A shift gardy his rival a dollar a separate sarah body to inaugurate himself. With your sports asian World Cup Qualifiers are postponed and tennis his biggest tournament outside the grand slams indian wells is cooled off of a coronavirus. Hello welcome to the news are the spread and fear of coronavirus is starting to have a global major effect on the economy and on the growing human cost us stocks plummeted in the opening minutes in new york even forcing a temporary halt in trading that followed more big drops in asian and european markets earlier in the day one days market shark was triggered by a plunge of 30 percent in oil prices have to saudi arabia increased production christensen is live for us in new york and kristen. Everybody was worried about the knock on effect that this would have once they saw asian and european markets open and it has had that domino effect in the u. S. On monday. Absolutely stocks across all of the major indices are down sharply this morning right now the Dow Jones Industrial average and the s. N. P. More than 6 percent lower and theyve recovered just barely just slightly from session lows shortly after the opening bell the s. And p. And the dow both plunged more than 7 percent triggering that automatic shut off that occurs to give trading a pause in those kind of emergency situations they shut down for 15 minutes and resumed and again are are just hovering low are all stocks this in reaction to primarily Oil Prices Plunging over the weekend a meeting between opec Oil Producing countries and russia failed to reach an agreement to lower production that set off a price war youve got this increasing supply of crude oil and demand lowering because of the corona virus and its spread and the impact that that is having on Global Travel and businesses worldwide writ large as more people stay home and avoid travel to deal with this. Epidemic so were seeing a lot of panic a lot of concern by investors the Federal Reserve the United States central bank has made some moves to try to allay fears and keep money flowing through the markets just before opening it was announced that they were injecting money into short terms alone a 150000000000. 00 increasing from 100000000000. 00 to 150000000000. 00 the amount of money that they put into these overnight repurchase or socalled repo agreements again thats just a way of keeping money flowing through the markets to try to ease concerns but were seeing this morning again the oil prices down. To record lows the biggest drop since the 1991 gulf war and u. S. Treasury. Are also at record lows as investors pour money into government bonds which are considered a safe haven in times like this both the treasury yields and oil prices are a sign so that investors are very concerned these are usually seen as barometers of the old Overall Economic health or for the christensen with in new york think you are White House Correspondent kimberly health kit who joins me from washington d. C. I dont kimberly of course with the New York Stock Exchange stopping and starting a new study rattling Business Leaders globally and certainly in the u. S. Its inevitable that the president will be certainly keeping a very close eye on whats going on in new york right now. Yes and not only the president himself but also his administration here on the lot of the white house we are expecting the Economic Advisor larry kudlow very shortly as well ive just seen walking behind me in the last few moments the health and Human Services secretary alex aides are also speaking to reporters so we are watching very carefully to see what they will be saying in the next few moments or in the next couple of hours in addition the u. S. President also tweeting what were getting a sense of here at the white house is there is an effort to try and contain not only the growing hysteria in the Financial Markets but also among the ordinary public and there is this perception by some here in the United States that this president has not perhaps taken this situation seriously enough treating it more as a political versus Public Health crisis take for example some of the tweets the u. S. President has been issuing in the last couple of hours he has really been trying to downplay this criticism saying in one tweet great job by the Vice President and the Coronavirus Task force thank you also a plotting his own decision to early on close the u. S. Borders to some travelers from china were of course the coronavirus originated saying best decision to close the borders saved many lives hes also pointing the finger at the media for inflaming what he believes is a situation not yet spiraling out of control saying that there is so much fake news so we are awaiting the president to speak himself he is currently in florida palm beach florida he is due to return to the white house later today of course will be following that for the moment it appears that it is members of his administration that are walking to the cameras and of course well bring that as soon as we get it because well join you later thanks very much committed in washington d. C. Well lets hear brian has more on the Oil Price Drop which triggers more turmoil in global stock markets. Oil prices have fallen by as much as 30 percent the steepest drop in almost 30 years a crisis described as heaven no equal in oil markets history the market turmoil began when saudi arabia the Worlds Largest oil exporter started a price war by announcing plans to boost production that followed fridays meeting in vienna by the organization of the Petroleum Exporting countries pick russia refused to join the cartels plan to reduce production at countering the decline in demand from china usually the worlds Biggest Energy consumer but damaged by the coronavirus crisis. The saudis are angry because other countries like russia are unwilling to participate in Oil Production cuts so this we will show you the bosses we can produce at much lower cost. But the oil price lump could have widespread consequences beyond hissing already just to remarket the International Monetary fund suggest saudi arabia needs prices to be at about 80. 00 a barrel to balance its budget the price fall will also hurt major Oil Producing nations venezuela and iran already under pressure from u. S. Sanctions a prolonged price collapse could mean they struggle to fund things like education and health care especially during the global corona Virus Outbreak. Spread of white as is control or. In the Capital Markets because. It has caused huge damage to the Global Economic americas Shale Oil Industry could also be in trouble it needs prices to be relatively high to make a profit Many Companies are heavily in debt and may not be able to make repayments leading to job katz this seems to be the kind of move that russian leaders might have actually decided was in their interests that Lower Oil Prices are not good for russias economy but if it causes even more paying to the u. S. Economy it might be something that theyd be interested in the consumers though it could mean less pain at the pump with the price of petrol expected to for next year brian aljazeera. Is there is digital managing Business Editor and she joins me now from new york talking with us always heading towards a perfect storm in relation to the fact that oil markets are falling and businesses worldwide are being affected by credit virus. Really the saudis cannot have chosen a worse time to unleash a price war because the markets were already reeling from uncertainty weve seen a tremendous amount of volatility over the last couple of weeks weve seen wild swings within stock markets weve seen yields on u. S. Government bonds which are seen as a safe haven a port in the storm weve seen those go down to historic lows on top of this now the saudis decide to not only slash prices that they charge for oil there are also reports on Reuters News Agency that they are planning to boost their production in april as well that is delivering a double shock to all markets right now that they already had the demand shock being demand in the face of coronavirus because it is gumming up supply chains and slowing manufacturing and other supply chains around the globe so you had that shock the demand shock and now on top of that we have a supply shock just all of this supply going into the market and we saw that play out in Oil Prices Today 30 percent that is significant that is hugely significant and with though weve seen the market pair those losses a little bit is still 20 percent and lets be clear 20 percent thats a crash it didnt of course when these sort of transfers happen we dont have the phrase credit crunch are we already in the midst of the. So there are signs of tightening in credit markets now what that means is that corporations they need to get their hands on cash in order to fund their day to day operations they also need access to credit to refinance their debts as well so what happens in credit markets when you start to see them seize up theres theres not enough passion there theres not enough readily available cash and there arent enough instruments that can be easily converted into cash that becomes a very very Serious Business and indeed weve already seen the United States central bank the Federal Reserve theyre pulling a page from their 2008 financial crisis play but theyre already making moves to really lubricate those credit markets to make more short term funding available theyre trying to stave off the credit crunch theyre trying to stave off panic. Thanks for. The events for us from a aljazeera Digital Department of course well come back to you as the situation changes thank you. European leaders are preparing to hold an emergency teleconference once the global coronavirus epicenter moves towards the continent governments are struggling to stop the spread with more than 10000. 00 infections confirmed so far italy france and germany that are hardest hit the International Monetary fund has urged governments to make substantial efforts to deal with the growing economic fallout Charlie Rangel is well treatments for us from our london new such lets just focus in on italy charlie with how they sort of coping with the strain. But with a quarter of a 1000000 people now under lockdown and that lockdown covering italys richest region not only the Financial Center milan but also the tourist hub of venice it is certainly feeling the strain on the tourist side and these extreme quarantine measures are going to be put in place until april 3rd its also feeling the strain in the health care side with the head of the crisis you know of the lombardi region thats one of the affected regions saying that the Health Care System there is one step away from collapse with intensive care facilities under enormous strain and there are reports of staff setting up intensive care facilities in chora doors in Emergency Rooms and operating theatres and having to clear entire sections of some hospitals to make space for seriously sick people but value one whos ever spent time in intensive care you know its not just the number of beds that are important but also the number of machines the respirators the heart monitors and if there arent enough of those to go around and critically sick people could be put at risk so in rome which is not under which is not within the red zone that public gatherings have been suspended in the vatican one person has tested positive for covert 1005 people are now under quarantine and this is approaching one of the busiest times in the churchs calendar easter when thousands of people travel to hear the pope deliver his public masses he is now also. Self isolation delivering his. Via video Video Conferencing by the internet. And theres also a strain on the countrys prisons in an effort to reduce any contact with inmates face to face visits from loved ones and friends have been banned and that has sparked a number of riots as a lot of dissatisfaction among inmates and or thirtys there and one prison official is saying that the government has effectively abandoned the prison system but these prisons that are very overcrowded the perfect environment in which a virus could spread rapidly so in italy were seeing strain of course Health Care Prison and the economy tourism. Of course charlie thanks very much for the update there Charlie Rangel in our london nice and well staying on message iran has reported another 43 deaths and grown virus as cases continue to rise there the death toll is now at 237. 00 more than 7000. 00 infections have been confirmed but the Global Airlines are stopped flying to iran which is facing one of the worst outbreaks in the world china is also reporting a fall in the number of new cases its just hard to 40 new confirmations continue to study drop over the past few days trini you has the latest from beijing. The 40 new cases and 22 deaths thats lowest some of the lowest numbers weve seen since this outbreak really started to pick up steam at the end of january in china more than 80000 people have been infected but Health Authorities say that most of those people have been cured and there are only about 20000 people now who are being treated for the current virus in hospital still 5000 people or so are in Critical Condition but its definitely a positive picture and were starting to see real concrete evidence of that change in this positive improvement in the epicenter of who bay province itself now there was at one point thousands of people being diagnosed every day about 2000 people on some days and of course because of that huge demand on the Hospital System in will hand they had to create all these makeshift hospitals with 14 makeshift hospitals were created including one called the living room which accommodated 1700 patients now 11 of those have now suspended operations or have been closed because there are not enough patience so obviously thats a good sign weve also heard today that there was a leak to document from 100 airport and the rising stuff to be ready to go back to work on march 10th now we have to remember there was a complete lockdown in the city of will han nobody could get in and out that means no trains and no flights so this is a sign that theyre not necessarily going to stop flights on march 10th but one airport is starting to think about getting up and running again which is a very big sign. Well punch your head here all the news hour including a mass murder trial begins over the shooting down of a malaysian airliner but will justice finally be served. But its for new fans are watching in this stadium but it didnt stop this footballer celebrating with himself it italy. Africa as Prime Minister has served survived probably what the government is calling an assassination attempt is vowing the attack wont hinder the political changes being made since the else to the share last year said. The monday morning attack took place in the sudanese capital of khartoum Prime MinisterAbdullah Hamed was in a convoy of cars when gunfire and an explosion went off near his vehicle he survived the attempt on his life but the police might bike rider was injured within a couple of hours ham ducked tweeted a photo to prove in his words that hes in good shape the government says it was a targeted attack and investigations are under way and if you care to tout. I know were not we know that there are people who are trying to target the revolution of the sudanese people and to attack the gains of the revolutionaries but we stress that revolution is going on at the revolution will continue its path with you that. No one has claimed responsibility the attack highlights the fragility of sudans transition to civilian rule almost a year after protesters forced the military to remove president on one of bashir and replace him with a joint military civilian government but the generals remain effective rulers of sudan and of showing a reluctance to hand over power to civilians i Prime Minister hun doc has vowed that the attack once gets in the way of sudans transition sort of hired at aljazeera have a morgan has more from the site of the explosion in car too. This area right here is where the explosion targeting the convoy of sudans Prime Minister abdullah ham took happened now you can see the tape that was blocking the access to the area it has since been removed but you can see the impact of the blast on the windows of that building which has been completely shattered by the blast we heard from sudans Government Spokesperson saying that this was a car bomb that was targeting the Prime Minister