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All times below are in Beijing time.
3:22 pm: Chinese stocks drop 5%
Markets across Asia tumbled by the close on Friday afternoon, as viral fears spooked investors.
China’s Shenzhen stocks led losses among major markets regionally as they closed sharply lower. The Shenzhen component fell 4.8% while the Shenzhen composite tumbled nearly 5%. The Shanghai composite was down 3.71%.
Japan, South Korean and Australian markets dived. Japan’s Nikkei 225 dropped 3.67% while the Topix index fell 3.65%. South Korea’s Kospi was down 3.3%, while the S&P/ASX 200 in Australia plunged 3.25%. — Weizhen Tan, Eustance Huang
2:50 pm: Seven major Asia-Pacific markets have tumbled into correction territory
A surge in coronavirus cases outside China has sent stock markets across the world tanking, with Wall Street’s major indexes dropping into correction territory on Thursday.
Stocks in Asia, the continent with the highest number of confirmed cases globally, have certainly not been spared.
Here’s a list of indexes currently in correction territory, as of Friday afternoon trade:
12:50 pm: New Zealand reports first case of coronavirus
New Zealand confirmed its first coronavirus case on Friday, according to its health ministry.
In a statement, it said that first case is a person who returned from Iran, and arrived in Auckland on an Emirates flight on Feb. 26.
The New Zealand dollar fell around 1% against the U.S. dollar, on the back of that news. — Weizhen Tan
12:40 pm: Odds of a coronavirus pandemic have doubled to 40%, says Moody’s Analytics
With cases of the new coronavirus disease rising quickly beyond China, the odds of the outbreak turning into a pandemic have now doubled — from 20% to 40%, Moody’s Analytics said in a report.
Our previous assumption that the virus will be contained in China proved optimistic, and the odds of a pandemic are rising,” wrote economists from the research and consultancy arm of Moody’s Corporation.
They had earlier predicted a 20% chance of a pandemic. — Lee
12:10 pm: Hyundai Motor closes factory after worker tests positive
Hyundai Motor has shut a factory in South Korea’s city of Ulsan, after a worker tested positive for the new coronavirus, according to a Reuters report.
The South Korean automaker has five car factories in Ulsan, which accounts for nearly 30% of its global production, the report said. Ulsan is less than an hour away from Daegu, where a large number of cases in the country was traced to.
Cases in South Korea have continually spiked, surpassing 2,000 on Friday.
Shares of Hyundai Motor were last down nearly 5%. — Weizhen Tan
11:50 am: Korean Air says won’t allow passengers with temperature higher than 37.5 degrees Celsius to fly to US
All flights departing from Seoul’s Incheon International Airport to the U.S. will now be required to check the temperature of passengers, a Korean Air spokesperson told NBC News.
“Passengers with a temperature higher than 37.5 degrees (99.5 degrees Fahrenheit), which is one of the symptoms of COVID-19, will be denied boarding,” she said. Thermal imaging cameras and handheld thermometers will be used. — Weizhen Tan, NBC’s Stella Kim
11:15 am: Malaysia announces $4.7 billion stimulus to soften economic hit
Malaysia’s interim Prime Minister Mahathir Mohamad announced on Thursday a 20 billion ringgit ($4.7 billion) stimulus package to counter the hit from the coronavirus outbreak.
Measures announced include tax breaks and relief for companies in affected sectors such as tourism, loans for small- and medium-sized enterprises, as well as cash handouts to individuals.
The Southeast Asian economy, which in the middle of a political turmoil, is expected to grow at a slower pace of 3.2% to 4.2% this year — down from the government’s previous estimate of 4.8%, said Mahathir.
Malaysia has reported 23 cases of the coronavirus disease, 22 of which have been discharged from hospitals, according to the health ministry — Lee
11:03 am: South Korea culture minister asks religious groups to suspend services
10:52 am: Tokyo Disney to close from Feb. 29 to March 15
Tokyo Disney Resort operator OLC Group said it will close the park from Saturday until March 15. The leisure and tourism company said it made the decision after taking into account the risk of infection from public events that attract large crowds.
The announcement comes after Japan on Thursday suspended all elementary, junior and high schools in the country from March 2 through spring break (typically around the end of March). — Wang
Update: This entry was updated with further context.
10:30 am: Nigeria confirms first case
Nigeria’s Federal Ministry of Health confirmed the country’s first case of the new coronavirus. The agency said the case was confirmed Thursday in Lagos State. — Wang
9:48 am: BTS cancels 4 concerts in Seoul
South Korean boy band BTS cancelled four concerts, originally scheduled for April 11, 12, 18 and 19 at the Olympic Stadium in Seoul.
In a statement, the band’s label Big Hit Entertainment said the coronavirus “has made it impossible at this time to predict the scale of the outbreak during the dates of the concert in April.” It said ticketholders will receive full refunds.
Big Hit Entertainment said it had expected 200,000 people to attend those shows.
9:10 am: South Korea reports additional 256 cases
South Korea confirmed an additional 256 new coronavirus cases, bringing the country’s total to 2,022, according to its Centers for Disease Prevention and Control. The agency did not report any new fatalities, leaving the death toll unchanged at 13 people.
Of the new cases, 182 were located in the southeastern city of Daegu, according to KCDC data. More than half of the cases in South Korea have been tied to the Shincheonji Church of Jesus in Daegu, the country’s fourth-largest city. — Wang
8:44 am: Companies report ‘major decrease’ in demand from China, survey finds
Many big companies say they’ve already taken a big hit in 2020 from the coronavirus with a “major decrease” in demand from China cited by 40% of chief financial officers responding to a flash survey of the CNBC Global CFO Council.
A majority of chief financial officers on the Global CFO Council say the coronavirus known as COVID-19 has created either a supply or demand effect on their business, but it is the demand drop from China that is the biggest impact. In all, 62.5% say they have seen a decrease in Chinese demand — 21.9% of companies surveyed described a “slight decrease” in demand.
The CNBC Global CFO Council represents some of the largest public and private companies in the world, collectively managing more than $5 trillion in market value across a wide variety of sectors. — Rosenbaum
7:58 am: China reports 44 additional deaths, most of them in Hubei
China’s National Health Commission reported 327 new confirmed cases and 44 additional deaths as of Feb. 27. Among the new confirmed cases of infection, 318 were reported in Hubei province, the epicenter of the outbreak, while 41 people also died there from illness related to the virus. Beijing also reported two deaths.
Altogether, China has 78,824 confirmed cases and the death toll was at 2,788. — Roy Choudhury
A South Korean health worker sprays disinfectant as part of preventive measures against the spread of the COVID-19 coronavirus, at a residential area near the Daegu branch of the Shincheonji Church of Jesus in Daegu on February 27, 2020.
JUNG YEON-JE | AFP via Getty Images
7:48 am: Moody’s says a pandemic would result in global and US recession in first half
Moody’s Analytics said in a Thursday note that there is a 40% chance that the coronavirus outbreak turns into a pandemic — when an epidemic spreads globally and affects a large number of people worldwide — and that if such a situation arises, then it would “result in global and U.S. recessions during the first half of this year.”
“The economy was already fragile before the outbreak and vulnerable to anything that did not stick to script,” Moody’s said, adding that the new virus which came out of nowhere is “way off script.” The ratings agency said that the virus poses downside risk to the U.S. economy and though there are limits to monetary policy, the Federal Reserve “may need (to) eventually step in.” That said, an emergency rate cut from the Fed is unlikely, Moody’s said. — Roy Choudhury
7:36 am: Global stock markets sold off, Dow fell almost 1,200 points
Global stock markets sold off on Thursday, with the Dow Jones Industrial Average plummeting nearly 1,200 points — its biggest one-day point drop ever. U.S. stock indexes entered correction territory, alongside European shares. On Friday morning, futures pointed to declines in Japan as Australia’s ASX 200 dropped more than 3% in early trade.
“Extreme moves are forcing closure of long positions and uncertainty over the duration and economic impact of COVID-19 continues to grow,” analysts at ANZ Research wrote on Friday morning. “Uncertainty is rife, feeding volatility, but the simple maths as COVID-19’s spread outside China means worsening virus news to come.” — Roy Choudhury
All times below are in Eastern time.
6:03 pm: CDC to test more suspected cases after revising guidelines
The Centers for Disease Control and Prevention said it revised its guidelines to allow clinicians across the U.S. to test more people suspected of carrying the new coronavirus. Under the prior federal guidelines, clinicians could test suspected COVID-19 patients if they had traveled recently from China or had been in contact with someone known to be infected. Some lawmakers criticized the CDC’s previous guidance as too restrictive. The new guidelines, which were posted to the CDC’s website Thursday, appear to place more power in the hands of local health practitioners to determine who should get tested. —Feuer
4 pm: Goldman Sachs asks some clients to skip New York conference
Goldman Sachs is asking customers to skip a conference hosted by its investment bank next week if they’ve recently traveled to countries worst hit by the coronavirus. The warning, for Goldman’s eighth annual housing and consumer finance conference held at the bank’s New York headquarters, was just added to the event’s registration website. “In light of the recent outbreak of the novel coronavirus, COVID-19, Goldman Sachs has enacted several precautionary measures to ensure the wellbeing of our clients and our people,” the bank said. —Son
Read CNBC’s coverage from the U.S. overnight: California monitoring 8,400 people; stocks continue free fall
— CNBC’s Yen Nee Lee, Eric Rosenbaum, William Feuer and Hugh Son contributed to this report.