Traders' focus has returned to the devastation wrought on populations and the long-term impact of the pandemic.
The World Bank warned that fallout from the coronavirus pandemic could bring China's growth to a standstill.
The unprecedented $2 trillion plan helped spur a surge across global equities as panicked traders worried about the impact of the coronavirus.
The negative mood was fuelled by the failure of US lawmakers to agree on a trillion-dollar emergency package to help the reeling American economy.
There is a broad consensus that the disease, which has wiped trillions off market valuations, will cause a global recession.
Equity markets continue to be whipsawed by the disease, which has now infected almost 170,000 people and killed more than 6,000.
Asian equity markets, already deep in the red in reaction to the WHO announcement, cratered after Trump's address.
Traders are keeping an eye on Washington after Donald Trump pledged relief measures as the disease spreads around the United States.
On currency markets the dollar fell back against high-yielding, riskier units after surging Monday.
Analysts warned of further gyrations as the outbreak shows no sign of abating, with more than 100,000 people infected in 99 countries.
The rapid spread of the disease and rising death toll are putting a greater strain on economies and stoking concerns of a worldwide recession.
The European benchmark of Brent sank to under 50 dollars on Sunday, a level not reached since July 2017.
The positive sentiment filtered through to oil markets, where dealers are betting on major producers cutting output to address tumbling demand.
Growth forecasts for the first quarter of 2020 and the year as a whole have been lowered by most economists.
The panic has already caused a bloodbath on trading floors and there are warnings there could be worse to come.
Investors are growing increasingly fearful about the economic impact with companies including Apple, Microsoft and drinks giant Diageo.
With cases being reported in new countries, traders are growing increasingly fearful about the impact on the global economy.
On Monday, South Korea reported 161 more cases, taking its total to 763 and making it the world's worst hit country outside China.
Stock prices on Wall Street saw solid gains across the board.
The virus has sparked panic buying, economic jitters and the cancellation of high-profile sporting and cultural events.
The Chinese government decided late Sunday it would extend the holiday and related school closures beyond January 30.
China had taken "very, very strong measures" to contain the outbreak.
Apart from last week's blip caused by the US assassination of Iran's top general, markets have enjoyed a strong start to the new decade.
The two sides have until the end of the year to secure an agreement.
Donald Trump announced last week that the two countries would sign the mini agreement
The crisis has jolted investors, who had been in an upbeat mood as China and the US prepare to sign their mini trade deal next week.
Asian investors are also watching for key policy announcements early in the New Year.
Stocks took their lead from a mixed finish to a quiet week on US trading floors after the Dow edged to a fresh record on Friday.
A report by Mastercard Spending Plus estimated that holiday shopping sales rose by a better-than-expected 3.4 percent this year.
Volumes are typically light during the holiday season, and the muted activity in Asia followed sleepy Christmas Eve sessions in many world markets.