(Bloomberg) — U.S. coronavirus cases climbed past 1,000, according to a Johns Hopkins tally that includes cruise ships, as a top health official said some parts of the country are now beyond containment efforts.
The Bank of England cut interest rates in an emergency move, saying the coronavirus outbreak will damage economic activity. Meanwhile, investors awaited details on stimulus measures from the U.S. President Donald Trump didn’t appear at a briefing after promising a day earlier he would announce a “major” economic package.
Regions from Italy to New York amped up containment efforts as the global death toll rose above 4,000. Infections in Italy topped 10,000 as the country attempted a nationwide lockdown. A U.K. health minister became the first British member of parliament to test positive for the virus.
Key Developments:
Cases surpass 118,000 worldwide; deaths exceed 4,200Equities drop as investors await U.S. stimulusAboard Air Force One, Trump was shaken into action on virusEurope struggles to limit virus spread, led by Italian lockdownKeep Calm and Wash Your Hands: Britain’s strategy to beat virusBoutique economy slammed as virus makes personal touch toxic
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Bank of England Cuts Rates (3:11 p.m. HK)
The Bank England cut interest rates in an emergency move and announced measures to help keep credit flowing through the economy, saying the coronavirus outbreak will damage economic activity.
The move to cut the benchmark rate by 50 basis points to 0.25% comes a week after the Federal Reserve slashed its main rate, and just hours before the U.K. government announces its budget. The European Central Bank, which holds its policy meeting tomorrow, is expected to join the growing wave of crisis easing with its own measures.
“Although the magnitude of the economic shock from Covid-19 is highly uncertain, activity is likely to weaken materially in the United Kingdom over the coming months,” the BOE said in a statement.
Adidas Says Virus May Slice $1 Billion Off Revenue (2:39 p.m. HK)
Adidas AG forecast first-quarter sales in China will fall by 800 million euros to 1 billion euros ($908 million to $1.1 billion) because of the coronavirus and business is slowing in Japan and South Korea. Adidas said sales in China were 80% below 2019 levels from Jan. 25 through end of February, but since then stores and warehouses have gradually reopened and consumer traffic is slowly picking up.
Tokyo Disney Extends Shutdown (2:15 p.m. HK)
Oriental Land Co. delayed the re-opening of the Tokyo Disneyland and DisneySea resorts until at least early April, following a call by Prime Minister Shinzo Abe to extend cancellations of large events for another 10 days as Japan battles the spread of coronavirus. Oriental Land, which operates the resorts, had initially planned to keep the parks shut until March 15, having closed them on Feb. 29.
China’s Hubei Province Allows Some Work Resumption (2:07 p.m. HK)
Hubei, the Chinese province at the center of the coronavirus outbreak, will allow some work resumption after the region was locked down in January. Companies in sectors including utilities, daily necessities and agriculture necessities in Wuhan city and Hubei province can restart production, the provincial government said in a statement.
E3 Games Show Slated for June Called Off (1:08 p.m. HK)
The Electronic Entertainment Expo, a massive video-game conference scheduled to take over the Los Angeles Convention Center in June, is being canceled due to coronavirus concerns.
The cancellation is planned to be announced at 9:30 a.m. Los Angeles time on March 11 by the Entertainment Software Association, according to a person familiar with the matter.
E3 is the biggest event on the gaming industry calendar, serving as a focal point for new hardware and software announcements.
Three TSA Agents in California Test Positive (1 p.m. HK)
Three Transportation Security Administration agents at Mineta San Jose International Airport in California have tested positive for coronavirus, the agency said. All TSA employees they came in contact with in the past 14 days have been quarantined at home. Santa Clara County, which has reported 45 cases, has banned large gatherings of more than 1,000 people effective midnight Wednesday.
Minister Says Olympics Postponement ‘Inconceivable’ (12:47 p.m HK)
A postponement or delay to the 2020 Olympics in Tokyo is “inconceivable,” the Japanese minister responsible for the games said, responding to comments made by a member of the organizing committee which suggested a possible delay of up to two years as the coronavirus continues to spread.
Cathay Projects ‘Substantial’ Loss on Virus (12:38 p.m. HK)
Cathay Pacific Airways Ltd. forecast its first loss in two years as the coronavirus hurts travel demand and aggravates the challenges facing a carrier that battled through the Hong Kong protests last year.
Hong Kong’s flag carrier is expecting a “substantial loss” in the first half of 2020, it said in a statement. That would be the first time the company lost money since the first half of 2018.
The airline has slashed capacity to mainland China by 90% and reduced its entire international network by about 40% because of the coronavirus. Cathay, which is particularly exposed to the virus because close to half of its revenue comes from Hong Kong and mainland China, also asked employees to take unpaid leave as it tries to weather the latest crisis.
U.S. Cases Top 1,000 in Johns Hopkins Tally (11:37 a.m. HK)
The U.S. has 1,001 confirmed cases of coronavirus, according to a Johns Hopkins University tally, which also shows 28 deaths in the country. The list includes cruise ship cases, with 46 from the Diamond Princess and 21 from the Grand Princess.
The U.S. has shifted into a new phase of its coronavirus response after efforts to stamp out sparks of an outbreak have failed. Authorities now are focusing on limiting damage.
For weeks, the biggest effect of the smattering of identified cases had been a mild sense of worry. That changed this week, with universities canceling classes, patients popping up in offices and nursing homes, and local authorities limited some public gatherings.
Robert Redfield, director of the U.S. Centers for Disease Control and Prevention, said Tuesday that America had lost valuable time tracking the virus; some regions now can merely try to cope with its spread rather than stop it.
Cathay Crew Member Tests Preliminary Positive (11 a.m. HK)
A Cathay Pacific crew member who had traveled to Madrid tested preliminary positive for the coronavirus in Hong Kong, local broadcaster Cable TV reported, citing unidentified people. The 22-year-old female served a confirmed patient on a flight from Madrid to Hong Kong on March 8, according to Cable TV.
Hong Kong’s Centre for Health Protection is tracing the contacts of a case involving a female patient in Dongguan, Guangdong, who took a Cathay flight from Madrid to Hong Kong on March 8, according to a government statement late Tuesday.
White House to Meet Google, Facebook (9:42 a.m. HK)
U.S. Chief Technology Officer Michael Kratsios will host a meeting Wednesday with Google, Amazon.com Inc., Facebook Inc. and other technology companies to coordinate responses to the outbreak.
Social media companies have been attempting to prevent the spread of misinformation, while companies such as Amazon have tried to manage panic selling of goods.
South Korea Reports 242 New Cases (9:15 a.m. HK)
South Korea reported 242 additional infections in the previous 24 hours. The increase took total cases in the country to 7,755, according to a statement from the health ministry.
China Reports Just 24 New Infections (8:49 a.m. HK)
China reported only 24 additional cases on March 10, of which 13 came from Hubei province, the country’s National Health Commission said. All the latest 22 deaths were also in Hubei. China added 19 cases a day earlier.
The nation has 80,778 total confirmed coronavirus infections and the death toll stands at 3,158.
Canada to Announce Financial Measures (8:40 a.m. HK)
Prime Minister Justin Trudeau is set to announce financial measures to help mitigate the effects of the widening outbreak.
Trudeau is scheduled to provide details at a 9 a.m. Wednesday press conference in Ottawa. The plan would include providing faster unemployment insurance benefits to people who self-isolate, more funding for coronavirus research and financial assistance to provinces for procurement of medical supplies, according to CTV News.
U.S. Eases Rules as Campuses Closes: NYT (8:08 a.m. HK)
The U.S. Department of Education is letting colleges and universities change course schedules to accommodate students who can’t meet enrollment requirements or complete internships, the New York Times reported.
The department has given broad approval to schools seeking relief from federal standards as they activate distance-learning programs, the newspaper said, citing a guidance document from the department.
Coachella Organizers Confirm Festival Is Delayed (7:40 a.m. HK)
The Coachella Valley Music and Arts Festival organizers confirmed that the California mega-concert will be delayed for six months after local officials declared a state of emergency over coronavirus. The festival — originally slated for April 10-12 and April 17-19 — will now take place Oct. 9-11 and Oct. 16-18, according to Goldenvoice, which organizes Coachella. Bloomberg reported on Monday that the event was being pushed back.
Trump’s a No-Show After Promising Briefing (7:09 a.m. HK)
U.S. President Donald Trump didn’t appear at a White House briefing on the coronavirus outbreak on Tuesday, after promising a day earlier he’d hold a news conference to announce a “major” economic stimulus package.
After deciding to pursue an economic stimulus plan following the steepest drop in U.S. stocks since 2011, Trump told reporters Monday: “I will be here tomorrow afternoon to let you know about some of the economic steps we’re taking, which will be major,” he said. But that didn’t happen. The president made brief remarks and took a handful of questions after meeting with Republican senators earlier in the day, but did not detail a stimulus plan.
The coronavirus briefing was the last event on the White House’s public schedule for Tuesday. During the briefing, Trump’s top economic adviser, Larry Kudlow, said that Trump would like a payroll tax holiday to extend to the end of the year.
San Francisco Archdiocese Shutting Schools (7:03 a.m. HK)
The Archdiocese of San Francisco is shutting its 90 schools in San Francisco, Marin and San Mateo Counties for two weeks starting Thursday after a student tested positive for coronavirus, according to a letter to families from Superintendent of Schools Pamela Lyons. The school buildings will be closed and all classes and student-related activities will be closed through March 25, the letter said.
U.K. Health Minister Tests Positive (6:47 a.m. HK)
Nadine Dorries, a U.K. health minister, has become the first British member of parliament to test positive for coronavirus. The Times reported she had fallen ill on Friday and her diagnosis was confirmed Monday evening. The newspaper said she’d attended a reception in 10 Downing Street with Prime Minister Boris Johnson on Thursday and met hundreds of people in parliament. Dorries, one of four health ministers for the U.K., said in a statement that she had been isolating herself at home since her diagnosis, and that officials were working to trace her contacts.
Lagarde Asks EU Leaders For Rapid Action (3:10 p.m. NY)
European Central Bank President Christine Lagarde demanded rapid fiscal action from EU leaders during an emergency call on the coronavirus outbreak, according to an official with knowledge of the discussion.
She repeated her pleas over the past months for governments to step up and help prop up growth. The call is becoming more urgent now as the viral outbreak deals a blow to the bloc’s economies.
But during the call, which was arranged to discuss the EU’s coordinated response to the virus, Germany and the Netherlands didn’t seem keen on having a discussion on stimulus, a separate official said.
FDA Suspends Inspections of Foreign Factories (1:59 p.m. NY)
The U.S. Food and Drug Administration is halting most inspections of foreign manufacturing facilities that make drugs and medical devices through April as a novel coronavirus spreads around the world.
The agency quit evaluating factories in China earlier in the outbreak. Commissioner Stephen Hahn said in a statement that the decision to expand the suspension is based on several factors, including federal restrictions prohibiting travel for government employees.
Many pharmaceuticals are produced overseas, and the FDA has come under scrutiny for failing to identify contaminants in some generic drug products.
N.Y. to Close Gathering Places in NYC Suburb (1:25 p.m. NY)
The National Guard will be sent to New Rochelle to help close large, public gathering spaces in an effort to slow down the spread of the coronavirus outbreak in the suburb of New York City, Governor Andrew Cuomo said.
Referring to the one-mile square area as a containment zone, Cuomo said the effort would focus on places where large numbers of people congregate, such as social clubs or places of worship. It wouldn’t necessarily include restrictions on movement, he said.
Gathering places such as schools and religious institutions within a one-mile radius of a highly impacted area of New Rochelle will be shut down, Cuomo said. The shutdown will permit National Guard troops to clean public spaces. They will also be used in Westchester County to deliver food to quarantined households, he said.
UN Closes New York Headquarters to Visitors (10:29 a.m. NY)
The United Nations said on Tuesday it will close its headquarters in New York to the general public, suspending all guided tours until further notice. There are no confirmed cases among staff. It follows the decision to reduce the number of staff present in the UN building.
St. Peter’s Square, Basilica Closed to Tourists (9:30 a.m. NY)
St. Peter’s Square and Basilica are closed to tourists until April 3, according to Agence France-Presse.
Pope Francis had delivered his weekly blessing via video on Sunday to avoid attracting crowds to the square. Vatican City is home to about 600 people, including the pontiff. The Vatican has also closed its museums until April 3.
–With assistance from Robert Hutton, Sophie Alexander, Jason Scott, Ryan Beene, Justin Sink, Greg Sullivan, Anurag Kotoky, Joyce Cutler and Dina Bass.
To contact Bloomberg News staff for this story: Jeff Sutherland in Tokyo at [email protected];Drew Armstrong in New York at [email protected]
To contact the editors responsible for this story: Rachel Chang at [email protected], Jeff Sutherland, Angus Whitley
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