For Asia Business report home asian markets are choppy as they go to the second emergency rate cut in two weeks. The coronavirus out bake battling the global economy. And with chinas economy severely hit, could india become the factory of the world . Good morning and welcome to Asia Business report live from singapore with me, mariko oi. Asian markets have been so volatile of the back of that second emergency rate cut by the Us Federal Reserve in two weeks. Lets show you how japans mckay is trading at the moment. Its up by 0. 5 , basically because investors are expecting some kind of announcement from the bank ofjapan which moves its monetary meeting forward to today. We will continue monitoring how the decay is going to perform today. While australias asx 200, down by more than 7 . That came up 200, down by more than 7 . That came up back of the fed cutting borrowing by new zero. The fed and other big Central Banks also announced that they would co ordinate its liquidity, hoping to cushion the Economic Impact of the coronavirus. President trump welcomes the announcement. Talking about the Federal Reserve, its a tremendous thing. It makes me very happy and i want to congratulate the Federal Reserve. For starters, theyve lowered the fed rate from what it was which was i i. 25, and it has been lowered down to zero to 0. 25. I like being surprised. If you look at the way futures trading right now, they are down by someone trading right now, they are down by someone thousand points, they hit their limit, this threshold of 5 that they really cant go under. Its a real way to try and reduce any kind of panic buying but its surely a sign that investors are not pleased. This is a rare move, to see that the Us Federal Reserve institutes a rate cut on a sunday and as you rightly pointed out, just and as you rightly pointed out, just a few days before its scheduled meeting but the head of the Federal Reserve, jerome powell, said in a statement that there is a massive Economic Impact that is happening as a result of the coronavirus and in conjunction with other Central Banks around the world, they have set up when not only have they cut Interest Rates here in the United States but they are going to do what they call quantitative easing so they are going to be buying up some Mortgage Backed securities and treasuries. 700 billion worth, as a way to try and get more liquidity into the us market. Meanwhile, we got the first data out of china since the coronavirus outbreak started there and its caused some cities to go to look down. Its get more from our business reporter, monica miller. Talk is through the latest data. If the west wants to look to the east as to whats going to potentially happen, these numbers are fairly grim. Weve learned that industrial output had contracted more than its sharpest pace in 30 years over the past two months. When you think about cities being completely locked down, no trade coming in or out or people being able to go to work. Looking at Industrial Production down i3 , retail sales down 20. 5 . The markets are certainly reacting to that in china. We are expecting some depressing numbers but they are quite grim. Asian markets have been really volatile this morning after the rate cut. There is this global Co Ordination effort that has been happening. We saw new zealand this morning cut its rates, hong kong followed suit. We are waiting for an announcement from the bank ofjapan, announcement from the bank ofjapan, an emergency meeting to decide what their measures will be and so then decay is up ever so slightly, its gone up and down like a yo yo but asia has been in the red. Particularly in australia, the asx 200, its been down almost 7 at some points and this is after the central bank said it was going to inject almost 4 billion into the economy to make it easier for individuals and businesses to borrow money. We will just individuals and businesses to borrow money. We willjust have to see what its going to take to stop the the bleeding. As monica mentioned, chinas economy is severely affect it by the coronavirus outbreak. At one country which could benefit from this is india. Can fill up the space vacated by its long term rival to become the factory of the world. An empty shop at a local toy market in mumbai. The coronavirus has hit trade hard. 80 of toys and shops like these come from neighbouring china. So these kids, they are playing with iphones. Under local substitutes are no match of customers, says this shopkeeper. India can never be as good as chinese toys. India cannot compete with the prices and the innovative toys are supplied from china. Nulty nationals like ikea india had a similar concerns. They say its not possible to make a switch quickly from china to india when it comes to sourcing Raw Materials or switching manufacturing capacities. Part of thatis manufacturing capacities. Part of that is due to indias lack of infrastructure. You cannot have one product from one end to the other. You need Raw Materials, certified wood which does not exist india. Environmentally friendly projection, we are looking for the society, or the labour work so we look a lot on that part. In 2014 when the Prime Minister came to power, he launched programmes like made in india with the hope of making india the next manufacturing superpower to rival china however the coronavirus has revealed just how far off the country is from realising those ambitions. Countries like vietnam and bangladesh have raced ahead of india by reforming their economies to attract manufacturing investment and become the factories of the world. For india, this is a missed opportunity, say experts. We dont have sufficient infrastructure in terms of ports, a steady supply of electricity, a stable regulatory environment. These are important reforms that need to be undertaken if india is to become a manufacturing powerhouse. Instead, indias dependence on china for goods and Raw Materials has only increased and with it, its vulnerability to the current crisis. Lets now talk about saudi aramco because over the weekend, it released its earnings for the first time asa released its earnings for the first time as a listed company and its not looking great. Its net copied bell by over 20 last year and thats before oil prices have been hit hard by the coronavirus outbreak. These earnings have come asa outbreak. These earnings have come as a bit ofa outbreak. These earnings have come as a bit of a surprise because a nalysts as a bit of a surprise because analysts were expecting profits to decline but not by 21 . There are two reasons, low oil prices and then a drop in production in 2019. It also comes down to planned expenditure. What is very clear, for the year ahead, its going to be challenging for the company, for two reasons. These results dont reflect the impact of the coronavirus outbreak. Saudi arabia is one of the largest producers of oil in the world and the largest supplier of oil to china and on both those fronts, with Global Demand for oil, thats senior significant drop. We will see that deflecting earnings when they come out this year but what happens in one week or ten days . Led by saudi arabia and other and russia, after those failed, they failed to agree to cut oil production, the outbreak of the coronavirus, and weve seen that saudi arabia has been offering oil ata saudi arabia has been offering oil at a discounted price which has led to global prices crashing really over the last one week or so. Lets keep you up to date with other Business News making headlines this morning. Jp morgan chase has announced it. Buying back its own shares in the coronavirus outbreak. The biggest bank in the United States is instead using extra funds to stop lending to individuals. It follows pressure from us lawmakers who urged big banks last week to stop using funds for and instead, help the economy. The French Luxury Group lvmh said it would be introducing sanitising hand gel. Its french factories would usually produce make up until will change its production line starting today. The group says 12 tons will be produced as soon as possible week and will be delivered at no charge to French Health authorities. Air b bs extending its full refund policy across the in light of covid i9. It allows hosts or guests to make cancellations with no charge or penalty for existing reservations that have been made on or before the 14th of march. It says over the next coming weeks, it will find ways to support its hosts during these tough economic times. Lets show you how the uk is doing. Still up in a positive territory but it is very volatile. Thats it for this edition. Tanks were watching. This is bbc news the top stories this hour. Drastic action from the Federal Reserve to tackle coronavirus its cut Interest Rates to a quarter of one per cent, and announced co ordinated action with other Central Banks. As the death toll across europe rises, spain begins a state of near lockdown with people only allowed out of their homes to work, buy food or get medical care. Here in the uk, amid concern about stockpiling 12 large Food Retailers have come together to urge people not to panic buy. They say theyre working night and day to keep the nation fed and people should not buy more than they need. Heres our Business Correspondent katy austin. Queues for supermarkets and shelves emptied of essentials like loo roll, hand wash and long life foods. Pictures like these show shoppers arent listening to official advice. How was it in there . An absolute nightmare, to be perfectly honest. Not a lot on the shelves left. No toilet roll at all. Have you tried to stock up on anything yourself . Yes, to be perfectly honest, just because everyone else is doing it. But they did limit us when we went to pay. Its a bit ridiculous. I cant find toilet paper. Im looking for toilet paper for a couple of days, three days, actually. Supermarkets have had to adapt quickly by speeding up supplies, increasing Warehouse Space and they are running Online Delivery Services at full capacity. They are also being allowed to extend their delivery hours. But still, many shops are limiting the purchases of the most in demand products. Here at aldi, customers are being asked not to buy more than four of anything. Now Food Retailers have written to customers asking them to be considerate in the way they shop, telling them, buying more than is needed can sometimes mean that others will be left without. They are reassured, though, there is enough for everyone if we all work together. The risk is that we alljust buy that little bit more than we actually need and if we all did that, then that would cause more of a problem in terms of making sure that we have got the right supplies coming through the system. Superstores may be selling out, but stocks are holding up better at corner shops, although they say wholesalers prices have soared. Todays letter from retailers is a plea to all customers to stop panic buying for fear of overstretching the system and leaving the most vulnerable without what they need. Katy austin, bbc news. The old vic has become the first major london theatre to close a show because of the coronavirus. It announced this evening that the last two weeks of Samuel Becketts endgame starring Daniel Radcliffe have been cancelled. The old vic is asking Ticket Holders to consider donating the cost to the theatre rather than asking for their money back. Dont forget you can get in touch with me and some of the team on twitter im bbcmaryam. Now on bbc news, sport today. Hello, im Chetan Pathak this is sport today, live from the bbc sport centre. Coronavirus has shut down most major sport around the world but what happens next . Coming up the Italian Football Federation calls for the European Championships to be postponed so that the serie a season can be completed. Ferrari shuts down production at its formula i and road car factories in italy for two weeks as other fi teams carry on despite not knowing when the season will start. Where sport does continue like in brazil Football Players protest at having to play on through the pandemic. And coronavirus hasnt stopped all sport weve got action to bring you as well, including from the pakistan super league. Welcome to the programme, thanks forjoining us. With europes big football leagues all suspended because of coronavirus the question is when will all the remaining matches be played . The Italian Football Federation is now calling for the European Championship to be postponed so that the serie a season can be extended