It comes to the fans of the human scene the microphones who had decided to put their trust in us. Name is jenny paris tonight part of the. A clash between 2 oil titans sent stocks around the world tumbling markets experienced the worst days since the financial crisis in 2008 we lost our correspondent on wall street to assess the damage. Also coming up plus the coronavirus in fact Global Supply chains we take a look at how one German Company is weathering the storm. Choppy waters ahead how years of on the bratz have pushed mollies Tourism Sector to the brink of collapse well meet some of the people whose livelihoods are at risk. This is the business. Welcome its been a day of carnage on the markets with shares posting their biggest losses since the financial crisis in 2008 the massive drops were triggered by saudi arabias decision to increase Oil Production after russia refused to cut its a push in response to weakening to mond because of the current prices and heres the damage here in
Paper used to be Good Business but off the china stop accepting trash from the west companies in europe are feeling the heat. This is you have your business im going to come after the massive beating markets took worldwide on monday stocks on the asian exchanges started to creep back towards recovery on tuesday saying it gained almost 2 percent israelian stock index a. S. X. Also regained some ground japans nikkei struggled all day to climb out of the criteria but was finally in plus territory by the end of the trading day and all prices which went down to 31 dollars per barrel on monday the lowest value since the gulf war in 1901 regained almost 7 percent. So lets go straight over to taipei where were talking to from our office there what what drove that recovery. Well asian markets. Frayed we lost a line that taipei threaten to restart was the connection a bit later in the show. But we can see to the next stop it today marks the 1st anniversary off the crash of these European Airline
Will have issues producing energy so lets go out and buy 10 billion or 20 billion worth of oishlgs fil, fill up the res. The oil market has nothing to do with the coronavirus other than theres just a lot less demand at this point. But youre right, unprecedented issues. Maria yeah. No surprise, russia would pile on just in the middle of a crisis for the United States and say im not going to cut production. Secretary mnuchin, a pleasure to have you. Thanks very much for the clarity. We appreciate it. Thanks, maria. Great to be with you. Maria see you soon. Secretary mnuchin. We cut into varneys time. Stu, my sincere apologies. Varney Company Begins right now. Have a great day, everybody. Stuart good morning, maria. Good morning, everyone. If i may just say very quickly, the key sentence to me from listening to secretary mnuchin was we will destroy this virus and the economy will come roaring back. We will go back to a normal world. Good morning, everyone. Lets get going on the program. A
Up it is march 12, 2020 and Worldwide Exchange begins right now. Announcer this is cnbc breaking news, market selloff good morning, im Courtney Reagan live at the marketsite in times square this morning. Stock futures set to extend the selloff take a look at futures dow jones indicated lower by more than 1,100, s p down 130 and nasdaq more than 82 points testing these limit down numbers where we have a mechanism in place to keep us from falling further. Yesterday, the dow lost 1,400 points to close in bear market territory. Down more than 20 the s p 500 just above bear market levels. If the s p hits 2,709, it will be the fastest drop on record. We are set to hit that level at the open the 10year level trading below 1 at 0. 39 . The 30year at 1. 2 . Oil falling and hovering around 31 down almost 5 it is really not just red in the u. S. , it is red across the board around the world asia and europe is lower you see the nikkei off by more than 1 . Ftse 100 off by 5. 5. And President Trump
Tenth Straight Record close driven by all the names that worked all winter long plus a strong read on Retail Holiday shopping numbers do not disappoint. And jobless claims fall pointing to continued strength in the labor market joining us for the hour, anastasia om row sew it is great to have you with us. Great to see you. What do we make of this its typical. We melt up into year end i mean, think about all the things that got resolved in december weve got the phase one basically a done deal between u. S. And china maybe a little bit overlooked by the usmca getting passed by the house. Weve got a lot of good enthuse. We started to see the inflection point. Whats interesting in the internals of the market is what people are buying. What do you do when the s p is up almost 30 for the year you start to look for the laggards its emerging markets, health care, energy those are the ones rallying the most to break down those areas you see opportunity over the course of the hour. For now lets