this is business briefing, i'm sally bundock. our top stories: the global markets sell—off continues as president trump fails to reassure investors. wise now the european central bank of the interest rates already at zero 11 minus, how much cannot really do? let's look at markets, asia, following the steep goals, you can see both main at markets down by over 3%. the down losing almost 1500 points, nearly 6% lower on wednesday.

we now focus on the economic impact of coronavirus because stock markets have slumped further after president trump suspended trouble between the us and europe. almost 1500 points were wiped off the dow jones industrial average on wednesday, loss of nearly 6% you just saw as the outbreak was declared a global pandemic. the president has announced emergency measures to support the us economy, including funding for small businesses and tax really. but markets have continued to fall in asia despite his attempts at reassurance. from new york, here is some error. this may have been the day when the ball finally left wall street, the dow jones industrial average index leading us stocks now 20% below its lowest two last hi, making its lowest two last hi, making ita its lowest two last hi, making it a bear market. fears of what

it a bear market. fears of what it coronavirus will do to the us economy are intensifying. you'd be hard—pressed to find anyone with an optimistic view of us stocks here at the stock exchange as the us economy slows in face of the pandemic, it's hard to find any good news for american companies. and as bad as takeover, american voters and investors are waiting anxiously to hear what, if anything, us president donald trump can do to help. speaking from the oval 0ffice on wednesday, mr trump sought to reassure wall street. our banks and financial institutions are fully capitalised and incredibly strong. 0ur unemployment is at an historic low. this vast economic prosperity gives us flexibility, reserves and resources to handle any threats that come away. this is not a financial crisis, this is just a temporary moment of time that we will overcome together as a

nation and as a world. to soften the economic blow, the president says he would delay the tax filing deadline for those impacted by the virus, cut payroll taxes and make low interest loa ns ava ila ble cut payroll taxes and make low interest loans available to small businesses. but the latter two measures still require the support of a very divided and very polarised congress. it will be several months before the full economic fallout from the coronavirus becomes clear but wanting a certain, america ‘s longest bull market has come to an end. let's go straight to asia now and see how the markets are faring there. tell us what is happening. as you can imagine, the asian markets were already in the red when they open this morning, reacting to be who officially calling covid—19 a pandemic and to wall street

officially entering a bear market overnight. then, when president trump spoke mid—morning here, they all tanked even further! so stunned when investors and traders by the really tough measures around travel from europe. we can see the charts literally of asian markets seeming to fall offa asian markets seeming to fall off a cliff. tokyo dropping about 5%, hong kong finishing down about 4%. sydney collapsing almost seven. you have the likes of bangkok, ciel, wellington, carter... i'm running out of breath here. they were lower. shanghai easing by the least. the japanese yen which is a key haven in times of crisis and economic turmoil really jumped more than once % against the dollar. of course, you do here president trump in that report using his address of the nation to announce plans to provide billions of dollars of loans to small businesses, urged congress for tax relief measures, none of it has seeming to enticing investors

much. this value market a case in point still slumping today despite the $11 billion worth of stimulus measures that the prime minister had announced earlier which would give one—off cash payments to people one—off cash payments to people on welfare and small businesses. it follows the uk's so—called coronavirus budget. yet cash pay—outs by the hong kong government and several others in the region who have all attempted to alleviate the pressure to their economies and by throwing money at the problem. it doesn't appear to be working. thank you very much. that's the latest on financial markets. let's look ata financial markets. let's look at a central bank action. we have the bank of england, the us federal reserve, both cutting the cost of borrowing. now all eyes on the response from europe as european central bank wraps up its two day meeting in svr. there's limit to what the ecb can actually do. the european economy has been struggling since the 2008

financial crisis and the ecb has little ammunition left in terms of cutting borrowing costs. its main interest rate is already zero and another of its rates is already negative, i.e., it charges banks to deposit money to encourage them to land. it could ramp up the amount of money it pumps into europe's financial system by buying up more bonds on the market. it is orally spending 20 billion euros a month and has spent 2.6 trillion in the last five years on wednesday, european banks called on ecb are to be flexible in its regulations and ease the rules brought in after the last crisis on how much cash they can keep in reserve. they want to be able to keep cash flowing to be able to keep cash flowing to struggling companies. earlier in in the day, the bank of england cut interest rates back to the record low of .2 .5% and encourage banks to

lend. the bank of england 's role is to help uk businesses and households manage through and households manage through an economic shock that would prove large and sharp but should be temporary. that's why the bank is announcing today a comprehensive and timely package of measures to help uk households and businesses bridge across the economic disruption caused by covid—19. these measures will help keep firms in business and people in jobs and they will prevent a temporary disruption from causing a longer lasting economic harm. that is mark carney from the bank of england. what do you think the ecb may announce today? equinox announce anything. we could expand the asset purchase programme, cut interest rates further, it could extend emergency credit loans to small and medium—sized businesses. i think the bigger question sally is how effective is it going to

be? that i was going to ask you. crosstalk given the situation, that the economy is the ecb managers, italy for one, it's so dire? the thing is, the impact is going to be limited. there is an ace shortage of liquidity in the european financial system. we just have to look at what the reserves have the commercial bank has with the ebc which is running at1.5 bank has with the ebc which is running at 1.5 trillion. the derivation of the lack of demand for credit and the credit cycle has been in a downswing since 2014. given that, it's hard to see how cutting interest rates further or expanding the assets purchase programme is going to help. it seems key doesn't it to get cash to businesses that are to get cash to businesses that a re really to get cash to businesses that are really struggling in the short term in this crisis to see through day—to—day. paying

the bills, paying rent, paying taxes, paying staff when it the money is not coming in. taxes, paying staff when it the money is not coming inlj taxes, paying staff when it the money is not coming in. i agree with you completely that. what would help is emergency measures like opening up credit lines to small and medium—sized businesses but i think the ebc would have to work in conjunction with the national banks as treasury has done with the bank of england ‘s where the bank of england ‘s where the government is implicitly guaranteeing any defaults on those loans and those banks are not going to lend to. do you think a recession across europe, in fact across the world, is inevitable? i think the risks arising very rapidly. the best case, until recently, was the impact would be felt in the first half of the year. that's demand is going to be delayed but not destroyed and it will rebound in the second half. but now, the worst—case scenario is becoming the best case which is that demand is going to be destroyed as the global corporate profit cycle colla pses global corporate profit cycle

collapses which would lead to rising bankruptcies, cutbacks on investment spending, consumption and basically destruction of demand. so at your work, what you think your clients right now amidst all of this? what are we saying to clients? it is wait and see. hold your breath. hold your breath. this is the best case but be aware of the worst case scenario. if you want to invest anywhere really, you're going to be looking at china. really? yes. whereabouts, lots of industries? china will rebound is the fastest partly because it was the epicentre, although the epicentres is now moving from the china to the us. goods will return increasingly inwards and out the stimulus power. they have the firepower to recover quickly. they can throw money at it can't day that the way european governments can't and the us as well. and how co-ordinated he can be. interesting, thank you

for your time and really good to have your programme. it is a look at the situation with regards to the economic impacts of coronavirus. they were with us, more to come. let's talk some more about the uk budget. a £30 billion package to boost the economy and get the country through this coronavirus outbreak was announced by the chancellor. he wa nts announced by the chancellor. he wants that the virus would cause debris disruption to the uk as our political correspondence jessica uk as our political correspondencejessica parker reports. you in thejob you in the job and you in thejob and an unprecedented challenge, how to help the company cope with

coronavirus? among his absence, both for than anticipated, a pause for being rates from a high street businesses and easier access to sick pay and support for those who stay at home. we will get through this together. the british people may be worried that they are not daunted —— but they are not daunted, will protect our country and our people. we will rise to this challenge. this is a different kind of conservative budget, not the authority of old but labours is too little too late. the chancellor shows not sombre, and lots of brass neck, when he bows that measures to deal with coronavirus are only possible because of his party's judgement of the economy. this isa judgement of the economy. this is a budget which has an admission of failure. elsewhere, if ever freeze on fuel duty and millions for road, rail, broadband but with big borrowing on the books, look who is striking a note of

caution. prudent management of the public finances is one of the public finances is one of the usp's of the conservative party. government doesn't have any money of its own, has many other people's money and we owe it to them to only take as much as we need ants to spend it wisely. this government wants to look like it is tackling regional inequality, levelling up, budgets are about planning for the future. but there is an uncertain present to get group first. —— through. you're with the briefing on bbc news, the headlines: president trump bans all flights from a europe to the us for 30 days to defeat the us for 30 days to defeat the coronavirus pandemic. tom hanks and his wife rita wilson confirmed they have tested positive for the virus and will self—isolate in australia. let's ta ke self—isolate in australia. let's take a look at the stories dominating the media

around the world and i know you can guess which ones they are, what the main theme is. it is of course coronavirus and this is bbc news with news of president trump's announcement from the white house, from the 0val from the white house, from the oval office of the travel ban from mainland european countries. it will be suspended for the next 30 days to help stop the spread of the coronavirus. 0f stop the spread of the coronavirus. of course, using tom hanks there with his wife rita wilson who are filming in australia right now but have actually had to halt filming and self—isolate because of their infection. let's show you their infection. let's show you the telegraph, says the uk will today enter into a new phase of its response to the outbreak following the £30 billion package of measures aimed at postponing the peak of the crisis untiljune. postponing the peak of the crisis until june. that's postponing the peak of the crisis untiljune. that's of course referring to the budget. the financial times looks at more detail at what was in that red box, that is the chancellor that rishi sunak as he made his

way to parliament. it talks about the fact that he joined forces with the bank of england to try and live a package of monetary and fiscal measures including tax and interest rates cut to cushion the uk economy at this time of crisis. in at times, disgraced film producer harvey weinstein has been sentenced to 23 years in prison for rape and sexual assault. the new york prosecutor delivered the message. 0nly weinstein's record of sexual attacks and harassment of women dates back to the 1970s in a lifetime of abuse so say the prosecutors in which he trapped women in his exclusive control and attempted to assault them. and the male online website looks at a member of the panic buying public whose found themselves on the wrong side of the law after being caught in a van which was more than a ton overweight because of the number of toilet rolls parked in the back. the driver was stopped by officers from the

driver