live blog has ended — but for up-to-the-minute coverage on the coronavirus, visit the live blog from CNBC’s Asia-Pacific team.

All times below are in Eastern time.

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

Apple’s retail operation in China is waking up after coronavirus-related closures.

According to Apple’s website, 29 of Apple’s 42 retail stores in Mainland China have re-opened, although many are operating on limited hours. Earlier this month, Apple temporarily shuttered all of its stores and corporate offices in China due to “an abundance of caution.” Last week, Apple warned that it would miss its $63 billion to $67 billion estimate for March quarter revenue due to the coronavirus and efforts to mitigate its effect. Apple pointed to the closure of its stores in China as well as limited hours and low customer traffic as reasons why demand for Apple products on the mainland had been affected. Apple also warned at the time that iPhone supply could be constrained due to issues with manufacturing in China. —Leswing

United Airlines withdrew its full-year 2020 forecast citing the impact of the outbreak and said it was seeing a roughly 100% decline in near-term demand to China. As a result of the outbreak, the company said it has suspended flights between the United States and Beijing, Chengdu, Shanghai and Hong Kong through April 24. “Due to the heightened uncertainty surrounding this outbreak, its duration, its impact on overall demand for air travel and the possibility the outbreak spreads to other regions, the Company is withdrawing all full-year 2020 guidance issued on January 21, 2020,” United said in a regulatory filing. —Reuters

Paramount Pictures has reportedly halted production on its anticipated action film “Mission: Impossible VII” starring Tom Cruise in Venice, Italy, as a coronavirus outbreak continues to spread across the country. “Out of an abundance of caution for the safety and well-being of our cast and crew, and efforts of the local Venetian government to halt public gatherings in response to the threat of coronavirus, we are altering the production plan for our three-week shoot in Venice, the scheduled first leg of an extensive production for Mission: Impossible 7,” a Paramount spokesperson told The Wrap in a statement Monday. Representatives for Paramount did not immediately respond to CNBC’s request for comment. —Higgins-Dunn, Whitten

Stocks fell sharply as the number of cases outside China surged, stoking fears of a prolonged global economic slowdown. The Dow Jones Industrial Average closed 1,031.61 points lower, or 3.56%, at 27,960.80. The S&P 500 slid 3.35% to 3,225.89 while the Nasdaq Composite closed 3.71% lower at 9,221.28. It was the Dow’s biggest point and percentage-point drop since February 2018. The Dow also gave up its gains for 2020 and is now down 2% for the year. The S&P 500 also had its worst day in two years and wiped out its year-to-date gain as well. —Imbert, Huang

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

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