Coronavirus live updates: Trump advisor Kudlow urges calm, FDA sees first drug shortage

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All times below are in Eastern time.

  • Total confirmed cases: More than 83,700
  • Total deaths: At least 2,859

National Economic Council Director Larry Kudlow on Friday urged calm as global fears about the deadly coronavirus sent stocks plummeting once again. President Donald Trump’s top economic advisor said in a Fox Business interview that investors shouldn’t “rule out more optimistic options.” There’s no guarantee cases of the disease will “skyrocket” in the U.S., Kudlow said. —Breuninger

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

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

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

Source: https://www.cnbc.com/2020/02/28/coronavirus-latest-updates-outbreak.html

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