A crash in the price of oil rocked financial markets that were already reeling from the effects of the coronavirus. Meanwhile, Italy extended its quarantine to the entire country, two of the world’s largest medical research foundations are teaming up with a Mastercard-backed charity to commit $125m in “seed funding” to develop treatments for Covid-19, and US president Donald Trump says his administration will propose a relief package today to reduce the negative economic effects of the outbreak. Plus, EU leaders have vowed to work with Turkey to prevent renewed tensions at their shared border and revive a 2016 migration deal. And, the FT’s Derek Brower will explain how the oil price war has left US shale producers hanging on for survival.

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