Financial markets are reeling from a new Black Monday.

Tumbling oil prices sent shares plummeting in the most brutal day for trading since the financial crisis of 2007

to 2009.

Hello and welcome to Money Talks on Economist Radio, our weekly podcast on the markets, the economy and the world of business.

I'm Patrick Lane, Deputy Digital Editor at The Economist.

On today's show, a new crude oil price war adds to the market chaos caused by COVID-19.

When financial markets are in a sort of duty or jumping mood, anything that's unexpected is likely to make things jumpier.

And we look at the booming telemedicine businesses being relied upon by millions of people

in China.

The government has recognized how important these online health care firms have been in

supplementing China's physical health care system at a time of crisis like this.

First, growing anxiety about the spread of COVID-19 continues to cause turmoil in financial markets.

The latest bout of panic was spurred by a falling out among oil producers.

Slumping demand for oil, a result of the virus, has heightened tensions between producers.

Saudi Arabia wanted to cut production, Russia refused,

and Saudi Arabia retaliated by sparking a price war.

Oil prices crashed, stocks plunged. On Monday almost 125 billion

pounds was wiped off the value of the footsy 100 and on Wall Street trading was

halted for 15 minutes after the S&P 500 fell by 7%.

So how will the economy withstand this continuing storm?

Charlotte Howard is the economist's Energy and Commodities Editor and John O'Sullivan is our buttonwood columnist,

writing about the markets. Charlotte, John, welcome.

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