people. were going to use today their future. teetotal dot com african american cities the melting. could turn. to. the worst week since the global financial crisis markets around the world are on the retreat us of the coronavirus continue to spread is the global economy pat. also coming up deal or no deal england maybe out of the e.u. but the business of the brics it is only getting started a dozen longer and actually want a trade deal with europe. welcome to do that we have business i want to get johnson berlin with us. investors are on the retreat worldwide as he is of the coronavirus

deepened supply chains are starting to falter and tourists are staying at home as the business community struggles to predict the coronaviruses economic fallout observers warn the virus could be the final blow that throws the world economy into recession. markets around the world a sinking fast it's the worst week in a decade for global stocks and investors in hong kong and the only ones seeking safer territory. in the u.s. traders could only watch on as the dow jones suffered its worst single day drop in history on thursday as the corona virus continues to infect more and more countries so does its negative impact on economies around the world this is milan in northern italy normally busy tourist hot spots are deserted and restaurants are empty. the international monetary fund says it's still getting to grips with how deep the

global effect will be the virus is going to have an impact on growth. a lot just depends on. the speed of recovery in in china and in other countries the spillover effects. the effects on supply chains the with concern about both the economic and health implications of coronavirus growing governments are looking for global solutions but experts warn that the world is not prepared for what may be to come. so here's just a roundup of some of the most dramatic market action we've seen over the past hours starting with on president losses on wall street where the dow jones had its worst one day point drop in history tumbling almost 4 and a half percent and now that sentiment spilled over to asia with tokyo's nikkei

shedding 3.6 percent today and hong kong's hang seng also closed down 2.4 percent of all let's cross over now to chelsea delaney our financial market correspondent in frankfurt because germany's dax is also in a in a tailspin why are markets reacting in such a strong way. it's total tailspin here in frankfurt the docks was down as much as 5 percent earlier it's bounced a little bit but investors are really just confronting a steady stream of really negative news every hour there's there's a new report of new cases and you're out of a new business closures a disruption in switzerland for example just announced of canceling all large public events that's going to hit really crucial business gatherings like the geneva motor show so i think investors are really struggling to sort of assess what this impact is going to be and they're having to sort of struggle with these

questions of are there going to be more production shutdowns are they going to be. quarantines are consumers going to stop spending and those are all really really difficult questions to answer and i think there's also the compounding factor of sort of came into this week with a lot of complacency stocks were at record highs as recently as last week so investors really had not been prepared for a global pandemic like this so this came as quite a shock and now there's a lot of uncertainty and the man who predicted the financial crisis economist nouriel roubini he says the as yet to comment how much would sky need to get. i think a jab at this point investors think it can get a lot worse they're bracing for certainly more volatility and i think that's one reason why you're seeing stocks sell off so much today nobody wants to be holding stocks going into the weekend because we don't know what's going to develop over the weekend but a lot of investors are comparing this to the financial crisis where you just didn't

know what was going to happen and what the world was going to look like the next day and this is really putting the onus on central banks and other policymakers but a lot of investors are right now looking at the potential for us stocks to fall into a bear market after 11 years of gains the docs are injured. money is about 5 percent away from a bear market so it looks increasingly like this could turn into a longer route for global financial markets the right to chose to do an event thank you so much for keeping us in the loop of what's happening in financial markets and in particular in frankfurt right now thank you. british airways says it's expecting a drop in profits this year due to cancel flights off the back of the coronavirus many planes in the be a fleet are currently grounded flights to and from china italy singapore and south korea have been canceled normally be a holding company the international airlines group would expect to forecast profits

at this time of year but that's not currently possible it's because the duration and potential effects of the coronavirus crisis remain unclear. when now to an unexpected turn of events and long running diesel emissions scandal the german comic who says it's struck a compensation deal with domestic consumer groups representing hundreds of thousands of diesel car owners deceived by v.w. the details will follow over the course of the day the deal effect around $400000.00 customers earlier this month initial negotiations between the 2 sides broke down with both groups blaming each other. post brick said to trade negotiations are set to begin next week the e.u. says a deal is possible if both sides agree to stick to promises made in the run up to

brics it brussels hopes to preserve a level playing field of standards and regulations across the continent but london has indicated it may not play ball because it's better to have no deal than to compromise that's the message coming out of london at the end of the transition period on the 31st of this. they're going to kingdom will fully recover its economic and political independence we want the best possible trading relationship with the e.u. but in pursuit of a deal we will not trade away our sovereignty or sovereignty britain wants to make decisions without being forced to abide by your regulations one of the main arguments of bragg's and supporters but brussels insists that there will only be a free trade agreement if britain continues to comply with european standards in the future we want competition to defeat sure that the most to be fair

fair and treat free and share the e.u. is demanding that worker protection environmental regulations and tax planning meet e.u. standards british prime minister boris johnson says that's absurd the whole objective of doing what we're doing is the u.k. can do things differently and better well we're not going to engage in some race to the bottom we can maintain the very highest standards we want. you know mutual recognition of each other's high standards and access to each other's markets. if there's no agreement by june britain is threatening to cancel all negotiations and brussels has also signaled that it's prepared if the 2 sides failed to seal the deal. and it feels like we've been there before many times let's bring in ed are you professor of economics at the university of applied sciences in constance good to have you with us so london is yet again threatening to walk away

what do the brits really want. well that is johnson presents himself as a strong trade negotiator and he pretends to have a very clear idea of how to in agreement should look like and he referred explicitly to the deep and comprehensive preach trade agreement between the e.u. and canada as a rule model the problem with his vision is that the u.k. is by far not in the same bargaining position as canada has been and as long as border johnson is not going to accept this reality i'm afraid to say we cannot expect real progress in the trade negotiations well is there any point to starting talks on monday then giving those positions and if there is a point started talking starting talks should the e.u. make concessions. well i mean there is a structural problem. in the case of the u.k.

i think it's easy to understand to see how negotiations work staying in the example of canada when the e.u. negotiated with canada there was a clear reference point how restrictive the canadian market is how law enforcement how electricity supply is regulated and based on this reference point negotiators could basically bargain for reductions and. have an idea of what would happen if there is no agreement in case of the u.k. this is a fundamental difference we do not have a real outside option on the u.k. boris johnson refers to a so-called no trade deal scenario if no agreement is achieved what does this mean you know there are very critical rules under the w t o rules that will be the no trade really it's an aerial which are not regulated access to fishery regulation of medical. the medical sector pharmaceutical sector

and so forth that means he tries to build up a threat scenario with a no trade deal scenario but the truth is we don't know how this legal framework will look like and that puts the u.k. into a very weak negotiation situation. the time for a trade deal was to negotiate on this very short anyway what happens if talks fail in britain actually least without a deal in june. basically that is a very huge uncertainty realistically and very positive mistake i expect that there will be a problem cation if there is no agreement to answer your question straight there will be on under regulated a range of of questions creating uncertainty for investors for trade and this will hit the u.k. market this is the true there is no need to prick pretend that the u.k. can regulate things without a deal that is simply not true all right professor. yelchin their fears of

economics at the university of applied sciences in constance they're certainly going to be interesting to keep an eye on those talks should they said place. on monday thank you so much for your insights thank you. and that's all for business here on w at this hour you can always find out more or visiting our website or following us on twitter and facebook you meantime from me and the team in berlin thanks for keeping us company.

that is for. is for. is for. beethoven 2020. the 50th anniversary on d. . what secrets lie behind.

discover new adventures in 360. 6 more fascinating world heritage sites. world heritage 360. now. i am. well. we are of course going to be at the berlin international film festival today and amongst other things looking at this. golden done an extraordinary film about a family of exe and we'll be talking to the director of the film. and the world famous old masters picture gallery in dresden is reopening after 7 years of renovations. but we

begin of the balance and every year there is a golden bear for lifetime achievement award to someone in the film business this year it goes to the british actress helen mirren who's made over 60 films from playing a gangster's moll opposite bob hoskins in the long good friday to that memorable oscar winning performance in the queen and she is in my mind one of the greatest living actresses around but i wonder what actually on this subject thinks film critics got rocks is downtown at the festival snow are a little biased but how do you rate the misery as an actress. yeah i mean how do i rate or as an actress my lord she's obviously the queen you know won the oscar for the queen but i put her above that i put her as that as an empress of british that about that about.