stick around he will have more on how the virus is sending shock waves through global markets and their big shock which will be right back. to. the squad as soon as it seeks. to understand the why. we need to take a closer. experience not to borrow today.

what secrets lie behind the swap. discover new adventures in 360 degree. and explore fascinating world heritage sites. p.w. world heritage 360 get kidnapped now. the tumble continues wall street has its worst day since 987 investors deemed governments and central banks anti-virus measures as too little and possibly too late sending stocks to a tailspin also on the program the coronavirus nightmare for the global of nation history gets worse as the u.s. bars travelers from most e.u. nations from entering the country and some good luck for south africa domestic coal production is up. as the gold price climbs over the past months. i'm chris

colfer welcome to the program it was the worst day on wall street in more than 3 decades stocks plunged again on thursday triggering a stop in trading for the 2nd time this week the dow jones industrial average fell by 10 percent the sell off coming amid growing uncertainty over global measures to contain the economic damage of the coronavirus pandemic so far emergency measures by central banks fail to douse mounting recession fears due to the outbreak losses were worsened by reactions to a travel ban to the united states for most european citizens. what were crossed over to a wall street correspondent in the moment 1st brussels has hit back at washington's latest travel ban e.u. officials say it came without consultation now u.s. president trump says there was simply no time for talk and it's already causing

airline problems as norwegian air the largest foreign carrier serving the new york region and other u.s. cities says it's scrapping another 4000 flights and temporarily laying off up to half of its employees. the global aviation industry has been shaken up dramatically by the corona virus outbreak. empty plans travel bans and forced flight cancellations have become the new normal that has already made things difficult for airlines on wednesday night a fresh blow to keep new cases from entering our sure's we will be suspending all travel from europe to the united states for the next 30 days the new rules will go into effect friday at midnight. the ban has several exceptions it does not apply to u.s. citizens permanent residents or immediate relatives of citizens ireland in the u.k. are also exempt as are other countries outside the european schengen passport free

travel area. and although donald trump suggested otherwise the white house has clarified that cargo flights will not be affected the world nonetheless the move will have a huge impact on european and u.s. airlines that regularly cross the atlantic ocean. nearly 40 airlines operate around $560.00 passenger flights daily in both directions that equates to nearly $17000.00 flights and $4800000.00 seats in a 30 day period among the european airlines most affected will be lost tons of air france and k l m u.s. airlines such as death and united will also suffer. last week the international air transport association said the global industry could lose over 100000000000 dollars as a result of the coronavirus pandemic given what has happened since that now seems like a very conservative estimate. all right now let's bring in the whole scene louise

daro in new york or san luis the u.s. president is attempting to send a strong message here why are u.s. investors reacting so negatively to. confusion president delivering on wednesday night created more questions than answers initially not only did he not give any heads up to european allies but he also did not make clear if european products will be included he later clarified that via tweet it say measures that will not affect the trade or goods only people but the damage was already down also he did not offer up a major new ideas on the fiscal stimulus is still in the waiting hall salaries another day of steep losses for u.s. markets the worst days since $987.00 for the dow put that into perspective for us.

exactly the worst percentage drop for the dow jones since october of 1987 which supports the idea that the economy might be heading into into a recession. or that we experience the weakest drop over 20 percent from record highs ever taken toll both on investors and consumer confidence and consumer confidence as specifically is very delicate if consumers like myself into thinking hey we are heading into a recession or we're going to lose our jobs even if it's not happening when this equation recovers that does not mean we will immediately go one by and spend right after and that will call me even harder and make our situation even worse so if investors aren't buying president trump's travel ban how about other measures to prop up the economy in this time of crisis from the fed for example. well for now the latest news coming from capitol hill is that legislators from both

sides of the aisle are close to the school deal but not there yet so the clock is ticking on that regard and the time that even to defend our reception i was a massive additional injections of liquidity to dismiss them to make sure there is enough money for lending among banks in the short term the markets have made very clear agrees with a 3rd of that monetary policy it's not the answer to a stop the virus from spreading or get this situation under control also lose daro reporting from wall street also known as thank you. so a gruesome day for u.s. stocks earlier in the day the picture was much prettier on european exchanges many eyes were on christina guard the president of the european central bank called the coronavirus and i make a great shock to the world and announced stimulus measures by the city but it wasn't what many had hoped for. markets had been expecting

a rate cut but that's not what they got from the euro zone instead there was a warning from the new e.c.b. chief that the pandemic was a major shock to the economy this requires a coordinated response from finance chiefs and governments to mitigate the impact. in particular and ambitious and coordinated fiscal policy response and bishes and coordinated fiscal policy response is required to support businesses and workers at risk. despite not cutting rates the central bank chief did announce new stimulus these included measures to support bank lending and expand its program of buying corporate bonds. investors had expected to slide cause in the e.c.b. as already negative interest rates on banks deposits as a way to stimulate the eurozone economy the deposit rate was already of a record low minus point 5 percent or words did not ease jittery nerves on the

markets the paris and frankfurt stock exchanges fell more than 10 percent in afternoon trading after the announcement was spain's ibex and other european bourses also tumbled. and let's look at how the spread of the virus is having an effect elsewhere in the world over has asked its office workers based in the united states canada japan europe and south korea to work from home until april 6th were his 27000 office employees worldwide half of them outside of the united states watching girls hotels could lose up to half their revenues through june due to the coronavirus cancellations or to go is heavily reliant on tourism and estimates put a loss and over 800000000 euros. thousands of businesses and traders and gonna rely heavily on products from china to serve their customers but the paralysis caused by the disease means they can't access vital supplies and are

struggling to stay in business. joseph holding has been trading in lighting and electrical products in akra for more than a decade he imports over 70 percent of his products from china the outbreak of the coronavirus worries obeying his current stock will only last for the next 2 months he's afraid it could push prices up affecting consumers we talk about the money supply. is definitely the money of course that. is always room would be meat and then this is forming in the president. how do you sort of. consume is products from china used to arrive at ports like this one every month but there hasn't been a delivery here since the outbreak of code 19 and local importers are blocked from

traveling to china to bring in more goods now they fear the worst if the health crisis continues after march there's not even fright in the 1st place. come to know is to live in. those countries. those up you up. in some bull. so this is a big fuss. in $28000.00 alone trade volumes between ghana in china it's $7300000000.00 imports from china alone accounted for $4800000000.00 that makes gonna chinese 7th largest trading partner in africa. depend on chinese products and experts say gonna and other african countries don't have an easy way out of the crisis. everybody looks at china and

even if you decided to go to euro. be much higher in europe and how many businesspeople would be competitive. so i don't think that is an issue that we can get. that ok we don't really mind. with click to another country because i think. for now all that obey can do is hope for the virus to be contained in the coming weeks to keep his business healthy . and that's our show i'm chris cuomo and thanks for watching.

plug. into the conflict zone. off to the moon to be journalist stuff make our own the b.c.s. bowls itself has become a fire would cause some corruption my guest this week is the country's foreign minister at everest following the says he wants to improve motors tanishq image from how many more secrets have to come out before the full be possible. conflicts of. 60 minutes found d.w.

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