WeWork closes 100 buildings, UK confirms new cases

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Inflation in China hit its highest level in more than eight years last month as the outbreak drove up demand for some consumer goods and shuttered business activity in parts of the country. China’s consumer price index rose 5.4% in January, after rising 4.5% in December, according to CEIC. The rise in consumer prices continues a recent acceleration for inflation in China, according to the country’s National Bureau of Statistics. Inflation hit 3% in September and then broke above 4% in November. The bureau said in a statement that the increased inflation in January was due to the Lunar New Year holiday, the coronavirus outbreak and a lower price base from last year, according to Reuters.

Office-sharing startup WeWork has temporarily closed 100 buildings in China due to the outbreak, WeWork Executive Chairman Marcelo Claure told CNBC’s Andrew Ross Sorkin on “Squawk Box” on Monday. Claure said no members and employees are infected. “That’s a great win,” he said. “We’re monitoring and working with the Chinese government to make sure we’re following the proper guidelines.” He also said that “it’s an issue” having 100 buildings close with members not having access to them and “just working with emergency personnel.” — Feuer, Burztynsky

Chinese President Xi Jinping insisted the country will win the fight against the coronavirus outbreak, saying he will adopt more decisive measures to contain the spread. Speaking on state television Monday, Xi said the country would speed up the development of drugs that have relatively good clinical effects against the deadly pneumonia-like virus. Xi’s comments come shortly after China’s National Health Commission said it had confirmed more than 3,000 new cases and almost 100 deaths as of Sunday night. The world’s second-largest economy now has a total of 40,141 confirmed cases of the coronavirus in the country, with 908 deaths.

Mongolia has suspended deliveries of coal across its southern border into China until March 2, Reuters reported Monday, citing the country’s National Emergency Commission. The move is designed to prevent the spread of the coronavirus, with the commission also recommending the country suspend its Tsagaan Sar Lunar New Year celebrations later this month. Mongolia has not yet reported any cases of the coronavirus.

The UK has confirmed four new cases of coronavirus, bringing the total number in the country to eight.The new cases are all known contacts of a previously confirmed UK case, with the virus passed on in France, the Department of Health and Social Care said Monday. “The patients have been transferred to specialist NHS centres in London, and we are now using robust infection control measures to prevent further spread of the virus,” Chris Whitty, England’s chief medical officer, said in a statement via Twitter. Earlier in the day, the U.K. declared the coronavirus a serious and imminent threat to public health.

Read CNBC’s coverage from the Asia-Pacific overnight: Xi insists China will definitely win fight against outbreak; death toll at 908

— Reuters and CNBC’s Saheli Roy Choudhury and Sam Meredith contributed to this report.