WHO says coronavirus is a pandemic, UK and Italy announce big war chests to fight it

The WHO said for the first time that it sees the coronavirus outbreak as a pandemic

LONDON/ROME - The World Health Organization said for the first time on Wednesday that it now sees the coronavirus outbreak as a pandemic.

A pandemic is an epidemic on a far greater geographic scale that affects a much large number of people. The United States, where the S&P 500 stock index was down almost 4%, said its steps could include tax relief, to combat the virus that could put hundreds of billions of dollars into the U.S. economy.

A rebound in stocks ran out of steam on Wednesday despite the Bank of England move. Money markets are fully pricing in a further 10 basis-point cut by the European Central Bank when it meets on Thursday.

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