The daily business briefing: February 11, 2020

1. Coronavirus epidemic dents China's fuel demand

China's death toll from coronavirus continued to surge on Tuesday, rising above 1,000, Chinese state media reported. China's Hubei province — epicenter of the epidemic — reported more than 100 new deaths on Tuesday, a one-day record. The number of cases in mainland China reached about 42,300, bringing the global to more than 42,700. To slow the spread of the flu-like virus, Chinese authorities have imposed partial lockdowns on more than 80 cities, and even restricted access to some residential areas. The crisis has dragged down crude oil prices to a one-year low as it reduced China's demand for oil by up to three million barrels a day.

South China Morning Post CNBC

2. U.S. charges 4 Chinese military members in Equifax hack

The Justice Department on Monday charged four members of the Chinese military with hacking Equifax credit reporting agency records and stealing personal data belonging to more than 145 million Americans. The 2017 breach compromised information including names, addresses, Social Security numbers, and driver's license numbers. The suspects, all members of the Chinese military's People's Liberation Army, also allegedly stole database designs and other Equifax trade secrets. The hackers allegedly gained access to the company's computers by exploiting a software vulnerability. "The scale of the theft was staggering," Attorney General William Barr said. The accused hackers are based in China, whose embassy made no immediate comment.

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The Associated Press

3. Stocks futures solid after Monday's rally

U.S. stock index futures rose early Tuesday, potentially adding to Monday gains that came as investors balanced concerns about China's coronavirus epidemic with positive economic news. Futures for the Dow Jones Industrial Average, the S&P 500, and the Nasdaq were all up by 0.2 percent or more several hours before the opening bell. All three of the main U.S. indexes made solid gains on Monday. The Dow rose by 0.6 percent. The S&P 500 and the Nasdaq gained 0.7 percent and 1.1 percent, respectively, to close at record highs thanks partly to a lift from Amazon, which surged by 2.6 percent.

CNBC

4. Popeyes parent shares rise after company reports huge chicken sandwich sales

Shares of Restaurant Brands International closed up by 2.7 percent on Monday after the company, which owns Popeyes, Burger King, and Tim Hortons, reported a huge sales boost in the final quarter of 2019, thanks largely to the Popeyes' wildly popular new chicken sandwich. Sales at Popeyes restaurants rose by 42 percent over the same period a year earlier, reaching $1.3 billion in the last three months of the year. Sales were up by 34 percent at Popeyes outlets open 17 months or more. Popeyes restaurants saw "extraordinary demand" after the chicken sandwich was introduced last August in what the company called the chain's "biggest product launch in the last 30 years." The company even had to briefly halt sales to adjust to the demand.

CNN

5. Sprint shares soar after report that T-Mobile merger will be approved

Sprint shares spiked by more than 60 percent in after-hours trading Monday after The Wall Street Journal reported that a federal judge was expected to approve the mobile carrier's pending T-Mobile merger. T-Mobile shares rose by 10 percent in extended trading. According to reports in the Journal and The New York Times, the verdict is expected Tuesday in a lawsuit filed in June by attorneys general from 13 states and the District of Columbia, challenging a deal that federal regulators signed off on. The $26.5 billion merger would bring together the nation's third- and fourth-largest wireless carriers, creating a formidable rival for industry leaders AT&T and Verizon. The states argued that the existence of a new mobile giant would drive up cellphone bills.

The Wall Street Journal The New York Times