it is 1:00 p.m. here in hong kong. i am david and glace here in hong kong. >> it feels like friday the 13th. take a look at the markets. we are pretty much red across the board. this has been particularly difficult for small markets especially those in southeast asia. malaysia. slumping the most. putting a lot of pressure on central banks and governments to prop up the markets. we have seen a lot of aggressive moves from the likes of indonesia.

the government is stepping and a lot to stabilize the market. stabilize the rupee. >> money is free to go where it wants to. if you are bid up because of foreign money coming in, and people want the entity those are the first markets they look cap. indonesia is a good market -- indonesia is a good example. give us anere to assessment on where we are. up by over 3%ng this morning. we are seeing the biggest drag on the index so far. a third day of losses for the index. here in the city. take a look at the moves in shanghai. the index is off by 3%. drop of as much as 4%

by the hang seng index. the king dollar raining this morning. the offshore yuan is finding its footing. trading below seven. the rupee has recovered from a record low that it hit further -- that it hit earlier. this is -- this as japanese officials tried to calm markets. the bounce back we saw earlier -- s&p.y stocks a similar theme across the region when it comes to the circuit breakers being met. the nikkei up above 17,000. checking in on jgb. it is up four basis points.

-- thereond futures were hopes that the bank would come through with emergency rate cuts. 10 year yield earlier rallied about nine basis points. >> what a way to end the week. deeper into the markets with mark cranfield. thought -- we were in the quantity range. -- 20 range. how long will this last? >> if you want to put a slightly positive spin on this week's craziness. my head is spinning. like aeginning to feel bit of a capitulation process. chere have been such errati moves. assets drop in for no particular reason and rebounding. it is beginning to feel at least

as though there is a bit of a clearance going on from some portfolios. some people getting rid of things they don't want in raising cash where they need to. at least that process is beginning. we are seeing central banks acting aggressively and governments getting involved in the act including the australian prime minister. these are gradually coming together. the process will take a while. it could be that we look back at and see it asarch the capitulation point. it may be a while before we can say that there are blue skies ahead for everybody. david: when you look at how some of the benchmarks in the region fell three psychological levels. i am hitting a psychological level in my head. looking at these wild swings. futures up by 2%.

what would your team consider in terms of 1, 2, 3 as the three signs that markets might be bottoming out? >> part of the capitulation process, as part of that what we could see is a more normal relationship between bonds and equities where we are seeing that equities falling does not necessarily mean a bid for bonds. that u.s. equities fall a bit and treasuries go big , that would be a normal relationship. moved,e federal reserve we expect them to cut rates again which should help stabilize the funding market through the end of the quarter. -- if you look at the japanese markets for example,

there is a huge demand for u.s. dollars to finance japanese thanks through the quarter and. arter end. even commodities could start to settle down as well. those are some of the things we thatoping to see to say things are looking like more normal trading conditions. : the swings are massive in a single day. >> not to mention things like bitcoin -- everyone is getting excited about bitcoin which has been losing value so quickly it almost looks like no one wants to trade it anymore. wherever you look, there are extraordinary moves going on. howeally is hard to say much longer it will go. but, at this point, the velocity of movements is suggesting that

we are a little closer to the end rather than the beginning. it feels a lot like 2008-2009. even some of the moves this week were as big as 1987 were -- which were quite a shock to financial markets. maybe over the weekend, people will quiet down and say that was ridiculous. and maybe we will come back with a slightly more optimistic tone for monday and we will have more stability. david: hopefully, you are right. people are going crazy out there. haslinda: [laughter] mark, thank you so much. speaking to that point -- u.s. futures are up 2%. erasing losses as much as 13%. moving into europe, this friday the 13th, it is looking a lot better than it was about five hours ago where it did seem like

everything was being tossed out the window kitchen sink and baby altogether. we are talking central banks and what they are doing. morphlly, this does not into a credit crisis because it is harder to recover from. what do we know? what has me concerned is that it is turning into something of a dollar shortage. we are seeing some early signs of rain in the credit markets. central banks have been very active in the morning markets both in asia and beyond. the bank of japan today stepping move buy in an unscheduled , purchasing government debt. an indication of the stress and strain on the japanese system. it is all about making sure there are no short-term crunches. the takeaway away is that

dollars are getting short. economists are talking about the need for central banks to get money to where it is needed most. haslinda: japan stocks paring , this at 3.9% in the end is a crisis of confidence as much as central banks and governments dipping into their reserve --is this indeed a crisis of confidence? >> the debate has settled on interest rates to solve the prices. that fiscaliew stimulus will not help. when you get into the mechanics of it or the money market, that is how you can get money into the system. seeingperations we are including the boj.

that will give some confidence. gettingng the virus and demand to into the global economy -- that is a different matter. they are firefighting now and try and restore confidence in the money market. point, onyour thursday, we have a central bank decision in the asia-pacific. theop of -- coming out of fed at that point, you have the boj, indonesia-philippines and taiwan as well, does that mean they will not cut rates? banksall of the central are in emergency mode right now living day by day. the central bank may not wait until the scheduled meeting. the yen is not strengthening despite everything which speaks to the dollar shortage. people are selling the yen. this will be seen as the start

of the break of the camels back.- camel's david: things are getting slightly better. haslinda: [laughter] always the optimist. plenty more to come. we will have market checks and more. this is bloomberg. ♪

>> look him back to the best of daybreak middle east. markets were turning positive on tuesday as donald trump said there was a substantial relief to the markets. >> we are going to be asking tomorrow -- we will be meeting use republicans are discussing a possible payroll tax cut or relief, substantial relief, very substantial relief, it is a big number.

comets -- the comments from donald trump are a sharp reversal from the white house. it seems to be the most concrete step that the president has taken so far to stem the economic fallout. he also added he plans to announce very dramatic action to support the economy at a press conference on to his a. donald trump also said he wants to help hourly wage earners who home lose pay by staying amidst the growing virus. this is in response to the growing virus after u.s. stocks had -- their worst day on wall street. it is unclear if this is enough to stem the loss. the economic package will leave out any aid to the travel agency which has been battered by the

viral spread but it will include the payroll tax cut and a short term expansion of paid sick leave. more than a quarter of u.s. workers do not get any sickly what their job. manus: italy quite literally is in lockdown. a nation closed. >> the top priority in china is ofstop the reimportation cases growing rapidly around the world. more than 100,000 infections around the world and climbing in italy. that country is expanding its uhan styled quarantine. the chinese government believes that the worst of the outbreak

is over and projects confidence that she thinks she has managed to successfully stem the outbreak domestically. havecomes as new cases steadily declined. wuhan shut down 14 of its makeshift hospitals. the communist party struggled in the early days with the criticism that it had failed to contain the virus. >> the guggenheim cofounder said this may be inevitable. >> the announcement by the u.s. president certainly goes in the right direction.

a all know that we did have very aggressive response from the federal reserve actually twice. and other central banks including canada and elsewhere. these measures will address what is going on in the financial markets but i think the initiative why the u.s. market, and the president is important because it is trying to address what peopleide and will feel quite quickly in their pockets. resolution ofthe this in the short term to make sure it does not turn into an inevitable recession. it is not necessarily an inevitable recession. these measures are needed. >> does that mean that the measures have to be global and coordinated in nature?

we have heard from the chief economist of the imf. that in order to address the supply shock and demand shock, everyone needs to work together. it does not look like we are getting there? >> it looks like the response as coordinated on the monetary side. the important side for the financial system on a whole. i think we are well covered there assuming the ecb well act tomorrow. on the fiscal side, i think what matters most is the u.s. i would say in china -- because in europe you do have 27 governments so it is not really possible to centrally controlled it. you don't need to do that because most of the european economies have automatic stabilizers. they worked well in germany in the past when temporary downturns where companies

quickly introduced shorter work time without laying off people. i am less worried about europe in that sense if they do the monetary side properly. the u.s. and china need to do more or implement some of the actions they have put on the table. >> breaking lines from the bloomberg. basically, you have developments from saudi arabia on the official selling price. 30%-50%yers have sought more saudi oil due to their prices. the plunge and oil prices have had a ripple effect across so chains so far. now?is out of the way can we take a breath? make,t is a tough call to

i am unhappy or happy to it met on your perspective. there has been a lot of upheaval. the coronavirus and the health scare is such an unknown and new development for most people. people in hong kong for example are a bit used to it because we had the sars incident but generally, this is quite scary for people in other territories. the way we look at markets is we do see, without making the call for the exact government, you do see a lot of opportunities and investment positions out there. japan yesterday the decision was taken. if you look at that equity market, it is close to the standard deviation below the norm, its own norm in terms of

valuation and sentiment. we use an index that has been around for about 20 years and it is the worst recorded ever. these are typical signs that some of the markets may not be exaggerating. view, that a longer is probably a good thing. oil is harder to make the call in the long-term. it is interesting to look at those levels. bythe fed is expected to cut 75 bits this month. do you see that amount of a cut as well? how long will it take us to reach the zero bound? >> 75 in my sense is a bit exaggerated in my mind. i would be happy if they went last. they do not have to go the full

monty immediately. these are quickly changing markets. if sentiment continues to deteriorate as we have seen in the last few days, they will have to do 75 basis points. it is important they stay on the easing side. it is important they signal they are watching the markets closely. joe biden takes a michigan, missouri, and mississippi. the latest on the primaries in the u.s. this is bloomberg. ♪

>> welcome back to the best of daybreak, middle east. joe biden has hit the ground running as six more states held democratic primaries. six more states consolidating his delegate lead over bernie

sanders. victory ined his philadelphia. >> took him back to the soul of this nation. this campaign is taking off and i believe we are going to do well from this point on. yousef: we have more from the bloomberg senior editor, derek paul lang. state-by-state, probably the best night left on the calendar for bernie sanders. joe biden -- we still have three states left to decide. regardless, joe biden will walk away with a big delegate gain today. he won the state of michigan overwhelmingly. mississippi as well. he will increase his lead. what is happening now is you are seniorg to get some

democratic officials and outside democratic leaning groups suggesting this is all baked. andrew yang endorsed joe biden that this isd over. yousef: what does this ultimately mean for the eventual outcome of these primaries and beyond even as we prepare for the elections in november? >> bernie sanders did not speak today but his campaign is pointing toward him going further and forward it through the next debate coming up. there is one debate between now and when the next states will vote which will be a big showdown debate. look at the calendar coming up, next week you have four very large states including arizona, florida, illinois, and ohio. joe biden should do pretty well in florida. arizona is an emerging swing seat -- swing state.

evelyn a -- illinois is sanders best chance. going forward, there is a lot on the map to like if you are joe biden. joe biden is in a better position now. i will say that there are two big things that stood out for me tonight listening to joe biden. that was a standard stump speech. one thing he said though was that there was a concerted outreach to bernie sanders and his supporters. biden is looking at trying to unify. the second thing was that joe biden talked about coronavirus saying it was a test of presidential leadership. you are seeing the virus impacting the campaign. canceledn and sanders rallies over coronavirus concerns and suggestions that maybe it is not a good idea to put thousands of people in a

room standing next to each other to hear a politician speak. >> equity markets in the gulf jumped. gains in international markets. did it last? we have the details. this is bloomberg. ♪

11:30 p.m. in singapore. i am haslinda amin. >> i am david and glace. hitting my brain circuit breakers itself. the market in thailand was down. it is now up. who knows what is happening now? >> it might be time for happy hour this friday the 13th. the biggest price swing ever. 4% higher with banks among the biggest boost.

checking indices across the region. up 4% after25 falling earlier 10%. while the yen is weakening on stimulus hopes. the hang seng also easing declines but still on the path to a bear market. earlierures -- erasing losses in what has been a very volatile session. looking at the board, we see a bounce when it comes to the ftse 100 futures. the mood is lifting with futures gaining ground after the worst tumble ever after the stock tumble on thursday. look more into the markets with mark cranfield. butn't want to jinx it

there are signs of the market stabilizing. >> can we start happy hour now? there are some signs of capitulation. the process will take some time. err you have seen such atic moves, there is a suggestion that some of the indiscriminate selling is coming to an end and it could stabilize a little bit after this. >> is it also a sign of some liquidity? >> absolutely. here fora huge problem market makers in particular since the rules were introduced after 2008. market makers cannot hold very big positions anymore. they have to keep risk tight. risk managers will be all over them this week. people,l be saying to do not hold positions over the weekend. stabilization and

even if markets were to regain the losses, it does mean that the fed cannot hold back because 75 has already been priced into the market. >> the fed has been like this for quite a long time where they tend to do what the market has priced for them. orchids do not like when the fed rejects moves that have already been priced in. it would be very brave of the fed not to respond with exactly what the market wants. if for some reason at the next meeting they say they are not going to do anything, it could make this week look like 18 party and it could be much worse. i believe they will deliver a big rate cut at the next meeting. >> mark, thank you for joining us. mark cranfield live for us out of singapore. let us get the latest on the situation in china.

there has been a sense of triumph. nationument is that the is shielded from the global volatility going on pretty much everywhere else and that patriotic investing will be rewarded. story wang has the latest on that as she is in beijing for us. talk to us about sentiment in china. why are we here? traders are soaking in this moment of relative stability after a challenging past few years. looking at chinese social media, it is flooded with patriotic posts about the stability of the market. outperforming -- outperforming other markets. coverage been a lot of of the trade wars as well as the xenophobia over the spread of the virus.

state media has also been adding more fuel to this by pushing the narrative that china's top down approach is more successful then the perceived chaos in the u.s. and europe. despite this optimism, there are growing signs that this evaporateance could with volatility and leverage both at their highest levels in four years. >> speaking of victory, china's new virus cases has dropped -- have dropped to single digits for the first time since january. what does it look like for the industry restart? >> the number of cases slowing down to a trickle. eight new cases were reported for march 12th. they want to make sure that they do not get any imported cases from travelers coming back into

the country. heard here recently -- recently that production rates are above 95%. and for small and medium-sized businesses, the restart rate is at about 60%. that does not mean that companies are back at full capacity. we know major logistical challenges remain. >> the uncertainty remains. chinese corresponded, selina wang in beijing. thank you. to coronavirus continues haunt markets with investors increasingly concerned. governments and central banks do not have the answer. new york city declared a state of emergency after president trump's action plan dell through. span ofe president

travel back to the u.s. has many overwhelmed. many are being charged and norma sums to changes flights. >> reassuring nervous markets. we are told that governor kuroda could take a more aggressive stance in terms of buying assets. >> all still you is advising against nonessential gatherings of 500 people are more for monday as it looks to combat the spread of the virus. the grand prix in melbourne has been canceled and many other events are being held behind closed doors. would not affect schools coming universities, our

public transport. >> walt disney is closing the disneyland resort in anaheim through the end of this month. the move comes after the edlifornia governor bann public gatherings of 250 or more people. has said there have been no reported cases of the virus at disneyland. the outbreak could be part of a biological attack. is calling for the armed forces to lead the fight against the disease saying the military must work closely with the health ministry. more than 400 lives in iran have been claimed from the virus. the leader says this could be a biological attack. >> let us look at the markets. it has been quite a day. i was going to say morning that

it is now mid afternoon. how quickly time flies. a lot of headlines. you get a sense of the manic friday we have had so far. u.s. futures are firmly in positive territory and it just blows the mind why markets are acting this way. it could just be one of those days. >> no complaints. it has climbed more than 40%. -- we wereing at looking at 20 or less. we cannot take it for granted. absolutely not. in case some of our viewers may already have forgotten, less than two months ago, the china and u.s. governments signed a trade deal but this has been the story gripping markets. this is bloomberg. ♪

>> welcome back to the best of

east.ak, middle president trump announced significant travel restrictions from europe to the u.s. the most far-reaching efforts yet from the administration to combat the virus. >> we will be suspending all travel from europe to the u.s. for the next 30 days. the new rules will go into effect friday at midnight. >> for more on that and other virus details with bloomberg's jodi schneider. selina wang. >> he really decided to make come upamerica first watching our borders kind of speech. he even called the virus a foreign virus. and x told the u.s. to deal with this which some have actually criticized how he has dealt with it so far by saying that they stopped travel from china and now he wants to do the same from

europe. it was a very much -- protect our borders, this is how we are going to deal with this. he did talk about some fiscal matters including providing more leave toaid sick american workers that do not have it. some small business administration relief. some tax relief. some people being able to suspend some tax payments but nothing on the scale that had been discussed earlier about something like a payroll tax or turned togs he had himself as economic stimulus measures. that is not what this speech was about. i wanted to ask you about some things going on in the sports and entertainment space. there is an important point here. he what were saying it would take a celebrity to test beforee with coronavirus people would take it seriously. we have a player from the mva as

well as tom hanks and his wife. >> it is hard for people outside of the u.s. to know how big this is. is suspending the season. cataclysmic to suspend the season. one of the most popular american sports. they are saying they are just not going to play. sayingtwitter, they are their employees will work from home. mayor's groupe saying all major cities are going to restrict public events now. the presidential candidates come of the democratic contenders, bernie sanders and joe biden canceling their rallies. starting to hit the everyday things and america. is an exclamation point.

and it is a very american thing for it to take a celebrity to have something head home. , thank you.eider the world health organization's top official has now declared the virus a pandemic. global cases have surpassed 124,000. >> we have never before seen a pandemic that can be controlled at the same time. we have been in full response mode since we were notified of the first cases and we have called every day for countries to take urgent and of aggressive actions. we have wrong the alarm bell loud and clear -- we have rung the alarm bell loud and clear. >> selina wang in beijing -- walk us through these global developments.

the global situation is escalating rapidly while here in china, infections continue to slow with only 15 additional cases reported for march 11. that is the lowest number since january 18. hasdirector general officially labeled this a pandemic. in the past week, the number of cases outside of china has increased 13 fold. in the u k, 22% jump. italy has also ordered all shops in the country to be closed except for grocery stores and pharmacies until march 25. when it comes to the world health organization finally labeling this a pandemic -- this labeling is very rare. sars was not labeled a pandemic. the last time this was used was

1or the h one and one -- h1n virus. >> there is a possibility that we will get more out of beijing? stateheard from the council and they are talking for targeted reserve ratio cuts. reduce theiro financing costs and help them to restore operation. the council also mentioned steps to stabilize foreign investment. ais is just one part of string of measures the government has been taking to cushion the blow. already cut the one year low prime rate. we are also expecting more infrastructure tax relief, targeted relief. another main focus priority right now is to get the economy

back up and running. bloomberg economics and announcing 80% of the economy was operating at full capacity. even at the center of the outbreak, officials have announced things will get back up and running and there will be a priority on businesses that are critical to people's lives and to the global supply chains. >> we have more market reaction from chris franken. >> it is all we talk about right now. more liquidity concerns around the emerging markets and some of the develop markets as we look -- where our customers are placing their dollars. there is so much caution and concern and weariness of the overall markets. we talked about this earlier on bloomberg. and what oure customers in singapore and our office in hong kong is we are about three or four weeks ahead

of where the u.s. is in terms of dealing with the outbreak. i have seen personally over the last week plus -- people coming back to the offices, they are out and about in the public. whereas the u.s. and europe are in scramble mode now in terms of what is going on and the fear of the unknown is stoking the overall volatility in the global markets that we have seen at a scale that we have never seen before. >> we are seeing a lot of firefighting from the fed when it comes to the repo market. we have put together a graphic that shows the amount of liquidity and transactions. that would last until april 13. that is up from what was announced on monday. what will come next for the fed?

there is only so much they can rates.the -- with the >> they are running out of ammunition and their standard toolbox. and it is not just the fed. central banks around the world also. they are pumping stimulus into the economy. we see different stimulus package is coming out from different governments. we just saw something from australia. we have some ecb ministers meeting later today. they will probably cut rates again, the fed. small business loans are being considered to prop up the economy where it is at. if we could get a sense of calm in the next few weeks, it could lead to a rebound rather quickly from where the stocks have fallen to across the board. >> we were listening to larry summers and the past few hours

and we know larry can be very punk tilia's but -- puncti lious. lehman's a time when went under and it was a missed opportunity. i get the sense that the markets are disappointed that donald trump did not deliver more. he used this period as a reflection -- are we missing the opportunity for sizable response from america? they are procrastinating and prevaricating, aren't they? surprised wettle have not heard more in terms of not only size but also details around it. we heard some things around tax reform for the u.s. and other things about how they may potentially do stimulus. notgeneral population does see the repo market. larger,a full-scale,

all in approach is something that the u.s. markets would like to see and i think if we did see that, we would get a little more stability in terms of protecting the downside risk we have had across the sectors in the s&p 500. up next, lebanon waits to see if foreign bondholders would agree to new terms. as the government attempts to contain a financial meltdown. this is bloomberg. ♪

tuesday, lebanon was waiting to see if foreign bondholders would increase and negotiate new terms for more than $30 billion in debt as a government attempts to contain a meltdown. think what they did was necessary in order to placate the street. it was just impossible for them to take a different sort of

decision politically for the new government in place. time when people were having trouble with drawing moneyts -- withdrawing out of their bank accounts. i am not sure it was the right decision in terms of the country's credibility as a bar work. .- as a borrower and in terms of the economy, we have yet to see. they are looking at a restructuring of the debt. that was a foregone conclusion though from my perspective. my hope now is that they can arrive at an orderly restructuring of the debt rather than a disorderly scenario. there is a grace period. there are -- they are a few days what with a can think of can be paid. i'm sure all of the thinking has

been done and there is a plan. their advisors are in place. it was practically the only decision that could be made at this time. >> good morning, geo. when we look at lebanon, they say this morning they will present the economic plan to the imf. has a lot has said it -- has a -- it does noth harm in a side. and the doors will be open. we have seen the imf before go into various countries. this does not add up. again, there is quite a lot that gets said in the circumstances for public consumption. withis a good evolution respect to the acceptability of an imf program. for weeks they had been saying

they did not want one and that the country did not need one. the country does need assistance from the imf and it needs to be discussed. program without suffering. people are already suffering. in order to restructure the economy, there will be some suffering. obviously, the phasing of these and the imf of today is different from the imf of the past where restructuring was a very primitive tool at the time. things have changed. nuanced ina lot more the advice it gives in the conditionality it exacts. >> you can catch middle east daybreak at 8:00 a.m. to buy time. do join us then. this is bloomberg. ♪ good morning!

oh no, here comes the neighbor probably to brag about how amazing his xfinity customer service is. i'm mike, i'm so busy. good thing xfinity has two-hour appointment windows. they have night and weekend appointments too. he's here. bill? karolyn? nope! no, just a couple of rocks. download the my account app to manage your appointments making today's xfinity customer service simple, easy, awesome. i'll pass. matt: good morning from berlin.

these are today's top stories. -- thursday.y >> the worst session since 1987 brings an end to the longest market on run as markets headed for the worst week since the financial crisis. the u.s. nears an agreement on a bill to combat level of the coronavirus. the ecb unveils stimulus to fight the outbreak but not enough to calm the markets. epidemic of the century. emmanuel macron says the