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· CORONAVIRUS UPDATES:

- Total confirmed cases: More than 198,212

- Total deaths: At least 7,965

- The coronavirus COVID-19 is affecting 165 countries and territories around the world and 1 international conveyance (the Diamond Princess cruise ship harbored in Yokohama, Japan).

- US cases: At least 6,439 (+1,776), and deaths: 109 (+23)

- Italy cases: At least 31,506 (+3,526), and deaths: 2,503 (+345)

- Iran cases: At least 16,169 (+1,178), and deaths: 988 (+135)

- Thailand cases: At least 177 (+30), and deaths: 1

- Italy’s death toll passes 2,500

Italy had at least 2,503 virus-related deaths as of 6 p.m. local time on March 17, according to the country’s health ministry. Fatality numbers jumped by 345 from a day earlier where the death toll was at 2,158 people. Total cases in the country are now at 31,506 and among them, 2,941 people have recovered. Italy remains in complete lockdown where the government has ordered bars, restaurants and most shops to close.

- Virus spreads to all 50 states as US death toll crosses 100

The coronavirus has now infected more than 5,809 people across the United States and killed at least 100. At the beginning of the month, there were just 62 confirmed cases in the country, according to the World Health Organization. Almost half of all confirmed U.S. cases are in Washington state, California and New York, where major epidemics have erupted, prompting the governors to declare states of emergency to free up funding for communities battling outbreaks.

- Trump seeks stimulus package potentially worth more than $1 trillion, including direct payments to Americans

The White House is seeking a stimulus package worth anywhere from $850 billion to more than $1 trillion as the Trump administration looks to battle the economic impact from the coronavirus pandemic, according to a source familiar with the matter.

Later Tuesday, Treasury Secretary Steven Mnuchin told GOP senators that unemployment could reach 20% if Congress doesn’t enact the stimulus package, according to a person familiar with the situation.

An administration official said the package could include:

§ $500 billion to $550 billion in direct payments or tax cuts

§ $200 billion to $300 billion in small business assistance

§ $50 billion to $100 billion in airline and industry relief

Potentially $250 billion of the package could go toward making direct payments to Americans, a White House official told The Wall Street Journal on Tuesday. Mnuchin said earlier Tuesday that the administration wants to get emergency funds in Americans’ pockets “immediately.”

“Americans need cash now,” Mnuchin said during a White House press briefing on the administration’s latest efforts to combat the disease. “I mean now in the next two weeks.”

- Mnuchin: Proposed economic relief could put $1 trillion into U.S. economy

Treasury Secretary Steven Mnuchin estimated that the economic measures President Donald Trump’s administration has proposed to deal with the effects of the coronavirus crisis would pump $1 trillion into the U.S. economy.

“We have put a proposal on the table that would inject $1 trillion into the economy,” he said on Tuesday after meeting with Republican senators. “Let me just say this is a combination of loans. This is a combination of direct checks to individuals. This is combination of creating liquidity for small businesses.”

- Even with $1 trillion stimulus, hit to economy and employment from virus will be big

The double-barreled approach of a $1 trillion proposed fiscal stimulus program and Federal Reserve policy could help soften the blow of an economic recession and head off a potential financial crisis.

The White House is seeking a stimulus package worth between $850 billion and $1 trillion that could result in emergency funds for individuals and assistance for small businesses and credit for industries hard hit by the reaction to the virus.

But even with the proposed stimulus, the view of economic forecasters has become more dire in recent days as companies seeking cash strain credit markets and the shutdown of business activity sends shock waves across the economy.

- Pentagon to free up 5 million respirator masks and 2,000 ventilators for coronavirus efforts

The Pentagon says it will give 5 million respirator masks and 2,000 ventilators to the Department of Health and Human Services from the military’s strategic reserve in order to support the coronavirus response.

Secretary of Defense Mark Esper said Tuesday from the Pentagon press briefing room that 1 million respirator masks would be made available immediately.

- UK unveils $420 billion lifeline for firms hit by coronavirus

Britain said it would launch a 330 billion-pound ($399 billion) lifeline of loan guarantees and provide a further 20 billion pounds in tax cuts, grants and other help for businesses facing the risk of collapse from the spread of coronavirus.

Finance minister Rishi Sunak repeated his pledge to do “whatever it takes” including further action if needed to help sectors from retailers to bars and airports which are reeling from a near-shutdown of their businesses.

· Fed officials flag possible further steps in Fed crisis response

Federal Reserve officials are deliberating over next steps in their response to the fallout from the coronavirus epidemic, with some urging a broad debate about how the central bank might help small and medium-sized businesses, policymakers said on Tuesday.

The Fed in the morning announced it would reopen the so-called Commercial Paper Funding Facility to underwrite the short-term loans that companies often use to pay for their operations, a key financial market backstop first set up 2007 to 2009.

The actions were approved by the U.S. Treasury Secretary under emergency rules that broaden the Fed’s lending powers beyond the banks that are its usual customers. The move came as U.S. officials sought to prevent public health steps such as business shutdowns from causing widespread economic harm.

Federal Reserve officials are deliberating over next steps in their response to the fallout from the coronavirus epidemic, with some urging a broad debate about how the central bank might help small and medium-sized businesses, policymakers said on Tuesday.

“At this stage everything is on the table. ... Work continues,” Atlanta Federal Reserve Bank President Raphael Bostic said in a phone interview with journalists, just hours after the Fed restarted a key lending program to ensure larger companies can get the short-term loans they often use to pay wages and buy supplies.

A possible next step, Bostic said, could be the resumption of other programs rolled out during the 2007 to 2009 financial crisis, such as the Term Auction Facility that broadened the ability of banks to borrow from the Fed.

· Dollar surges as companies scramble for liquidity

The U.S. dollar surged on Tuesday as companies and investors sought out the most liquid currency as concerns about economic shutdowns from the coronavirus continued to dent risk appetite.

The U.S. currency had initially fallen in early March as U.S. government bond yields tumbled, but the dollar has since rebounded, and measured against a basket of major currencies is now up around 5% since March 9.

The dollar index was last at 99.53, up 1.45% on the day.

Data on Tuesday showed that U.S. retail sales unexpectedly fell in February, with households cutting back on purchases of a range of products, and the coronavirus outbreak is expected to depress sales in the months ahead.

The euro dropped 1.63% to $1.10.

The dollar rallied 1% versus the yen to 106.91 yen.

· Oil drops 6% breaking below $27 as recession fears, pump war weigh

Oil dropped more than 6% to multi-year lows on Tuesday, and analysts said more declines may follow as the coronavirus pandemic hits demand and Saudi Arabia and Russia battle for market share.

Countries including the United States and Canada, along with nations in Europe and Asia, are taking unprecedented steps to contain the virus, curbing demand for crude and products such as gasoline and jet fuel.

Brent crude fell 98 cents, or 3.2% to trade at $29.07 per barrel, having earlier touched $31.25. On Monday it sank to $29.45, the lowest since January 2016. U.S. West Texas Intermediate crude reversed all of an earlier 4.7% gain to shed $1.75, or 6.1%, and close at $26.95 per barrel, its lowest level since Feb. 2016.

“Unfortunately for the bulls, we believe we have not seen the worst of the price rout yet,” said Bjornar Tonhaguen of Rystad Energy.”

“The market will soon come to realize that the it may be facing one of the largest supply surpluses in modern oil market history in April.”

· OPEC and IEA warn developing countries could lose up to 85% of oil and gas income this year

Developing countries’ oil and gas income could fall to their lowest levels in more than two decades if current energy market conditions persist, the IEA and OPEC have warned in a rare joint statement.

IEA Executive Director Fatih Birol and OPEC Secretary General Mohammed Barkindo expressed “deep concerns” about the coronavirus pandemic on Monday, warning it could have “potentially far-reaching economic and social consequences.”

Birol and Barkindo said they expect developing countries to see their oil and gas income fall by 50% to 85% in 2020.

They singled out public sector spending in vital areas such as health care and education as being especially vulnerable.

· Joe Biden wins Illinois Democratic primary, NBC News projects, in another blow to Bernie Sanders

Reference: Worldometers, CNBC, Reuters