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The US has cut interest rates to almost zero and launched a $700bn stimulus programme in a bid to protect the economy from the impact of coronavirus.
It is part of a co-ordinated action announced on Sunday in the UK, Japan, eurozone, Canada, and Switzerland.

Two of the EU's biggest states, Spain and France, have followed Italy in announcing emergency restrictions to combat the spread of the coronavirus.

Meanwhile, Germany, Europe's largest economy, has said it will impose temporary controls on its borders with neighbours -- temporarily shuttering Europe's much vaunted freedom of movement. South Africa has joined the list of nations instituting drastic measures.

On Monday the German government will meet representatives of airlines and trade unions to discuss the impact of the coronavirus outbreak. Other European states are also facing difficulties - the Scandinavian airline SAS has announced the temporary laying-off of 90% of its staff.

The world's largest company, oil giant Saudi Aramco, will slash capital spending 23% as it prepares for a prolonged period of lower crude prices.