Coronavirus live updates: US retail closures could surge, Roche has over 400 tests on the way

This is CNBC’s live blog covering all the latest news on the coronavirus outbreak. All times below are in Eastern time. This blog will be updated throughout the day as the news breaks. 

• Global cases: More than 169,387, according to Johns Hopkins University.
• Global deaths: At least 6,513, according to Johns Hopkins University.
• US cases: At least 3,774, according to Johns Hopkins University.
• US deaths: At least 69, according to Johns Hopkins University.

JPMorgan Chase is telling all its employees globally to work from home if possible.

The New York-based bank, which has 256,981 workers and operates in 60 countries, is expanding on a policy it began last week for New York-metro area employees as it copes with the spread of the coronavirus pandemic.

“Effective immediately, we are asking all managers globally to allow employees to work from home to the extent feasible,” the bank’s operating committee said Sunday in a staff email. “This will further facilitate social distancing in the communities we call home while continuing to serve our clients and customers.” —Hugh Son

Airlines around the world are racing to preserve cash as demand for flights craters after political leaders turn to increasingly draconian measures that have disrupted daily life in an effort to stop the spread of COVID-19. Now U.S. airlines are grappling a scenario that unthinkable earlier this year when they reported record revenues: a suspension of U.S. air travel.

On Sunday, acting Homeland Security Secretary Chad Wolf said, “all options remain on the table” when asked at a White House press conference whether the administration is considering a halt of domestic air travel. A day earlier, President Donald Trump said the American public should avoid unnecessary travel. Early Monday, the administration expanded its 30-day ban on most European visitors to Ireland and the U.K., an unprecedented curb on international travel.

While it is not guaranteed that the administration will take that route, which would be the first time the U.S. instituted a blanket air travel ban since the wake of the Sept. 11, 2001, terrorist attacks, or whether it would last two weeks, a month, or longer, several executives told CNBC that they are considering all possibilities. —Leslie Josephs

The International Monetary Fund on Monday said it “stands ready” to use its $1 trillion lending capacity to help countries around the world that are struggling with the humanitarian and economic impact of the novel coronavirus.

“As a first line of defense, the Fund can deploy its flexible and rapid-disbursing emergency response toolkit to help countries with urgent balance-of-payment needs,” wrote Kristalina Georgieva, Managing Director of the International Monetary Fund.

“The Fund already has 40 ongoing arrangements — both disbursing and precautionary — with combined commitments of about $200 billion,” she added. “In many cases, these arrangements can provide another vehicle for the rapid disbursement of crisis financing.” —Will Feuer

Dr. Corey Hebert, assistant professor at both Louisiana State and Tulane Universities, told CNBC’s “Squawk Box” that the U.S. should commit to social distancing in an effort to “flatten the curve.” “If we do what we’re supposed to do, we really should look a little more like China,” he said in reference to China’s aggressive mitigation efforts that include wide-scale quarantines and travel restrictions. “What we’re trying to do is instead of having 15,000 people sick at one time, which would overburden the medical system, we’d rather have 10 people sick, or 10,000 people sick rather, over a longer amount of time, so 15 days.” —Will Feuer

In an effort to boost screening capacity to help contain the growing epidemic, the Food and Drug Administration issued emergency authorization last week for a COVID-19 test made by Swiss diagnostics maker Roche. The company says automated tests can provide results in 3.5 hours as opposed to a few days. The company will begin its rollout with over 400 tests this week, Roche CEO Dr. Severin Schwan told CNBC’s “Squawk Box.” 

“We are of course ramping up supply as much as we can,” he said, adding that the tests go first where they’re most needed. “For that purpose, we are closely working together with the authorities, the CDC, in particular, to allocate tests to those labs and to those regions where we can make the biggest impact during this crisis.” —Will Feuer

The year 2019 brought with it record store closures in the retail industry in the U.S., and 2020 looks like it is about to be a lot worse. Retail store closures this year are now on pace to be “double what we saw last year,” which was a record year, said Deborah Weinswig, CEO and founder of retail advisory and research firm Coresight Research. “I think that is already in motion. … If [COVID-19] stays longer, it will be greater.” —Lauren Thomas

Iran’s death toll has reached 853, with 129 new deaths in the past 24 hours, a health ministry official tweeted on Monday, adding that 14,991 people have been infected across Iran. “In the past 24 hours we had 1,053 confirmed new cases of coronavirus and 129 new deaths,” Alireza Vahabzadeh tweeted. To contain the outbreak in Iran, one of the deadliest outside of China, officials have called on people to stay at home. —Reuters

U.K. Prime Minister Boris Johnson will ask manufacturers to support the production of essential medical equipment, such as ventilators, for the National Health Service.

“Preparing for the spread of the coronavirus outbreak is a national priority and we’re calling on the manufacturing industry and all those with relevant expertise who might be able to help to come together to help the country tackle this national crisis,” a Downing Street spokesperson said late Sunday.

“We need to step up production of vital equipment such as ventilators so that we can all help the most vulnerable, and we need businesses to come to us and help in this national effort.” —Holly Ellyatt

The German economy ministry said the impact of COVID-19 meant it no longer expected an economic upswing in the first quarter, Reuters reported. The ministry added that the economy was unlikely to stabilize before the third quarter at the earliest. “The strength and duration of the impact cannot yet reliably be forecast,” the ministry said. “But given the very rapid pace of developments, we have to anticipate significant economic impacts.” —Holly Ellyatt

European markets plunged as much of the continent went into shutdown mode to prevent the spread of the new coronavirus.  The pan-European Stoxx 600 dropped 8% near the start of trading, travel and leisure stocks plummeting 14.3% to lead losses as all sectors and major bourses slid into the red. —Elliot Smith

Asia markets plummeted even after the U.S. Federal Reserve announced a massive monetary stimulus campaign to curb slower economic growth in the middle of the COVID-19 pandemic.

Australian markets led losses in the Asia-Pacific region, as it tanked nearly 10%. Mainland Chinese stocks dropped as well, with the Shanghai composite 3.4% lower, while the Shenzhen composite slipped 4.834% and the Shenzhen component plunged 5.34%. Hong Kong’s Hang Seng index fell 4.38%. Overall, the MSCI Asia ex-Japan index declined around 5%. 

“Ironically, markets might have perceived the Fed’s response as panic, feeding into its own fears; especially as COVID-19 cases spike globally, prompting harder border controls,” Vishnu Varathan, head of economics and strategy at Mizuho Bank, wrote in a note. —Eustance Huang

Read CNBC’s coverage from CNBC’s Asia-Pacific and Europe teams overnight here: New York City to limit restaurants and bars to take-out and delivery, movie theaters to shut

Reuters and CNBC’s Saheli Roy Choudhury, Weizhen Tan, Holly Ellyatt contributed to this report.