This morning, we’re going to focus heavily on the coronavirus and its impact on the markets as this week becomes more and more volatile.
Let’s start by breaking down the cases worldwide.
There are over 95,000 cases worldwide, with over 3,300 deaths. Over 80 countries have confirmed cases of the virus.
South Korea has over 5,700 cases of the virus, with 35 deaths. Italy has over 3,000 cases and 100 deaths. And Iran has over 3,500 cases, with over 100 deaths.
Bosnia, Poland and Switzerland have all announced their first cases of the virus. And 10 Icelandic nationals have also tested positive.
Now let’s turn our attention to the U.S.
There are over 160 cases of the virus in the United States. Over 50 of those cases are in California, which prompted Governor Gavin Newsom to declare a state of emergency for the state.Texas has 11 cases of the virus. New York has 11 cases as well. And Nebraska has 13 cases.
Washington state has over 40 cases. Utah, Wisconsin, and North Carolina all have confirmed cases. And Georgia, Florida, New Hampshire, Oregon, Massachusetts, Rhode Island, Illinois, and Arizona all have at least two confirmed cases.
And, finally, let’s go over how it’s impacting business.
According to IATA, the outbreak could cost the airline industry as much as $113 billion.
Both JetBlue and United airlines have announced that they’re trimming domestic schedules due to a slump in travel.
JetBlue said that it plans to trim capacity by 5% in the near term, and it’ll assess booking terms to see if additional cuts are needed.
United said that it’s cutting flights in the U.S. and Canada by 10%. United has already made cuts to its international flights, but the new reductions will reduce international flights by a total of 20% from its original international schedule in April.
And Apple and Netflix have announced that they won’t be attending South by Southwest in Austin, Texas.
They joined Amazon and Facebook, who have already announced that they’re pulling out.
The festival is set to begin on March 13 and so far, health officials say that the festival will go on as planned.
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