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Yahoo BusinessFeb 28, 2020
China Manufacturing Plunges, Trump Ready for Worst: Virus Update
(Bloomberg) -- China's factory activity fell to the weakest level on record after weeks of closures caused by the coronavirus outbreak, while the number of cases in South Korea continued to soar.California had its second infection from an unknown origin. The U.S. raised its travel advisory for virus-hit Italy. Federal Reserve Chairman Jerome Powell said the U.S. central bank is prepared to cut interest rates.As U.S. equities suffered their worst week since the financial crisis, President Donald Trump said his administration is prepared for "the worst." Acting White House Chief of Staff Mick Mulvaney said school closures in the U.S. are likely. More than 50 countries have now reported infections: Nigeria and Mexico were among those reporting their first cases.Key DevelopmentsConfirmed cases worldwide pass 84,000; deaths top 2,800Traders speculate on the Fed's first emergency cut since 2008There's nowhere in markets to hide from the virusCalifornia now has two mystery cases of the coronavirusClick VRUS on the terminal for news and data on the coronavirus and here for maps and charts. For analysis of the impact from Bloomberg Economics, click here.South Korean Infections Jump 25% (9:16 a.m. HK)Confirmed coronavirus cases in South Korea leapt by 594 in less than 24 hours, bringing the total to 2,931, according to data from the Korea Centers for Disease Control & Prevention. The 25% jump followed the previous update from the CDC on Friday afternoon.China Factory Activity at Record Low (9 a.m. HK
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