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Photo: KAZUHIRO NOGI/AFP via Getty Images

Worry about the Wuhan coronavirus is beginning to have a serious effect on business as new cases are discovered worldwide and China ramps up efforts to contain its spread.

What's happening: China extended its Lunar New Year holiday until Feb. 2 from Jan. 30, to help deal with the outbreak, as the country's death toll rose to 80 and the number of confirmed cases reached upwards of 2,700.

  • The number of cases outside of China also has risen, with the U.S., Japan, Hong Kong, Canada and South Korea confirming more over the weekend.

Threat level: Most Asian markets were closed for holidays, but those that were open reacted strongly overnight.

  • Japan's benchmark Nikkei index fell more than 2% as the yen touched its highest value against the dollar in close to three weeks.
  • Indonesia's JSX Composite dropped by nearly 2%.
  • Thailand's benchmark SET index slumped by as much as 3%.
  • Crude oil prices slid again, with WTI and Brent both down by around 3%.

Plus, equities outside the Pacific also suffered. The pan-European Stoxx 50 index, which tracks many of Europe's largest companies, fell by more than 2%, Russia's RTS declined by 3% and S&P 500 futures were lower by around 1.5%.

State of play: Several Chinese cities remain on lockdown and the government has said it will ban all outgoing overseas group tours, while Hong Kong announced it would bar residents of Wuhan's Hubei province from entering.

But, but, but: The coronavirus outbreak so far still pales in comparison to the death toll from the much more common flu (influenza) that kills around half a million people each year.

A slate of American companies also could see near-term hits, as WSJ reports the outbreak is already affecting bottom lines, including closures of businesses inside China.

  • Walt Disney temporarily closed its Disneyland and Disneytown parks in Shanghai on Saturday.
  • McDonald's, which has 2,902 stores in China, said it has closed stores in Wuhan.
  • Starbucks said Saturday it would shut all stores in Hubei province, after earlier closing its Wuhan stores.
  • Delta, United and American Airlines are allowing passengers traveling between certain Chinese cities to change flights for free and are refunding tickets to Wuhan.
  • Carnival and Royal Caribbean Cruises said they aren't allowing anyone who lives in or recently passed through Wuhan to board.
  • Marriott, Hyatt and Hilton said they are waiving some cancellation fees for reservations at hotels in China and for guests from China traveling to hotels in other countries.
  • DuPont said it would donate equipment to agencies in China that are handling medical cases and would work to increase supply of its products to meet customer demand.

The big picture: Wuhan, China, which essentially has been quarantined as ground zero for the virus, is an important hub for Chinese manufacturing, South China Morning Post notes.

  • Wuhan serves as the headquarters for major car and steel producers, has invested heavily in high tech, and acts as a transport and industrial hub for central China.
  • The Economist Intelligence Unit estimates that the virus could cut 0.5 to 1 percentage point from China's GDP this year, which many already are expecting to fall below 6%.
  • S&P Global warns that if the outbreak worsens it could take as much as 1.2 percentage points off China's economic growth.

Go deeper:

Go deeper

Updated 4 hours ago - Energy & Environment

Thousands without power as "hazardous" winter storm lashes East Coast

Satellite imagery of the Northeastern U.S. taken by NOAA on Jan. 17. Photo: NOAA

A major winter storm lashed much of the East Coast Sunday and Monday, causing widespread power outages and disrupting travel over the holiday weekend.

The latest: Authorities in North Carolina confirmed that two people died in a car crash and that they responded 600 vehicle accidents during the storm on Sunday, per the Washington Post.

Texas abortion law remains in effect after appeals court ruling

Pro- and anti-abortion protesters outside the Supreme Court as arguments begin about the Texas abortion law on Capitol Hill in November. Photo: Jabin Botsford/The Washington Post via Getty Images

A U.S. appeals court transferred a challenge to Texas' law banning most abortions after about six weeks of pregnancy to the state supreme court in a 2-1 vote on Monday evening.

Why it matters: The 5th U.S. Circuit Court of Appeals' decision means the country's most restrictive abortion law can remain in place for the time being.

7 hours ago - World

At least 2 dead after Tonga volcano eruption and tsunami

A satellite image of the explosive eruption of the Hunga Tonga-Hunga Ha'apai volcano on Saturday. Photo: UNICEF/NOAA

At least two people are confirmed to have died in Tonga following the undersea volcanic eruption that sent tsunami waves toward the island nation and across the Pacific over the weekend, officials said Monday.

The big picture: Officials reported major damage along the western coast of the main island of Tongatapu, where the capital, Nuku'alofa, was covered in ash and dust, including on the runway of the airport. A New Zealand Ministry of Foreign Affairs spokesperson told Axios over the phone that two people had been confirmed to have died in the disaster.