this is is the business briefing. i'm sally bundock. global markets see their biggest sell—off in years, as the financial fallout from the coronavirus continues to spread. and day two of president trump's visit to india — despite the show of friendship, both sides appear no closer

to a trade deal. and this is how the financial markets are trading now in asia. japan seeing a more than 3% fall. more detail then on the huge sell—off on global stock markets, which over the past 2a hours have seen their heaviest losses in years, as investors become more nervous about the growing spread of the deadly coronavirus. in the uk, the ftse 100 fell by 3.3% by monday's close, which is its biggest daily drop since january 2016. in italy, which has seen europe's worst outbreak of the virus, milan's stock market plunged by almost 6%. on wall street the falls continued, with the dow, s&p 500 and nasdaq all sinking

by more than 3%. that's their sharpest declines since 2018. more now from our north american business correspondent, samira hussain. that's their sharpest declines since 2018. more now from our north american business wall street is spooked clearly. the massive falls on us financial markets makes that point. investors are scared the impact of coronavirus could mean a prolonged economic slowdown globally. the number of cases of the virus has ballooned to 77,000 in china, a worrying sign for investors given how important and how much is made in china and sold around the world. china is also a dominant consumer of goods itself and with its doors closed and people not going out, consumer production has taken a dive. apple, google and walt disney,

who do a lot of business in china and rely on it for making goods, had shares down 4.5% in trading on monday. airlines and hotel chains fell dramatically as people cancelled travel plans because of fears of the spread. if the impact of the virus is as serious as some investors suspect, it could even derail the longest economic expansion in american history. let's talk more about the sell—off going on in asia. to find out lets cross straight to asia business hub where sharanjit leyl is following the markets for us. nice to see you. we saw moments ago,japan nice to see you. we saw moments ago, japan done by over 3%. talk as to what is going on. asian stocks following on from

what wall street did yesterday. asian markets have been reacting. concerns about the coronavirus. bombay index was higher a little earlier. a rise in the number of deaths outside china, having spread to some 37 countries and territories is what is worrying investors. selling businesses and global group. it things like oil prices, we know many factories in china have stalled and that is hitting oil demand. we heard from a tech giant, the likes of apple, iphones in china, sales have declined by a third in january. of course will to have something of an event negative impact this month and in the months ahead. safe havens in asia continued to be things

like gold, still doing well. thank you for now, sharanjit in singapore. president trump has held talks with india's prime minister narendra modi and injust over an hour, the two will be holding a joint news conference. hopes of a full trade deal have faded — but it's expected the two countries may unveil a number of smaller deals. they're thought to include an agreement for india to buy two—dozen seahawk helicopters. america has become one of india's biggest defence suppliers — overtaking russia — with $18—billion in sales over the past 15 years. another key issue for president trump is india's heavy import duties — he's called the country the king of tariffs — and has been particularly vocal about high taxes on harley davidson motorbikes.

it's also expected the us energy firm westinghouse will sign a new deal with india's state power company for the supply of six new nuclear reactors. let's get more on this story from our india business reporter arunoday mukharji, who's in delhi for us. we mentioned an overall trade deal is very unlikely to be announced or discussed today but what about other, smaller deals on key issues that i've touched on? they are hopeful that something concrete or decisive still remains elusive between negotiators of both countries have been working ha rd to countries have been working hard to try and find common ground in very similar thousand outstanding differences which still remain. 0verall, us and india trade has come to about $150 billion so if you look into the larger context, it's not very alarming but when you go into the deeper specifics about the kind of imports and exports both countries share,

thatis exports both countries share, that is where the problems are. we are expecting officials to focus more on that in line with the optics we saw yesterday instead the problems that remain between both countries. donald trump made it clear we are expecting a massive trade deal, sometime in the near future but the contours of that remain elusive. america wants india to import agricultural products worth over $5 billion and india wants the us to put the special trade status back for goods worth $5.6 billion. it's a loss for both countries. they are looking for common ground to lower tariffs but they would be very minute compared to the larger problems that still exist and need to be resolved. so looking ahead, as you've mentioned, two very important days on many levels. looking ahead, it's the conversations that will come in the future, that will be of

real importance when it comes to the trade relationship between these two countries. that's right. they will have to figure out what some of those key products are, where india can lower the tariffs. in the recent budget is entered by the finance minister, it came as quite a bit of a surprise to many officials in which the ta riffs many officials in which the tariffs continued to be raised which made problems worse because some of the officials had said they were hoping that actually covered some ground, so actually covered some ground, so that is one major outstanding issue and tariffs. that's why the focus seems to be shifting towards enhanced cooperation in the field of defence, with a 2.6 billion dollars helicopter deal. as you mentioned, six nuclear reductions from westinghouse are also likely to come in. these are some of the points they would like to focus on. thank you once again for your time, keeping us right across every twist and turn of that visit on the part of president trump to india.

australia's tourism industry is bracing for the impact of the coronavirus as the number of visitors from china drops sharply due to limits on tourists from there. this comes on top of the devastating effects of the bushfires last month, where small businesses are struggling to make ends meet. one area that has been particularly hard hit is the south coast of new south wales, where many people who live in sydney and canberra take their holidays. timothy mcdonald reports. australia's worst fires in decades have now passed but the impact has been huge. they destroyed thousands of buildings and even business is farfrom buildings and even business is far from the fire front of felt the heat. and sometimes in unexpected ways. 0ver the heat. and sometimes in unexpected ways. over the past few years this drawbridge has had an unfortunate habit of being stuck in the upper position. when the fires the authorities didn't want to risk blocking access to emergency

vehicles going up and down the highway, they lifted down for weeks on end. that's understandable but it's also a problem if you run cruises which go under it. this boat shed employs 38 people on the ferry and the fish and chips shop and the closure of the business hard. we're looking about $3500, $4000 a week on costings and if you look, at this time of year, we normally have 80, 90 people are day cruising up to nelligen and back. this summer, the beaches have been quiet and so has the fish and chip shop and revenues have taken it. i'm expecting it to be near $500,000 so very ha rd to to be near $500,000 so very hard to recoup those sort of losses in any timeframe, let alone in one financial year. many local businesses do their trade in summer when citydwellers had for the beach. at least eight businesses have folded in many people in the wider region have been without work. about 900 over this

period. with a high tourist trade, there is certainly the workforce built for the summer season workforce built for the summer season and a lot of those people haven't been employed. little further up the coast is bandalong. you will need to drive huge patch of burnt out forest to get there. this campground is a favourite spot for citydwellers wanting to commune with nature. we are surrounded by water, we got the headband just over there, we have lots of wildlife here that people love to come and see. the campground has been fairly empty but she is hoping to turn things around next summer. we had a decline in guest occupancy. we are certain we will recover from that and will be at full occupancy before the fires start in november, december again. many other businesses will also be hoping next summer is a little kinder. timothy mcdonald, bbc news. that's it for the business

briefing this hour. life expectancy in some areas of england has fallen, according to a report showcasing a widening health gap in the country. the findings have led professor sir michael marmot to declare a lost decade. dominic hughes has more. did future me. by the time you read this letter, 20 years will have passed. you will have grown up have passed. you will have grown up in primary school will bea grown up in primary school will be a distant memory. at richmond academy only school in 0ldham, he was accosting their eyes to the future. what do we wa nt to eyes to the future. what do we want to be in 20 years' time? encouraging this kind of ambition in one of the most deprived parts of greater manchester is a vital element in the school's mission.

working with the whole family so they have options in the yea rs so they have options in the years to come. we encourage our pa rents to years to come. we encourage our parents to so they can be happy to so they can have a healthy mindset and a healthy body. the school makes a point of looking at the bigger picture, how education is linked to health, housing, work and family. many of ourfamilies housing, work and family. many of our families have gone on to achieve gcses now, they are in paid employment. it's a route not only for the children but the whole family, family at the centre of our school. today's report on health and inequalities in england suggest this kind of approach is needed more than ever. it's as life expectancy is stalled over the past decade, with a growing health divide between rich and poon health divide between rich and poor. the more deprived area, the shorter the life expectancy and it blames austerity which it says has taken a significant toll on the health of the nation. if health is not

improving and health inequalities are increasing, something is going on with society. society is not improving and inequalities in society are increasing. the government says it's determined to narrow the health gap between rich and poor are levelling up access to healthcare. this is a report that makes for uncomfortable reading, highlighting a decade of missed opportunities and worsening health. dominic hughes, bbc news, 0ldham. this is the briefing from bbc news. the latest headlines: health experts are warning the chances of containing the spread of the coronavirus are diminishing as the number of global cases passes 80,000. a ninth person has now died in south korea. global financial markets have been falling in response. president donald trump is moving from warm welcomes with prime minister narendra modi, to tough trade talks on his 2—day trip to india. the two nations have agreed a defence deal worth $3 billion but there is no sign yet

of a long—sought trade deal. now it's time to look at the stories that are making the headlines in the media across the world. we begin with the bbc news website and the world health organization who has said the world should do more to prepare for a possible coronavirus pandemic. the who said it was too early to call the outbreak a pandemic but countries should be "in a phase of preparedness". meanwhile the financial times says global markets have tumbled sharply as a surge of coronavirus cases outside china rattled investors and dashed hopes the outbreak had been contained. the guardian leads with disgraced movie mogul harvey weinstein who is facing up to 29 years in prison after he was found guilty yesterday of raping one woman and sexually

assaulting another. in the times, uk prime minister borisjohnson has said that he is prepared to sacrifice the interests of british business and walk away from trade talks with the eu if brussels insists on a deal that compromises the uk's "political independence". and finally in the evening standard, yorkshire tea has urged social media users to "try to be kind" after a twitter row broke out after uk chancellor rishi sunak posted a picture of him using yorkshire teabags to make cuppas for other treasury staff. the image led to calls by some twitter users to boycott the brand. the company said it had been "pretty shocked" by the outcry, reminding people that labour leaderjeremy corbyn had also posed with its products in 2017. so let's begin with

fiona cincotta who's