scott minard said the coronavirus is possibly the worst thing he has ever seen as a money manager.s could drop 30% to 40%. more on that next. this is bloomberg. ♪ [ fast-paced drumming ] [ fast-paced drumming ] nejra: good morning from bloomberg's european headquarters in the city of london. asia stocks following coronavirus fears. the s&p 500 saw its worst session since 2011 and the fastest stock market correction ever. $5 trillion in global market cap is raised in a week. says intensify as the who the outbreak is at a decisive stage. jp morgan curbs nonessential travel globally and joins citigroup and goldman sachs in cutting earnings estimates for u.s. companies. oil is set for its worst week since 2011 as opec's secretary-general says there's minute commitment for joint action. a report says saudi arabia wants producers to agree on additional cuts of one million barrels a day. ♪ nejra: wide-out on wall street. global stocks had for their worst week since 2000 nine. u.s. and european equities drop below the 200-day moving average and futures deep in the red pointing to more loss

shery: plus, why scott minard says the coronavirus is the worst thing he has seen in his career.the asx 200 right now. we are seeing a fall the most since september 2015. this as we see ozzie yields dropping to record lows. the government telling the public to prepare for a likely pandemic. this is bloomberg. ♪ shery: this is bloomberg markets: asia. i'm shery ahn in new york. haidi: i'm howdy stash i'm haidi stroud-watts in sydney. the road economy may be heading for its worst performance since the financial crisis. let's head back to chicago and the university of chicago school of business professor of finance. he is still with us. he is the former governor at the reserve bank of india. thank you for staying on with us. been's growth story has unfulfilled potential. what is stopping that potential from being filled? >> it is a sad story. most recently, it is politics. government post a massive election win has focused more on fulfilling its political and social agenda rather than paying attention to the economics. continued -- this draft has continued a pace of slowing growth w