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a few people can enjoy the benefits of. an insidious reward system coerces people into loyalty towards the regime. those who don't make it into the fun the trouble is live in poverty. in jump. start february 28th on w. u.s. markets take a beating as fears grow over the spread of the coronavirus tech and travel stocks are hit especially hard with investors watching new al crakes in asia and europe. also on the show we'll take a closer look at one of those outbreak areas in italy works already fragile economy braces for more bad news. and the coronavirus isn't the only illness putting pressure on european economies the bird flu is spreading in eastern europe. this is

your business report i'm stephen bears in berlin it's good to have you with us markets worldwide plunged monday on fears over the spreading coronavirus in the u.s. the dow jones industrial average fell 3 and a half percent erasing its gains over the year the tech heavy nasdaq index was also hit hard investors meanwhile flooded into so-called safe haven assets like bonds and gold a new cluster of the viruses south korea home to major tech companies and suppliers is adding to the bleak outlook in china where manufacturing output has been crimped for weeks. and let's go to our financial correspondent in new york yen scored for more on this is other markets have long been registering the effects of coronavirus going recovering going back down why is the u.s. markets why are they just now seeming to notice this or at least taking such a massive hit. here you are correct to talk a while before wall street realized what could happen just last week wednesday we

set new records with the nasdaq composite and the and simpy 500 economists were kind of hopeful that the virus would be contained rather soon so that looks less likely at this point and there is some concern that the reivers might actually lead into a global recession if that's going to happen clearly nobody knows for sure but it was the 1st real day of pressure here on wall street blue chips down by more than a 1000 points down by about 3 and a half percent so we haven't seen anything like that in about 2 years here is it too early to talk about some sort of fiscal countermeasures to calm fears. well if you look on the fiscal side it will be very difficult for the administration in an election year to get anything done sold the hope lies on the monetary policy so that the federal reserve might be willing to cause interest rates. other than in

other countries the u.s. has some interest rates that theoretically could get lowered if that's going to happen certainly nobody knows for sure but the bets here on wall street that the federal reserve will actually act in the next couple of months are above 50 percent about 60 percent of market actually even believe that we could see more interest rate cuts by the end of the year so the hope lies on the fed and the 1st big test will be on tuesday where we would see of the market can recover if they see the downturn as a buying opportunity or if pressure increases. quarter with the latest from the markets in new york thank you. now as mentioned south korea is one of those krone virus hotspots infections are growing around a large cluster of cases more than $800.00 people have now caught the disease the

most in any country outside of china business and local economies are already feeling the pain. the queue goes as far as the eye can see south koreans have been waiting patiently in their hundreds outside of supermarkets like this one to get their hands on protective masks it's particularly important here in the city of daegu where the vast majority of south korea's instances of corona virus have been detected. elsewhere public places like this market in solo being urgently disinfected a spike in cases over the past week has driven many people to stay indoors a problem for traders here. i think about 40 to 50 percent of elderly people have stopped coming to the market or. i'm worried about the fact that they're disinfecting the place. in the beginning i thought everything would be ok now i'm very worried. and it's not just south korea's traditional markets

that are suffering financial markets have also been shaken by the weekend's rapid rise in cases souls' main kaspi index fell almost 4 percent on monday the south korean government has responded to the health threat by declaring its highest alert level serious its also planning drastic measures to cope with the financial impact . for one in addition to swiftly deploying the emergency funds set aside the government will consider the drafting of a supplementary budget have to coordinating with parliament. the discovery of a case of coronaviruses samsung smartphone factory in the city of gumi forced the electronics major to announce the closure of the facility some of its employees have placed themselves under voluntary quarantine. meanwhile many south koreans have been using online coronavirus trackers to work out where safe if they do go

out. with cases rising and markets panicking it's no surprise that south koreans are lining up to protect themselves. a look at another coronavirus hotspot italy it's the use their largest economy and it's an often fragile one italy's economy shrank last quarter and fears are that the coronavirus could lead to a recession there now the disease cluster there isn't italy's longer the region that's the country's economic heartland a liberty accounts for one 3rd of italy's economy rather it's economic growth and it's responsible for half of italy's exports now northern italy is otherwise suffering venice's famous carnival had to be cancelled early and cafes and hotels there remain empty and that hurts tourism accounts for 13 percent of the italian economy fashion makes up a good 5 percent of g.d.p. and that's also flailing most important fashion shows and design fairs take place in milan again in lombardy and its economy is tightly intertwined with other e.u.

countries where italy's borders to close it would be a disaster for all of europe. now the coronavirus has also hit particular brands hard take chinese network here supplier huawei the viruses challenging suppliers and even forced the company to postpone the launch of its laced latest foetal smartphone the mate access and that's not the only problem facing the new phone. while away says the new model won't have the problems that created its 1st generation of folding phone last year. this flex of hinge and is going to be able to be done hundreds of thousands of times over and again and again and again without any concern whatsoever for the flexible display but the u.s. government has been far less flexible with while way its bound companies including google from working with the chinese tech supplier buyers have to reach deep into

their billfolds for the new phone but for their pay they won't get play google play for many that means it's just not worth it it's very sort of pricey calling justify a device like i would go. this is a very poor but if way needs google it seems google also needs huawei the company has asked u.s. authorities for permission to work with the world's 2nd biggest phone maker hoping no doubt that the 2 sides can come together in a display of unity surfing the web site. the coronavirus epidemic could put an already tenuous global economic recovery at risk that was the warning from the international monetary fund at a meeting of the g 20 finance ministers in riyadh e.u. economic affairs commissioner paolo jensen loney said the g 20 was ready it's real with pro growth policies meaning more government spending on infrastructure as well as aid for business so many ministers also said they want to keep their monetary

policies loose. now the new coronavirus isn't the only illness putting pressure on european economies the h 5 n 8 bird flu is spreading in eastern europe so far it doesn't infect humans but it can wipe out poultry stocks and also there is a vaccine but it's not being used to look. the h 5 n 8 bird flu virus is now being found in the zoo in this evacuee and holiday resorts have plenty to the grounds of the zoo have been quarantined. the birds stuck in that cages the entire premises need disinfecting boy meat says you know molly gets 40000 visitors a year but for weeks it's had no income. this is falconry is also affected it's raptors a grounded they cost as much as $5000.00 euros apiece in summer the full cleaners

earn money with displays for tourists now that income has disappeared as well. north of the thought we can't travel at the moment this time of year we're normally out and about with the birds in schools and nurseries we've lost that income stream . germany has reported one case of h 5 n 8 it was found in a migrating wild goose in the state of brandenburg. information on the virus is collated at the free trade institute on the baltic sea island every. there is a vaccine against bird flu but it's banned in the e.u. . a vaccination can save the lives of infected birds but it doesn't neutralize the virus which can still be passed on. infected flocks a cult without exception especially farmed. mage car long i know

this because when an infected flock is cold really then of course all those birds are lost to the consumer as well as the farmer and woman who had in front of our home to all who did it but if it means the pathogen is eradicated on a particular farm then it has to be of benefit to the wider poultry population of these mines and grooved i'm good at. the current epidemic may be harmless to humans but that's not to say a new version of the virus couldn't emerge which might prove more dangerous. and that's it for me and the business team to check us out online a d w dot com slash business i'm so you can barely thanks for watching.

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