area, put on a plane, how would the process work? >> it is a public health crisis, so we are trying to limit the amount of contact we have with these individuals, not putting them in border patrol facilities, ice detention facilities and the like. it will be very rapid. we will take them into custody and send them back to a port of entry or other means. it will not be the six or seven or 10 days we currently have. much more rapid. >> will they be taken to an airfield nearby? >> that is correct. the check for americans. the bill creates tiers. do you believe that makes sense? >> i believe in a lot of things. i want to get workers money. i want to keep businesses open.

without the businesses, they will not be getting money for long. >> is there enough? >> if not, we will do something later, i am sure. wall street analysts are predicting unemployment could skyrocket next week. some analysts say as many as 3 million people applying. that would be an historic number. is a $1000 check going to cut it? >> we are talking much more than that. we are also talking about doing phases if this doesn't work. we will keep on doing it until we get it going. once we get the economy back, was this enemy is defeated, the invisible enemy, once we get the economy back, it will all come back to us very quickly. we have a tremendous economy. othernumbers like no country has done before, number one in the world.

that money comes back to us very rapidly. that when,have it so not if, but when we win the war, the invisible enemy, when we win it, these companies can immediately start. not that they had to start rebuilding, which takes a long time. >> are you confident those jobs will come back? >> what projections for job losses in march and april are you hearing? >> we have a best case and a not best case. thebig thing is to defeat virus. once the virus is defeated, everything else falls in place very rapidly. i think you will have a tremendous upswing. if you look at your stock market geniuses, some of whom are not geniuses, but they think they are, a lot of people think i'm right about that. once we defeat the virus, i think you are going to have a very steep, like a rocket ship.

everything will be back. i believe we will be stronger than ever before. supplies, youe of have told governors to find whatever supplies they can on their own. some of them are saying when they go to buy them, they are being outbid by the federal government. >> you heard my news conference yesterday. that does happen. we want to buy them as a backup, in case. sometimes that will happen. regardless of who gets them, we are getting them to them. we are doing the production act, we have a lot of things cooking right now at a high level. remember this, nothing like this has ever happened before. over 140 countries. you have supply chains that are broken down for two reasons. they cannot supply that much and people are sick. they cannot be on the chain. you have supply chain that broke down because of illness and also the quantity. we are getting in ordered, we are getting it done.

look. some of you were on the call yesterday where i spoke with the governors. almost all of the governors. everyone of them was impressed with what we have done. the labor department has told states not to disclose their unemployment numbers. do you agree with that? >> i would have to talk to them. saying that the administration is requiring these industries to create these products, or just asking? >> so far we have not had to. it is amazing. we are getting calls from automobile companies, other companies that say they have plant pacitti, they want to make ventilators and other things. in ae being besieged beautiful way by companies that want to do the work. they want to help us, they want to help our country. taylor: you have been listening to president trump briefing.

theill also be hearing from u.k., because they will be holding their daily coronavirus news corp. once. of course, with the chancellor of the exchequer and the prime minister. >> to defeat this disease with a huge national effort to slow the spread. taylor: we are going to continue to listen to boris johnson and the president here in the u.s. president trump really talking about all of these daily briefings that we continue to get, keeping us updated on the virus, the spread. we will be hearing from doctors as well. i want to check on where we are across asset, while both the u.s. president and the u.k. prime minister are speaking. we are hitting new lows of the session now. we are off on the s&p by .6%. we were off much more than that, about 1% earlier, but we argue raising gains that we saw

gains that-- erasing we saw earlier on in the futures market. a little bit of a lift in the technology sector with the nasdaq and big cap tech index. the russell 2000 has been one of the hardest hit sectors. down 40% from its peak. now turning lower. still off about 35% or so from some of the record highs we saw just a few months ago. my eyes are always on the stocks index. as you can see, up 2.6%. for perhaps a rebound in china, and if we are all working from home, a stimulation for some of those. do we have boris johnson can be go to boris johnson? objectiver our joint to beat this virus. we will do everything in our

.ower in just a minute, we will explain how we are going to help workers of all kinds get through this crisis, supporting you directly in a way that government has never done before. in addition to the package that we have already set up for business. of course, these measures are intended, these steps we are taking our intended to be temporary. of course, i'm confident that in time, the uk's economy will bounce back. of course. but i must be absolutely clear with you. the speed of our eventual recovery depends entirely on our ability, our collective ability to get on top of the virus now. and that means we have to take the next steps on scientific advice and following our plans.

we are strengthening the measures announced on monday. people have already made a huge effort to comply with those measures for avoiding unnecessary social contact, but we need now to push down further on that curve of transmission between us. following agreement between all of the formations of the united kingdom, administrations, we are collectively telling cafes, pubs, bars, restaurants to close tonight as soon as they reasonably can, and not to reopen tomorrow. to be clear, they can continue to provide takeout services. we are also telling night clubs, andters, cinemas, gyms, leisure centers to close on the same timescale.

these are places where people , indeed, the and whole purpose of many of these businesses is to bring people together. the sad thing is, i'm afraid, now, we need to physically keep people apart. i want to stress that we will review the situation each month to see if we can relax any of these measures. listening to what i have just said, some people may be tempted to go out tonight. i say to you, please don't. you may think you are invincible, but there is no guarantee that you will get mild symptoms, and you can still be a carrier of the disease and pass it on to others. so that is why, as far as possible, we want you to stay at home. that is how we can protect our

nhs and save lives. to repeat, i know how difficult this is, and how it seems to go against the freedom-loving instincts of the british people. much rightknow how now workers and businesses deserve the financial reassurance that we are giving. but we will get through this. we will get through it together, virus.will beat this and to ram that point home, the more we follow the advice given, the faster this country will stage both a medical and economic recovery in full. thank you. richie who now to will explain the financial support for workers. >> thank you, prime minister.

intervention i'm announcing today is unprecedented in the history of the british state. combine with our previous announcements on public services and business support, our planned economic response will be one of the most comprehensive in the world. let me speak directly to people's concerns. i know that people are worried about losing their jobs, about being not able to pay the rent or mortgage, about not having enough set aside for food and bills. i know that some people in the last few days have already lost their jobs. to all those at home right now anxious about the days ahead, i say this. alone.l not face this but getting through this will require a collective national effort with a role for everyone to play -- people, businesses, government. it is on all of us to meet our

commitment to that effort. i'm announcing a combination of measures, unprecedented for a government of this nation. taylor: you have been listening to the u.k. prime minister boris johnson, and the chancellor of the exchequer in the u.k. i want to switch back over now to president trump. his white house virus briefing is still going on. >> he said he could donate. >> not donate. not giving them. i spoke with mickey harrison, the president, chairman, ceo, and owner. he said to me that he was willing to come if we need chips for helping people, that carnival would be willing to help us in los angeles, new york, wherever they may be, miami, where they are big. so far, we have not needed to.

we are bringing the big hospital ships in california. we are working with the governor of california, as you know, and we are also talking to folks who would like it in seattle. we are discussing where it can be most useful. we have spoken with governor cuomo. we are bringing the big hospital ships up in two weeks, somewhere in new york harbor. so my question is, it sounds like you have not taken them up on it. >> if they do, i will let you know. >> secondly, these ships have a lot of frequently contacted surfaces, so this is where you come in, secretary azar, dr. fauci. any concerns about those cruise ships being used as hospitals? >> they are very clean. the virus disappears over a period of time. these ships are very clean, they have been kept very clean. the virus, as you know, if it is

on a surface, they have charts, different kinds of services, it disappears. what are you trying to get at? disappears when it is on surface after a certain number of days, in some cases, hours, depending on the surface. >> quick follow-up. can you name any of the companies that you have asked to start making these ventilators, facemasks? >> i want to get approval from the companies first. i assume they like it, but i will let you know. >> this is for dr. fauci -- >> one company that has openly stated it is general motors. >> did the government as general motors? pres. trump: we have others also. >> dr. fauci, there is new research out from the cdc that many of the people -- 13% of the

people with the coronavirus got it from somebody who was a cincinnati. asymptomaticnge -- . does that change the approach that should be taken? the recommendations that are here apply to whether you are in physical contact with someone who could be infected with symptoms versus asymptomatic. i don't think it changes anything. certainly, there is some degree of asymptomatic transmissibility. it is still not clear exactly what that is. but when people focus on that, i think they take their eyes off the real ball, which is the things that you do will mitigate if you get infected, whether somebody is a cinematic or not. physical separation, and the care that is outlined here. >> i have a question about testing. when will every american who

needs a test can get a test? have medical equipment being shipped right now to hospitals who need it? pres. trump: you are here in positive things about testing. so you understand, we don't want every american to get a test. 350 million people. we don't want that. we want people that have a sneezing,th sniffling, they don't feel good, temperature. you know them better than i do. we don't need that. what we are having is, these private labs have come in. we also have a great system for the future. as i said, we inherited -- meaning this administration -- and obsolete, broken system that was not meant for anything like this. we arehave a system -- well into this and nobody is even talking about this. >> there are americans who say

they have symptoms and cannot get it. what are you saying to them? >> we don't want everyone to go out and get a test. >> what about americans that have symptoms? >> we will do one more after this. said theressett has are real way to return to this is that every person in the country is tested, that way you can see who is contagious, and people who don't have it can go back to work. is there any possibility that this country could get to a point or every person could be tested, and how long would that take? dr. fauci: thank you for the question. i don't see how testing everyone in the country will help you implement this. this should be implemented universally, at least at this level for everyone. the things we spoke about a while ago that you want to ratchet up, like governor newsom is doing in california, governor how you new york, are

put an end to the outbreak. testing is important. it would be nice to know and there are certain things that you can do, but let's not conflate testing with the action we have to take. -- i'm or not you test not putting down testing as an important issue. but people seem to link them so much, that if you don't have universal testing you cannot respond to the outbreak. you really can. think,rump: what i do after listening to tony and everybody else, i think it is important that not everybody be tested. if you feel great, if you have no symptoms whatsoever, it is just not a good thing to be doing. >> question for dr. fauci. yesterday, you mentioned the possibility of aerosol transmission of the virus. how likely is that to happen? possibility of aerosol transmission always comes up with situations like that.

it came up with influenza, sars. there was a one-off episode of some aerosol transmission. that means it can stay in the air for some period of time because it is in a droplet that is small and does not go down. is it possible there is airsoft transmission? certainly. but clearly, what we have seen in the situations where people have gotten infected from the areas we have experienced -- china, south korea, europe. most of it is in a situation where people are close enough to each other, asymptomatic person will have a real droplet -- a symptomatic person will have a real droplet transmission. but it will not substantially change doing this. >> let me ask this in a simple way. what is the demand pressure on testing in this country, and are we meeting it? get the same call

that many of you get, that someone goes into a place that has symptoms and wants to get a test, and for one reason or another, multiple the just ticks, whatever, they cannot get it. that is a reality that is happening now. isn't the same as it was a few weeks ago? absolutely not. as others have said, right now, we have the private sector involved. the availability and the implementation of the availability is getting better and better and better. having said that, i understand the peopleze with who are rightly saying, i trying to get a test and i cannot. >> is that a way to say that we are not yet meeting the demand pressure? answer is yes. otherwise, people would not be calling up and say they cannot get a test. i just cannot emphasize

enough about the incredible progress we have made on testing. reporting, media outlets around the country as that many more tests are being performed every day, literally by the tens of thousands. this has only been made possible because, several weeks ago, the president brought in these commercial labs, these enormous and said we have this existing system of state laboratories and the cdc, processing tests for certain infections. but given the magnitude of this outbreak, the president apprehended early on that it would not meet the need. i just want every american to know, literally, hour-by-hour,

in partnership with these in critical commercial labs -- incredible commercial labs, we are making more every day. we will detail how we are working with states to distribute those tests. we have obviously focused on those states that are dealing with the most serious outbreaks. washington state, california, new york, and others. we have been making sure the tests are in those areas, working close with those governors. i think the american people should be encouraged at the progress we are making. tomorrow, we will take some time to detail that progress for you. i would say to any american who might be concerned they have said,ms, as the president we don't want every healthy american to get a test. but if people feel they have symptoms, that they identify with the coronavirus, call your doctor. they can follow their state health authorities, work closely with our entire team, hhs, and fema, and work to identify.

more tests are available every day. know,trump: just so you for the 100th time,, this administration, inherited an obsolete, broken system that was not meant for this. we discarded that system. we now have a new system that can do millions of people as you need them. we had to get rid of a broken, old system that did not work. it only worked on a limited basis. we are very proud of what we have done. it is incredible that we have done. this system will now serve for the future. hopefully, you don't have a problem like this, but something will come up. we have a great system. it is almost fully in gear. it is able to test millions of people. old,e inherited a broken, frankly, terrible system.

we fixed it. and we have done a great job. we have not been given the credit we deserve even that i can tell you. really deserves the credit are the american people. they are doing things that nobody thought they would do. what they are doing is incredible. we are making a lot of progress. we will see you tomorrow. you have been listening to president trump on what is now a daily virus briefing. hownt to get a check on markets have been responding. it has been a volatile day on wall street. the s&p that down into losses. chipmakers getting some hope earlier from stimulus in china. some people coming back to work. that means the volatility index coming down a little bit. crude firmly in negative territory, $23 a barrel.

for more market analysis, i want ecchini.o peter c you talked about correlating risk on in february. what do you do when all of the correlation start to break down? peter: we moved quickly from a correlated risk on in january, , which wasary confounding to us, but we moved from that to a correlated risk off very quickly. of course, we have had two exogenous shocks, the novel coronavirus, but also oil, both of which are tricky problems for policymakers to address. now the need for cash in an environment where there was lots of leverage and excessive valuation has driven correlation in almost every asset class, including in treasuries.

we have seen a backup in treasury yields despite the continued selloff in equities. that is obviously quite concerning to market observers, and for the fed. that is why they reinitiated qe in emergency fashion. taylor: how is liquidity? peter: not great. the high yield and corporate credit markets are having another rough day today. despite that equities are doing just a touch better. taylor: always appreciate your time, wish we had more. peter cecchini, cantor fitzgerald global chief strategist. this is bloomberg. ♪

taylor: live from bloomberg

world headquarters in new york, i'm taylor riggs. greg: live in toronto, i'm greg pennell. welcome to bloomberg markets. we are joined by our bloomberg and bnn bloomberg audiences. here are the top stories we are following from around the world. u.s. stock markets whipsawed. stocks tumbling into negative treasury -- territory. the u.s. dollar grinding to a whole. governor andrew cuomo telling residents to stay home, ordering nonessential businesses to close their doors. the move comes on similar action in california. the u.s. senate rushing to as a massive stimulus bill. hoping to get a deal done by the end of the day. taylor: all of that is impacting markets, so let's take a look at how they are doing. chipmakers down, but are holding in there, on china getting back to work. , erasing someff

of the gains from yesterday. take a look across asset. the dollar, gold, safe haven yields. we don't have that, but we will get it to you. kailey leinz is with us. halfway through the trading day, how do things look? kailey: [inaudible] it is quadruple witching day. a lot of volatility and volume. volume on the s&p 500 is about 60% above the average for the past three trading days. right now, the nasdaq is flat. .9%s&p and dow are lower by , .8% respectively. a few stocks under pressure. , you have schools, businesses, offices closing down. that will sap electricity demand. as a result, you are seeing utilities down between 1% and

4%. earlier in the session, con ed was on pace for its first week since 1989. take a look at fixed income. come backeing the bid into the treasury market. the 10-year yield, 93 basis points. 20 basis points just on the day. over the past five days, we have seen a lot of indecisive action. a hunt for liquidity but also a demand or safe haven assets. i do want to talk a little bit more about the u.s. economy because bloomberg economics was out with their forecast for the second quarter. 9%y say it will be a contraction in real gdp, and that is in the good case scenario. , anduld be down by 14% could potentially bleed into the second half. but even our own economists sounding a bit more optimistic than those at goldman sachs, who

say second-quarter gdp could fall 20%. taylor: thank you. i was just speaking with peter cecchini over at cantor fitzgerald. thank you for sticking with us. the last time we spoke, it was about the liquidity issues that had dried up. of that is impacting the dollar and the treasury volatility that we have been seeing? peter: absolutely a key piece of the equation. when people receive margin calls, they see liquidity -- seek liquidity wherever they can. that means that only market participants an individual funds, institutions, but also central banks to some extent as well. it all sort of fits together that the treasury yield -- not today as much, the yield has come in a little bit. but it makes sense that gold has sold off, currency basis have widened, and treasuries were

moving higher as people sold levered assets and sought liquidity. it all fits together. today,seeing that abate and currencies have improved. that is something that we are looking at closely as an early gauge of when that liquidity seeking starts to abate a little bit. greg: i would not be as bold as to ask you to pick a bottom, but a lot of people are trying to figure out, is there a fair value that we can become bullet, given the real challenges we face with covid-19? is it simply too much of a moving target for us? peter: i am of the mind, as a strategist, it is my job to sift through fax like this moving through all the time. i do it with great humility, i don't have a crystal ball that will allow me to know the answer. but i think we can all benefit

from analysis around that. in us, markets really are equilibrium. our fair value target on the s&p 500 was revised recently to 2750. we have been the most bearish strategy team on the street. we revised it to 2350, which is a conservative 10% contraction on s&p earnings on a 15 multiple. if that is equilibrium, my guess is we will go below before the markets find a bottom. of course, a 10% drop in earnings is probably a bit conservative. even in a normal recession or you could see a 20% to 30% earnings drop. we are moving from a market that was extremely overvalued, and we can go lower for a time before finding that floor. taylor: going from cross equities into f x debt, how concerned are you about the

capitulation we are seeing in the em market? peter: some of the fx moves started long before the virus hit. we saw the brazilian real poke before we had0 that issue. sometimes it really doesn't take much to knock things over. it clearly concerns me. in gold ismove emblematic of the stress in emerging markets. often times, emerging markets, central banks will vacuum in the gold in good times. they sell to generate dollars to support global currencies. i'm looking at gold. of course it is concerning, e.m. accounts for 70% of gdp growth. without a turn in e.m., it would be difficult for global growth overall to turn on its own, with the u.s. and other developed nations. greg: i want to ask you about the move into u.s. dollars.

g7 centrald moves of banks working together. they want to support u.s. dollar liquidity. how key is that in this crisis? peter: absolutely key. one of the innovations -- i would say the biggest innovation of the financial crisis of 2008 was the implementation of cross-border dollar swap lines which have improved liquidity tremendously. one of the things that surprised me, even the move in libor minus ois was not massive relative to 2008, i was surprised that we got the move we did 295. that is something that central banks can manage quite effectively, have done a great job putting tools in place for that. they will continue to do that. i don't think that is where the stress will manifest. i believe they have it fairly well covered. taylor: always a pleasure, peter cecchini.

thank you for joining. now i want to get an update on what is happening in the rest of the world. let's get first word news with mark crumpton. mark: governor andrew cuomo has ordered all nonessential new york workers to stay home for the foreseeable future to arrest the spread of the coronavirus. the move comes after days of conflict with new york city mayor bill de blasio on whether such extreme measures were warranted. hours after a similar order was affected by california governor newsom. questions are being raised about soldu.s. senators who stock after receiving sensitive briefings about the emerging threat of the coronavirus. according to financial documents, senator richard burr and kelly leffler completed their sales when the trump administration was still downplaying the threat, and before drastic stock market declines kicked in. is married to the chairman of the new york stock exchange. both deny any wrongdoing.

california democrat dianne feinstein and james in half of oklahoma also offloaded stock after the briefings. president trump says they are honorable people. americans will have more time to file their tax returns. steven mnuchin says the irs is extending the deadline from april 15 to july 15 come as the country battles the coronavirus pandemic. secretary mnuchin says no interest or penalties will be imposed during that time. india's prime minister narendra modi is encouraging the country's 1.3 billion citizens to stay indoors to protect themselves from the coronavirus. the government is also halting all international rights from landing in the country or a week. the government is also asking --tes to enforce work for from home for all private sector employees except those in emergency and essential services. global news 24 hours a day, on-air, and on quicktake by

bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg.

greg: this is bloomberg markets. i'm greg bonnell in toronto. taylor: i'm taylor riggs in new york. it is time for a bloomberg quicktake. while the warm weather curb the coronavirus? president trump has weighed in, saying sunshine could chase it away. health experts say it is more complicated than that. it is too early to tell if climate is a factor.

the coronavirus only appeared in central china at the end of the year. officials say there is no reason to believe temperature will play a role in the outbreak, but they say is worth investigating. in temperate regions, the flu is largely a winter phenomenon. in tropical and subtropical areas, it occurs in the rainy season. that warm andnce humid conditions are favorable or flu transmission. suggests ite migrates to the opposite hemisphere. that could mean that even if coronavirus insides in the summer, it could return again when the weather gets cooler in the. fall. that is your bloomberg quicktake. greg: from the great financial crisis to the most recent downturn, ariel investments flagship fund is one of the top since the markets bottomed. we are joined by one of the most

respectable voices in investing, john rogers. thank you for being here in it it's been suggested to me that when we get to the other side of this, investors will want to look at the small and mid-cap names. is that where the opportunity will be? john: i think it will be. value investing has been out of favor for such a long time and there are particular bargains in the small and mid-cap value space. about thewant to talk biggest question you are getting from clients. they call you up, want to go to cash. what do you say? john: fortunately for us, we have been at this 37 years. we have been to this movie before. our customers have seen us buy during the past market bottoms, what we saw in 2008, 2009.

clients know, when they call us, that we are going to stay calm, and look for opportunities to lean in in this tough market environment. greg: when you see those opportunities, do you take small positions, easier way and, considering we don't know when all of this volatility will subside? john: that is exactly right. adding been nibbling, small portions to our favorite holdings, and looking at some fresh ideas that we think are very opportunistic today. taylor: where are those? financialexample, services sector, we love kkr, jll, cbre are great real estate services companies. northern trust bank is a well-known institution that has been challenged lately with the stock price dropping the way it has been, but they have a terrific management team, great

brand. continueddia stocks to be very cheap. you look at a company like cbs viacom. it seems to be so undervalued. content still matters, people are home watching television. cbs viacom owns so many great properties, has such great content from paramount to show time to the cbs network, nickelodeon. it makes a lot of sense for us. finally, in the health care space, we have some favorite vista.like in they are big in a dental marketplace. when people start going back to their dentist, inevitably, they will need to have work done a good they are one of the major providers of those products. greg: in an environment like this, the pencil does the homework. picks the right names. i'm curious as to the dramatic

moves we have seen in the past month, from all-time highs, to being down more than 30%. we talk about panic, but how much was the algos, the high frequency stop, the things that happen so fast that the human mind cannot comprehend? john: you are right. the algorithm traders are having an enormous impact. i was talking to an economist about this the other day, and he says it is so impact will. these high-frequency trading firms get caught up in momentum. they believe the momentum is going to continue. it is going down, sell more, is going up, buys more. clearly, it creates enormous volatility. taylor: the market is trading on hope that we will get some fiscal stimulus. some of that comes in the form of bailout. airlines have asked for $50 billion. but they have spent that much in the past years buying back shares. should a bailout not include share buyback?

john: i think you could temporarily suspend buybacks. theou get an influx and government says you cannot do buybacks for 18 months, that would be a reasonable compromise. i don't think you want to make a decision for a company or industry for all time. but if they are going to ask for support now, it is reasonable for the government to ask for some constraints about how that capital is used. aid: when it comes to the that has been promised coming to the industry's, there has been a greater debate south of the border about whether they should be getting equity stakes or loans. where would you follow that argument? john: sort of in the middle. you have negotiations. depending on how drastic each situation is, how important the industry is to our country, you may end up doing loans,

sometimes equity. you their way, it can work. we want to make sure these companies come out strong on the other side and the government is paid back the dollars they have invested in these industries and individual companies. taylor: the problem is, for the past 10 years, we have been in a boom cycle. companies say the balance sheet looks better. i know this was an unprecedented event, but it is really highlighting how levered our balance sheets were. do you agree with that, does that sound accurate to you? john: for the most part, we know that the banks are extraordinarily well-capitalized, investment banks, many of these organizations have learned lessons from 2008, 2009, and stayed reasonable with their debt ratios and not over levered. of course, some industries got more comfortable and took on more debt than they should have,

but back more stock than they could have, did one more acquisition that they di should not have. it is not across the board. i think it really is case-by-case. greg: i want to ask you, we have been warned the second quarter on both sides of border will be ugly. , -10%s i have never seen in terms of gdp may be. is the market pricing that in, or will there be sticker shock when we get it? a well-known such crisis that is coming when it comes to earnings, we know there will be disappointments. i think the stock market is pricing in the major earnings disappointments from this coronavirus. taylor: our thanks to john rogers, founder, chairman of ariel investments. i want to get a quick check on the markets. let's go across asset.

we are seeing a little bit of weakness in the dollar after a days of record strength. that means the 10-year yield today alone is down 22 basis points, below a one handle. everyone wants those safe havens, except the yen. gauging the safe havens. yen weakness relative to other currencies. finally getting some weakness, coming back from the bloomberg dollar. equities lower. everything but stocks are clearly in the red. this is bloomberg. ♪

greg: this is bloomberg markets. i'm greg bonnell in toronto. taylor: i'm taylor riggs in new york. that the reported

coronavirus pandemic -- they have compared it to the sars out rake in the early 2000's, but which one had more of a global economic impact? bloomberg businessweek explains. >> sars was a killer, literally and economically. sars, or severe acute respiratory syndrome, killed almost 800 people in 2003. it also knocked to the percentage points off of chinese growth. gdp rose 11.1 percent in the first quarter of 2003, but dropped to 9.3% in the second. sars her china and its neighbors. but the country is relatively small weight limit to the global economic impact. in 2003, china's gdp was 4% of the global total. now it is 17%. which means any drop now will hit harder. economists have drawn of scenarios for the potential impact. the latest outbreak occurred during the lunar new year holiday, a peak time for

consumption, and reduced spending cannot be recouped. current travel restrictions are also much wider than those imposed in 2003. so if the out rick is contained quickly, growth could recover later in 2020. that would put full-year growth at 5.7%, .2% below bloomberg's original forecast, but if the outbreak persists, the damage to growth would be more severe, and neighbors would be hit harder, especially in hong kong, south korea, and the anon. -- vietnam. greg: that was the latest from bloomberg businessweek. you can catch all of our interviews on the bloomberg with the function tv . always, in one of these volatile trading days, we want to keep you updated on the markets. the s&p 500, this morning in futures markets, up by more than 4%. the rough the day, we have erased those gains. frankly, it beats a 10% drop, which is what we have seen this

week. when we had that circuit breaker limit on monday and wednesday, those chipmakers catching a little bit of a bid. china has mostly returned that tumor, and that is providing some hope. certainly feels less panicky than we were before. i want to go across asset. a record days of dollar strength. that is easing a little bit, but we are catching a bid for treasuries and gold. treasuries down 22 basis points. gold catching some more strength. one safe haven -- we talk about correlations breaking down -- yen weakness relative to aussie dollar strength. this is bloomberg. ♪

scarlet: 2:00 p.m. in new york and 6:00 p.m. in london. romaine: this is "bloomberg markets: the close." let's see where we stand in the markets at the end of the week. hadrobably tops what we last week. scarlet: but when you look at the price action today and yesterday, we are ending on a muted note, and that is relatively speaking, of course. we had days where 9% swings are the norm. romaine: volatility is down and little bit. of course, we're going to end up down on a weekly basis by about 12 percentage points are on the s&p 500, about 14% on the dow, 9% on the nasdaq aired we have had individual movers on the week that have been quite remarkable, talking about companies like discover and synchrony in the financial space down about 40%. travel companies, delta and bowing down 40%. some