Tesla closes stores, Olympics organize task force

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Yum Brands, the owner of Taco Bell, KFC and Pizza Hut, warned investors that its 2020 results will likely fall below its long-term outlook, hit in part by the virus outbreak and its potential spread to other Asian markets. China is the largest market for KFC and the second largest for Pizza Hut. “While Yum’s business model is highly diversified such that the impact on our financial performance will not be as significant what many companies will experience, this will certainly be a headwind for 2020,” CEO David Gibbs said. Yum shares moved lower after Gibbs’ comments, and were recently trading down 3.6% in premarket trading. -Lucas

Kate Spade and Coach owner Tapestry said Thursday that the majority of its shops in mainland China are currently closed. Tapestry said it is expecting sales during the second half of this year to be between $200 million to $250 million lower due to the closures and the coronavirus outbreak. It said its profits could be reduced by 35 cents to 45 cents per share. If the outbreak spreads, Tapestry said the financial impact could become worse, too. “The escalating coronavirus outbreak is now significantly impacting our business in China, resulting in the closure of the majority of our stores on the Mainland,” CEO Jide Zeitlin said. “If the situation further deteriorates, or the outbreak affects demand outside of the country, this impact could be worse.” -Thomas

Toyota Motor is looking at alternatives for the production of auto parts made in China because of the coronavirus. The company has currently halted production at its China plants until Feb. 9, but may extend this deadline if the situation worsens.

Toyota lifted its annual operating profit forecast by 4.2% because of strong currency rates for the Japanese yen and better-than-expected sales. However, the company has not yet factored in the financial impact of the new coronavirus, which it said was hard to gauge. -Miller

Russia is thought to be standing in the way of further OPEC-led production cuts, the Wall Street Journal reported on Thursday, citing unnamed cartel delegates. The Saudi-led producer group has been unable to reach a consensus over its response to China’s coronavirus outbreak. It comes after delegates representing OPEC and non-OPEC allies, sometimes referred to as OPEC+, met for three days to debate whether further output cuts would be necessary in order to offset falling demand for crude. Earlier in the day, an OPEC technical panel recommended a provisional cut of 600,000 barrels per day, Reuters reported, citing two sources. International benchmark Brent crude traded at $55.07 on Thursday, down around 0.4%, while U.S. West Texas Intermediate stood at $50.85, around 0.2% higher.

The organizers of the Tokyo 2020 Olympic and Paralympic Games have set up a task force in an attempt to counter intensifying fears about the coronavirus outbreak. Tokyo 2020 CEO Toshiro Muto he will run the newly-created Novel Coronavirus Countermeasures Task Force, Reuters reported. The group held its first meeting on Tuesday, Muto told reporters, and a second briefing could take place as soon as Friday. The Olympic Games are set to take place from July 24 to Aug. 9, with the Paralympic Games scheduled to run from Aug. 25 to Sept. 6.

The U.S. pushed for the World Health Organization to “engage directly” with Taiwan in the fight against the coronavirus on Thursday, prompting a swift rebuke from Beijing’s ambassador to the United Nations health agency. Andrew Bremberg, U.S. ambassador to the United Nations in Geneva, said it is a “technical imperative that WHO present visible public health data on Taiwan as an affected area and engage directly with Taiwan public health authorities on actions,” Reuters reported. In response, China’s delegation expressed “strong dissatisfaction” that some countries had raised the issue of Taiwan’s participation at WHO. Taiwan is not a member of the WHO due to China’s objections. Beijing considers self-governing Taiwan a wayward province to be brought under its control. Separately, Taiwan’s Foreign Ministry spokeswoman, Joanne Ou, slammed China and the WHO for providing inaccurate information about the number of coronavirus cases in Taiwan. The WHO reported Tuesday that the island had 13 cases, when there were only 10 at that time.

Read CNBC’s coverage from our Asia-Pacific and Europe teams overnight: US and China clash at WHO over Taiwan’s participation, death toll tops 500

— Reuters and CNBC’s Amelia Lucas, Lauren Thomas, Hannah Miller, Saheli Roy Choudhury and Sam Meredith contributed to this report.