because of fears that coronavirus will hit economies around the world. earlier, in new york, the dowjones, s&p 500 and nasdaq indices all lost more than a% of their value. the international monetary fund says it is likely to downgrade its global economic forecast because of the outbreak. at least 33 turkish soldiers have been killed and many more injured in the syrian province of idlib, reportedly by government forces. turkey has vowed to retaliate. and this video is trending on bbc.com. taylor swift has transformed herself into a man in the video for her latest song, called simply the man. she appears to use the song to air her grievances against some parts of the music industry. that's all, stay with bbc world news. more on our website,

bbc.co.uk/news, and the news app. now on bbc news, live to singapore for asia business report. coronavirus stock market rout. asian markets follow wall street slump as the dowjones markets follow wall street slump as the dow jones is markets follow wall street slump as the dowjones is seeing its worst week since the financial crisis. mardi gras economic boost. how australia's biggest lg bt mardi gras economic boost. how australia's biggest lgbt event of the year helps bring in the pink dollars. good morning and welcome to asia business report, live from singapore, with me, mariko oi. let's begin with asian markets, because they have opened sharply lower after

stocks slumped in the united states, as investors a re stocks slumped in the united states, as investors are growing increasingly concerned about the coronavirus. japan's benchmark nikkei index has opened 2.5% lower, currently extending its loss now down by more than 3%, and hong kong's hang seng index has also opened 2% lower. and this comes after one of wall street's worst days since the 2008 financial crisis. check this out. all the markets on wall street falling by more than 4% —— hang seng. the dow in fact more than 4% —— hang seng. the dow in fa ct lost more than 4% —— hang seng. the dow in fact lost more than 1000 points in one day, taking its weekly drop down to 3000 points so far. it didn't help that goldman sachs, of course, one of the world's best—known investment banks, warning that the coronavirus may wipe out any growth in american company profits this year. and this is what former us federal reserve chief janet yellen had to say about the

outbreak‘s janet yellen had to say about the outbrea k‘s impact on janet yellen had to say about the outbreak‘s impact on the global economy. depending on how serious this gets, i think, you economy. depending on how serious this gets, ithink, you know, we could see significant impact on europe, which has been week to start with, and it isjust europe, which has been week to start with, and it is just conceivable that it could throw the united states into a recession. a starc warning from janet yellen there. from new york, a business correspondent samira hussain has the round—up of what happened to the us stock markets overnight. it was another volatile day on us markets, with massive swings on the dow. some of that was driven by research from investment bank goldman sachs. it wa nted investment bank goldman sachs. it wanted now thinks the coronavirus will wipe out any growth in american company profits this year. also, the international monetary fund said the coronavirus will clearly have an impact on global economic growth. even former chair of the federal reserve, america's central bank, said it was conceivable that this outbreak could throw the us economy

into a recession. and companies continue to respond. facebook is cancelling its developers' conference. it is facebook‘s biggest annual event, and they are doing so because of concerns over the coronavirus. united airlines is now letting customers change their flights to italy because of the outbreak in that country. and, despite attempts by the trump administration to calm americans by appointing vice president mike pence to lead america's response to the virus, wall street remains unconvinced. samira hussain in new york for us. for more on this, i am joint in our studio by our asia business correspondent karishma vaswani. asian markets have been reacting to this for a month and then wall street started to catch up, and now we're starting to see that impact on asian markets yet again. yes, i think what we saw in early phase of this, when asian markets were reacting to daily updates from china, as the virus

spread across china, that caused factories not to reopen as quickly as people wanted them to. factory workers were staying at home and that these massive quarantines, and there was a lot of mystery about what the virus was actually capable of. and that is why you saw asian markets react in the first instance, as they tried to come to terms with the fact that the factory, the workshop of the world, was effectively not working. what you are seeing now is, with more cases 110w are seeing now is, with more cases now being reported outside of china, in the rest of the world, and now in the united states as well, that nervousness affecting american investors as they start to come to grips with the idea that this isn't just about factories shutting down. it is about demand and the rest of the world also shutting down. but until very recently, some experts we re until very recently, some experts were saying that after the sars outbreak in 2003, the recovery was very quick, that is what is going to happen with this. but now some people are starting to question

that. they are starting to question that, and it is because there are so many unknowns about how long this virus could continue to show up in different parts of the world. when you look at the sars instance, it was relatively contained to asia, and as you rightly point out, after and as you rightly point out, after a period of about eight months, economic activity started to pick up again quite sharply, in fact. people started producing more things at factories, flights, for instance, the aviation sector came back. this time around, because the impact is so much more severe, there is a more prolonged sense of the effect on consumer demand, as well as how much companies can keep producing when they are not able to get their workers back to work, i think there isa workers back to work, i think there is a big question mark over when everything might be able to get back to normal, and that is what is frightening investors. and of course, with all the school closures and so on, briefly, before we let you go, this could actually have a bigger impact on the region's economies. yes, well, there is so

much to be said about confidence, mariko. if every day your children are being told they cannot go to school, that is going to have an effect on how you go about getting to your workplace. that means that on the weekend you are not going to be spending money at restaurants or the shops. all of that is going to filter down to regional economies. thank you, karishma vaswani. growing concerns about the coronavirus outbreak have hit global oil prices, with crude hitting the lowest level in more than a year. in fact, the international energy agency's outlook on global oil demand growth has slowed to its lowest level in a decade. an energy analyst gave me her views on the oil markets. decade. an energy analyst gave me her views on the oil marketsm decade. an energy analyst gave me her views on the oil markets. if you look at china alone, china has lost 20% of its oil demand in february, so we were dealing with that 20%, and now we don't know where else the oil demand is going to get com pletely oil demand is going to get completely slowed down. what we have

also seen is, in terms ofjet fuel demand, we have seen china cancel about 40% of its flights. globally, flights are getting cancelled, and that just flights are getting cancelled, and thatjust going to spread even further, which is in our best case scenario, we are expecting jet fuel demand to go down by about 800,000 barrels per day, and in the worst case scenario, over 1 barrels per day, and in the worst case scenario, over1 million barrels per day. that is a tremendous amount of oil demand loss. back staying with the coronavirus, because a chinese tech giant has warned that the outbreak will hit its earnings. baidu has announced that its profit had tripled in the fourth quarter of 2019, but now forecasting that revenue in the first quarter of this year could fall by as much as 14%. baidu, which is a search engine, dominates the chinese market, said the impact is evolving and business visibility is very limited. now to australia, where the country's guest

event for the lgbt community is on this weekend, and that is the sydney mardi gras parade. the annual event typically attracts visitors from all around the world, giving a surge in tourism spending, with airlines, hotels and retail shop seeing a boost in business. and that collective spending power is known as the pink dollar. and economist told me earlier how the legalisation of same—sex marriage in australia boosted the economy. it's definitely boosted the economy. it's definitely boosted some sectors more than others, obviously, and for the economy as a whole it is quite small. but our estimate is it added probably around $360 million into the economy in the first year after the economy in the first year after the legislation was in demented, so 2018, and that is based on around 6500 marriages that of course otherwise would not have taken place. you talked about some sectors benefiting more than the others. have there been any new businesses because of it? yes, look, they have.

we have certainly seen existing wedding businesses obviously expand their offerings, for example even migrant agents have helped their clients with temporary fiance visas for same—sex couples who intend to marry in australia, so that's been some extra business for them. but we've also seen other businesses pep-up, we've also seen other businesses pop—up, wedding planners, for example, who cater only for same—sex marriages. of course, that wasn't the case a couple of years ago. of course, the coronavirus keeps dominating news headlines, also australia has had one of the worst bushfire seasons. is that likely to affect this event, or is that not going to impact much?” affect this event, or is that not going to impact much? i think it definitely will impact the event. last year we had 68,000 visitors to syd ney last year we had 68,000 visitors to sydney for the mardi gras, in particular both international and domestic. at anz, what we do is we have been tracking our airport data, our merchant data or cards data, and

what we have seen from just the anz transactions is that airport traffic in the major airports, so those with international terminals, is about 30% below where it was at the beginning of december. now, normally, seasonally, that would be about 5— 15% below early december levels at this point in the year. so clearly there has been some impact, and we would expect that to show up, of course, at the mardi gras parades. a quick look at markets before we go, japan's nikkei now down than 3%, while the hang seng indexis down than 3%, while the hang seng index is down nearly 2%. that's it for this edition. thanks for watching. this is bbc news. the top stories this hour: there have been significant falls in global stock markets as concerns over the economic impact of the coronavirus outbreak grow. at least 33 turkish soldiers have been killed by syrian government airstrikes in idlib province.

turkey has vowed to retaliate. flood—hit communities along the river severn in shropshire and worcestershire have been warned to expect another ten days of difficult conditions. some have been evacuated as flood defences were either breached or feared to be vulnerable. 0ur environment correspondent claire marshall reports from worcester. almost two weeks after the waters rose, severn stoke is still an island village, entirely cut off by road. this is the fetid, persistent legacy of storms ciara and dennis. further up the severn, the flood barriers protecting ironbridge, warped by the force of the water, are stilljust holding. we would like to speak to you before you go over the bridge, if that's ok. many of those affected are angry that, after all this time, borisjohnson hasn't made a visit. but this afternoon, the environment secretary came

to the region. these events, sadly, are becoming more frequent. we're seeing more extreme weather events. that is why we need to invest even more in flood defences. what is happening in the west midlands is described as a once—in—100—year event, but it's the fourth time it's happened since the year 2000. i'm standing on the balcony of a hotel in central worcester, and normally i'd be looking down at the footpath about eight feet below, that then leads on down to the river. and now, this is all buried beneath a mass of water. this is what saved this hotel. these pumps were put in after the last floods. for people living beside this river, it is now about taking the initiative to adapt. so claire, this is where, in 2014, the water levels literally filled the cellar. i was here in waders and it was up to my stomach. it's ridiculous. over the last seven months, we've lost the footpath six, seven times. it's getting 100% worse.

the misery is mirrored in sneath in yorkshire. the river aire burst its banks on tuesday. waters are still rising, and pets and their people were still being rescued today. tonight in central worcester, and across the county, emergency traffic measures are still in place. i've worked over 30 years in highways in worcestershire, and we've seen some floods and seen some disruption, but i would say this is the worst one. it's testing our resources to get people to the right places at the right time. but we meet that challenge, and we continue to do so. but the challenge could get even harder. another major storm is approaching, and it's carrying a lot more rain. hello, i'm katie shanahan and this is sport today live from the bbc sport centre. coming up on this programme: we have the first semi finalist at the women's t20 world cup. india are through after being taken right down to the wire by new zealand.

we speak to co—owner, david beckham as inter miami will finally play their first game this weekend. and, manchester united are among the teams through to the last 16 of the europa league. hello and welcome along to the programme. we'll tell you who's through to the last 16 of the europa league in a minute. but first to cricket, as india are the first team through to the semi—finals of the women's t20 world cup. they edged out new zealand byjust three runs to maintain their 100% record in group a. while the host nation, australia beat bangladesh by 86 runs in canberra, from where jo currie reports. after a slow start to the tournament this was the performance australian fa ns this was the performance australian fans had been waiting for. they warm the toss and put themselves into bat in from the first ball they made their intent very clear and made boundary after boundary before

reaching