Coronavirus live updates: WHO says hospitals worldwide not ready, FDA sees first drug shortage

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

Production of vehicles in North America is “proceeding at pace” without any “evidence of major supply chain disruptions” resulting from the coronavirus outbreak, according to National Economic Council Director Larry Kudlow. Kudlow warned impacts “may be ahead of us,” however there’s nothing currently causing major disruptions. “I’m not trying to say nothing’s happening, and I think there will be impacts,” he said. “But to be honest with, at the moment, I don’t see much.” Automakers have been aggressively monitoring the coronavirus’ impact on their supply chains, including identifying potential alternative solutions if there is a threat to their production outside of China, specifically North America, where many automakers produce high-profit SUVs and trucks. —Wayland

Hospitals across the world are not prepared to handle the coronavirus outbreak that is migrating from Asia to continents across the world, World Health Organization officials said Friday. Health systems, even in more advanced countries, are “just not ready” for a COVID-19 epidemic in other countries, said Dr. Mike Ryan, executive director of the World Health Organization’s health emergencies program. “We’ve already seen in countries, and quite sophisticated countries, who’ve had a rapid rise in cases in the last week are having trouble coping with the clinical case loads,” he said during a press briefing at the agency’s headquarters in Geneva. —Feuer

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

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

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