During yet another tumultuous day in markets, Josh Wingrove observes that when everything is going great, President Donald Trump claims credit. When stocks tank, it’s someone else’s fault. Having at first downplayed the threat posed by the coronavirus, Trump pivoted to blame Democrats and the media for creating inordinate alarm (though the World Health Organization just raised its global risk assessment to “very high”). Trump has praised his administration’s response to the pathogen, but a government whistleblower has painted a very different picture. Some 2,875 people have died and 84,000 have been infected by the virus worldwide. In the U.S., 60 cases have been reported so far. Here is the latest news on its march across the globe. —David E. Rovella

Here are today’s top stories

U.S. indexes may have witnessed a lightning fast correction, falling 11% in just one week, but a bigger stock-market victim of the coronavirus could be Southeast Asia.

Fed Chair Jerome Powell sought to calm markets with the possibility of another interest rate cut come March. 

Nevertheless, markets are already pricing in a coronavirus recession, Marcus Ashworth writes in Bloomberg Opinion. The question is whether they should be.

Even amid a sea of red, some traders have managed to find safe harbors. Here’s where they're finding shelter from the storm.

While former Vice President Joe Biden is way ahead of the pack in Saturday’s South Carolina primary, Senator Bernie Sanders has expanded his advantage in next Tuesday’s California primary, fueled by overwhelming support from Latino and young voters.

A federal appeals court blocked the Trump administration from forcing asylum seekers on the U.S. southern border to wait in Mexico, citing “uncontested evidence” that they risked death by doing so. 

What’s Joe Weisenthal thinking about? The Bloomberg news director is thinking about gold again, just as he did at the beginning of this week. While it can be a good hedge against volatility, Joe says, this ceases to be the case when you need cash. While Treasuries continue to surge as the equities markets continue to drop, gold is in trouble, too.

What you’ll need to know tomorrow

• Oil plummets in its worst week since the global financial crisis.
• Singapore emerges as a litmus test for containment.
• Geneva Car Show and Basel Watch Fair canceled as virus spreads.
• U.S. Chief Justice John Roberts faces a moment of truth.
• A lack of friends limits Erdogan’s options for Russia retaliation.
• Airbus says thousands of jobs are at risk over the Eurofighter.
• Bug the Ritz and reveal a billionaire U.K. family feud. 

What you’ll want to read tonight

Why the Oat Milk Bubble May Be About to Pop

The newfound popularity of oat milk (sold everywhere from Starbucks to Amazon.com) has turned the cereal plant into a hot commodity, and profits are soaring for growers. Now, farmers are undertaking a planting bonanza that will boost acres to the most in over a decade. And we all know what happens when supply outstrips demand.

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