Coronavirus live updates: CEO calls it a painful setback, Merkel says most Germans will get infected

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

  • Global cases: More than 119,476, according to data compiled by Johns Hopkins University.
  • Global deaths: At least 4,291, according to data compiled by Johns Hopkins University.
  • US cases: At least 1,039, according to data compiled by Johns Hopkins University.
  • US deaths: At least 29, according to data compiled by Johns Hopkins University.

A top U.S. health official said the worst is yet to come with a coronavirus outbreak that has already infected more than 1,000 people across the nation.

“I can say we will see more cases and things will get worse than they are right now,” Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, told the House Oversight and Reform Committee at a hearing on the nation’s preparedness for the outbreak.

How much worse depends on two things, he said: containing the influx of infected people coming from other countries and containing local outbreaks within the U.S. “Bottom line is it’s going to get worse,” he added. —Lovelace, Higgins-Dunn

Stocks plummeted on Wednesday in another volatile session as Wall Street worried about a possible fiscal stimulus package aimed at curbing slower economic growth due to the coronavirus outbreak.

The Dow Jones Industrial Average traded 1,000 points lower, or 4%. The S&P 500 slid 3.6% while the Nasdaq Composite dropped 3.3%.

Those losses put the three averages closer to entering bear-market territory. The Dow was 18.8% below its all-time high set last month while the S&P 500 was 18.2% below its record. The Nasdaq traded 18% below an all-time high set on Feb. 19. —Imbert

Adidas CEO Kasper Rorsted said the coronavirus outbreak has dealt “a painful setback” for the company’s business.

Before consumers get back to buying sporting goods, they will be stocking up on food and other daily necessities, to prepare for the virus, he said. “That is what we are seeing so far in the first quarter,” Rorsted said.

Adidas does about 23% of its business in China, and has 19% of its manufacturing capacity in the country, Rorsted said. When a quarantine was issued for the region, he said 80% to 90% of business in Asia “stopped overnight.” Adidas was losing about $100 million in revenue on a weekly basis, he said.

But traffic has picked back up in China since, he said. And manufacturing facilities in Asia are coming back online.

About 150 publicly traded companies have warned investors of the threat coronavirus poses.

At first, several companies had to suspend their supply chains or temporarily close brick-and-mortar locations across China, but expected they could control a slowdown. But then the virus started spreading rapidly across the globe, increasing fears of a global economic slowdown and sending markets falling.

CNBC has compiled a list of companies that have warned of performance effects or updated guidance due to the virus so far. —Bursztynsky

Source: https://www.cnbc.com/2020/03/11/coronavirus-latest-updates.html

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