to iraqis are coping as best they can cleaning the sun from their streets while knowing the next sunstorm could already be approaching the chinese update as our coming up next. u. s. stocks drop on worried about interest rate rises in the coming months. as the business had lined up next, thanks much for watching with any issues with all say well, great, but just another day in so much is happening all at once.

we take time to understand this is the day and in depth look at current news, events analyzed by experts and critical thinkers. this is the weekdays. on d, w a wall street shifts and a reverse. a buying spree, sparked by a lower than expected right height from the fed comes to an end. traders turn their attention back to inflation. we have more from the new york stock exchange. also on the show. opec plus keeps a cautious hand on the oil tap. the oil, producing countries offer only a modest output boost as europe debates cutting off russian supplies. and germany's cartel office says facebook parent meta is of amount importance. the head of that

agency tells us why that's bad news for mark zuckerberg. but welcome back to d w. business. i'm christy plats, and in berlin. stocks in the u. s. suffered there. worse day of the year on thursday. ki indexes plunged, erasing a rally from the day before. the dow jones industrial average fell almost 4 percent . and the nasdaq last 5 percent of its value relief over a relatively modest interest rate hike from the u. s. federal reserve gateway to questions over how high rates, how high rates could go over the next 2 years. as the bank tries to tackle soaring inflation. and what this could mean for the economy, people's pocket books and corporate profits. now the plunge comes as the world's major oil producers say, they will not be massively boosting output, meet global demand, and bring down prices any time soon. the opec plus alliance says it is sticking to its pandemic recovery road map and only gradually increasing production next month

. by an extra $430000.00 barrels per day. the plans announced that the monthly strategy meeting are expected to push oil prices even higher. more than 20 countries making up opec plus makeup opec close. and that includes saudi arabia and russia. wealth for more on this topic, we go to the new york stock exchange and to our co financial correspondent, johns quarter, starting with oil yen. we obviously have massive no band for oil, very limited supply, particularly as many countries in the west have cut themselves off from brush oil. prices are up 40 percent this year. why won't opec plus increase production? well of course the why should they it could be another question i think back 2 years ago when all of a sudden price, the price of oil prices dropped like a rock and actually touch negative target. tell you for the 1st time i remember the headline said back, then that is the end of a big oil. and some of the oil companies actually had to file for bankruptcy. and

now clearly they're checking in. so they only have limited incentive to really increase production at this point and then having that set. there's also a lot of talk that maybe a lot of those opec plus countries do not have the capacity directly produce more. some of those countries already have trouble actually meeting the quote us that they have already agreed on. so that probably could be another reason why production doesn't increase by that much. all right, well let's look at markets. again. i'm checking on the index you're following us for there in new york. you told us yesterday after the fed made their rate hike announcement that we wouldn't really see the main follow until today. you nailed it . traders are having 2nd thoughts. what's going on? why is this happening? yeah, christy, i was actually quite surprised yesterday how strong the markets reacted not stuck up by 3 percent chips up by more than 900 points. i mean,

what happened on wednesday, the federal reserve increase the interest rate by the most since 2000. so 10 stokeland was the president in the white house. and we do know that more interest rates are coming. and so it was a complete reversal of the sentiment and here on wall street, what also might have contributed to were of fresh economic data, for example, that productivity is dropping at the same time. labor costs are increasing quite a bit and this word of place and it's gaining some speed, meaning that the economy is stagnating while with c high inflation. so that probably was one reason why we saw the strong us or the sharp settle fear on wall street. and now we're all rating the big jump report that's up on fridays that we'll probably decide if we can stop the bleeding at this point while we'll be checking with you on that tomorrow, then quarter new york. thank you. well,

germany a me to become independent of russian fossil fuel as soon as possible to achieve this goal. work has started on the country's 1st floating terminal for liquefied natural gas. it's expected to enter service within month laying the foundation for greater energy independence. that terminal that will allow germany to import gas by c. $150.00 steel piles will anchor the natural gas terminal to the sea floor. it's being built in record time liquefied natural gas is set to start arriving here by the end of the year. yeah, i think we have a good chance of doing something that looked impossible building and l. n g terminal within 10 months and connecting it to the german gas supply onto the georgia golf long for floating liquid gas terminals will be built along the north sea coast. 2 of them in bill homes haven't and 2 and 2 other places together. they

are expected to meet one quarter of germany's natural gas needs. the government is providing 3000000000 euros for construction key to the project. other special ships that convert the super cold liquid back into gaseous form and feed it into the gas network. on thursday, the german economy ministers signed the contracts, the least the for vessels. it's much quicker than building land base terminals, although germany plans to build these to the sailors on board the ship. so all these steps will help germany move away from russian gas for the polity. it's definitely positive. everything that makes you more independent is always good jobs . yeah, yeah, jobs too. it's good for business. yeah. but environmentalists are critical of the construction. they fear serious effects on the coasts and inland waterways. germany still in ports about 35 percent of the gas. it needs by

a pipelines from russia before the war that share was well over 50 percent. the government is now planning to stop using russian natural gas altogether by 2024. in no small part. thanks to these floating gas terminals. facebook changed the face of the internet forever. now parent company meta has its eye on the real world . well, sort of its opening its 1st brick and mortar store, i'll be at one dedicated to virtual reality. the meadow store will open in california this weekend and future v r heads up smart glasses and more. all products can also be bought online, of course. been well here in germany, the country's federal cartel office says it will step up the supervision of the american tech giant. after determining it is of paramount significance to competition across markets. i asked the offices president unclear, want just how significant that is. yeah,

it isn't away very significant. it means well, in other words, it means that that is a super dominant company. and super dominant companies are address sees of a special provision in germany. that is the new section 19 a in our act against restrictions of competition. meaning that we can act more quickly, meaning that we can act before it's too late. maybe that we can act also on markets where maita is not dominant yet. and in implement searching. something like a regulation for meter in specific markets. well, are you basically saying that your office is going to be taking even stronger action against meta? now i think this, this is, this is going to happen. we have already proceedings going on against meta the proceeding exactly is about the well aggregation and combination of data

that is collected on the ocular virtual reality glasses of meta with the main account of the users that fits in our principal principal proceeding with nita not to allow for to high degree of combination of data of the user is the user doesn't agree to this, to this aggregation of data. well, we know, of course that europe has come down pretty hard on tech firms these last 12 months . of course, either largely us firms. when do you think europe's own tech giants are finally going to start showing up in this space? i mean, we have no finding procedures on this and by the way, this is not bay is not directed towards us for him stay other proceedings going on as well. if you think of the proceeding that we have had, again, storage bond also with regard to the question of data sharing by georgia. bon,

so this is by no means directed towards companies from, from any country or not. it is directed versus companies of paramount significance for competition across the market. that's the point. and they're not so many companies with respect to this. even dogs bond is not one of these companies they are treated under under, under other provisions. ok. yeah, great example there. now you mentioned this a little bit, let's talk about the met averse and your concerns there. this is obviously a key strategy for mark kerber. go to the extent that even want change the name of this company. what risks do you see in that area where we see today that meant a worldwide has, has billions of users with certain services. it's with facebook, it's with the instagram, that's what, what's out. a major from our perspective is kind of an ecosystem that is very strong on various markets and might use its market power no to

yard, to make markets incontestable, for competitors you to network effects that that mater is generating you to the fact that mita is a data driven company and makes use of this data to make it services even better and better not leaving a chance for competitors. so all in all, all these proceedings are about the protection of the consumer. that is one point, but they're also about making markets contestable and give a chance to quote, to, to compete with, with maita, and not only on the fringes of the, of the ecosystem but, but with larger parts of that company. i was the president of germany's bundis cartel aunt and last month. thank you so much. thank you. christie and a reminder of the top isn't sty. we're following for you. this. our stocks in the u . s. plunged thursday, erasing a rally from the day before investor relief. over

a relatively modest interest rate hike, gave way to fears, rates could to climb further. well, that's our shout for mar. check us out a d, w dot com backslash business and the d. w. news youtube channel brought on facebook . thanks for watching. ukrainian out into sports like they can forget about the rule, at least for a few focus in d. w is the end of the pandemic in site. we show what it could look like. return to normal and we visit those who are finding it difficult with successes

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subscribe to w documentary on youtube. ah ah ah hello and welcome to focus on europe and we begin in russia where each may people marks the end of the 2nd world war in europe. festivities highlight the countries role as a great liberator from nazi germany. but now russia itself is pushing ahead with a.