right now moammar gadhafi is isolated, cut off from the rest of the world. >> john vause reporting there. we will take a break. we'll continue our coverage of the developing situation in libya after this. tripoli's gree celebrate what they hope is the end of moammar gadhafi's regime. rebel forces say they renamed it martyrs square. libyans celebrating in bengahzi, the headquarters of libya's opposition movement. scenes of jubilation as well in a suburb of tripoli. thousands of miles away, libyans living in manchester, england, also turning out to celebrate and further west, libyans in washington, d.c. gathered in front of the white house for prayer and smiles. >>> moments ago, the secretary-general of nato spoke. >> the gadhafi regime is clearly crumbling. the sooner gadhafi realizes he cannot win the battle against his own people the better, so that the libyan people can be spared further bloodshed and suffering. the libyan people suffered tremendously under gadhafi's rule for over four decades. now they have a chance for a new beginning. now is the time for all threats against civilian

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john vause, cnn, america's georgia. >> and that's it the for this edition of "world business today."n in london. you're watching cnn, the world's news leader. good-bye for now.

the senior correspondent john vause joins me now. how volatile a situation is this?> there is the expectation that it will be incredibly volatile. especially for the europeans. an indication of how big this crisis is, not one but two conference call for the g-7. france, germany, the united kingdom, japan, u.s., candada, they put out a vaguely worded statement promising coordinated action to support financial markets, financial stability, economic growth. officials from the g-20 have been talking. but overall, there is a growing anxiety. richard touched on it a short time ago about what the downgrade might mean for europe. especially for the countries which have a high level of sovereign debt. we keep talking about spain and italy. they're ones who are particularly in the firing line of the bond markets right now. what we saw last week is that concern over their position pushed up their costs of borrowing. essentially if you have a bad credit history or a bad credit rating, it costs you more to get a house or a car, the same is true if you're a government. that's what

. >> we got those statements that you were talking about with john vause and richard west and candy crowley-7 coming without the boilerplate statement and the ecb saying they will move into the bond buying program. i think the question is will they guy italian bonds and the spanish bonds. for the asian markets here, the real question is what is it going to do to the u.s. dollar? is the dollar going to stay weak because there are so many trading partners here with the u.s. christine? >> all right. excellent. >> live in beijing, what are you seeing? the same story there? the story we've been hearing across the region is, an initial shock opening a couple of percentage points lower. and then not so bad after that. >> reporter: the shanghai market opening lower. by about 1%. in the context of emerging markets, that isn't a very big move at all. what people have been saying is the s&p downgrade was baked into the markets. for the most part they were expecting to see something like this. and right now the debate is more about whether or not this is short term volatility or what we're seeing is th