K's footsie also crashed, causing down 8% as the virus triggers an oil price war to schools in Sydney and one in Melbourne.

A closed today A student test positive.

The death toll in easily has spiked again, rising by 97 in just 24 hours and the prime minister rule today outlined his plan to stop.

Australia sliding into recession in King has details on US stocks and where they went into freefall one Wall Street opened it hot.

Fox one. 00:00:51.780 --> 00:01:6.550 Our time immediate sell off their the Dow Jones fell by some 1600 points of drop of Iran, 6.87% on the circuit breakers kicked in suspending trading, which is what happens in the US when you get a drop in the index of more than five points. 00:01:6.600 --> 00:01:13.700 US indices trading at roughly that sort of level throughout the afternoon here Now the kicker to all this was the oil price.

Now.

On Friday afternoon, Russia walked away from a deal with the Saudis and OPEC to try and cut oil production, which was an attempt to try and match balance, supply and demand.

In the wake of a drop in demand following the Corona virus outbreak, Russia was being asked to cut output bio and half a 1,000,000 barrels a day I didn't want to label.

As a result, the Saudis over the weekend more or less effectively declared a trade war on Russia announced that they were going to drop their prices on up their production.

The result was he saw this calamitous drop in the oil price fell by around 1/3 overnight, touching $1.33 a barrel for Brent crude.

And bear in mind that we were at $71 a barrel in the second week of January this year.

That shows you how precipitous this price for his being that Brent crude is hold itself up off the canvas.

It's trading around 36 a half dollars right now, but still a pretty murderous day and obviously that's born down on the share prices of the big oil companies, the likes of BP and Shell, to the biggest companies in the foot sea and accordingly that weighs down on the index.

The ASX he's also expected to plunge at the open this morning after Australian chairs blade more than $140 billion.

Yesterday, the benchmarks Air 6 200 closed down more than 7% to a 14 month low.

Words, words Daily Drop Since the global financial crisis, nervous investors about the economic impact of the Corona virus outbreak continued.

An aggressive cell oaf.

He also dumped shares in Saudi Arabia as Saudi Arabia escalated an oil price war with Russia by refusing to scalp back output despite falling demand. 00:02:52.540 --> 00:03:0.310 We're at a point now where the central banks around the world and governments trying to doom or to support their economies.