michael hewson of cmc markets, thanks for that update as trading begins in europe. markets fell sharply before recouping some of their losses. christine hah joins us with the latest from singapore. it's a funny old day when markets can look at a 3% loss and think that was not so bad. well, some of it is definitely bargain—hunting. as prices drop, you hear a lot of people saying it is perhaps a good time to buy was that japan's decay, despite all of that, were still one of the day's worst losers —— japan's nikkei. india and thailand at one point had to stop trading after stocks fell by 10%. very big highs and lows in hong kong and india, now back from its lunch break. it is back from its lunch break. it is back into the positive, up 4% now. some of the markets yesterday like australia and philippines also closed the day on a positive. there may be some positivity on the back of government measures such as australia pumping liquidity into the financial system. there is bargain—hunting. but overall, extreme volatility also reflects huge uncertainty on the part of inves

michael mccarthy is the chief market strategist at cmc markets in sydney.ainly the largest bond—buying scheme the ecb has ever announced and it's important from that perspective but we've already central banks around the globe adding liquidity. the us federal reserve has already done so and so have others, but the problem at the moment is not liquidity for the markets, and while in the medium term that might help stabilise and support markets, in the short term, adding extra liquidity to the global monetary system is unlikely to stem the selling we are seeing in the market. when it comes to what we are seeing on the markets, we always talk about this idea that markets don't like uncertainty. at the moment, the world has never seen anything like such an uncertain time, surely we shouldn't be surprised that we are seeing such fluctuations in the pound, at its lowest level since 1985, the australian dollar too, no surprises, surely? no, it's not, and what we're seeing in accounting markets is a flight home. investors globally are repatriating their funds. thre

let's get more from michael hewson chief market analyst with cmc markets.ning us from the trading floor in london. michael, a sharp intake of breath this morning when the markets open? yes, feeling a little bit queasy. bit of vertigo, sally, big falls in the oil markets, biggest falls in the oil markets, biggest fall since 91 in the gulf war. more importantly we are on course for european equity markets especially the ftse 100 to see the biggest fall since october 2008 in percentage terms. bp down 20%, royal dutch shell opened 25% lower. pretty much a sea of red across the board. what now? we knew it was going to be volatile for some time but this seems to be pretty extreme to me. volatile for some time but this seems to be pretty extreme to mem does but i think you've got to look at it through the prism of where we've come from over the last 12 years. the last 12 years we've been going steadily higher for quite some time. there is another lot of traders out there at the moment i don't really know what a bear market feels like and i think some of the time b

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michael hewson is chief markets analyst for cmc markets.r terrible day, they are the most exposed, other firms may be later but right now the concern is travel. when you think it cannot get any worse you see the price moves we are seen today, take easyjet for example, since 21st of february share prices are down over 60% but it is a mistake to focus just on the travel sector, hotel chains are down quite significantly, whitbread down, cineworld down 36% today anything thatis cineworld down 36% today anything that is exposed to consumer demand is getting hit very hard. so many of these firms have overheads that are very ha rd to these firms have overheads that are very hard to change, cinema have to pay rates and rents and employ staff, airlines are trying to mitigate by grounding large proportions of the fleet and cut capacity and lay off staff temporarily is that enough save them? that is not fs grounding of aircraft lasts for a significant amount of time because you ultimately need cash flow, working capital and money coming in at the same

dealing with them, whether it's technology or pharmaceuticals, and senator menendez and i have the cmcd it would incentiveize bringing that production back. you also have senators rubio and cotton that have bills, we're looking at combining these efforts and getting this back. i said we should call it the make america manufacturer again. that legislation. and get people producing these items that we need. it is -- and maria, this is so aggravating to people. maria: yeah. >> you need an active pharmaceutical ingredient. china has that. they're the sole manufacturer. you need it for a compound that will work against coronavirus or so many other things and they will not release that compound. so let's look at this as a national security issue, a health security issue. let's bring this manufacturing back to the usa. maria: let me ask you real quick, senator, before you go. is there republican support for unanimous consent here on this bill? >> once we have gotten the final text, and we have the opportunity to look through it, then we will have that discussion a little bit later this mornin

let‘s speak to michael hewson, the chief market analyst for cmc markets. get suspended. because us futures markets which are open before the us markets which are open before the us market opened were also suspended as well. there was a decent likelihood given the declines we have seen here in europe that that was going to happen so it wasn‘t a surprise when trading was suspended. have things calmed down now? they have calmed down a bit. we are currently staging a bit ofa down a bit. we are currently staging a bit of a comeback but when i say to you the ftse is only 6.5% down when it was 8.5% down it gives you the indication of the type of moves having today. they have come down a little bit, the oil prices off its lows but nonetheless, we will have to get used to potentially more declines in stock markets. certainly much more volatility. to the average person watching, a fall of 8%, 6% doesn‘t mean as much as it does to you. what was the reaction when you had that figure on the floor?|j you. what was the reaction when you had that figure on the floor? i wa