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Total cases: More than 24,000 as of Wednesday morning.
Total deaths: At least 490 worldwide as of Wednesday morning.
8 am: ECB chief says outbreak ‘adds a new layer of uncertainty’ to global growth
The president of the European Central Bank expressed concern that China’s coronavirus outbreak is fueling global economic uncertainty. “The short-term uncertainties are mainly related to global risks — trade, geopolitical and now the outbreak of the coronavirus and its potential effect on global growth,” Christine Lagarde said during a speech in Paris, according to Reuters. “While the threat of a trade war between the United States and China appears to have receded, the coronavirus adds a new layer of uncertainty.”
7:25 am: WHO says there are ‘no known’ effective drug treatments against coronavirus
The World Health Organization played down reports of a drug breakthrough against the coronavirus. “There are no known effective therapeutics against this 2019-nCoV and WHO recommends enrollment into a randomized controlled trial to test efficacy and safety,” WHO said Wednesday. “A master global clinical trial protocol for research and prioritization of therapeutics is ongoing at the WHO.” Earlier in the day (See 7:00 p.m. update), Reuters said a Chinese TV media outlet had reported that a research team at Zhejiang University had found an effective drug to treat people with the new coronavirus. The news agency, citing traders, suggested this was a reason for the move higher in stocks. Separately, Sky News reported Wednesday that a scientist from Imperial College London had made a significant breakthrough in the race to develop a vaccine. CNBC has not been able to verify the media reports.