put an end to fighting destruction and deaths in ukraine. ah, this is dw news. my colleague steven beardley will be with you shortly with a full business update. and remember, you can always get the latest news on our website at w dot com. i'm abby called us and for all of us here, i dw, thanks for being with people and trucks injured when trying to flee the city center. more and more refugees are being turned away at the border. families play on the tags in syria for the credit on it. administrative people lean, extreme ross getting 200 people from the agency

around the world. more than 300000000 people are seeking refuge. yes. why? because no one should have to flee. make up your own mind. d. w. made for mines. ah, ah, the war in ukraine delivers a heavy blow to global trade. imports and exports are down in almost all major economies. as container ships remain stuck in port, is it a blip, or could the damage be longer lasting? also on the show 26000000 lives and locked down. we'll get the latest on how the residence of shanghai are coping with china's drastic response to a spike in corona virus infections. welcome to the show. i'm seeing beardsley

growing numbers of container ships stuck in port a chinese economy that looks like it's stagnating and a nearly 3 percent dip and global trade. that's the bleak picture painted in the latest monthly trade report by the co institute for the world economy. it's the 1st month to capture the implications of the war and ukraine, as well as subsequent sanctions. imports and exports fell, and most major economies, russia seeing an almost 10 percent drop in imports. the u, experiencing a 5.6 percent dive in exports. the chinese economies, meanwhile struggling amid its worst cobra. 1000 outbreak since the pandemic cutting into domestic consumption and locking down major cities. vincent stammers, the co author of that report, he focuses on trade for the kill institute for the world economy. he joins me now. fencing could have you on the show. this is almost a 3 percent dip in world trade that you've highlighted in a period from february to march for have that right. can you put this into

perspective for us? when's the last time we saw a dip of this nature in this kind of time frame? thank you for having me. so we do observe monthly data. you mentioned the number of 2.8 percent minus monthly growth from february to march. now do remember that multi data does vary somewhat like stock market, they do very naturally. now this is a little bit more pronounced and we would expect. and we do believe that it's part due to the sanctions western post on russia. but also the problems in the industry network where we see more traffic jams coming up and general uncertainty. this trade the sitting on ships, potentially in some of these container ports, not really sure where to go. i would imagine that's sort of a shock reaction to the war into the sanctions. should we see this level out over time then? well, if you had asked me several months ago,

i would have predicted that, you know, in the year 2022. we would have seen that using all tensions in the global container network. now again, we're being caught and having to say, well, the easing being postponed, the ideal situation where there was no corona virus in china and causing traffic jams, no more ukraine, that is causing disruptions and the shipping network. we would see. busy in the next few months, some using but now this is postpone, again. i want to ask, you mentioned china there, it's going through a series of lockdown, shanghai and jen, these are major cities, major ports, to what extent is that factored into these numbers? it is already factored in. now this locked down, especially the woman saying hi, this is acting 26000000 people is a very severe lockdown engine times the busiest and most important container ship

or in the world. but at the moment we do see that the part of high continues to operate normally. so that is a positive sign that is factored into the data, but remains to be seen whether the production will slow down production and diminish export from china in the months ahead than since dom or kil, institute for the world economy. thank you very much. all eyes are on that locked out in shanghai and what it means for the chinese economy, as well as its people. 26000000 residents are confined to their homes. city officials have now allowed parents to stay with children who are infected with coven 19, and not so small mercy. but the full lockdown has been extended indefinitely. and that leaves no clear end in sight. images almost identical to the beginning of the pandemic. 2 years ago,

shanghai st residents have been ordered to stay at home on li supermarkets and pharmacies are still open. for this fish processing factory. the financial tool is catastrophic. according to its supply records, fish was delivered and processed on march 22nd. since then, production lines have stood still well on 10th hooker. we on so on that 2 weeks ago, revenue was just 50000 you on which wasn't even enough to pay my staff for going to have a car from 50000 you on about 7500 euro's that turn over is now 0. is state on bank has issued the factory a low interest loan with 450000 euros. it's manager hopes it'll be enough to keep the company afloat during the locked down. so i had no access to cash because of the outbreak. and then suddenly this loan provides a lifeline fan. ching lighter houses. no one knows how long the lockdown will last . even with very low case numbers. chinese authorities impose curfews mass testing

and seal of entire cities the case now in shanghai, state media reporting that these measures could reduce new infections to 0 within 2 weeks. this is also the hope of the owners of shut companies in stow us who all fear for their businesses or correspondence, old song, hans, as the desperation from the lockdown and shanghai is growing people. the frustration is growing and it's shocking to the residence of different beauties, champion slogans like live, restriction or give us food or we will die from hunger. we also see small writers trying to rush out to get health care, food, and other life necessities. many more people talk to chinese social media to share their stories. in some extreme cases, threats or self harm or violence were reported. it's really tough for the government to handle because not just the general public of the medical staff,

police officers, middle level, or senior officials, are disgusted by the total lockdown. people just cannot stand it anymore. shanghai is the largest and most popular city in china. it contribute the most to its g d p . there are reports saying that if somehow it's close for 2 weeks, the impact on china g d p for that month would be about 2 percent. china is likely to struggle reaching its growth, talk of 45.5 percent this year. and many foreign companies in some high will have to consider the risk off or repeated disruptions or restrictions in the logistic supply chant and choose to downsize or even relocate. so it's on hunger inside pay. let's go to some of the other global business stories making headlines. thousands, thousands of european holidaymakers have seen their easter getaways disrupted or canceled due to problems with airlines and airports. staff absences remain high due to elevated rates of cobra. 19 easy jet, british airways and ryan air are among the worst effected us airline jet blue has

announced it will make a $3600000000.00 bid to purchase discount. carrier spirit triggering a bidding war with frontier airlines. frontier had recently proposed merger with spirit, which now says it's considering jeff loos offer you can have a more american oil executives defended the rising price of gasoline at a congressional hearing. leaders of exxon mobil, chevron and 4 other companies said they were not engaging in price gouging. they put the blame squarely on higher costs for crude oil, saying rising prices are beyond their control. president biden was staying with markets. wall street has been bracing for more aggressive moves by the federal reserve to come about inflation. new minutes from last month's fed meeting were released on wednesday. let's koreans quarter in new york for more years. these minutes are often seen at the latest clued to what the fed is thinking

of, what have investors glean from these latest minutes. well steven, the doves are out and the hawks are in the federal reserve is going to be much more aggressive in the month to come that at least shows those some fit minutes that the next meeting early may. the federal reserve is probably going to hike interest rates by 50 or not just $25.00 basis points, and they will also probably start reducing the balance sheet. that basically is us treasury and mortgage backed securities in a total volume of almost 9 trillion dollars and starting made the federal reserve could reduce the balance sheet by about $95000000000.00 a month. so it's a lot of money we're talking about in the federal reserve. clearly tries to be more aggressive to fight inflation in the united states. and yes, this is having an effect on mortgage rates. we're seeing them rise as well. what does that mean for homebuyers in the us?

you know, definitely it's a tough time. so if you see what happened through their 30 year mortgage rate, here in the united states pretty much for the 1st thought not times in 2011, the rate is back above 5 percent and could increase even higher with the high mortgage rates. so you see less demand for a mortgage mortgage applications in the last week, drop by 40 percent, and medication to refinance actually problems by about 60 percent on all of that at a time when we to state prices are a sky hi. anyway, here in the united states. so basically what that mean for many potential home buyers, they're priced out of the market at this point in quarter in new york. thank you. and finally, as we've reported, countries across europe continue to see the assets of russian oligarch and institutions as part of sanctions over the war. and ukraine. here are some of the

latest examples spanish authorities and pound re ya worth over 90000000 euros. the 78 meter long boat named tango was seized at the mediterranean port of palmer de my yorker. it belongs to victor vexes beg, who spain civil guard alleges as close to rush as president putin village belonging to russia. ctv host vladimir sol. soviet have been smeared with anti water 50 after the 8000000 euro properties were seized by police. firefighters were called to one of the properties early wednesday morning following a suspected arson attack. and finished customs. officers have seized our works at the border with russia. worth 42000000 euros reportedly belonging to the st. petersburg montage museum. the works include valuable paintings and sculptures. his reminder of the top business story were falling. global trade fell nearly 3 per

cent in march. that's according to the latest monthly trade report by the kill institute for the world economy is the 1st full look at the trade applications of the war in ukraine and subsequent sanctions, imports and exports fell and most major economies. that's it for me and the d. w. business team, you can find out more about these rather stories aligned. check out the adobe dot com slash business, browse on youtube under the dw news channels from seam. beardsley, thanks for watching brighton beach in new york neighborhoods known as little odessa. because of the many immigrants from ukraine, the people from russian values also with a show that there is a common ground understanding and friendship,

global 3000 on d. w. doing business with russia. so many international companies. that's no longer an option since the war began. they support the sanctions against 2 teen except losses in the billions. but some of by cutting the boy cotton apply made in germany. in 60 minutes on d. w. ah, with hello guys. this is the 77 percent the platform for africa. you to debate issues and share ideas. you

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