Lossing economic fallout is increasing to. Look at one German Company taking measures to shore up business as china heavy supply chain remains affected by the growing of all. This is d. W. Business as in berlin Global Stock Markets are starting the week with phenomenal losses theyre reacting to a 30 percent drop in the value of crude all since friday driven by saudi arabias decision to slash its prices in japan the nikkei lost more than 5 percent during monday trading and stocks in south korea shanghai and hong kong all slid by more than 3 percent australia saw even bigger losses with more than 7 percent wiped off stocks but saudi arabia itself. Seen the biggest impact on its equity market shares in all utility aramco were down 10 percent at the start of trading. Well look at european markets a bit later in the show and its already being described as an Oil Price War that slide an oil prices we mentioned came after opec countries meeting with russia failed to agree a Production Cut aimed at contracting the effects of the corona Virus Outbreak heres how that happened. The smiles betrayed and overriding disappointment last weeks meeting between opec representatives and russia was supposed to end with a deal to cut Oil Production in response to plummeting demand. Mysterious to you. The answer from frustrated opec leaders was no the russians saying they would not be lowering their output. Over the weekend saudi frustration boiled over with riyadh announcing its biggest oil price cut for 2 decades far from slashing production the saudis are now ramping up output from their fields to make up for lost revenues from already tumbling prices. But flooding the markets with cheap crude has had the effect of driving down prices globally in a asian trading on monday they hit in the a 16 year low. And the 1st equity markets to begin the week posted extraordinary losses australias finance minister tried to reassure australians the economy was still strong after stocks in sydney tumbled was there was the same story on markets across asia what started with an attempt by Oil Producers to respond to the economic shock of coronavirus has ended with oil in equity in freefall because it 19 outbreak has just registered another symptom. So some serious drops there in asia tells the delaney of a nurse correspondent in frankfurt how european markets are reacting to the news. The markets here opened an absolute freefall the dax is down more than 7 percent the footsie and london sound about 8 percent so its really a dramatic drops the biggest drop since the financial crisis in some cases even since september 11th so theres definitely a global panic right now even outside of europe u. S. Futures had to be halted because they had hit their daily limit saudi aramco stocks and other stocks throughout the middle east are also having to be halted because theyre just too volatile right now i think this 30 percent price drop has really just shocked investors 1. 00 trader just described the moves today as armageddon and and its really not clear if this is going to be the bottom for the oil market Goldman Sachs has estimated that this could be that it will prices could fall as low as 20. 00 a barrel and that could really have a profound impact on the market. Talking about the impact on the monitor one. Of the employees having such a huge effect on markets. For one you have to consider just how battered stocks have been over the past few weeks by a coronavirus so sentiment was already very very fragile and the containment measures quarantines and italys throughout the world are already expected to have a Global Economic impact and now you have this this price for it which and many cases Lower Oil Prices can benefit Consumers Airlines other industries that use a lot of oil but with demand so low already its not clear if this actually is going to have any benefit for the Global Economy and for oil exports this is going to be a big problem so middle eastern economies the u. S. And even here in europe we have a lot of Big Oil CompaniesBritish Petroleum shell all those stocks are down about 20 percent today so this could really have a Global Economic impact. Just. Bilinear thank you. And in italy corona virus has sparked a real crisis the country is currently the worst hit by the infection next to china and the worst affected areas are the economically strongest northern regions like lombardi and south to roll from says the economy could lose 3 percent in the 1st half of this year alone. Romes Piazza Navona is normally overrun with tourists but right now its almost empty the piazzas hotels and restaurants wait in vain for guests but most of council the trips the situation is no different in venice and many other tourist regions inside only a few days the tourist sectors completely collapsed its vital to italy generating 12 percent of Gross Domestic Product the rest of the economy is also reeling sector after sector reporting cancelled contracts and profit slumps. The government launched an immediate aid package. In. The council of ministers has adopted several measures in particular set aside 7500000000 euros to support families and businesses that are facing this emergency which as we have said is not only a Health Emergency but also an economic emergency. Italys economy was shaky even before the coronavirus arrived last year it grew a poultry point 2 percent making it a used tail light listener say theres worse to come. Well lets bring in mccain a good actually hes a former italian undersecretary of state at the ministry of Economic Development and an economist. Is the government taking the right measures you think. I dont think so i think because they are they i think they failed to understand a thing or of the. Affair and understandably when you dont have a full information and you tried to chase the problem then that anticipated this will show and so they have been on a mold that basically trying to stop you know just like when you have a faulty programming issue but instead of stopping the work of her i mean you try to package here and there in even these this. Package it is a its a good thing about these way way below what is needed were looking at it in excess of 40. Euros of lawsuits already in the next few months and. They need to do everything at the same time because the situation of the experts tell us that the only way to stop people who are is quarantine and where and then you need to be 100 percent you cannot be down only took nearly 2 dozen work people move around and it becomes ineffective to just drop to the. Italian banks for example happen on shaky ground for a while are they in danger and what do you see as the long term impact on the italian economy. I think a long term impact on this i think on me. Is that serious because we have a short term losses and that the government can patch. Back then that we have behaved a lawsuit of that emoji that we act for to mitigate their tourist mess your reporter mentioned 12 percent of the economy if we lose 2 months of 2 years which is very likely thats already 2. 42. 5 percent of g. D. P. Gone adjustor on one sector then we have fashion and of course we have the northeast the eataly lumber the main it all and i mean oh my god that had the engine of the economy end of the engine of exports so lets not forget that we also have a problem with whats happening in the global value chain a lot of the intermediate goods and then on arrival from china on time this is usually is really serious and thats why my through the government to act so cry mantra has been lets look at what china has down and within the limits of our economic and political system lets try to duplicate it and this is the mutation i do to your readers sir and to the German Government and everyone they have successfully managed to contain it if theres some cost the fight has been a short term cost for 2 miles and not anything to be starting again were going to im sorry im having to interrupt you there this is unfortunately all we have time for thank you very much for filling our survey of. The corner of ours has almost paralyzed large areas of the Global Economy and the German Economy is not immune either Many Companies here rely on complex International Supply chains of china and virtual standstill business has to move quickly. Production is still running smoothly yet e. B. M. Pops in southern germany. One of the worlds leading producers of vans and electric motors it supplies companies around the world and sources many of its components from china and thats why its formed a task force which meets several times a week to monitor chinese production and supply chains pat says theres been no bottleneck so far but they all see our feeling of Risk Management high priority we dont put all our eggs in one basket if one topples over theyll be another one somewhere that takes its place on those alternative suppliers are decisive now still the company can do entirely without china but ports in china are clogged up air freight is available but its expensive that were not going in even if the unpleasant side effect is that costs are exploding where we used to pay 1. 00 euro a kilo base rate now weve reached 10. 00 to 20. 00 euros a kilo is that it was a small customer that i was. And thats it for me and the Business Team here and by then you can get more on a website thats d. W. Dot com slash business also follow us on facebook and twitter if you dont already do drop us a line now stay tuned to the heres a quick update on Global Markets this minute. Hijacking the news. More i go wrong the news is being hijacked journalism itself has become a scripted reality show its not just good 1st is evil us vs them why and why. In countries like russia china turkey people are told lives thats enough and if youre a journalist of the year and you try to get beyond that you are facing scare tactics intimidation. And i wonder is that where were headed as well. My responsibility as a journalist is to get beyond the smoke and mirrors its not just about being clear for balance or being neutral its about being truthful. When he was born golf and i were given the. Fact my son lost her father at an early age her family became impoverished and she had to quit school to help support them she lives in march ash morocco or such families are often socially ostracized as well. But fatma is a fighter. And. I have a great opportunity and im going to use a little of. My sardar makes herself a 1st tee of the day her mother and sister are still asleep shes the only one who has a job and shes the only one who has to get up early sometimes thats tough but her for apprenticeship is like winning the lottery. And. People always say to make your dreams come true you have to struggle. And i dont know how to put this but i want to be worth something and like everyone else has seen. This fact my son has father died when she was a little