This photo taken on February 17, 2020 shows a member of the medical staff (L) checking the body temperature of a patient who has displayed mild symptoms of the COVID-19 coronavirus, at an exhibition centre converted into a hospital in Wuhan in China’s central Hubei province.
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All times below are in Eastern time.
Total confirmed cases: More than 73,400
Total deaths: At least 1,874
10:37 am: Sanofi teams up with the US Health Department to develop vaccine
Sanofi joins a list of about a dozen drugmakers that are working on a vaccine or anitviral treatment to combat the deadly virus. The French drugmaker is working with the Biomedical Advanced Research and Development Authority (BARDA) of the U.S. Health Department, it said. The company plans to further investigate an advanced pre-clinical vaccine candidate previously developed against the SARS virus in the early 2000s, which it believes could protect against the latest coronavirus. —Reuters
10:13 am: WHO to provide update on coronavirus at 10:30 ET
World Health Organization officials are holding a press conference at 10:30 am ET to update the public on the coronavirus outbreak. Watch here.
9:57 am: Walmart CEO says ‘too soon’ to forecast impact from coronavirus
Walmart CEO Doug McMillon said it’s too early to tell what the effects of the coronavirus will be on the retailer’s financial results. “We are still operating our stores [in China]. Almost all of them are open … but operating on reduced hours,” with a focus on selling food and consumables, he said. Walmart’s current full-year forecast doesn’t include impacts from the virus. — Thomas
9:29 am: Fund managers slash China growth outlook
Continuing worries over the impact the COVID-19 outbreak will exert on economic growth have caused fund managers to cut their China GDP expectations to the lowest level in more than four years. Investment professionals now see China’s $12.2 trillion economy rising an average of just 5.2% over the next three years, according to the Bank of America Global Research Fund Manager Survey for February. While that’s a level that much of the developed world would envy, it’s well off China’s average quarterly gain of 6.6% over the previous three years and well below the 10.6% gain of 10 years ago. It is also the lowest outlook since September 2015. The pessimistic view coincided with a lower though still largely positive outlook for the rest of the world. — Cox
9:03 am: Coronavirus is more fatal in men than women, major study suggests
Men have a higher risk of death than women if they contract the new strain of coronavirus, Chinese researchers have concluded, in the largest study on the outbreak to date. In research published Monday analysts studied 72,314 patient records from the Chinese Center for Disease Control and Prevention. The records detailed 44,672 confirmed cases of the coronavirus, 16,186 suspected cases and 889 cases where the carrier of the coronavirus displayed no symptoms. Patients were categorized into three groups depending on whether their symptoms were mild, severe or critical. The vast majority of confirmed cases were recorded in people ages 30 to 69, according to the research. Most of those diagnosed with the coronavirus — formally named COVID-19 — had reported “Wuhan-related exposures,” while 81% of the confirmed cases were classified as mild. — Taylor
8:53 am: Holiday Inn owner IHG sees revenue fall in China
InterContinental Hotels, IHG, warned that fewer travelers are booking its rooms in China because of the COVID-19 outbreak. The owner of the Holiday Inn chain has been highlighted by analysts as among the European companies most directly exposed to the epidemic. The group had begun to see an impact on bookings in late January and has now closed or partially closed 160 of its 470 hotels in Greater China, it said . The company’s annual results on showed that revenue per available room (RevPAR) had already declined by 4.5% last year in Greater China while performance in European and U.S. markets was little changed. Based on current disruption the impact equates to about $5 million a month for IHG’s mainland China business, Chief Executive Keith Barr said on an analysts call, describing the decline as “a short-term blip”. Barr added that the region contributes less than 10% of group profit. — Reuters
8:07 am: Chip stocks dive after Apple’s coronavirus warning
Apple’s suppliers and partners are getting hit hard following the iPhone maker’s revenue warning due to the coronavirus epidemic in China, underscoring fears about the financial fallout of the outbreak. Qorvo, a radio frequency chip supplier for Apple, fell nearly 2.5% in early trading. Credit Suisse estimates 30% of Qorvo’s revenues come from Apple. Chip company Skyworks Solutions, with about half of its sales from Apple, fell 2.4% and Lam Research slid 4%. Other chip suppliers like Broadcom, Micron and Intel, fell 1.2%, 1.8% and 1%, respectively. About 20% of Broadcom’s revenues come from Apple and about 5% of Micron and Intel’s come from the iPhone maker. Semiconductor companies Nvidia and Xilinx dropped 0.5% and 1.9% in early trading. Apple said Monday that it does not expect to hit its quarterly revenue forecast due to lower iPhone supply globally and lower Chinese demand as a result of the coronavirus. — Fitzgerald
7:56 am: Haagen-Dazs closes about half of Greater China stores on coronavirus fears
General Mills said nearly half of its Haagen-Dazs ice cream shops in Greater China had been temporarily closed, amid the rapid spread of the coronavirus in the world’s second biggest economy. The epidemic has forced companies with significant exposure in China to temporarily shut stores. Some have also warned of a hit to their earnings. General Mills said it could not quantify the impact of the outbreak on its fiscal 2020 results at the time, although it reaffirmed its forecast for the fiscal year ended May 31. The Greater China region accounts for about 4% of the company’s net sales, with Haagen-Dazs shops and other food service outlets making up about 40% of that. The Minneapolis-based company said Haagen-Dazs stores that remained open were operating under severely restricted hours. The company operated 525 Haagen-Dazs ice cream parlors and franchised 365 more outside of the United States and Canada, as of May 26, according to a regulatory filing. — Reuters
7:25 am: Gottlieb warns Japan is on the ‘cusp’ of an outbreak
Former FDA Commissioner Scott Gottlieb said the public should start focusing on COVID-19 cases outside of China when considering the global risk. He said Japan appears to be “on the cusp of a large outbreak and maybe epidemic growth in Japan. We need to watch that very closely. They’ve had a doubling of cases just in the last four days” with a total of 59 confirmed cases and one death so far, he said on CNBC’S “Squawk Box.” “If you start to see this become an epidemic in other nations … that’s going to be extremely worrisome that we’re not going to control this globally,” Gottlieb said. – Bursztynsky
6:15 am: German investor confidence falls sharply amid coronavirus fears
German investor confidence has sharply deteriorated amid intensifying fears that China’s coronavirus outbreak will significantly hamper world trade, according to a new survey. The ZEW Research Institute said Tuesday its monthly survey showed economic sentiment fell to 8.7 in February, down from 26.7 in January. Analysts had anticipated a reading of 21.5 this month. “The feared negative effects of the Coronavirus epidemic in China on world trade have been causing a considerable decline of the ZEW Indicator of Economic Sentiment for Germany,” ZEW President Achim Wambach said in a statement. “Expectations regarding the development of the export-intensive sectors of the economy have dropped particularly sharply.” — Meredith.
5:20 am: China’s state-owned companies face operational challenges at home and abroad
The coronavirus has brought “unthinkable” challenges for Chinese state-owned enterprises’ operations, an official of the state-owned Assets Supervision and Administration Commission said Tuesday. The official, Ren Hongbin, also said the immediate goal is to assist in virus control efforts, including production of medical supplies. “The assets supervision commission will not change the production and operational targets, and reform goals set at the beginning of the year,” said Ren, deputy director of the commission, according to a CNBC translation of his Mandarin-language remarks. However, its goals will be more difficult to achieve now that the coronavirus has disrupted economic activity nationwide. Commission officials also said the virus has created difficulties for state-owned enterprises’ overseas projects that the agency needs to handle, alongside the resumption of work in mainland China. — Cheng
4:40 am: Japan says 88 new cases confirmed on Diamond Princess cruise ship
Japan has reported another 88 people aboard the Diamond Princess cruise liner have tested positive for the coronavirus, taking the total number of on-board infections to 542. Japan’s public broadcaster NHK, citing the health ministry, said Tuesday that 65 of the 88 people found to have contracted COVID-19 had no symptoms. A total of 2,404 passengers and crew members have been tested for the virus, the health ministry said, with 542 infections. The ship is quarantined in Japan’s port of Yokohama. — Meredith.
4 am: French health minister warns there is a ‘credible risk’ of coronavirus pandemic
French Health Minister Olivier Veran has cautioned there is a “credible risk” that China’s fast-spreading coronavirus could escalate into a global pandemic. Speaking to France Info radio Tuesday morning, Veran said the prospect of the coronavirus spreading worldwide was “both a working assumption and a credible risk.” The World Health Organization recognizes a pandemic as the worldwide spread of a new disease. Last month, the United Nations health agency declared the coronavirus a global emergency. The WHO has urged against a global over-reaction to the virus. — Meredith.
Read CNBC’s coverage from CNBC’s Asia-Pacific and Europe teams overnight here: Wuhan hospital director dies from virus, Moody’s lowers China forecast