♪ manus: good morning from dubai -- yousef: good morning from dubai. >> these are today's top stories. yousef: at war. because forsident unity in the battle against the coronavirus. the eu closes its borders. hit limit up after the worst day for wall street stocks since 1987. the philippines becomes the first country to shut markets amid the pandemic. plus, it is bad. president trump dramatically shifts his tone on the outbreak, warning it could drive the u.s. into recession. ♪

>> welcome to "bloomberg daybreak: europe." volkswagen saying it is almost impossible to make a reliable forecast on coronavirus. it says to succeed in overcoming the coronavirus crisis, vw will succeed in overcoming it. 2020 will be a very difficult year. the coronavirus poses challenges. it is almost impossible to make a reliable forecast on the coronavirus. you can translate that third to equity markets -- that through to equity markets. 1987.drop since we have had three back-to-back days of moves at 9%. how do you trade a market like this? investable?

in 24 hours, we have gone from limit down to limit up. is this just a bear market ounce in u.s. futures -- bounce in u.s. futures. you are seeing green in japan but right elsewhere, like china -- red elsewhere, like china for example. a little bit of a retreat in the yen. don't want to say that it is risk on, but a bit of a different picture from what we were seeing yesterday. yousef: absolutely. treasuries were trading a little bit lower. this comes off the back of the risk on mode you just talked about. the next operation by the euro fed will be front and center. $40 billion worth of purchases across the curve. the s&p 500, as you pointed out nk 12% on monday,

erasing its gains for 2019, as president trump warned of a possible recession. futures are higher at the moment but the president warned that the virus may disrupt life well into the summer. --sident trump: >> it is critically important that the markets stay open at this time as opposed to trying to take breaks in the middle. >> the stock market, i am a little more concerned about. i have us in a real bear scenario. >> the steep decline in demand that we are seeing with the double whammy in oil prices falling is really unprecedented. >> what you see on the screen is only a fraction of the story. this market is more or less seized up, according to participants in this space. >> we have to act fast. that's what's scaring the markets right now, the bankruptcy risk. it is no longer a transient

shock but could be a permanent shock. >> leaders are preparing their nations amid efforts to contain the coronavirus outbreak. governments rolled out a series of public addresses on the need for further restrictions after g-7 nations held a conference call on monday. president trump: avoid discretionary travel and avoid eating and drinking at bars, restaurants, and public food courts. >> we are asking people to do something that is difficult and disruptive. >> apart from the mainland, macau and taiwan, for all other countries and regions, we will be issuing the red leveler. >> the enemy is invisible and moving forward and that will affect our day to day way of life. >> joining us for more is maria tadeo in brussels. good to have you with us. president macron saying we are at war over the virus.

what are some of the actions that we have seen? because those are powerful words. maria: emmanuel macron speaking yesterday on prime time television, saying that france is now at war. the messages are similar to the ones we have seen play out in spain and italy, were essentially citizens are being told, you need to stay-at-home unless it is a necessity to be out. we know that hotels could be reconverted into hospital beds. when you look at the impact that this is going to have on public life, he's also saying that look , the pension reform, which we know is very controversial, is going to be put to the side. it was a dramatic tone from emmanuel macron. this is happening 24 hours after we saw those incredible images of people out and about in paris, acting as if nothing was

happening. today, we are going to see european leaders meet again for the second time. they are not meeting in person because of those restrictions that have been opposed. they want to send a message -- imposed. they want to send a message that if you are not allowed to leave your house, i am not going on this trip either. that travel ban was announced by ursula von der leyen yesterday. people that don't have a reason to come into the continent will not be able to do so. a lot of people are reading this as retaliation to trump. a has more to do with having one line policy by all member states when it comes to keeping the borders shut. yousef: i am listening to boris johnson, mr. macron, in both cases, it was hard not to get depressed. very serious and dark speech that we heard. what about the economic measures?

are they starting to filter through? are there sort of green shoots? >> we don't have green shoots. veryials tell you it is likely that we will see a recession, not just in italy, by the way, but the whole of europe, potentially in. 2020 we had a emmanuel macron announced a huge credit line, almost a hundred billion euros for companies. he is saying that the goal is no almost 800 billion euros for companies. he is saying that the goal is no company go bankrupt. rome is saying we can leverage 300 billion euros to get the economy going. the italian economy has been at a standstill for weeks. >> thank you so much, maria tadeo. for more on the markets, let's bring in our cross asset editor. seems like history is being made in markets every day, particularly in the equity

market. jp morgan talking about the quiddity looking like 2008. is this a market that it is -- liquidity looking like 2008. is this a market that is un- investable? >> it really is. it is hard to say whether there will be a bottom, whether you will have a 5% rise or drop the next day. things are extremely volatile. people are somewhat going in and saying, well, i think there are some good valuations here. definitely come on any given day, it is quite uncertain -- definitely, on any given day, it is quite uncertain. >> thank you so much. way, sayingy the that stocks will not be saved by steeper yield curves. they recommended selling on any strength, as we get an

indication of a little bear market bounce. joining us for the hour is sarah hewin, chief economist for the americas and europe at standard chartered bank. when you look at the market action that we have seen since the weekend and think about the fact that a market is trading with so many unknowns, including the economic outlook, can you give us any kind of economic outlook when it comes to the u.s.? do you see a u.s. recession this year that president talked about yesterday? >> we do see a recession. we think it will be inevitable when we see such a disruption to the economy, the halting of a lot of businesses, people hunkering down, consumers pulling back. inevitably, this will cause a recession. how deep and how long? we think that the big hit is going to be seen very much in the second quarter. the data that we have had up

until yesterday was showing the economy to be doing reasonably well in the first couple of months of the year. but the empire manufacturing survey yesterday was the real signal about what's to come, an absolutely massive decline there. we think the as we move into the coming days and weeks, then the downturn in the economy is going to become intensified. yousef: that's exactly the point, is that they are beginning to -- beginning for bargains to be had out there. we had this question that tries to find out which risk asset is going to move first if we do see a recovery. what would you be keeping an eye out for? sarah: i think we need to step back and look very closely at what is happening with the path of the coronavirus and at what point people start to fell that

the number of cases is plateauing. we have an example in china, where the virus really started to accelerate through the middle of january. now, we are seeing a plateauing. new cases seem to be associated more with sort of being brought in from outside rather than from within china. the data are showing the big collapse in industrial production, in sales, in all activity that was evident through january, february. we are seeing people returning to work. it is relatively slow, particularly on the services side. we are seeing people still very cautious about interactions, going out for meals, or anything that involves close contact. we think that probably, markets the need to have in view

virus starting to plateau and really be aware that the economic data are going to look pretty horrible for the next few months. >> you do wonder when the data actually comes through whether we could see a pause in the risk off. at the moment, the trading is on the unknown. sometimes, that is worse than the reality. sarah hewin from standard chartered bank stays with us for the hour. let's get to the first word news. ♪ president trump says the u.s. will strongly -- industry --fter the sorry. i get excited about this. boeing is asking officials for short-term aid. they are seeking to avoid layoffs and damages to its suppliers, hundreds of smaller companies that make parts and systems for its aircraft. theemocratic primary in

u.s., joe biden has won washington state. inls were set to open today the ohio primary but the governor has invoked a health emergency. over in italy, the government a 25mproved -- approved billion euro package to help its health system. the plans include suspending tax payments and mortgage really. italy says it will leverage about 340 billion euros in financing. global news 24 hours a day, on-air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. this is what working together is called. sometimes you get a glitch on the prompter. i love doug's. -- dogs. yousef: in times of crisis," nation is called for. whatever it takes.

g7 leaders have pledged to do what is necessary to help economies. we will get into that. this is bloomberg. ♪

♪ yousef: this is "bloomberg daybreak: europe." >> i am nejra cehic in london. let's get a quick look at your risk radar. it is looking more risk on today after the worst rout since 1987 for stocks yesterday. futures in the greek. is this -- green. is this really the time to be getting in? jp morgan says sell on any strength in equities. it is a little bit muted and a mixed picture. some red in china. we are seeing treasuries give back some of their gains today. tomorgan saying, don't look a steepening yield curve for a sign of rally in equities.

a bit of a retreat in the yen, reflecting a little bit of selling of those payments. we went from limit down to limit up-to-date in terms of u.s. today in- limit up terms of u.s. futures. yousef: let's get to the bloomberg business flash stories. amazon is hiring 100,000 people to meet added demand due to the coronavirus. is also giving u.s. workers eight two dollars per hour raise. the e-commerce giant struggles to cope with the increase in demand. many people are going online for household essentials rather than going to crowded stores. i sure am. a swiss health care company says countries need to test more people for coronavirus. anyone showing symptoms it should be tested, regardless of age.

emergency authorization from the u.s. for its new high-speed coronavirus tests. >> there are, of course, also other tests available in the market. there is an enormous demand for tests. i cannot yet meet supply but am very glad that we could make a big difference with this new test, which is actually approved in record time. yousef: bank of america and ubs are among the banks selected for its proposed merger with -- it paves the way for china to create the world's first global carmaker. it is working with hsbc on the potential transaction. no official comment from anyone involved. that was your bloomberg business flash. i want to get back to what is happening in terms of policy responses. as countries around the world impose restrictions to limit the spread of the virus, g7 leaders

pledged to do whatever is necessary to fight covid-19. the imf says they are ready to use the $1 trillion lending capacity they say they have to help nations counter the coronavirus outbreak. managing editor called for global coordination. he highlighted that the fund had $50 billion in emergency funds for developing nations, with as much as $10 billion available at. . zero interest rate sarah hewin from standard chartered is still with us. every time the imf has said something, it has not made much of a difference to what investors are doing with their capital in markets around the world. scope ofthink that the the crisis is such that investors really want to see a big response. now, we have had a very big response. we have had a big, not quite coordinated response.

central banks really operating pretty much along the same lines, slashing interest rates and that has been quite dramatic. we have seen central banks making finance more available to the corporate sector as well, certainly across europe. i think that the next leg is on the government side. european governments are already moving forward in the u.s. as well. by comparison, the scope of what the imf can do is relatively limited. that's not to say that it is not going to be very useful and important, but i think in the current climate, investors are really looking for a very big global effort that is going to not just address liquidity and credit, but also really support the real economy, support those businesses that are going to be disrupted by coronavirus, and

also to provide some support for health care and generally for likely the rise in unemployment that we will see across the west developing countries. >> yes. g7 leaders yesterday pledged whatever is necessary to fight the virus. the response in markets is very to any policy response. aw quickly and affective can fiscal response actually be in alleviating the risk of a u.s. recession or recessions elsewhere? is it really going to be the panacea, this fiscal response? sarah: we saw in the global financial crisis that you cannot avert a recession. all that you can do is to slow the downturn and provide some relief along the way. i think that is very much a going to be what we will see this time around as well. said, likely that

we will see unemployment start to pick up. we are likely to see business is really struggling. what can governments do? makingy going to just be sure that credit channels remain open, along with central banks. or are they -- central banks? or are they going to be much more proactive? are they going to be providing subsidies to businesses, taking stakes in businesses? nothing will be decided overnight. i think that we could see some relatively swift responses. remember, it is only a couple of weeks ago that people generally were just not aware of how serious and how widespread the coronavirus impact was going to be. now, i think politicians are really moving in to take action. yousef: sarah, you are staying with us. here is what is right around the corner. can gold lose its safe haven

shine? a charge on that comes up and that is the one that matters. this is bloomberg. ♪

♪ >> this is "bloomberg daybreak: europe." i am nejra cehic in london. yousef: good morning from dubai. let's talk about gold. haven asset, at least in conventional theory. in really bad bear markets, that concern. let's get to the chart -- that can turn. let's get to the chart that matters. >> is gold losing its luster as that safe haven asset? when we have really bad markets like bad bear markets like in 2008 when liquidity is needed, we see gold. . selloff. look at this chart. we see silver, platinum, and

palladium. palladium down 50% from its bubble peak this year. will gold be the next one to join his peers? at might be. many are stashed it might be -- it might be. we already saw that in some of these really volatile days, they are liquidating gold and moving their money to cash. >> annmarie hordern, you have and it just on the point i was going to. sarah hewin the still with us. with verye moment little places to hide, investors will start moving to cash? sarah: i think that is very much the case. i think that given the sheer volatility that we have seen in the markets over the last few days and few weeks, investors are becoming very cautious obviously looking for a point at which to reenter the market. given how much uncertainty is

out there, i think that it is still too early. as i said, we probably need to virus,clear idea of the the response we get from governments, the scope of the downturn before investors will start to look for opportunities. that might come sooner than we expect. but i would say that over the next few days, it is still going to be a situation of extreme uncertainty. we know that recession is coming. i think that investors are really getting to grips with that. yousef: hold that thought. sarah hewin from standard chartered bank stays with us. a snapshot of what is in the pipeline. anicon valley shut down and election delayed due to the coronavirus. we will talk the impact of the pandemic next. this is bloomberg. ♪

yousef: good morning from dubai. this is daybreak: europe, i am yousef gamal el-din. nejra: and i am nejra cehic in london. these are today's top stories. yousef: at war. france posing president calls for unity. borders.u. closes its stomach churning, u.s. futures after the worst day for wall street stocks since 1987. the philippines becomes the first country to shut market amidst the pandemic. plus, president trump dramatically shifts his tone on the outbreak, warning that the disruption could drive the u.s. into recession.

♪ nejra: welcome to daybreak: europe. is this just a signal of a bear seeing bounce we are after the worst stock day in the u.s. since 1987, if the day wiping out the s&p 500 gains. stock markets closing in the philippines and sri lanka. could it happen elsewhere? u.s. futures are in the green. cautious to say that this is risk-on yet. yousef: amid the increase of risk appetite, we are seeing u.s. treasuries finish a bit under pressure, the yield up point 077%. the new york fed will plan in operation to the tune of $40

billion to try to inject more liquidity via six different transactions. one another so just that the liquidity indexes are starting to take effect. thechinese yuanas been standout trader in emerging markets as investors try to look past the horrid economic data we had in the last 24 hours. and a quick note on the brent crude, deutsche bank seized $25 a barrel for the second quarter, as opec+ struggles to rally its allies and the alliance to get them to take concrete steps. nejra: and we have global market coverage from hong kong to dubai and london with our markets team. david inglis, the red shot and dani burger. greed on the msci -- we are joined by david english, niraj shah and dani burger. green on the msci asia pacific, what are you seeing?

david: it is about to kick off. a good example would be australia. when that market closed a couple of minutes ago, it was one of 1997,ggest gains since but that is after it fell 10%. you're looking at hong kong right now. the reason we have it up, things like technicals are giving you signals. a bifurcation of the market, the lack of liquidity is actually forcing investors to rethink whether or not to take a advantage of the fundamentals and technical signals. history has worked out for hong kong. it is yet to be seen whether it works out this time because these are not normal times we are trading in when we look at markets across asset and across regions let's get to some others. yousef: specific plays. nir focus on the largest public company inaj, india and how much of a beating it has taken. niraj: yes, the beating it has taken is some bit of positive

news. the morning to both of you. markets are marginally higher, by the way. but this is india's largest stock by market cap. it tumbled 35% from its all-time highs of 1600. the only respite if you will amongst all the gloom and doom, is saudi aramco's cfo has said reliancewith th company is in the due diligence state. with this announcement coming in, it has gone from a 30% downgrade. there is a bit of an upsurge in the stock. it is a high rated stock on the index. but in today's session, certainly bouncing back thank you. dani burger is back in london. the words used to describe this stock market, uninvestable,

impossible to predict. you just have to look at the volatility. is anabsolutely, it elevator up in an elevator down. finally, a new record suppressing the 2008 financial crisis high in volatility, just below 83%. it has not hit an intraday high, that it shows you how much fear is embedded in the market. real-life volatility is even higher, it was option traders may not be pricing in the full extent of volatility we see in the market, which is remarkable, looking at the level of the vix. volatility does tend to cluster. you only need to look at the chart to see how you get pockets of liquidity and volatility. it should continue for some period especially given the theliquidity in market that causes these extreme moves up and down -- given the liquidity in a market that

causes these extreme moves up and down. nejra: thank you to all of you. president trump says the pandemic may cause a recession. the home of silicon valley ordered companies -- had companies which ordered their employees to stay home to stem the spread of the coronavirus pandemic. yousef: american households are rapidly gaining support in congress and among economists as the best way to shore up the economy nearly brought to a standstill. polls were expected to open today in the ohio primary, but the governor has invoked state of emergency to prevent the votes. standard chartered bank's sarah hewin is still with us. giving people money is not new by any stretch of the imagination, but it has never really been tried in a country the size of the u.s.. are we beginning to play with fire here? sarah: it is very much a matter

of doing whatever it takes. this is a very severe crisis and the economic impact is going to be dramatic. our own assessment is that we will see consumer spending fall by 8% in the second quarter. obviously, some areas, the drop in spending will be as much as 40% or 50%. so there needs to be a big comprehensive response. not just from central banks, which i would argue we have already seen the fed do a lot. there is probably more they can do a lot to ensure credit is extended out. but also for the economy to step in, not just to provide the first line of defense in terms of some art -- in terms of support for the health sector, but also support for businesses and for consumers, those who will sadly loser jobs due to this crisis. think we are stepping into uncharted territory, but governments in the past have

always responded to recessions by allowing deficits to widen out, borrowing more, spending, and that is the way to limit the damage that this crisis will cause. nejra: when it comes to the fed, the feedback from wall street is that he blew it. you say there is more the fed can do, even though jerome powell said they are not looking at negative rates. could we see that in the u.s., or are there other ways you think they will implement more? they say they have more in the toolkit. sarah: yes. central banks never like to but ithey are out of due, think they are pretty much close to the limit of what they can do . the fed is clearly not prepared to take the fed funds rate negative, but we think they could make more aggressive use window,iscount potentially take the discount rate negative. that would be one way to perhaps mimicked what we have in europe,

with the targeted long-term refinancing operations. that is the way of incentivizing banks to push out loans to businesses. we would argue that in this environment, and that sort of support is definitely what is needed. obviously, you need to make sure that your financial sector is as sound as it can be and banks are in a solid addition, but also, thanks -- in a solid position, but banks need to be encouraged to push out loans to companies as well. yousef: there are always calls for more and more from fiscal and monetary authorities. maybe we should ask the question whether the existing steps are being worked out correctly. gtv for our clients, probably the most important chart at the moment when it comes to liquidity injections by the fed. that shows whether or not it has been working out, and at the moment, it is not reflected. the anecdotal evidence we have been hearing on the show is that

we are seeing liquidity improve just a little bit, especially when it comes to the overnight repo of some of the treasuries as well. what is your read on that? sarah: i mean, this is absolutely crucial. one of the first issues that emerges when we get such a crisis is this really concern about liquidity drawing out. we have seen that very much as a risk over the last few days and weeks. the fed has taken action, and i think probably we will see liquidity gradually coming down. view, you have to address liquidity, but you also have to address credit and make sure that the real economy is receiving the credit that it needs to continue to function. a think that is everywhere some of the focus, not just from central banks, but also from

governments, is going to be in the coming days. nejra: sarah hewin from standard chartered bank stays with us. you have queued us up perfectly for our next conversation. coming up, aviation pain. more on your need to know, next. we will talk about the credit markets, slumping despite a rebound in some risk assets. this is bloomberg. ♪

>> what a day, sunday here in the u.s. the event we have seen in the federal reserve already jumped action. rve already jumped action.

>> it is critically important that the markets stay open at this time. >> we are back down with features down going into the cash open. >> so long as we can make sure receives the fiscal stimulus necessary from the bottom up, we can be ok. >> these things could spiral into something akin to a global depression. we have at least a 10%-20% chance of that is the path we are heading to if people don't act quickly. >> is the u.s. economy heading into recession? >> well, it may be. dow,wn on the day on the 12% on the s&p 500, the worst day since black monday in 1987. ♪ yousef: those were the last three hours of market turmoil as they unfolded on wall street.

repair for a little more risk on to dominate in the early part of trading. the msci asia pacific index is currently in the green after heavy selling in the u.s. session with a big move to the upside for the nasdaq is 1987. theently, a lot of positions for a potential rebound. and i want to talk you through some of the other important metrics. u.s. 10-year yields at the bips. up six and brent crude is getting a bit of a tailwind as well, up 4%. here is what you need to know today. as the coronavirus continues to spread around the world, it is destroying virtually all demand for travel, hitting airlines particularly hard. for more on the ignition impacts, let's get to dani

burger. dani: flight bookings are all about of operating because of the virus. airlines have been pleading for government help. the u.s. industry has asked for $58 billion in aid. the trade group described the saying, thatdyer the current environment is not sustainable. -- described the situation as .ire president trump has said the government will strongly backed the nation's airlines. in europe, the government is also considering aid packages that could total 28 billion dollars. the aid is under discussion. in the meantime, airlines are shutting down routes and rushing for cash. deltae seen among others, and american airlines in talks to arrange billions in financing. and there are airlines abandoning new routes. british airways' parent company said it would slash capacity by 25%. even more drastic cuts announced

, among them, ryanair saying they would have deeper cuts of up to 90% of capacity. nejra: dani burger, thank you so much. sarah hewin from standard chartered bank is to with us. airlines are one industry experiencing writer challenges. are we heading for a credit crisis? sarah: this is something that central banks and governments really need to be very careful about, because this steepen downtown in -- steep downturn in economic activity is clearly actually damaging to businesses, and the flow of credit is one issue that is going to be the difference between whether businesses can survive or whether they fail. we have seen central banks across europe, actually, the european central bank has done what it can to try to ensure

that the credit channel remains open. the fed to a certain extent as well. there is more that could be done there. really, it is now over to governments to decide how best to address this issue. it is going to be important. not just a matter of how you sustain the demand side of the economy, but also how, if you , togive support at all really tied companies over during this difficult time with a view hopefully to emerging in a few months time on the other side with major companies still to pick up asble the economy picks up. su: the credit markets keep slumping despite the rebounds in risk assets. the spread on dollar bonds in asia blew out to the highest in over eight years. you're talking about more fiscal action and more government

intervention. is there any historical precedent where we could see, that worked well, we should do it again? sarah: i think there are quite a number of historical precedents. each time economies have been through recessions, we have seen governments come up with the measures that are needed as far as possible to provide support. i think also there are plenty of notples where things have been done well. and we have reaped the consequences. so there is a playbook up there, but it is down to political will. now it is not just a matter of a group of policymakers getting together in a room and deciding that this is the way to go forward. in many countries, there is going to be a parliamentary political aspect to it as well.

the process is somewhat slower. and of course, you don't want to create more of a hazard, you don't want to devote public finances to a company or an industry which ultimately is not viable. nejra: sara, you will be glad to know, we have a question coming through from a client on our ib ,, who is also a regular guest on "daybreak: europe." he asks, how long can the commercial paper market remained liquid in the wake of the decreased income forecasts? sarah: you know, i don't think i am probably the person to ask about that. at i think that really come the functioning and the structure of the financial sector and all of these instruments is going to be absolutely crucial and will be at the forefront of policymakers to the extent about there is going to be any way to provide,

depending on support, that is going to be found. but we are looking at a sudden halt to the economy, and that has a dramatic impact on a situation that looks fine one week will look dramatically bad the following week. case, i thinkhis in uncharted territory. yousef: well, we have to dress up for that. sara, thank you for that. she stays with us. here is what is coming up, the world's biggest hedge fund is betting billions against european stocks in the wake of the coronavirus. find out which companies are on ray dalio's radar. this is bloomberg. ♪

>> we are responding to this with all hands on deck. we are taking down any harmful misinformation on the coronavirus, working with the

workingery closely, with local health ministries. we are trying to get good information out to people. >> that was facebook coo sheryl sandberg speaking exclusively to bloomberg about how they are handling the spread of misinformation about the coronavirus online. we have an update from airbus on how they are handling coronavirus challenges, saying that production will halt in france and spain for 4 days. france, we also have headlines coming through from the french finance minister, saying that the french gdp will contract 1% in 2020. saying that they will present a revised 2020 budget. also saying that france will spend 45 billion euros supporting the economy, this after we learned yesterday from emmanuel macron that france is to guarantee $335 billion of

rank loans. bridgewater associates has built up a massive but against european companies. here with your morning call is annmarie hordern. annmarie: it is massive. $14 billion is the wager that european stocks will continue to fall. ray dalio is naming names. $750 million bet against semiconductor equipment maker asml. it is huge. they think these companies will continue to sink given the coronavirus. you have seen the volatile stocks. on a country by country basis, france and germany are talking that short list. in targets are more so france and germany as opposed to the others. the netherlands is at 5. italy, 3. is it a safe bet or is it a hedge? yousef: unreformed are from new york, thank you for that.

sarah hewin from standard chartered bank is still with us. stocks are down 30% from already low levels year to date. how much lower can they already go? sarah: that is a big question. i think there is still further downside, and it is a matter of what is it that is going to cause investors to stop, pause see beyond the horizon? we are really getting towards the peak of acceleration in the virus. we know the china example suggests that we will see the virus plateauing out across europe in a few weeks, probably by the second half of april. at that point, do investors start to come back to the markets, or is it really earlier? we have seen huge support announced by governments and by central banks across europe. so i think there is perhaps a

glimmer of light in the horizon for investors, but perhaps not sarahhe next few days hewin, chief economist for standard chartered, we will have to leave it there. this is bloomberg. hi! we're glad you came in, what's on your mind?

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♪ anna: welcome to "bloomberg markets: the european open." live from our european headquarters here in london. i am anna edwards and matt miller joins us from berlin. matt: good morning. is this the rebound? u.s. and european equity futures going higher after a historic selloff in stocks. the carry trade is one hour away. ♪ -- the cash trade is one hour away. ♪ matt: collapse.