Live updates: Dow poised to plummet amid coronavirus concerns; White House prepares to ask Congress for around $1 billion for health response

Live updates: Dow poised to plummet amid coronavirus concerns; White House prepares to ask Congress for around $1 billion for health response

China’s leaders also postponed the biggest event on their political calendar, the National People’s Congress, as the country’s battle against the virus disrupts the ruling Communist Party’s agenda and hammers the domestic economy.

In a speech to party officials Sunday, President Xi Jinping warned that the outbreak was a “crisis” that would inevitably jolt the country’s economic development, but he pledged that the disruption would be temporary and manageable.

Meanwhile, the epidemic is surging around the world. Just four days ago, Italy had only confirmed three cases. As of Monday, it has the largest known outbreak outside Asia.

Here are the latest developments:

● Official figures released Monday showed there had been 409 new cases of the novel coronavirus and 150 new deaths from the outbreak in China by the end of Sunday, bringing the total confirmed cases to 77,150, with a cumulative death toll of 2,592. The majority of the new cases — 398 — were in Hubei province, as were all but one death.

● WHO Director General Tedros Adhanom Ghebreyesus said officials are preparing for a potential pandemic.

U.S. and global markets are reeling amid intensifying worries over devastating and potentially lasting consequences for the world’s economy.

● The outbreak widened in other countries; South Korea announced Monday that it has 833 confirmed cases, seven of which have resulted in deaths. Afghanistan reported its first case. Kuwait, Iraq and Bahrain reported new cases, as well.

● The coronavirus has arrived with force in Italy, with case numbers spiking almost hourly and the virus jumping from one region to the next across the country’s north.

Read More