Southward. Wall street saw a big selloff on monday and now it is asias turn. Youre seeing the nikkei by a full 3 . The shanghai composite actually up. Take a listen to this. A seemingly very happy group from weight waxers applauding as most investors groenld after another down day on wall street. The dow dropping 331 points. Almost 2 . The broader markets also posted big losses. At first glance, this global selloff seems most closely tied to it. Richard quest explains. Reporter the fear is that the wheels on the Global Economy and certainly the european economy may well and truly be coming off the wagon. So if this is our wagon, and it is literally trundling along at the moment. This is global growth. The first one, of course is the possibility of the greek elections and the possibility of a euro zone breakup. At least greased with its election on the 25th of january. The antiausterity party is leading in the polls. If they are elected, although they say they wont take it out of the euro they are hoping to renegotiate the bailout package. Thats bad enough. You have the euro zone. Deflation fears have risen sharply. German inflation came in at. 1 . It is almost on the verge of deflation. With that in mind euro touched a nineyear low against the dollar. 1. 19. Oil prices a full blown crisis in oil is taking place at the moment as the price has now fallen under 50 a barrel. And then of course russia. A crisis for one of the worlds most significant economies, the french president says sanctions could be lifted if theres progress in what is happening. Put thought together and that is what happens to your wagon. An animated explanation there. Richard quest explaining problems in the euro zone and the drop in oil adding to all those woes. Lets bring in jim to talk about this a bit more. Lets talk about the currency aspect of all of this. The euro hitting a nineyear low against dollar. What are all the factors dragging it down . Well there is two things of course when it come to the currency markets. You have the Dollar Strength and the euro weakness. And you have both happening at the same time. The Dollar Strengthening because most analysts would say the u. S. Will raise Interest Rates. We see strong growth in the u. S. You see some decent inflation. Very not surprising if people would move into dollars, especially when you think of it as a safe haven currency. A lot of people pouring in for that reason. So the Dollar Strength gets it going. Euro weakness we wont see any Interest Rate rises in the euro zone. Were talking about deflation as richard just pointed out. The worries there, how do you stimulate the economies here. Not slow it down by raising Interest Rates. What are the good things . People should not see this as a negative. The euro falling will help exports in the euro zone. Countries like germany, italy, france that need to export more to hem their economies to grow. I think it is a very concentrated objection way to help europe by having the euro weakening and you wont see the bank do anything to stop that from growing further. So well expect that then to continue for the short term. What about these plunging oil prices . The second half of last year. We saw that price just head southward and tank so quickly, it seems. Some of our viewers programs enjoying that at the pump in the form of lower petrol and gas prices. Some are losing out. There are those who again on oil being sold a certain price per barrel. Who is losing out at the moment . Well, if youre an investor into an oil company like shell or a bp or an exxon, youre losing out because the prices per share are falling. People who work for these companies are seeing drilling slowing down. Youre seeing future investment slowing down. Job cuts. A lot of countries and a lot of the parts of the u. S. Relying heavily on energy as one of the main drivers of the economy itself. So those people will lose out. What i think is most important is not just the price is falling. It is falling so quickly so companies arent predicting which way it can go. Theyre not planning properly. Theyre not able to say well invest more or less. So a lot of people very worried that it will fall to 30 a barrel. Oil is very elastic. Weve seen it at 150. Weve seen it below 30. That hams. It is the speed of the fall that is concerning so many people. The other aspect is that markets in many ways are emotional. These are emotional gauges around the world. I know it is difficult to know this for sure cox we see 30 a barrel oil . Could it continue to head low . Some analysts say yes. And you just mention that had the price does fluctuate. We could see that right . A 30 a barrel situation . If you say could it of course. We have seen it below 30 since 2008 for a while. And you dont see any countries slowing down in the production of more oil. The reason for that is because they think it will fall further. So they pump as much as they can now to try to grab the price where ever it is. And that of course is a selffulfilling prophecy because then you have more and more on the markets. If the demand starts to weaken if the demand weakens elsewhere, you see even more oil on the markets. And countries pumping even more. They think it will continue to fall and then it does fall. That seems to be the pattern weve seen in oil markets. Then it will go back up. I dont know when. All right. At least waiting us through these oily muddy waters but they dont mix. To see you this morning. Some of the stories were following for you. The United States house and senate late at this hour. They are about to begin their work for 2015. And for the first time in nine years, both houses of the legislature are firmly in republican control. Now the republicans plan to aggressively confront president obamas policies on energy on health care and on immigration. None of those tasks will be easy. Many conservative republicans are unhappy with their leader in congress. Thats john boehner. As and as Republican Leadership with its more conservative numbers. It will to have compromise the moderate democrats. He has asked his Party Numbers to be in his words, not mine, less scary this session. Now the leaders of european footballs governing body will face a new challenger in the president ial election coming up. Jordans prince says he will seek the presidency. He is the current Vice President of fifa. He announced his plans staying world game deserves a world class governing body and International Federation that is a Service Organization and a model of ethics and good governance. Fifa has been heavily criticized following corruption in the 2018 and 2022 world cups them found no wrongdoing in the process. Bad weather is forcing divers to stay out of the water once again. This is just the latest setback in the search for victims. The search for debris and this frantic search for answers. What went wrong. Crews on aircraft continue to look for the planes main body and the all important black boxes. Theyre scanning a 45,000 square kilometer swath of the java sea. There have been no reports of anything sighted. Meantime on land some victims families have begun holding funerals for their loved ones. 162 people were on board that doomed flight. Lets go ahead and bring in our reporter now. She is at the Crisis Center in surabaya indonesia. We have to mention these nech divers who are heading out in these terrorism russ conditions. Really and truly risking their lives to try and find answers and find some answers to what went wrong. Were ten days into this. What does that tell us about what theyre likely to find if anything . Well were not going to have any answers until we find the black boxes. As far as the divers go they are on standby. We got word that two of them went in this morning to look at conditions. They came back up saying that visibility was terrible. So no search by those divers today. Another two bodies they have been identified. I should say. They have been spotted. That is what we are hearing from the search and Recovery Team out there in the java sea. That news coming in to us in the last few minutes. Another two bodies have been spotted. But because conditions out on the seas are so bad, the helicopters are not able to go and retrieve those bodies. As far as numbers retrieved, it still stands at 37 of which 19 have been identified. Another six this morning. The families waiting to hear the names and after the families learned of the name that is when the media will be informed. But as far as the search goes you know it really is on standby. The reason being is because of the weather. Were in the middle of a monsoon season and were now into day nine day ten since the plane crashed on the 28th of december into the java sea. And still, they are yet to pull out the wreckage. They found four oks using sonar. Another large piece of wreckage they believe to be wreckage or an object was located late yesterday by sonar. Theres speculation that could programs be the tail of the plane which we know contains the black box flight recorders. At this stage, it is mere speculation. That is what were working with. It is very frustrating for everybody involved. Most importantly, the families who are just desperate for some sort of answers to where their loved ones are. And it is so difficult for any of us to put ourselves in the shoes of those relatives who are feeling that desperation and that grief at the moment. But these divers you got three team of fiveins taking turns going down. When weather permits. And because we passed this tenday threshold, you mentioned bodies that have been at least spotted. Not necessarily identified. How challenging will it be if theyre able to get those bodies up to identify them since its been ten days . Yeah. Thats absolutely right them need a break in the weather to retrieve those bodies. They then take them back to the base where they are prepared and flown here to surabaya to the hospital where they are handed over to the disaster victims identification unit. We spent the morning with the head of that unit and the doctor and his team it has grown to several hundred people. Emhes had to tell other countries to stop sending in forensic officers because they have too many people now that are part of the team. They only have eight beds for, or eight forensic tables where they look at the remains. So far the remains that have been brought back, the bodies that have been brought back are intact. As we know the longer they stay in the water, the more they decompose. And they would normally rely finger prints for identification. With the deterioration in the water, the skin deteriorates, they cant use the finger prints. So they have to resort to bone and teeth and that is a much longer process. I asked him, what it is like for he and his team. And they are not immune to this. They went through this during the bali bombings in 2002. With the asian tsunami in 2004. He talks about having to bring the bodies back and they werent even identifying them. There were too many of them. 200,000 victims. This is something that he and his team have to do. They carry the sorrow. They have this pressure because they know the families want those answers. They want their families returned. The bodies return so they can give them a proper burial. And we will speak to him. The executive director of the disaster victim identification unit a little bit later to get more of those answers. Live for us on this such a grim story. Thanks very much. Still to come better bundle up if youre heading out the door. That is, if youre in the u. S. A cold snap is creeping in across much of the country. Always landmark goes dark. Abe get in punch it let quicken loans help you save your money. With a mortgage thats engineered to amaze take a look at this incredible video out of washington state. Were watching as entire homes moved off their foundations. Severe weather caused several mud slides in one 9 00. Up to 300 people were escorted from their homes after being stranded by the slides since early on monday. At least three homes were knocked off their foundations and so far we havent heard of any injuries. A bit of good news there. Also a bitter even dangerous storm is headed toward much of the United States. Take look at the footage. This is a cold even it is so cold even antarctica is warmer than most of the midwest region. Antarctica warmer than the midwest. From east to west, the temperature will dip dangerously low in some spots. Especially northern wisconsin and minnesota. Sleet and rain will pummel new england as well. Even the south will deal with frig it air in the coming days. Joining with us more on that. I think once a year the atlantic gets pummeled and gets a bit of snow. Are we teeing up for that once again as the u. S. Gets this cold . It looks like it is safe to say this will be the coldest across the southern United States. It would be hard pressed to get much colder than. This it is possible but it doesnt look like it is coming in. The reason is we have a pretty impressive area of High Pressure. And it is causing the air to sink. It suppresses any sort of weather as far as clouds developing. This area of High Pressure going to be among the highest areas of High Pressure in recorded history across the continental u. S. So it is pretty impressive. It brings in much colder temperatures out of canada. And the plunge in the temperatures. Chicago, High Temperature, should be at 32. Zero celsius. Notice the high will be 14. Programs the coldest of the season. 1, the High Temperature there with incredibly powerful winds. The windchills could be 30 below zero on wednesday. Then over the next several days it stays below freezing. And potentially ten Straight Days before chicago gets above the freezing mark. Windchills across the northern tier, 40 to 45 below zero. We had one observation in northern portions of minnesota that had temperatures closing in on 50 below zero across this region. When you get this cold schools certainly close. We know a lot of schools were closed across the most dangerous areas because exposure of your skin is very, very dangerous. 30 below zero it takes ten minutes of exposed skin to get frostbite. 50 below which we had that across parts of minnesota, five minutes of exposure. So not only do you not want your kids standing outside with these temperature but the Diesel School buses, a lot of them are having a tough time starting. So thats something you dont want to put your kids in when the bus dies across the region. Heres the forecast. Notice on early Tuesday Morning as we head into late Tuesday Morning, say, 7 10 a. M. Could see windchills of 22 below zero to about 20 below in minneapolis. Even colder come wednesday morning around sunrise. The minus 30 or so in chicago. Nearly migs 40 out of minneapolis. And the priestley glacier in antarctica 14 below. Look at this. They are in their summer season. Minneapolis should be colder than portions of antarctica and chicago will be comparable to portions of antarctica. A pretty impressive spell of cold air. Some of these records have been standing for 70 to 110 years. It doesnt seem right. Nowhere should be warmer than antarctica. An antimuslim movement is growing in germany. And thousands of opponents are responding with their own counter demonstrations. About 18,000 supporters of the group patriotic europeans against the islamization of the west. Jammed the streets of dresden. Saying member of coldness and hatred in their hearts. Demonstrators urging tolerance, held countless demos across the country. In many cases they were larger than their rival protests. The manhunt is underway in new york for two suspects at this hour of the two Police Officers were shot in the bronx neighborhood. Police say both officers are expected to survive. They were called to a store robbery and were trying to pull over a car when they were both shot. Police say one of the suspects may have been shot as well. Now, this comes just a few weeks after two officers were shot to death in their patrol car in brooklyn. The allegations are shocking and the response on behalf of britains Prince Andrew is unusually outspoken. 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I dont want to tell you guys your job, but. Policies without the price tags. Now, thats progressive. One of the grand jury members from the Michael Brown shooting case in missouri is suing the prosecutor. The American Civil Liberties union says the unname juror wants the right to speak about the entire grand jury experience. State law prohibits jurors from speaking and requires secrecy about grand jury deliberations. In november, the grand jury decided not to indict officer Darren Wilson in the shooting death of the unarm teenager Michael Brown last august. Now there are emphatic denials from Buckingham Palace and the u. S. Attorney about claims they were involved with an underage sex ring. The allegations come from a lawsuit that names britains Prince