Coronavirus live updates: China reports 508 new cases, 71 additional deaths

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This is a live blog. Please check back for updates.

All times below are in Beijing time.

8:30 am: Japan stocks plunge around 4%

Japan’s  plunged 3.97% in early trade as it returned from a holiday, following a selloff in U.S. stocks overnight. The Topix index also declined 3.92%.

Shares in Australia also fell sharply, with the S&P/ASX 200 dropping 1.75%, after declining 2% earlier.

7:55 am: US and South Korea consider reducing training

The U.S. and South Korea are considering a move to reduce military training due to risks from the virus outbreak, the defense ministers from both countries said Monday, according to Reuters.

“I’m sure that we will remain fully ready to deal with any threats that we will face together,” U.S. Defense Secretary Mark Esper said at a news briefing, as he stood with his South Korean counterpart at the Pentagon.

7:45 am: Asia stocks set to drop after Wall Street sells off

Shares in Australia dropped more than 2% in early trade. Japan’s markets which open at 8 a.m. are also set to decline sharply as it returns from a holiday on Monday. That follows an overnight plunge on Wall Street amid fears of the economic hit that could result from the ongoing coronavirus outbreak that is spreading beyond China. — Huang

All times below are in Eastern time.

4:35 pm: Dow plunges 1,000 points on outbreak fears, worst day in two years

Stocks fell sharply as the number of cases outside China surged, stoking fears of a prolonged global economic slowdown. The Dow Jones Industrial Average closed 1,031.61 points lower, or 3.56%, at 27,960.80. The S&P 500 slid 3.35% to 3,225.89 while the Nasdaq Composite closed 3.71% lower at 9,221.28. It was the Dow’s biggest point and percentage-point drop since February 2018. The Dow also gave up its gains for 2020 and is now down 2% for the year. The S&P 500 also had its worst day in two years and wiped out its year-to-date gain as well. —Imbert, Huang

12:50 pm: Iran confirms 12 deaths

Twelve people have died and 61 have been infected with the coronavirus in Iran, Tehran’s health ministry said. However, a member of parliament said 50 people had died in the city of Qom, 75 miles south of the capital Tehran, alone in the past two weeks from the coronavirus. Meanwhile more than 10,000 drug addicts have been quarantined in treatment centers in Tehran province to guard against the coronavirus, state-run IRNA news agency reported, citing a local official.

9:51 am: Seventh death reported in Italy

A seventh person has died in the coronavirus outbreak in northern Italy, news agency ANSA said, while the number of confirmed cases rose to more than 220 in the country. ANSA said the latest person to die was an 80-year-old man who had been taken to hospital last week in Lodi after suffering a heart attack. Doctors believe he caught the virus there from another patient. —Reuters

Read CNBC’s coverage from the U.S. overnight: WHO calls Iran and Italy cases ‘deeply concerning,’ Goldman cuts GDP forecast

— CNBC’s Eustance Huang, Berkeley Lovelace Jr. and William Feuer contributed to this report.

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