Iran reported a 50% increase in coronavirus infections, while New York City, Brussels and Berlin all reported their first cases. The OECD warned that global economic growth will sink to levels not seen in more than a decade and central banks pledged to act after the market rout. In Italy, all members of the Lombardy regional government are undergoing tests after one proved positive. The worldwide death toll from the outbreak surged past 3,000. European stocks and U.S. futures pared their advance.

Key Developments

  • Global cases reach 89,000; death toll rises to 3,044
  • Indonesia reports first cases, India has two new infections
  • Coronavirus drives China factories to record slump
  • Goldman predicts Fed will cut by half point in March