Coronavirus Cases in Italy Rise 50 Percent, US Urges Citizens to Avoid North

Bank of America ‘Already Seeing Evidence’ of Coronavirus Economic Impact

A senior Bank of America economist said early signs of an impact of coronavirus on the U.S. economy were already visible in some leading indicators. Michelle Meyer, Bank of America’s head of U.S. economics, said in a note on Feb. 28 that “it will take time for the ‘hard’ economic data to show the impact but we are already seeing evidence in early economic indicators.” Major stock market indexes suffered their worst week since the financial crisis last week amid a virus-driven equities selloff and associated lurch towards safe-haven assets like bonds. U.S. Treasuries absorbed major capital flows last week, with the yield on the 10-year note hitting a new record low. Bond yields move in the opposite direction to prices, with falling yields a sign of growing interest by investors,…

The article has been updated to reflect the latest information.

Coronavirus infections in Italy rose 50 percent Sunday and the U.S. government issued its strongest travel warning yet, advising Americans against any travel to two regions in northern Italy that have been hard hit by the virus that first emerged in China in December.

Authorities said the total number of people infected in Italy had risen to 1,694, a 50 percent jump from just 24 hours earlier. Five more people infected with the virus have died, bringing the deaths in Italy to 34, while 83 people have fully recovered.

Italian health authorities said the increases were expected, since it takes as long as two weeks for containment measures to take effect, and because Italy has a large number of elderly people. Still, the numbers highlighted the rapid impact the virus is having on Italy, the epicenter of the outbreak in Europe.

‘’This acceleration was expected, unfortunately,’’ said Giovanni Rezza, director of the infective illness department at the National Health Institute. He said it would be another week or 10 days until the spread of the virus slowed down in the country.

Coronavirus Cases in Italy Rise 50 Percent, US Urges Citizens to Avoid North

With numerous cases in other European countries traced back to Italy, many countries have issued travel warnings for the 11 Italian towns that have been on lockdown since the virus exploded there on Feb. 21. But none have gone as far as the U.S. government, which on Sunday urged Americans not to travel to the regions of Lombardy and Veneto, raising the warning to the highest level. It is one step shy of the U.S. travel advisory for China, which urged Americans to leave the country.

In the wake of the warning, Delta and American Airlines have both suspended flights to Italy’s financial capital of Milan, which can have a potentially devastating business impact beyond just tourism. Already a major furniture and design fair has been postponed due to the virus until June.

Tourism officials said an earlier U.S. travel warning covering all of Italy was potentially calamitous to the industry, which represents 13 percent of gross domestic product in a country famed for its world-class museums, archaeological sites, art cities and natural beauty.

More than 5.6 million Americans visit Italy every year, representing 9 percent of foreign tourists and the second-largest national group behind Germans, according to the most recent statistics.

Lombardy, which includes Milan, accounts for over half of the cases while Veneto and Emilia-Romagna have 15 percent and 17 percent, respectively. All three regions have closed schools for at least another week. In Veneto and Lombardy, closures also have hit museums, theaters, cinemas and most public offices, emptying cities like Milan, where many companies have permitted office workers to telecommute.

Earlier Sunday, the French community church in Rome, St. Louis of the French, closed its doors to the public after a priest was infected with the new virus.

The church in the historic center of Rome is famous for three paintings by the Baroque master Caravaggio, making it a destination for tourists and the faithful alike. A sign on the door Sunday noted in French that the church had been closed as a precaution by the French Embassy for both Masses and tourist visits until further notice.

The Religious Information Service news agency reported the church was closed after a 43-year-old priest who had returned to Paris was hospitalized after being infected. It carried a statement by the archbishop of Paris, Michel Aupetit, who said the priest, who had been living in Rome, returned to Paris by car in mid-February and tested positive for the virus on Friday. He was in good condition, Aupetit said.

It was the first church in Rome closed by the virus. Churches in much of Veneto and Lombardy have closed their doors under widespread measures aimed at containing the spread of the virus. Televised Masses have been available for the faithful.

By Colleen Barry

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Enemy Is China, Experts Warn at the Annual Gathering of Conservatives

NATIONAL HARBOR, Md.—The increasingly rising threat that China poses to the United States was a hot topic at this year’s Conservative Political Action Conference (CPAC), the largest annual gathering of conservatives in the country. At a panel discussion titled “The Present Danger: China” on Feb. 27, a Republican lawmaker framed the communist regime as “insidious.” And China experts criticized Beijing over its efforts to deflect blame for coronavirus outbreak onto the United States. Speaking at the event, Rep. Scott Perry (R-Pa.) said after four decades, Americans have started to realize the threat posed by China’s military and economic rise. He likened the Communist Party’s strategy to the famous “Trojan horse” in Greek mythology, a massive hollow wooden horse constructed by the Greeks to gain entrance into the city of Troy…