changes this monday is looking black traders are asking themselves if this could be a bit a sudden collapse in asset values marking the end of the growth phase in a cycle in the credit markets or business activity or european stocks local horrible it was also a tough day of trading in asia where tokyo's nikkei index the bottom 5 percent of virus fears many investors played through the year in a safe haven but it was a shock drop in the price of brant crude the really pushed investors over the edge saudi arabia and russia have been arguing over production constant response to weakened demand the coronavirus has shut down so much production and slammed the brakes on global travel. and that's plain andrea hang in singapore chelsea delaney in frankfurt and starting with you the financial fallout is immense but how bad is this hitting businesses across the region then it was a painful ledgett ing start to the week shares would dropping like flies over here

in singapore those numbers dropped 6 to said to further down in more ways than one australia lost a whopping 7 percent now that this goes on and it only continues downhill why are asian exchanges down so when when we're hearing that the chinese are returning to work and the new cases of infection not subsiding. that's an excellent question ben but it really still is very much attached or linked to the corona virus and there's even talk that the. recession globally that we can cheer about the positive numbers that are coming out of china and you know that the fact is they still have some 80000 people still inspected to give the all clear what's even more worrying now more than what's happening in china are the numbers that are steady and fast rising spreading rapidly across other countries outside of china now government 2 banks are you know clearly not very prepared even with the stimulus measures that

are being rolled out it's the 1st time nobody expects a virus to hit the markets and sure the recovery in global supply chains may look like good news but it's slow steady trickle coming back to work and you know that still the bucket of paint that beings that's means smeared all across the trading floors it shows you what's the view from europe of financial markets right now really reflective of the economic costs that this virus will have. well i think that's the $1000000.00 question and it's particularly difficult to tell because this is 1st and foremost a public health service and for investors that makes it extremely difficult to form any sort of investment strategy around this because nobody knows how much further this virus is going to spread the measures that governments are going to have to take to contain it the impact this is going to have on. the economy and financial

markets the things we've already seen have been really. a couple of months ago 17000000 people under quarantine and italy right now airlines cutting half their flights this 30 percent drop in oil prices today these are really just historic moments but i think investors really have no choice right now but to really prepare for a global recession so far as preparations go what about the euros or will it get a massive stimulus package from the e.c.b. as the french finance minister has demanded. the e.c.b. is meeting on thursday and it is pretty much expected to cut interest rates further into negative territory that can really only do so much for for the economy though negative rates are sort of losing their their firepower and if you think of what the problems are right now in the economy people under quarantine businesses not being able to produce lower interest rates might not really do that much to

offset the economic impact but there is also a lot of chatter today including from france and japan about accord needed fiscal action but we haven't really seen. the major countries coming together for that yet what about china what's the stimulus going to be for beijing. well it is that the people you see would not issue any. stimulus to china's property market and that's one very important market to the kind. actually but that analysts also do believe china at the end of it all will ultimately the issue is strong stimulus package to come to 2 things one to come to its legitimacy if it threatens if they fail to contain the virus and to the reputation china's reputation of being competent comes at risk if they don't manage to contain the virus and the government doesn't

support the economy a lot of that comes into risk and so i think ultimately the chinese government will have no choice but to roll something out to support its people and its economy that's already aiding a break in singapore thank you and shows you the lady in frankfurt thank you very much. to the other reason markets are a mess a price war is breaking out among the major oil producers the oil cartel opec has failed to get nonmember russia on board in cutting production to counteract the slump in demand caused by the growth of buyers now 30 arabia is slashing prices and the cost of crude is in freefall. this smiles betrayed and overriding disappointment last week's 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 market with cheap crude has had the effect of driving down prices globally in early asian trading on monday they hit a nice 16 year low. and the 1st equity markets to begin the week posted extraordinary losses australia's finance minister tried to reassure australians the economy was still strong after stocks in sydney tumbled us 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 out break has just registered another symptom. analyst spencer welch joins us from i.h.s. market in london. first of all it's usually the case that investors welcome this sort of these sort of price movements on the oil markets as far as consumers and businesses go in this case it's a very different picture today. yes. thank you i mean on the on the program it depends what sort of investors you're talking about so there are there are short term trade is and then there are longer term investors who companies are reliant on for making business decisions are making investors now potentially traders can benefit from the the short term turmoil in oil markets that we're seeing but in terms of in terms of businesses wanting capital and needing

investments and thinking about projects sanctions then the kind of turmoil that we're seeing used is the worst thing that they need those 2 sort of longer term investors need stability so they have assurance of where they are placing their money so they basically worry that opec and russia are not going to work this out any time so. yes yes absolutely they're they've got no idea what's going to happen as to what's going to happen to to oil prices. and and british is money is more than that snow there were problems in the in oil markets. before it happened but you've got to grow the virus hitting demand so all demands this quarter is about $4000000.00 barrels per day lower than than the 1st quarter 2019 that's a 4 percent drop which is huge and then and then even before that we've got climate change and energy transition creating a fee are amongst investors thinking about putting their money into into the oil

and hydrocarbon investments how much lower do you think oil prices could go. it's they could go lower so at the moment brant futures are trading at around about $36.00 per barrel last thursday they were trading at 50 the start of this year they were trading at $65.00 so it's been a fairly rapid drop yes think they could go lower but it's really not about how low they go it's about how long the prices stay where they are now below $40.00 per barrel because it's the length of time that has the the much more significant negative impact on oil producing countries who rely on that money for revenue that's saudi arabia and and russia and most of the opec countries. so it's the length of time that the oil prices stay stays down is more important it's been so us thank you very much for joining us from london there from my h.s.

market thank you in other coronavirus related news crew to export to russia has seen the ruble slide 9 percent against the u.s. dollar it's at its lowest value since early 2016 the boss of korean air says the carrier may not survive the outbreak travel restrictions have cut nearly 80 percent of its international capacity figures show german exports to china fell 6 and a half percent in january compared with a year ago the viruses led to a dramatic drop in chinese imports in general and apple sold fewer than half a 1000000 i phones in china last month at 61 percent down on very 2019. chosen india's struggling lender yes bank have jumped more than 30 percent off the taking on friday on fears it will collapse last week the reserve bank of india took control of the company and imposed cash withdrawal limits now says it intends to invest in a 49 percent stake in s.

bank as part of a rescue package and the deposit has need not worry about this side. business of it.

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coming up. this is a w flight from thailand the black monday for global markets those of shaft prices that tumbled. friday on wall street is halted after the dow up plunges by 7 percent to try to continues across the world as traders react to fears of the impact of the coronavirus on the global economy. 16000000 people the north and escalating are now sealed off from the rest of the country as the government takes some custom to sketch the hopes of viruses spread. also.