stabilize or oil markets ravaged by the coronaviruses effect on travel russian energy minister alexander novak said the country has not ruled out further talks with opec and announced the ministry will meet with russian oil companies this week meanwhile equity markets in europe remained in the red although not seeing as big a declines as we witnessed on monday asian markets were up on tuesday and here in the u.s. markets started strong with the dow up nearly a 1000 points as president donald trump spoke about a possible stimulus for america's. we are going to take care of that have been taking care of the american public and the american economy we are going to be asking tomorrow we're seeing the senate going to be meeting with house republicans mitch mcconnell everybody is discussing a possible payroll tax. cut for relief substantial really very substantial relief that's a fake that's a big number and now just prior to broadcast we're hearing reports that the president pitched a 0 percent payroll tax rate to lawmakers in a meeting tuesday afternoon as the day went on the dow dropped a nearly

the worst day in nearly 30 years now some of that is on the back of the russian energy minister alexander novak saying that moscow is actually open to talks with opec at the end of this month before the deal expires after 30 arabia no longer are starting to produce more oil as they have said break down what happened with the oil market in the last 48 hours for us. well 1st of all is it a bear market that's number one ok so the initial panic that came in on sunday night ok was it was based on the fear of what might happen there but again what that what they're trying to really do if you think that they they don't really have a plan here this is more public b.s. as far as i'm concerned they're dying to put the fractures out of business if they could butcher or oil low enough ok where these loans get called and all this funding that's odd here to help these small fragger is continue to pump oil which way the united states the number one producer in the world that will create a problem and that's their plan there is no way to make a deal before and they're going to continue to try to keep the press

he was very much on board and backed alexander novak. the other side of the story is rosneft.e will hear a little bit about what yes to think tomorrow, and that is published overnight in moscow. he is the one who really should put in let go of the deal -- really pressured putin to let go of the deal. guy: what about the saudis and the americans working together? a hint from trump, and the texas regulator potentially cutting. could we have a new opec+? annmarie: a debate on twitter, what would you call this? trumpec.omeone said even floating this idea is historic, that they would potentially be willing to curb production. these are all very preliminary discussions. on top of that, they would only do it if riyadh or moscow would join in. i think the idea that texas is even floating this seems like a win for moscow and riyadh. amazing, isn't it, the shifting story around what is happening with crude? certainly technomic plates on the move right now. thank you very much, indeed. if you have a bloomberg terminal, check out tv . clickn watch us online, on all the fantastic chart

fourth quarter there's a lot of noise around a potential agreement with the announcement out of alexander novak that they are willing to come to the table in may or june it's important to emphasize two things one, an agreement is not necessarily bullish. it could be an agreement to extend the market share strategy in terms of thinking about the second point is that if they meet in june, the earliest you're talking about an impact of supply is in june or suaugust the next six months likely to be painful is pretty reasonable >> not sure if you listened to mark fisher on yesterday who said this could go on for a couple of months he said it's an over reaction from russia and saudi arabia, what they have done. is there truth to that >> no because if you look at this, this should have happened back in 2015 and '16 why did it not happen is because china hit the stimplus button, opec cut production and then you had u.s. fiscal policy after that that kept prices artificially supported around $60 a barrel and you never saw the rebalancing that needed to take place. with the prices at these lower levels,

alexander novak arrives here in under a couple of hours.ssia get on board with the proposed cut? here,l minister is saying essentially saying we are not prepared to act unilaterally. the secretary-general is talking about the importance of the union. meetings an informal which was how do you get russia on board? how do you get russia to realize their position on the global affect --a sling swing affect. but the markets need the confidence that there is a galvanize agent to action by opec and opec plus. anna: why would there be hesitancy from the russian side? all of the players have different levels in mind, i suppose. why would the russians stand firm? we have watched brent drop below $50 a barrel. >> think of it this way. they are all galvanized now. the risk is it is coming closer to the breakeven in the lower 40's. i think there is this moment of realization. is this really what we signed up for? to have this swing producer state. they joined to save the market from implosion. but was all about shale, here we are in a different context.

following that, we heard from alexander novak, saying russia could increase by 500,000 barrels a day. that would bring russian production to another record, 11.8 million barrels a day. for the saudis, it seems like the strategy is short-term war with russia, hoping to get them back to the table. bobbitt nally says look -- bob mcnally says welcome to the free market. alix: thank you very much. japan'so to asia, where prime minister shinzo abe and ounces a fiscal support package to support the economy from any virus fallout. joining me from hong kong is in the current -- is enda curran. enda: we had two steps taken by the japanese government today. they have put in place a system that will allow them to declare a state of emergency if things get worse. the virus has been pushing the economy into recession, and at the same time, that is why we had some new fiscal measures announced. it is not new money, but they are allocating extra spending, about ¥480 billion, for the medical sector. that brings the total package to about --. it is important to note that it is not new money, but it is