New York/Hong Kong/London (CNN Business) Global markets sank again on Monday as the coronavirus pandemic continued to worsen and after President Donald Trump announced that social distancing measures would be extended at least through April 30.

Oil was also slammed by the prospect of further disruption to the US economy and with Saudi Arabia apparently determined to pursue a price war with Russia and American producers to regain market share.

Nikkei 225 N225 Hang Sang Index HSI Shanghai Composite SHCOMP DAX DAX CAC 40 CAC40 FTSE 100 UKX Japan'sfell 3.7%, Hong Kong'sdropped 1.3% and China'sfell 0.9%. Germany'sdropped 1.4% in early trading, while France'sfell 2.4%. Theshed 2.3% in London.

Dow INDU S&P 500 SPX Nasdaq COMP US stock futures were also lower.futures were last down 160 points, or 0.8%.futures dipped 0.6% andfutures shed 0.5%.

Oil prices are also suffering as demand collapses and the price war between Saudi Arabia and Russia drags on. Brent crude futures, the global oil benchmark, were down 8.6%, last trading at $22.79 per barrel. US oil is trading at $20.27 per barrel, down 5.8%.

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