To cope with the surge in cases and the worst may be yet to come. Im told me a lot of welcome to the program you finance ministers have reached a deal on a 500000000000 euro plan to soften the economic fallout from the coronavirus pandemic the measures are aimed at helping states hit by 19 was one of supporting companies and protecting jobs the breakthrough came after ministers failed to overcome their differences in marathon talks and there this week southern European Countries wanted the union to do more to ease access to Financial Markets by creating socalled corona bonds but that idea was vetoed by wealthier countries such as germany the netherlands and finland. Earlier i spoke to brussels correspondent diogu motus and he gave us more details on the deal. Right this rescue plan basically consists of 3 safety nets 1st of all there is the money that comes from the European Bailout Fund the socalled european stability mechanism some 240 of 1000000000 euros secondly there is the Europe
And the time to talk in brussels the turkish president joins e. U. Leaders to try and find a way out of the standoff over migrants at the border between turkey and greece. Its good to have you with this it has been a day of drama on Global Financial markets fears of the coronavirus leave a trail of turbulence across the world share prices have plunged today with billions being wiped off the value of global indices the Dow Jones Industrial average took a nose dive at the start of trading more than 7 percent of its value wiped off in just the 1st minutes of the trading day that sparked an emergency 15 minute suspension and its no better here in. Europe in germany the benchmark dax index closed you see right there almost 8 percent in the red the gains of the past year were almost completely wiped out the price of a barrel of oil still and it has been at historic lows today after saudi arabia increased production to trying to pressure pressure russia into closer coordination of that disput
Also coming up Italian Police and soldiers enforcing a quarantine order on 60000000 people to prevent the spread of the corona virus the World Health Organization applauding what he calls italys aggressive policy and its good to talk to the European Union in turkey trying to find a way out of the standoff at the border between turkey and greece. To find out if they can find Common Ground and as germany contemplates professional soccer games without spectators. A step closer to retaining their bundesliga title reign champions recorded. In front of a packed crowd in the. Viewers on p. B. S. In the United States and all around the world welcome it has been a day of high drama on Global Financial markets fears. The coronavirus have left a trail of losses across the world share prices plunged with billions being wiped off the value of global indices the Dow Jones Industrial average took a nose dive at the start of trading more than 7 percent of its value was wiped off in just the 1st minute
Im burnt off its good to have you with us fears of the coronavirus have left a trail of losses around the world share prices plunging today with billions being wiped off the value of global indices for the 1st time in a decade trading a wall street was suspended after the dow jones nosedive more than 7 percent immediately after the opening bell. Was things went down hill right from the opening bell the dow jones plunged nearly 7. 3 percent. Energy Company Shares took an especially hard beating prices threaten to plummet so low the trading was suspended for 15 minutes for the 1st time in more than 10 years. Prices nosedive all over the world on monday starting in asia mainly due to fears about the economic fallout of covert 19 in tokyo the nikkei index lost 5 point one percent. In the markets a crashing and Economic Activity stops that means trouble on the field. Over the weekend the oil price fell to 30 percent the biggest drop since the start of the ninetys im melissa around the world
Risks to the Economic Outlook. The fundamentals of the u. S. Economy remain strong. The Unemployment Rate has been near halfcentury lows for more than a year. The anticipation of job gains have been solid and wages have been rising. These strong labor Market Conditions have underpinned solid household spending, which has been the key driver of Economic Growth over the past year at the time of our fomc meeting in january, prospects for continued Economic Growth remained favorable, and we judged that Monetary Policy was well positioned to support that outlook. Since then, the spread of the coronavirus has brought new challenges and risks the virus has afflicted many communities around the world and our thoughts and prayers kgo out tho those who have been harmed its also disrupted Economic Activity in many countries and has prompted significant movements in Financial Markets the virus and the measures that are being take on the contain it will surely weigh on Economic Activity both here a