(Bloomberg) -- South Korea reported 571 more cases on Friday, taking its tally past 2,300, and Japan’s Hokkaido declared a state of emergency. Nigeria, Africa’s most populous country, confirmed the first infection south of the Sahara dessert. Switzerland banned events with more than 1,000 people.

Equity markets tumbled in Asia and Europe and U.S. futures weakened, while yields on Treasuries maturing in two and five years slid to the lowest level since 2016. Brent crude dipped below $50 a barrel for the first time since December 2018.

Key Developments

• Confirmed cases worldwide pass 83,000; deaths top 2,800
• JPMorgan joins rush to curb global travel as virus spreads
• Limited virus testing in Japan masks true scale of infection
• China is making progress in the battle to get back to work
• Coronavirus crisis seeds chaos in Washington and on Wall Street

Click 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.

Switzerland Cancels Large Events (5:16 p.m. HK)

Public and private gatherings with more than 1,000 people won’t be allowed until March 15, the Swiss government said. The next big event in the country is the Geneva Motor Show, which was set to open to the public on March 5.

The move comes alongside a German quarantine of 1,000 people. Authorities in Heinsberg, near the Dutch border, asked people who came into contact with a married couple with the disease to stay at home.

Cases in Italy soared to 650 on Thursday from 400 a day earlier, bringing the European total to more than 700. Five new cases have been confirmed in Sweden, bringing the total confirmed cases in the country to seven.

French President Emmanuel Macron and Italian Prime Minister Giuseppe Conte on Thursday called for European cooperation and rejected calls for suspending the Schengen Treaty that allows for border-free travel within the European Union.

South Korea’s Moon, Party Leaders Urge ‘Bold’ Steps (5:11 p.m. HK)

President Moon Jae-in and political party leaders agreed on the need for “bold and swift extraordinary measures,” including a bigger budget, to combat the outbreak and revitalize economy, Yonhap News reported, citing a joint statement from parties.

Japan’s Hokkaido Declares State of Emergency (4:47 p.m. HK)

Japan’s northern island of Hokkaido has declared a state of emergency due to the outbreak of coronavirus there, national broadcaster NHK said. Residents have been asked to stay indoors over the weekend.

South Korea Confirms More Cases (4:34 p.m. HK)

South Korea’s Centers for Disease Control said an additional 315 cases of the novel coronavirus have been confirmed as of 4pm local time, in addition to the 256 additional cases as of 9am earlier in the day. The death toll is unchanged at 13.

South Korea President Moon Jae-in’s disapproval rating rose to 51%, the highest level since October, a Gallup Korea poll showed. Seperately, the Financial Times said the U.S. military had placed its South Korea garrisons, which includes its largest army base outside America, in lockdown.

China, Japan Agree Xi Visit to Go Ahead as Planned (4:22 p.m. HK)

Japanese Foreign Minister Toshimitsu Motegi and top Chinese diplomat Yang Jiechi agreed at a meeting Friday that President Xi Jinping’s visit to Tokyo would go ahead as planned, the Ministry of Foreign Affairs said.

Airlines Warn on Outlook (4 p.m. HK)

British Airways parent IAG SA slumped after saying it couldn’t provide an earnings forecast this year, as weak demand in Asia rippled across to Europe and companies cut back on business travel. EasyJet Plc said that it had seen a softening in demand and made plans to cancel flights.

Finnair dropped after it revised outlook, citing the coronavirus and its wider than originally estimated impact. Alitalia plans to extend temporary layoffs for about 4,000 workers following the outbreak in Italy, Ansa reported. Amadeus IT Group SA, which operates software for flight bookings, fell 5% after saying that airline travel sales are slowing globally.

Singapore Airlines Ltd said it would reduce management pay, with the CEO taking a 15% cut effective March. 1.

Fast Retailing Reopens More Than 100 China Stores (3:43 p.m. HK)

Fast Retailing Co., the owner of the Uniqlo clothing brand, reopened more than 100 stores in China in the past week, Reuters reported, citing a statement. Almost all partner factories restarted work, while 125 stores in China are still closed because of the virus.

BOE’s Carney Says Virus May Impact U.K. Economy: Sky (2:10 p.m. HK)

The Bank of England’s Mark Carney said the virus could result in an economic-growth downgrade for the U.K., Sky News reported, citing an interview with the central bank governor. Carney said the bank has already seen a drop in activity, though it’s too early to tell how badly the U.K. would be affected.

BASF Says Chemical Industry Taking Hit From Virus (2:01 p.m. HK)

The chemical industry became the latest sector to be hit by the coronavirus after German giant BASF SE warned the outbreak could help lead to the lowest growth in production since the financial crisis more than a decade ago.

Trump Says Virus Has Spread ‘Very Slowly’ in U.S. (1:14 p.m. HK)

The coronavirus has spread “very slowly” in the U.S., President Donald Trump said in a tweet.

“So, the Coronavirus, which started in China and spread to various countries throughout the world, but very slowly in the U.S. because President Trump closed our border, and ended flights, VERY EARLY, is now being blamed, by the Do Nothing Democrats, to be the fault of ‘Trump,’” he said.

Singapore Ministers to Take Pay Cut on Virus: CNA (1:03 p.m. HK)

All political-office holders in Singapore will take a one-month salary cut in light of the coronavirus outbreak, CNA reported, citing comments from the country’s Deputy Prime Minister Heng Swee Keat. The government’s actions follow recent moves by some of Singapore’s top companies to freeze pay and cut bonuses as the country attempts to combat the impact of the virus.

New Zealand, Lithuania Report First Cases (12:38 p.m. HK)

New Zealand confirmed its first case after a person who recently returned from Iran was diagnosed with the illness, the Ministry of Health said Friday. The person in their 60s is in isolation in Auckland hospital, the ministry said in an emailed statement.

Separately, Lithuania reported its first case. The person was infected in the Italian city of Verona, RIA Novosti said.

Abe Adviser Says Japan Needs $45 Billion Extra Spending (11:45 a.m. HK)

An adviser to Prime Minister Shinzo Abe said Japan should compile another economic package with fresh spending of at least 5 trillion yen ($45 billion) to respond to a severe hit from the coronavirus outbreak.

“We should take it very seriously that this is terrible timing, coming right after the sales tax hike,” Etsuro Honda, one of the key architects of Abenomics, said in an interview. “The impact could be devastating in the short term.”

FDA Confirms First Drug Shortage Relating to Virus (11:40 a.m. HK)

The Food and Drug Administration confirmed the first drug shortage relating to the coronavirus, Commissioner Stephen Hahn said in a statement. The announcement didn’t name the manufacturer but said “there are other alternatives that can be used by patients.” The shortage is due to an active ingredient used to make the drug, the FDA said.

South Korea Completes More Tests of Sect Members (11:31 a.m. HK)

South Korea’s health ministry completed tests for 1,299 members of the Shincheonji Church of Jesus who showed symptoms of fever and coughing, among 9,334 members of the sect in Daegu, Vice Health Minister Kim Ganglip said at a briefing. The results of the tests will be available during the weekend. So far, the ratio of confirmed cases to suspected cases is “very high.”

JPMorgan Restricts All Non-Essential Travel Globally (11:29 a.m. HK)

JPMorgan Chase & Co. issued global restrictions on non-essential travel to protect its employees and its business against the spreading coronavirus.

Because of the continuing spread of the virus, it’s now “restricting all international travel to essential travel only,” the New York-based bank said in a memo distributed to staff. The memo was confirmed by spokespeople at the bank.

Hyundai Halts Korea Plant as Worker Infected (10:34 a.m. HK)

Hyundai Motor Co. halted operations at its No. 2 plant in Ulsan for disinfection after a worker tested positive, Maeil Business Newspaper reported, without citing anyone.

Nigeria Confirms First Infection (9:10 a.m. HK)

Nigeria confirmed its first case of the coronavirus in Lagos, the West African country’s biggest city and commercial capital, the Health Ministry said. It’s also the first reported in sub-Saharan Africa.

Algeria has also reported a case. Health experts have voiced concerns over the possible spread of the virus in places like Africa that may be ill-equipped to handle such a crisis.

Hong Kong Dog Found to Have ‘Low Level’ of Virus (8:49 a.m. HK)

The pet dog of a coronavirus patient in Hong Kong has been found to have a “low level” of the virus, the Hong Kong government said.

The dog tested “weak positive,” the city’s agricultural and fisheries department said in a statement, without giving further details. Officials will carry out further tests to confirm whether the dog has really been infected, or if it was a result of environmental contamination of its mouth and nose.

China Death Toll Rises to 2,788, Up 44 (7:53 a.m. HK)

To contact the reporter on this story: Adveith Nair in London at anair29@bloomberg.net

To contact the editor responsible for this story: Stuart Wallace at swallace6@bloomberg.net

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