Stock markets around the world are selling off on Monday morning as coronavirus cases spike in Italy, South Korea and the Middle East.
A fourth person in Italy was confirmed dead from the coronavirus on Monday, with confirmed cases spiking by more than 130 since Friday. The Italian government has placed a dozen northern towns under quarantine and closed down schools, museums and cinemas. Public events including the Venice Carnival and several high-profile soccer matches have been cancelled.
South Korea's government raised the coronavirus alert to its highest level after the number of confirmed cases escalated from 31 to 763 in less than a week, causing seven deaths, according to the Korea Centers for Disease Control and Prevention. Meanwhile, Iran has now reported 12 deaths and up to 61 cases cases, prompting schools and universities to close and a sealing of borders with Afghanistan and Pakistan. Kuwait and Bahrain have reported cases in people who visited Iran.
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