MILAN—Part of Italy’s economic heartland woke up under a quarantine on Sunday with more than 50,000 people not allowed to leave their towns, as the country began to grapple with the worst coronavirus outbreak outside of Asia.

The first economic effects hit Milan, the engine of Italy’s economy, which is just 40 miles from the outbreak’s epicenter. Trade shows, soccer matches and other public events were canceled. The mayor of Milan, Italy’s second-largest city with about 1.4 million residents, said the city’s schools will be…

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