The rapid spread of COVID-19 in certain European countries is one reason that the Trump administration has banned the entry of foreign nationals arriving from 26 European nations into the U.S. for 30 days.
The administration had previously put into place travel restrictions for foreign nationals who had been to mainland China in the 14 days before their arrival in the U.S.
The restrictions don't apply to Ireland or the United Kingdom, according to a list of countries listed by the Department of Homeland Security. "A large number of new clusters in the United States were seeded by travelers from Europe," Trump said Wednesday night when he announced the new restrictions.
Italy, which is facing the worst coronavirus outbreak outside of mainland China, now has 12,462 cases and 827 deaths, according to data from the Johns Hopkins Whiting School of Engineering's Centers for Systems Science and Engineering. France has 2,284 cases and 48 deaths, Germany has 2,078 cases and three deaths, and Spain has 2,277 cases and 55 deaths.
A set of sweeping restrictions that were first put into place this weekend in Northern Italy have put the country on lockdown and have since been expanded to the rest of the country. Now retail shops, restaurants and bars have been closed, with the exception of stores selling food, pharmacies and its tabacchi shops.
In the U.S., where case counts are also rising, the NBA basketball season was suspended after a member of the Utah Jazz tested positive for the virus, and the NCAA said it won't allow fans to attend its annual March Madness tournaments. Elective surgeries have been postponed in some U.S. hospitals. State and local governments in California and Washington state have recommended against large gatherings, including religious services. Seattle Public Schools will close for two weeks. The actors Tom Hanks and Rita Wilson announced on Twitter that they have both tested positive for COVID-19 while in Australia.
There are now 1,323 cases and 38 deaths in the U.S. Worldwide, 127,863 people have been sickened by the disease and at least 4,718 have died. Iran now has 10,075 cases and 429 deaths, while South Korea has 7,869 cases and 66 deaths. Both of those countries are dealing with infection clusters.
"The full extent of the economic costs will be unclear for quite some time," Anne Van Praagh, managing director of global credit strategy and research for Moody's Investors Service, said at an investor day. "The fear of contagion has dampened travel and tourism and will dampen consumer and business activity and disrupt the supply chain. It also takes a toll on health care systems with higher demand for health care services and products."
Here's what companies are saying about the impact of COVID-19:* Carnival Corp. is halting cruises on 18 Princess Cruises ships for 60 days over concerns about the spread of the coronavirus outbreak. Carnival stock has lost more than half its value in the last month and is down 60.6% over the past year after passengers on its ships contracted COVID-19 in several highly publicized incidents.
* Johnson & Johnson , which has an orthopedics business, told investors that elective procedures are being impacted in China, Japan and South Korea in a "meaningful" way. "We're starting to see a similar trend in certain parts of Europe," Ciro Roemer, chairman of J&J's medical devices business in North America, said during an investor conference. "And in the U.S., I would say we're in the early innings of this whole event evolving." This includes certain hip, knee, and spine procedures.
* Hudson Ltd. , which generates 20% of its sales from its duty-free business, has "seen a subsequent reduction in traffic and sales" given the slowdown in Chinese travelers in airports. "We are seeing an impact, although to a lesser extent on our duty paid business," CEO Roger Fordyce told investors during an earnings call. "We believe this is due in part to an increasing number of company travel restrictions and event cancellations, as well as an overall concern about the coronavirus outbreak."
* Owens & Minor Inc. said it has "aggressively ramped up" production of masks and gowns at its plants in Mexico and Honduras.
* MGM Resorts International said a guest from New York who had attended a conference in Las Vegas and stayed at The Mirage hotel has tested positive for COVID-19. The company has "implemented temporary enhanced cleaning procedures with a heavy emphasis on public areas" and is contacting other employees and guests who may have come into contact with the patients.
* Adidas AG , which has temporarily closed office locations and stores in China, said that it now expects net sales in the first quarter to be down between €0.9 billion ($1 billion) and €1.1 billion ($1.23 billion) and total net sales will be down more than €700 million ($780.5 million). "The coronavirus is causing temporary dip in a long-term growth story in China," CEO Kasper Rorsted said during an earnings call.
Additional reporting by Tonya Garcia Read more of MarketWatch's COVID-19 coverage: Stock futures tumble after Trump announces restrictions on Europe-U. S. travel U.S. wholesale inflation sinks in February on lower oil prices as coronavirus hinders travel Restaurant stocks at risk of labor shortages and reduced opening hours as coronavirus spreads Walmart may cut store hours to combat coronavirus and says a Kentucky associate has tested positive
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