to "bloomberg technology." we are coming to you live from san francisco, where we are sheltering in place .emily chang the new york city mayor is calling again for a federal response to the coronavirus outbreak, calling for military help. the mayor says new york city is two or three weeks away from running out of critical, hospital supplies. taking a look at the markets. choppy trading all day long.

romain, stocks rising and volatility dropping, so why now? romaine: the good thing, if you are looking for a silver lining here is we did not have huge price swings. we had up and down days with swings of 4% or more, something that has never happened since the great depression, so a day like today where we only lived half of a percentage point is considered to be a relief for investors. we saw volatility measures like the vix and volatility measures on other risk assets come down a little bit. they are still elevated on a historical basis, but by not having these swings it gives investors a chance to parse what the value of things really are, entryybe try to find an point. we saw sustained buying in the names that we used to see in the old-growth days. some encouraging signs. not a monster day.

not close to erasing the losses we have had, but a little bit encouraging today. emily: in the meantime, we are getting breaking news out of the fed, the fed saying they have seen an increase at the discount window this week. we sawtek stocks bounceback, particularly uber. interviewing the ceo of uber technologies later in the show. took about what is driving that. romaine: huber said, we have cash on hand. that is what investors want to hear. it is not just about whether these companies have the consumer demand, but whether they have the cash on hand to whether this out. uber basically said it has $4 billion, maybe $6 billion in cash to go along. they are adding up what they have, what they can draw down. they say this is enough to kind of get them over the hump, presumably at some point demand will pick back up and the company will be made whole. we saw them have their best day

since the became a public company, shares are trading about $22, less than half of what it did ipo for. but everyone we talked to said they did not care about earnings reports, when the companies start reporting earnings, they want to hear about the balance sheet and how long can it last. more on thatl get from the ceo, in an exclusive interview coming up later this hour. no i want tow get insight from chris campbell, a chief strategist. also the former assistant treasury secretary for financial institutions. thanks for joining us. what is your take on the market moves, big swings, a a lot of uncertainty. uncertainty.of less activity today, but where is it going? chris: for those of us, investors, we are seeing things in real time.

you see cybersecurity demands from restructuring financing, to corporate government challenges that come with a crisis. you know companies are looking for liquidity, cash, which as i know from my time in washington, i and really encouraged to see washington rising above partisanship. they are working together, mitch mcconnell and nancy pelosi, some way to find cash for individuals that that will come in the form of payments this month and next month. helping small businesses so they do not have to lose workers. 70% of small businesses employ almost the entirety of our workforce. and the larger impacted andstries like tourism

travel, that congress will put steve mnuchin in charge of getting out the capital as quickly as possible, so we will continue to have a vibrant economy. romaine: talk about that, because during the financial crisis a lot of relief went to the companies, a top-down approach that definitely worked to some extent, although there has been criticism of it. this time around, there are calls that this needs to be bottom up. that we knew see all of the small businesses here in new york that are closed, there is a sense of money needs to go there directly first in order to provide some sort of force in this economy. do you think the proposals out of washington will accomplish that? chris: absolutely. this is a different crisis from 2008. wrong, some or suggested the banks did the wrong thing. nobody did the wrong thing here.

this is something that has befallen the world and all of our markets. be thosehurt will working on the lower end of the economy, the hourly workers. we absolutely have to, and i imagine that congress will insist, those folks be made whole as best as possible. people are struggling to put food on the table. they are being forced to work at home, or not work and stay home, so they will face challenges. and there are very large industries, like the hotels, airplane manufacturers, we cannot allow them to suffer because of something they did not do wrong. romaine: we have heard washington leaders talk about relief for those industries as well. we know that this will come at a significant cost. at lee so far it appears washington is prepared to spend that money, which obviously means a lot more borrowing by

the treasury. we got the news earlier today that we could be looking at ultra long bonds of 50 years or more coming down the pipe. how much of a restructuring of the rates market and treasury market you think that would have, assuming the treasury department does go through with that? chris: i will be candid with you, something we talked about -- so was at treasury, we desperate times call for desperate measures. the department of treasury has -- at the end of the day, we must do all we can. washington must act responsibly. cash infusion for those folks who need it at this time. so if it is restructuring hard debts, i think that will happen over time and we can absorb it.

but the reality now is many folks -- people do not understand this, but policymakers who have been around for a while, we are in a place where we may not feel it now, but we are in a decent economy. we will emerge as a different economy on the other set of the crisis. so we must act responsibly, but also act decisively and quickly n the bluntto lesse of what is to come. emily: talk about that. the associated press is reporting that lawmakers have been working on contingency plan, mitch mcconnell's reportedly includes payments of $1200 per person. at what point, we have been talking about recession, but at one point do we need to start talking about depression? chris: it is far too early to say that. and theks, as you know, word. are using the "r"

we will go through a difficult time, no question about it. if we act responsibly and decisively, like the fed has done, now fiscal policy, and congress and the president working together, we may be able to find a way of blunting this so we do not need to see that word. depression is a scary for folks. there are almost no people around today, no businesses around today, that operated in a recessionary time, certainly not a depressionary time. they do not know how difficult it is. so we must act responsibly to make sure we do not have to go there. the indication we are getting from washington, and as i talk with my former colleagues in the senate, that is their goal on a bipartisan basis. to actis urgent

immediately and decisively. romaine: ok. part of those actions we heard from donald trump earlier was the idea of whether the u.s. would actually take stakes in any of the industries or companies and that did receive a bailout. do you think that that idea would be enough to actually be implemented in the same way that we did with general motors in 2008? chris: i think it is responsible for the government, like we did with autos, and some in tarp to take an equity stake so the government can be made whole in that process. the american people are suffering now and they are scared. when we are past this, we need to make sure we are being made whole as a country, so if we do have to go through something like this again we can do so in a way that is responsible. and not putting the taxpayer at

significant risk. emily: chris campbell, thank you so much for sharing your perspective thank you so much for sharing your perspective. so much for sharing your perspective. coming up, what is happening in san francisco. we will talk about the tech economy. that is next. this is bloomberg. ♪

tesla has been in a disagreement with officials about whether it must suspend production at its main plant in fremont, where we have been told to shelter-in-place. we just got news that they will

be suspending production at that plant. i want to bring in our correspondent who has been following this. ed, what is the latest? ed: that they will suspend production at the fremont factory, as of close of business on monday, march 23. it has been back and forth all week. tesla has communicated with its employees and continued to operate, because it said it was part of the nationally important infrastructure. conflictingd messages from all levels of government. earlier in the week, the county tweeted that tesla had to comply with the shelter-in-place order issued by the county, which basically cast tesla as not an essential business. if you look at the order, they spell out in some detail the businesses that are essential, and auto manufacturing did not

come under that. but tesla has continued to operate throughout the week, and continue to communicate with employees. but what it said in the filing in the last half-hour, is it has been unable to continue manufacturing. that it has cause disruption for employees, as well as suppliers. but rather than choose to shatter the factory today, it will wait until close of -- shutter the factory today, it will wait until close of the day on monday. emily: we will see how it will impact tesla over the next few weeks. in the meantime, elon musk has offered to start making ventilators, as folks everywhere are in short supply of essential medical supplies like that. talk to us about that. ed: both of his companies, tesla into space -- and spacex, have some expertise in these kinds of systems. filter,e a super air

100 times more effective than the air filter you would find in a normal car. it is good at removing viruses. and they also claim that you would survive a military raid bio attack if you are inside a tesla, the filter is that good. working on then life-support system for the vessel that will carry staff to the international space station. work onidated their those life-support systems, which include air filtration and air pumping. ventilators are not the same. so the big question is, if you take his tweet seriously, is whether those competencies are transferable to making ventilators. the overall problem is there are not enough ventilators around the world to mechanically pump air into people's lungs who have respiratory illness. emily: we will be watching to see if elon musk can and does

follow through on that. ed, thank you for the update. commit, we have the former twitter ceo, dick costolo, and we will talk to him about what the coronavirus outbreak means for silicon valley. that is next. this is bloomberg. ♪

emily: continuing our look at the fallout from the coronavirus outbreak i am joined now by the former ceo of twitter, dick costolo, also a managing partner at 01 advisors. thanks for joining us. markets are melting down, there is no end in sight. what is your view on this and what it means for the tech economy? dick: i do not think anybody knows yet. my personal take on this is in and int, in 2001

2008-2009, those were opportunities. you never know when it is going to end. in a couple years, we will look back and wish we were buying more. l alongwly but surely, al last week, and probably will continue to do that. emily: you and your former colleague, adam from twitter, you recently launched 01 advisors. what is the status of that? are you trying to raise money? are you able to raise money in an environment like this? dick: we did get the funds raised. we are continuing to put money to work and continuing to invest. andi'm advising operators ceos in this environment, too. you do not know how long it will last. we take it very seriously. and we look hard operating

expenses. you should make contingency plans. then look for opportunities to be helpful to your partners and customers. it is easy to be inwardly focused in these times and smart and thoughtful operators and companies also think about their partners and customers and look for ways to be helpful. when we come out of this, those customers and partners will remember those companies and that helped them when the going got tough. so i think that is something we are encouraging ceos to do. emily: whenever you come on the show, we always have you put your twitter hat on, twitter and facebook and google, all struggling with misinformation, medical misinformation in the midst of this outbreak, so what

can they do better? do you think this could be a turning point in how they might take a harder line on this stuff? dick: i think they have done that. twitter this morning announced a much more aggressive term against -- turn against misinformation. that misinformation about scientific evidence and more. and they have not been very aggressive in taking down people encouraging self-harm. tweets that were encouraging people to go into large crowds. and that this was also a hoax. so i think it could be a turning point, and it welcome one for many folks. emily: twitter has been under pressure from activist investors, they struck a deal with elliott and silver lake, but there are questions about jack dorsey's job.

and we ask year after year, as he remains at the ceo of twitter and square, do you think he is the right person to still be running twitter, even though he is a founder of the company? and you know how hard that job is. dick: yeah, it is a hard job. one of the great things about twitter is everybody on the planet has just three suggestions for what you should do immediately to change and improve the platform, it is just all those suggestions are different than everybody else's. jack has done a great job of leading the team there, evidenced by the fact he is beloved by the managing teams. folks running in engineering and running the product, those on the product side and matt on the go to market side, they are great executives at twitter. and he is beloved by that team.

and those people are beloved by their teams. i do not have complaints about what is going on over there. emily: in the meantime, you are making a big -- i am getting texted by all the executives that i did not mention. i guarantee you i will have in this text messages. emily: you can't wait y -- you can tweet to them. you have been making donations to restaurants here. restaurants in the bay area have been asked not to serve people. you are donating $2000 every night so a restaurant can make meals for 40 different families, those families in need. tell us how it is going. dick: it is not just our family. whenhelter-in-place order,

it was going to go into effect, i had the thought that it was going to be rough for families, especially those under income pressure, to be able to get everything together that they needed within 24 hours to shelter-in-place. at almost the same time, i gotten email from the chef and owner there that they were going to put together a takeout plan. it struck me that it was something that could help both sides of the equation, to tell david our family will donate $2000 a night toward takeout meals that can be given away for free to those families who didn't have time to prepare, who were in dire straits because of income pressure. and then we announced it on twitter and in short order, part of the beauty of twitter, others stepped up and matched

that. 120 meals ae night available for free and anybody else could order for themselves and pay for them, or order and donate meals. it took off right away. i think that 50 meals were ordered in the first 10 minutes we were open, two nights ago. last night, we blew through the 150 meals in the first hour and fortunately because other people cap contributing, there has been more and more. we even have a website now up and running for people to donate an order. it has been a success and we are trying to replicate it around the country. emily: you can go to their website to sign up for meals. you can also purchase meals, you do not need them for free. many folks have matched the

donation. and this is a very hot restaurant. so i suggest people go. the former twitter ceo, dick costolo, thanks for joining us today. ♪

emily: welcome back to "bloomberg technology." breaking news. nowu.k.'s brexit chief is self isolating with virus symptoms, symptoms of the coronavirus. we will continue to follow the story. officials are discussing how to handle the situation and his condition. in the meantime, uber shares rallied today, spiking more than 38% after the company said it would have billions in cash at the end of the year, even in the bleakest of scenarios. and i went to bring in the ceo now in an exclusive interview.

thank you for joining us. you are shelter-in-place, joining us from your home, so i appreciate you taking the time. 9/11 andxpedia through the financial crisis. i am curious, how do you compare what we are going through now, is it more or less terrifying? dara: you know, i think that people are always guilty of recency bias. i am subject to the same thing. i think this one is scarier. i think september 11 was incredibly tragic, horrible, horrible event. but it was an event and we instantly, or as close to possible as instantly, got back to rebuilding. it brought everyone together in many right ways. i think the financial panic was financial in nature that found

its way into everyday life, and obviously in a negative way, so to thedeeply worrying as financial institutions and how they would hold up. to some extent what we are seeing now, it is actually the opposite. it is main street, coronavirus has affected everybody's lives almostr the world, instantly. and it is moving so fast. the worry is, will it creep into the financial system versus the financial system creeping into the main street system. so this is a scary time, regardless of who you are. i thing my instinct is that we are finally taking the right steps to move in a good direction, and certainly asia, china, hong kong have set a great example for us to follow. this one is pretty tough. emily: so, you said earlier

today that you had $10 billion in unrestricted cash and you would have $4 billion at the end of the year, worst case scenario. hong kong is down 45% from its peak, they are still down about 30% when it comes to rides. so what gives you confidence and that you have enough confidence to ride this out, not knowing how long it will last? dara: the scenario that we outlined assumed that the world would be down 80% for the rest of the year. i think what we are seeing with hong kong is there has been a big hit, but once the health authorities get control of the situation, life does return. and then uber returns. in hong kong, people have gone back to work, and as they go

back to work commuters use our services, like they always have. i think if we assume that the health authorities, the cities, the governors, the presidents all over the world are making the hard decisions and necessary moves to control the virus, then eventually life will come back. and when people go back to work, they will start using uber. seenin hong kong, we have a slow recovery and there is no reason we will not see that, even in a circumstance where you are down 80% for the rest of the year, we will still have $4 billion of cash. we will have access to a $2 billion revolver. we think it is highly unlikely, but we want to make sure that our investors know that we are planning for the worst-case. we are essentially calculated the worst-case. reallyare operational,

ready for anything. emily: we obtained a memo you sent to employees this week, where you said this is scary, but it is not a full financial meltdown, saying that you are on financial footing, the majority of costs are variable and you can manage the business day by day in a way unlike any other company in the world. the coronavirus is new and a lot of this is not understood. is ridesharing safe? is food delivery safe? dara: i think that assuming that taken,ht steps are being then i think it is safe. hong kong,ng in taiwan, china for example, ridesharing is coming back as well. so as people go back to work, then ridesharing is absolutely safe. and the variable cost nature r businessve makes ou

quite resilient. on the other side, with food, we are actually seeing food in many countries where restaurants are not shut down, where you have delivery going, actually food is holding in, and in some cases very strong. we have this incredible logistical network taking people places, or bringing things to people's homes. more than ever it will be important to bring things to people's homes, so we think that the food business is a great stream, a diversifier. safe,think ridesharing is especially because we are the best balance sheet in the business. emily: what about the public health issue? what about the customer scared to get in the car, scared of getting the virus? the drivers who are scared of driving passengers? would you put your children in

an uber right now? dara: at the get depends on the circumstance. you cannot have a global answer for that. i live in san francisco and today i would not put my kids in an uber because the governor has a specifically asked for us to lock down. if you look at the uber app right now, when you open it in san francisco, we actually write ask thek -- right there person, is this a trip you really need to take? not many businesses would ask. but we think that first responsibility is for everybody to step up to bend the curve, and we are doing the same. and we will continue to do the same. we will be there for our drivers riders.rider s- -- our emily: you mentioned the drivers

in your memo, saying you owe it to them to be there for them, whether it is about their success or safety. you have drivers protesting outside of your san francisco headquarters today, they want you to give them money that you have earmarked for other things to make up further depressed earnings. what -- for their depressed earnings. what do you have to say to them? dara: we are offering a financial assistance package and we're the ones that led the way there in terms if they are immunocompromised, if they have to be tested for covid-19 and be off of the road. we are working with public health authorities. so we are doing everything that we can. and in circumstances where they drivers specifically have to get off because they have to be tested or they are sick, we are stepping up and the industry is following suit. emily: these are unique times.

att is worth only $6 billion this point. and i am curious what you think this environment means for m&a. would you consider it in the ridesharing space, would you consider purchasing lyft? dara: i think when you see shocks like this, usually the world stands still. i do not see anything happening anytime soon. our focus right now is our riders, drivers and couriers, etc. our focus is, how do we make sure our employees are safe, how do we prepare to rebuild? months,nk that in a few as we see -- and i am confident we will see -- these cases plateauing, things getting better. and the companies with the big balance sheets, the companies who have the diversity that we have are going to have the

opportunity to consolidate. i do not want to name names, but i do think that consolidation in times of crises -- you saw it after september 11 in the airline industry and in the hotel industry. so consolidation absolutely happens in industries after moments of crises. i do not think that this is an exception. we have a great opportunity to be a consolidator, but first things first, we wanted to take care of our drivers and customers. we will take care of that later. you haveu said that $1.5 billion in unrestricted cash for already signed deals. we know a ridesharing company in the middle east is one of those, kareem, so what else? dara: that is the biggest one. a also signed a deal to take majority position at a company called corner shop, it is in the

grocery delivery business. it is a big business in chile, also building in mexico. and again, for the wrong reasons, but that business is absolutely exploding in the right way. and home grocery delivery is a part of the business that is benefiting. in this case, we are very confident it will pay off, not just because of the times but also because it is a good company. and corner shop has built a service locally in latin american markets. we have a global brand and we can take corner shop and make it a global brand. and it is a great category. emily: what about food delivery? do you see consolidation there? will uber be part of that? dara: it is possible. where one of the largest food delivery players and we have a strong position in the u.s. here are of our -- t

some that are public and have access to capital, i cannot say that for many players. so i think the subscale players, they will have trouble raising money. and again, once we get to a point where we understand the circumstances and we understand what is going on in the world, i think there will be consolidation in food delivery and we will be one of those consolidators. uber: now, you said that would reach a measure of profitability by the end of the year. will you still do that? but: we are targeting it, right now things -- the world has completely changed. i do not want to let ourselves off the hook, but i am much more focused on next week versus q4. we did tell investors that once we get a better view of trends, we will update them on guidance. we are not in that position now. the business model itself can

very much be profitable. the fact we have been working on this road or this sprint to profitability actually helps us in this environment very much. it is still a target. we will update guidance when the time is right. emily: as you have said, the world may be deeply changed after this, we do not know exactly what it looks like on the others, even if the virus is contained come it could research -- is contained come it could research -- resurge. what are the long-term repercussions you are preparing for? dara: right now, the focus is the next couple weeks. we will get to the long-term, but we all have to understand exactly what the virus looks like, whether or not we get the herd immunity in countries and around the world. so i think that you are asking

really good questions, but it is too early to start to build a strategy for those questions. he shortlly focused on t term. we have to get it right on every city and country we are operating in. that is our focus right now. emily: last question, you have talked about the drivers, have you been on the phone with officials and what you are lobbying for on the drivers' behalf to make sure they do not miss out on governmental projections? dara: i personally have not been, but we have been in close contact with governments and authorities. and i do think that governments are going to step up for people to give them relief. and we want to make sure that gig workers and independent workers are not left behind. we want to make sure that we are

one of those voices, to make sure that we take care of everybody, including independent workers and gig workers. you sook, dara, thank much. we appreciate you taking the time. , location tracking and technology. how that can be used to track the spread of the coronavirus with a former white house expert, next. this is bloomberg. ♪

welcome back to "bloomberg technology." you've heard about location tracking, how it could be used to track the outbreak as well as other kinds of technology, mobile testing sites, social media-based maps. i want to bring in mit's research initiative director, david aleman.

thanks for joining us. we are seeing different governments around the world use technology in different ways in the midst of this coronavirus outbreak. the u.s. is feeling a little bit behind these other countries. talk to us about where we stand now and our ability to use technology to get a better handle on where the disease is and how fast it is spreading. are a right now, there clear health opportunities we see across the country and one of the key ones is hoping to get people tested. we have had major delays in getting the tests online and one of the areas other countries have leapt ahead in his helping to unburden the health care system by giving people information they need without going to the clinic. so you are starting to see apps come online that are self triaging apps. you see them in places like india, which recently released a bot that a whatsapp

gets people to describe symptoms and to see whether or not they needed treatment or testing. in south africa, they have engaged 15 million people on their version of that app. what it is doing is it is helping to unburden the health care system with individuals who would otherwise be causing you to wait on hold when you do need to speak with a doctor. we are trying to see advances at those basic levels and of those best practices are being used around the world. we are beginning to see more requests for bigger volumes of data coming across governments. recently in the last couple days, we got information that in europe, telecommunications providers have helped to provide location data to the government to help them do predictions and get ahead of the trends, and provide warnings to get a sense of where the pandemic is headed. starting to see individual

movements in the hopes of the ultimately countries, like italy, when they are able to scale back lockdowns, they can do it in a targeted way. it is a little too early to tell if all of these data sources are going to be useful, but in the u.s. we are just beginning to put those apps out. on sunday, the white house held a call with technology company ceos, and you have seen that call reiterated over the last couple days. they are trying to figure out what role they will play, if any, in supporting this response. emily: you spent six years advising president obama on issues of technology, issues of national security. if you could say something to president trump, what? would you tell him -- what would you tell him? david: we need information. we need truthful information and access to testing. all lead technology in the world

is not going to save us from not knowing what we cannot measure. the reality is we must be able to measure those infections. where they are happening. and provide people with triple information that they need in order to take steps to protect themselves, and their family and community. so that truthful information is another piece coming out of capitol hill, members of congress pressing the social media companies, telling them to take a firmer stance on misleading information online. not just scams you see with any economic downturn, but all of the magical cures for the coronavirus. that is another area that is an opportunity for clear partnership and to start doing innovating. i would say there is an opportunity to leverage the advances we have seen in secure computation to start doing this population wider tracking in a responsible way. we do not want the u.s. to become china, we do not want

every american to be forced to install an app on their phone and have their personal information tracked. there is exciting research coming out of folks applying advanced computer science in a way that will allow the clinician and individuals to get the information they need and to be able to track the evolution of the virus while not compromising individual privacy, particularly health privacy, which is as sensitive as it gets. some smarte are people talking to the president, but by many accounts the president and white house have been slow to respond. people are desperate for tests and they cannot get tests. with the things you are talking about, we are looking at the best case scenario. but are you scared the u.s. will not get this right and this will just explode? david: i am concerned the u.s. is falling behind. we have seen best practices

around the world, and there is no question that we were late out of the gate in testing. i myself have had a neighbor, here in my apartment building, that had a scare. they needed to get a test. after findingnly the one area in washington that had it and it took four days to get a response. that is not a solution. while we were sheltering in place at home, we did not want to affect anybody else -- infect anybody else. and many are going through that issue right now. i am concerned we cannot take care of what we cannot measure. once we get that first piece of solved and we make sure americans have access to information, then i think we can turn the corner on this. it will be a long time and there is a lot of work to do to come together to deal with this. you sook, david, thank much for calling in. fascinating stuff.

i hope we get it right as well. i want to bring in matt day, our reporter that covers amazon. overnight, amazon revealed that its first employee in the united states tested positive for the coronavirus. in the meantime, we are seeing amazon prime pantry is temporarily closed because of high order volumes. this message saying that they are busy restocking. people have been flooding to amazon to get essentials. give us the latest on this case of the coronavirus and this prime pantry issue. >> we do not know a ton about the coronavirus case. we know in employee in queens tested positive and they closed the facility to clean it. that is the first case that we know of in the amazon warehouse. they have been talking about closing facilities for a longer time. but we do not know how big a deal this will be. amazon delivers from whole foods

as well. as you said, they did say today that they are running into some issues with inventory. emily: talk about the situation in the warehouse, because we have seen some workers complain, we have seen petitions being started, these workers are uncomfortable in the warehouses. at the same time that customers need this stuff. what is amazon doing to help with their fears about getting sick themselves, the workers? matt: they have stepped up sanitation protocols, they are asking people who pack and ship items to be more cautious of their own workstations and wipe down their equipment. it is a real pickle they are in. it is a necessary service for those people who do not want to go out, but these are buildings where thousands of people congregate every day to keep the inventory moving to customers. emily: let's talk about then you about- you broke a story

how amazon is protecting its own drivers, that they get a single theiro wipe hands and a steering wheel. what are they telling you? matt: not many of these people actually deliver -- who deliver the packages are actual amazon employees. they are contracted. one was told to clean an entire van with one sanitary wipe. i think it shows how difficult it is to manage this mass apparatus when supplies are short. amazon says they give the driving contractors everything they need to do their job and keep their drivers safe, but many drivers we spoke with do not feel that way. a rapidly obviously evolving situation. we appreciate that coverage. we are continuing to cover all the latest appointments on the coronavirus outbreak, and we will be following markets in asia, next.

stay with us. this is bloomberg. ♪

>> welcome to "bloomberg markets." >> we are counting on to asia's major market open. >> here are our top stories. coronavirusns the epicenter with italy overtaking china in reported fatalities. they have top to 3400 with 41,000 infected. and china is returning to