Brazil's biggest city braces for economic hit after coronavirus reaches Sao Paulo

Brazil's Health Minister was in Sao Paulo on Thursday to meet with local authorities, after the country's first coronavirus case with confirmed in the country's financial centre. With more than 12 million people, Sao Paulo is one of the world's most populous cities and a popular entry point to the country. Following the confirmed diagnosis of coronavirus, Brazil's real took a hit. The local stock market also took a hit. Speaking to media, the Health Minister played down fears of the virus, saying Sao Paulo is well-placed to tackle any cases.

This week, authorities diagnosed a 61-year-old man in Sao Paulo who returned recently from Italy with the virus. Dozens of other patients with symptoms of coronavirus are being treated and reportedly in good health.