Coronavirus live updates: Trump pitches 0%, NYCs count cant keep up, virus on trading floor

This is CNBC’s live blog covering all the latest news on the coronavirus outbreak. All times below are in Eastern time. This blog will be updated throughout the day as the news breaks. 

  • Global cases: More than 118,096, according to data compiled by Johns Hopkins University.
  • Global deaths: At least 4,262, according to data compiled by Johns Hopkins University.
  • U.S. cases: At least 805, according to data compiled by Johns Hopkins University.
  • U.S. deaths: At least 28, according to data compiled by Johns Hopkins University.

United Airlines reported a 70% drop in domestic demand in the last few days and said it will make more deep cuts to flights in the coming months as coronavirus keeps travelers at home.

United’s net bookings, which include new reservations minus cancellations, have collapsed in Asia and Europe, said Scott Kirby, the airline’s president who is scheduled to take over as CEO from Oscar Munoz in May. While domestic net bookings are down 70%, gross bookings are down 25%, which Kirby said are a better measure of current demand.

“While those numbers are encouraging compared to international, we’re planning for the public concern about the virus to get worse before it gets better,” he said at the JP Morgan Industrials conference, which was webcast due to the coronavirus. —Josephs

President Donald Trump, in a meeting with Republican lawmakers on Capitol Hill Tuesday, pitched a 0% payroll tax rate that would last through the rest of this year, a White House official told CNBC.

The White House is also considering federal assistance for the shale industry as oil prices have tanked in recent days due to a price war between Russia and Saudi Arabia. —Javers, Calia

Private labs that began running coronavirus tests in New York City on Friday are reporting so many new cases that public officials are having trouble keeping up, Mayor Bill de Blasio told reporters Tuesday.

“They’re coming in so intensely now that being able to give you a detailed case breakdown, we’re not in that position to do that at this moment because there are so many coming forward,” de Blasio said, speaking at Bellevue Hospital in Manhattan. “As of 12 noon … the number of confirmed cases in New York City is 36, that’s 16 new since yesterday and 11 new even since this morning at 7 a.m. when I last spoke about this.”

COVID-19 has infected more than 173 people across New York state, Gov. Andrew Cuomo told reporters earlier Tuesday. Of that, 108 confirmed cases are in Westchester County, just north of New York City. —Feuer, Higgins-Dunn, Lovelace

The coronavirus is likely to exert a much smaller human and economic toll than current appearances suggest, according to a Morningstar analysis that runs contrary to some of the gloomier forecasts that have helped pound the stock market.

While the near-term damage is likely to be more substantial, the longer-run impact to global GDP is likely to be just 0.2%, the financial services firm widely followed for its fund ratings said in a lengthy report. 

“Overall, we see a weighted average hit of 1.5% to 2020 global GDP and 0.2% to long-run global GDP,” said the report authored by biotech strategist Karen Anderson and energy analyst Preston Caldwell. “We forecast a muted long-term impact because damage to productive capacity will be small, plus economic confidence should quickly return once the virus subsides.” —Cox

Source: https://www.cnbc.com/2020/03/10/coronavirus-latest-updates-us-markets-set-to-pop-as-trump-eyes-stimulus.html

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