Cities, states and Washington sought approaches to mitigate the blow of the novel coronavirus as firms shut, the European Union prepared to shut its borders, and fears of a pandemic-induced economic downturn retained marketplaces on edge.

U.S. Treasury Secretary Steven Mnuchin is pitching Senate Republicans on a $one trillion stimulus plan that would involve about $250 billion in immediate payments, in accordance to a White Residence formal. The Federal Reserve also took ways to stop more strains in limited-term industrial credit card debt marketplaces. The moves…