This is a live blog. Please check back for updates.
All times below are in Eastern time.
12:40 pm: Oil falls to a more than 1-year low
Oil fell to its lowest level in more than a year in midday trading as fears of slowing demand hammered crude prices. “The oil market has been subject to many supply shocks over recent years, but an acute demand shock has not been felt since the 2008 financial crisis,” RBC’s Michael Tran said in a note to clients, adding that the coronavirus has “roiled the oil market.” China is the world’s largest oil importer and the second-largest oil consumer, so a demand slowdown could have a big impact on prices.
12 pm: Princess Cruises ship held in Japan
Princess Cruises said it is holding a ship for 24 hours while Japanese health authorities assess the 3,700 passengers and crew on board. A previous guest, who didn’t have any symptoms while aboard the ship, tested positive for the coronavirus on Saturday — six days after leaving the ship. “Princess Cruises has confirmed the turnaround of Diamond Princess has been delayed for approximately 24 hours to allow Japan public health authorities the opportunity to review the health status of all guests and crew on board,” the company said in a statement. It’s unclear where the ship is being held.
Correction: The Princess Cruise ship’s “turnaround” at port to travel to a new destination has been delayed. An earlier version of this report mischaracterized the action taken by ship.
11:30 am: CDC officials confirm 11 cases in the US
CDC officials confirmed on a conference call with reporters that there are now 11 cases in the U.S., two of which were spread through human contact within the country. The officials also said the U.S. will send more flights to evacuate Americans from Wuhan. Upon arrival in the U.S., Dr. Nancy Messonnier, director of the National Center for Immunization and Respiratory Diseases, said those passengers will be quarantined for 14 days.
11:20 am: The flu has already killed 10,000 across US as world frets over coronavirus
While the new coronavirus ravages much of China and world leaders rush to close their borders to protect citizens from the outbreak, the flu has quietly killed 10,000 in the U.S. so far this influenza season. “In the U.S., it’s really a fear based on media and this being something new,” Dr. Jennifer Lighter, hospital epidemiologist at NYU Langone Health, said of the new coronavirus. “When in reality, people can take measures to protect themselves against the flu, which is here and prevalent and has already killed 10,000 people.”
10:50 am: The CDC has scheduled a call for 11:30 a.m.
The Centers for Disease Control and Prevention has scheduled a call for 11:30 a.m. to update the public on the new coronavirus. Dr. Nancy Messonnier, director of the National Center for Immunization and Respiratory Diseases, will speak.
10:45 am: Top WHO official warns world may be ‘dangerously unprepared’ for next pandemic
WHO Director-General Tedros Adhanom Ghebreyesus said the world may be “dangerously” unprepared for the next pandemic. At a World Health Organization executive board meeting in Geneva, Tedros urged the 196 member countries to “invest in preparedness,” not “panic.” He said funding for outbreak preparedness in surrounding countries “has remained grossly inadequate” in the past.
10:30 am: Apple stock knocked off all-time high on fears coronavirus could hurt iPhone sales
10 am: UAE suspends flights to China, except Beijing
8 am: China says it has ‘unblocked’ channels of communication with Taiwan over coronavirus
China told the WHO that channels of communication with Taiwan had been”unblocked,” with Beijing sharing full information on the coronavirus with authorities across the strait. Taiwan, which is not a WHO member due to China’s objections, has 10 confirmed cases of the coronavirus. China considers self-governing Taiwan a wayward province to be brought under its control.
7:02 am: Saudi Arabia is weighing large oil cuts due to coronavirus
Saudi Arabia is debating a short-term oil product cut as the deadly coronavirus continues to spread, The Wall Street Journal reported, citing OPEC officials. The Organization of the Petroleum Exporting Countries and its allies are expected to meet Tuesday and Wednesday to discuss the possible actions, according to the Journal.
