A deadly rocket attack on a coalition base the u. S. Launches a new round of airstrikes in iraq. The escalating coronavirus emergency has sent stocks crashing to their worst losses in 30 years and bester has continued to bailout in the u. S. Europe asia and the middle east and the travel restrictions and business shutdowns that are bringing economies to a halt italys ramped up its lockdown closing bars restaurants and shops all france norway and ireland are among the latest countries to close schools and universities efforts to stop large gatherings to lead to severe restrictions on sporting events european football leagues and american basketball baseball and hockey games are among those suspended it will begin our coverage with whats been a torrid day for Global Markets on wall street the Dow Jones Industrial average sank almost 10 percent its worst losses since the black monday crash of 1907 and london the 100. 00 close down almost 11 percent all european markets together dropped 12 percent and the gulf dubai tumbled 8 percent qatar 4. 5 percent and saudi stocks lost 3 percent of their value kristen salumi has the round up from new york. These are dark times on wall street as the coronavirus continues. The spread in a fog of uncertainty descends on investors here and around the world we will be suspending all travel from europe to the us president Donald Trumps shock announcement on wednesday night that he was banning all travel from the European Union may have been intended to calm fears. That it had the opposite effect 50. K. For the 2nd time in a week the slump in stock prices was so precipitous that trading on the New York Stock Exchange was temporarily halted on thursday as airlines began cancelling flights the u. S. Federal reserve stepped in with the rescue package this time promising 1. 00 trillion dollars to shore up markets but it had little effect new yorks main indices closed down between 9 and 10 percent leaving many wondering what more could be done to calm nerves i think were going to need to see a series of actions that look like theyre only focused on responding to this other agenda so every department the government has to sing the same song in the same tune with disabled cutting music all these little gaps and things that people think are cute when times are good become terrifying when times are bad and were closer to bad than good at this particular moment. It was even worse for european traders as the economic implications of president trumps travel ban sunk in germanys dax closed down more than 12 percent as did france and spain smain markets while londons footsie had its worst day since the crash of 1987. U. S. Markets have now fallen more than 20 percent below their highs and with coded 19 yet to peak here its actual impact on the economy not to mention peoples lives is hard to predict that has investors preparing for the worst while everyone is hoping for the best christian salumi aljazeera your. Every johnson is the founder of the lance a Wealth Management he joins us from washington d. C. We appreciate your time very much. Can we manage our way out of this or is some of this just has to happen. I think some of this has to happen if you look back over the course of the last 10 years and some of the things that have been fueling our market this is this is just the example of what happens when you have too much excess weve had you know for to have trillion dollars of quantitative easing weve had 4 to have trillion dollars of Company Buying back shares or their own stock which manipulates the earnings numbers you know earnings is that income before dividends divided by shares outstanding so when you have 26. 00 trillion dollars in u. S. And p. 500. 00 you can see how much that demand for stocks and what it might do to earnings numbers if you were deuce the shares outstanding could do the market so i think these have to let this thing play out i just dont know when thats going to be because now we have an event risk and thats something that our Risk Management cant account for youve got 17 percent of the Global Economy that shut down 80 percent of the commercial activity and now thats happening in the United States which 70 percent of our economy is Consumer Spending and so its happening when the economy was already decelerating when the rate of change basis dont get if you go from 10. 00 to 12. 00 to 14. 00 youre going from great to good which is bad and thats what youre seeing with our g. D. P. Numbers thats what youre seeing with the earnings numbers and inflation before the virus hits and so you know once you add that into the equation you get the sort of disruptions that youve seen over the last 2 days so there is the event and events are often predictable but there is also the way. That during an event any part. Of ministration. I dont think so so one of the things that i look at is the math behind it any time the standard deviation and we talked about this earlier when the standard deviation expands the range of potential outcomes broadens and thats why you see the volatility index go up to 60 so mathematically now buying stocks becomes very problematic because its its been a vironment that you know well whether you buy a wreath or utility or Growth Stocks its going to have the same experience a good example would be look at gold gold is holding up pretty well its a store of value but the gold miners are going down terribly so and the reason why its trading like an equity so the sell off has broadened all Asset Classes and thats how you know this is a math issue as opposed to a branding issue all right so say youre one of these people that is you know close to retiring or youve recently retired and you are not feeling good about what is happening to your savings what could you do what should you do. So what i would recommend as you take a look at the current circumstances is inflation and growth of accelerating the decelerating rate the decelerating so in that environment you should already have Treasury Bonds as opposed to junk bonds right and dont forget we have a Corporate Bond bubble that you know half of the bonds are triple b. And thats debts that could be a big issue of the economy decelerates and they become downgraded in the over run the junk bond market so you should have already had Treasury Bonds you should already have you know the utilities the reeds and the gold so in that circumstance you would have lost quite as much money on the way down and now you may want to pivot into more the gold more the the Treasury Bonds and keep some more money in cash until everything is stabilized ok we appreciate your insight. Into the but to go back into the Growth Stocks ok thank you. Thank you for your insight were at a time thank you. Yes president restrictions on european travelers arent just having an Economic Impact theyre also straining already brittle diplomatic relations between washington and brussels as mike hanna reports. The irish Prime Minister arrives at the white house his bilateral meeting with the u. S. President one of the few events going ahead as should jeweled island along with the United Kingdom 2 countries exempt from the sweeping travel ban which appears focused on the 26 European Union members of the shang and Alliance Giving rise to claims that the ban has been haphazardly applied when you think of what happened to europe because it was very fast and very furious and what happened is a lot of people went from china into europe and europe suffered tremendously see whats going on and so i just wanted to stop as it pertains to the United States or Public Access to the u. S. Capitol has been suspended but lawmakers in the house are continuing to discuss the bill to counter the economic and social impact of the coronavirus and also pacing questions about whether lawmakers should stay at home lets get this bill passed 1st and then well see where theyre from there because the fact is the house is on fire people are concerned about their of course the house and the health of their challenger democratic president ial candidate joe biden added his voice to the discussion about how best to deal with this ongoing crisis and was harshly critical of the efforts by the trumpet ministration public fears may become. More pervasive like and trust in this president. Why adversarial relationship with the truth that he continues to have this stall public concern about the slow rollout of testing kits this despite claims by the trumpet ministration that anyone who needs a test can get one the web site of the center for Disease Control records said it has not conducted any tests over the past 4 days and the number of tests conducted by Public Health lads has dropped dramatically over the same period yesterday for example across the entire United States only 8 tests are reported. President trump maintains he is in no need of submitting to a test but this may change following reports that a man he met during talks with the brazilian leader at mar a lago last week has tested positive for the virus brazils communication minister pictured here on the president s lift is awaiting the results of his 2nd test my kind of aljazeera washington so as mike mentioned the lack of testing going on in the us is a problem a top u. S. Official who deals with Infectious Diseases has bluntly described the situation as a failing anthony bounty made the comments to members of congress a temporary thing on thursday the system does not is not really geared to what we need right now what you are asking for that is a failing and going yeah it is a failing there lets admit it the fact is the way the system was set up is that the Public Health component that dr that dr redfield was talking about was a system where you put it out there in the public and the physician asks for it and you get it the i hear of anybody getting it easily the way people in other country are doing it were not set up for that do i think we should be yes but were not going allen fisher who is in washington d. C. And alan theres been a lot of criticism about the way the administration the federal government as a whole is handling this crisis seems a lot of states are deciding to take care of their own people how are states responding or the result is going to be reaction which is going to be separate from the federal. A plan of action and were seeing that with a number of states in fact it goes down from states to counties even to cities themselves in the new york city today the mayor bill de blasio announced that there was a state of emergency there theres no Immediate Impact on that but what it does give them is extra power sort of the death toll goes up above 95. 00 then he will be able to call on more resources as well over in california theyre looking at individual Companies Taking various actions and there walt disney of the cited 2 of the theme parks will essentially be closed from saturday until the end of the month although theres been no cases of the virus detected in the parks theyre doing this out of an abundance of caution when if we go to ohio in the midwest we can tell you that there the head of Public Safety and also the governor says that the estimate there somewhere in the region of one percent of the people in ohio have the virus if that is the case that puts the number of people infected around 117000 how many positive kid tests of there been 5 so that would suggest that there has been massive under testing in ohio and then if we come a lot closer to home to maryland just across from washington d. C. The schools there have been closed for 2 weeks as of friday the governor announced that he was also activating the National Guard and he has imposed the state of emergency on the state many states many areas many many of the polities are saying that they dont want to see gatherings some say 500 some others say 250 but you can see that theyre trying to limit the possibility of there being some sort of contact between people to reduce the possibility of those numbers growing just on a federal level we know that steve mission who is the treasury secretary has been tasked to sit down with nancy pelosi to come up with some sort of financial deal that would address the president s issues which is to give a helping helping hand turn number of industries and companies as well as to ordinary people. And nancy pelosi wants to see Better Health care and also some sort of compensation for people who lose out because of the crew of the virus we are told there has been room for agreement that theyve agreed on a number of issues but theyre not quite close to finalizing a deal those talks will continue but the head of the Senate Mitch Mcconnell whos a republican has said that he doesnt think theyll be a vote in the coming week and Congress Heads off for spring break on friday. And believe it will alan fischer and washington allan thank you European Union leaders have hit out at president trying to decision to impose travel restrictions which could affect 7300 flights Charlie Angela reports of london. Chaos and confusion in some european airports as travelers scramble for the last flights to the United States from friday night all flights from 26 year paying countries will be banned for 30 days unprecedented action in unprecedented times but welcomed by some but the last word there has been you know we are lucky to be able to leave europe if we are finally able to leave the e. U. Was quick to condemn president trumps decision the European Union disapproves of the fact that the u. S. Decision to impose a travel ban was taken unilaterally and without consultation but isolation both within and from other countries is gaining momentum as infection rates italy one of the worst affected nations strengthened its nationwide quarantine while spain suspended parliament and football matches as death rates in the country almost doubled in 24 hours. Frances president addressed the nation directly spelling out some difficult truths. Spite of our efforts to delay it the virus continues to propagate and it 6 we knew it and feared it this evening im asking all people who are more than 70 years of age and those who suffer from chronic illnesses or suffer from a spiritual problems people who are disabled to remain as much as possible at home. Their children only seem to suffer mild symptoms they are considered key spreaders of the virus and in response sri lanka ireland denmark norway and france joined the long list of countries to shut down all schools but the British Government continues to take a different approach holding off on any wide ranging restrictions that would suppress the spread now hoping instead to delay the peak of the outbreak until the summer at stages we have been guided by the science and we will do the right thing at the right time. We are not repeat nort closing school. The scientific advice is that this could do more than good meanwhile in china life at the center of the outbreak is gradually returning to normal in both in a 1000 patients waved goodbye to their hospital beds and only a few dozen new cases were recorded nationwide in south korea the number of new current of ours cases is also decreasing but the government warned against private to visit. While in iran a 1000 new infections the country struggling with a lack of life saving equipment has asked for an emergency 5000000000. 00 loan from the International Monetary fund taking fright at these well developments the stock markets showed a sea of red with the u. S. Dow jones entering a bad market for the 1st time in an effigy is not helped by the announcement from the European Central bank that it will not cut rates any further. As the cracks begin to show inequalities of Health Care Systems across the world it is the very human toll of covert 19 that must be remembered. Aljazeera. Canadian Prime MinisterJustin Trudeau has put himself into isolation after his wife sophie was tested for the virus says that while hes not showing signs of infection themself he is being cautious until so if he gets her results she has been experiencing flu like symptoms following a visit to the u. K. And then thought to be unprecedented in modern times the vatican has ordered the closure of romes caplet churches and response to the coronavirus pandemic the decree will stay in effect until early april and follows cancellations of public engagements by the pope who has been Live Streaming prayers online to avoid big crowds the batek and is also told romes catholics they are not obligated to attend sunday mass while they make is ongoing. And the rapid spread of the krona virus is also causing cancellations and postponements of sporting events all around the quote just a moment ago formula one cancelled the australian grand prix which was to take place in melbourne this weekend so theres also the National Basketball association which has decided to suspend the season until further notice spains real madrid players have gone into quarantine after a basketball player who shared Training Facilities