♪ haidi: you are watching "daybreak: australia." >> we are counting down to asia's major market open. haidi: the top stories we are covering, republicans planning to tackle the coronavirus that has been faltering in congress as the st. louis fed chief warns -- gdp harmed.

governments scramble to respond, australia prepares additional budget, australia -- new zealand readies qe. china could be ahead of the game. the pboc expecting significant economic recovery in the next quarter with targeted easing. >> i want to get a check on how u.s. stocks are looking very we came off of our worst week since 2008 and futures don't look to be any better. we have opened up in the market here in new york and we are off 4.3% on the dow and the s&p. the nasdaq trying to hang in a little bit later. we are off 4%. the russell 2000 domestic small caps, more u.s. focus, they are in the worst of this. they are off 5% or more. it was a rough week. the indices are off 18% or so. let's look at what it means for

the commodities market. we just came off $20 a barrel on wti last week, the worst week since 1991. and going back to the worst now since 2002 hundred weekly basis. we expect additional 2% with brent, 5% down or so. equities or the crude markets. i want to see how it is shaping up in the asian markets. sophie kamaruddin, how are things? sophie: u.s. futures will fall limit down. asian futures pointing lower. check out kiwi stocks losing more than 6%, trading at october 2018 lows. more downside ahead after the benchmark wrapped up friday after the low for asian stocks. poor liquidity exacerbating this. theets likely to stay on

defense. more government support prompted, including from germany. we will get more indicators on the virus impact. chinese profits are due, bringing us an early reading for march exports for south korea. now the outlook for korean corporate's. -- corporates. authorities seeking credit information to assess how at risk companies are for downgrade. let's check on the risk barometer. the dollar-yen is holding at 111, hinting at a potentially quiet start, but the kiwi dollar under pressure while yields are falling. 53 basisar off by points. that is the biggest drop ever, falling to a march 2011 low. this after the bond buying program this week and tighter financial conditions have made -- rates less impacted. another bank embracing qe. haidi: german chancellor angela

merkel is an quarantine following contact with a doctor who tested positive for the coronavirus. spain and italy suffering their worst days of the pandemic with deaths surging across both. thiseporter is following out of london. what does this mean for merkel's facility to direct -- we see the economic and social crisis in germany, which has been a stalwart of european economy, really that is worsening. ros: she is now self isolating. she is the leader of one of the world's t economies. -- key economies. last year she had a series of public episodes where she seemed to be shaking. she has been very present, front and center so far in this crisis . her ability to keep all of her

hands on the tiller, directing things from home is likely to be impacted by the fact that she is in self-isolation at home. it comes as germany grapples with stringent measures to get people to stay apart. they have been gathering no more than 10 people aside from family members. angela merkel is pushing back on the states in germany wanting a full lockdown. the country after the war with curfews -- she needs to be very present but by dint of being locked up at home, that becomes harder. >> i want to bring us breaking news. we have become too familiar with is down limits and circuit breakers. we know in the futures market the down limit is 5%. we have hit that on the s&p 500. we'll use this etf that trucks the s&p 500.

that will give us a good gauge of where we are set to open monday morning. in the cash market we know when we open up the limit will be 7%. we need to stay above that lower bound for the market to stay open or while -- or we will shut down. given some of the markets really are trading on all of the virus news, what is the news in italy and spain? right, one of the concern for markets had. france,s across europe, germany, taking increasingly domestic -- dramatic measures to contain the impact of the virus. italy is banning travel within the country, shuddering its itsstry -- shuttering industry. there are worries people could go to the south of italy and

bring the disease with them. we are controlling everything in terms of fiscal measures, containment measures don't appear to be working because the numbers are still rising. in italy the virus has killed nearly 5000. the question becomes at what time are we going to see the containment measures take in and -- kick in? right now it is not happening and it will continue to under the markets until -- unnerve the markets. haidi: in australia the government is forced to take more stringent measures in terms of shutting down nonessential services. you have seen the pictures of people crowding at one beach, ignoring the social distancing guidelines. are we seeing a similar situation in the u.k. which had been following its own strategy? is boris johnson considering a lockdown? frustrationsed

people are still out and about gathering in parks. crowds having picnics or playing sports together, social distancing is not being practiced everywhere in london and people are traveling out of london to coastal towns and taking the virus with them possibly. even though it could curtail transport in london and they are trying to restrict movements, certainly a warning from boris johnson they are not seeing people behave accordingly. thank you to the international government executive editor, joining us from london. i want to switch back to things in the u.s. because congressional leaders, trying to meet to go over a stimulus package. it could be as much as $2 trillion or so. of paul was the first member

congress to test positive. i want to get over to our deputy managing editor. how serious is the rift the democrats and republicans? any sense this could become a bipartisan issue? f last nighted as o the parties were coming together. something happened according to workers and a democratic senator from illinois. mcconnell pulled his negotiators. mitch mcconnell pulled his negotiators and the sites have been sniping. -- the sites have been -- president trump declaring were declared disasters in additional states and sending in hospital ships. i think people are optimistic they will be able to reach a decision, but it was quite extraordinary how things really fell apart.

seems eacheally state is having their own calls rather than waiting for federal directive. that is really the situation here in australia as well. in terms of what we are waiting for out of the white house or congress, what guidance are we expecting? ros: president trump thinks he will declare a state of emergency in california although he denied there is one in new york. states ofght, the ohio, illinois, have really been cracking down and extending on readings and ordering people to stay at home. the white house is behind the states, but seems like the urgency is apparent there as well. forecasts likeme

our exclusive bloomberg interview with james bullard of the st. louis fed talking about 30% jobless, 50% drop in gdp, i think that has to -- [indiscernible] some of the things that may end up [indiscernible] hospital unit sort of [indiscernible] california, maybe new york, national guard played quite a roll. -- role. >> providing an update -- haidi: deputy managing editor -- australian is increasing restrictions to contain the coronavirus, closing down numerous it entertainment venues as people ignored social distancing guidelines. we have all seen the pictures of bond diabetes, the streets -- of that beach, the streets teeming

with people. what are the new restrictions 100,000ave now topped cases in australia. are they too late? >> yes, anecdotes about horses and stable doors not being bolted spring to mind. we have got pubs and other such venues, casinos, all being closed from today. police will be able to jail for to six months anyone breaching the public health act. you have to wonder if this came in response to the scenes at the beach you described, social distancing, thousands of people visiting on the beach about the people living in and clearing it , numerous beaches across sydney are closed. if that story seems you responsible for this one is beyond the pale, the story of a

cruise ship which talked at sydney -- docked at sydney with passengers on board all allowed to get off, none of them asked about their health. 26 have tested positive for coronavirus. the state health minister in hindsight said he would not have allowed them off area massive understatement and that was one of four cruise ship switch have been allowed to dock in sydney. the response has been chaotic or the government and to governments seem to be contradicting themselves. we had the state premier in new south wales thing schools remain open and parents are encouraged to keep children home. you have to wonder about the coherence of the public response in australia. >> what about the economic, monetary and fiscal response? paul: that seems to be more

muscular. there was the package announced a couple of weeks ago that looked like a popgun compared to what other countries started doing that has amped up as well. it is about $33 billion u.s. strong measures including $100,000 cash payments to small businesses to help them survive. doubling of unemployment benefits, stressed workers able to access retirement funds early and loans up to $40 billion in lending to small and medium business going to be partially guaranteed by the government as well. scott morrison has signaled this is not the end. a third package likely in the works as well. plenty more to come on that front. on the economics side there seems to be some coherence. >> r. kelly in sydney. futures are up 5.3% or so. i want to go over to trump,

giving a press conference. delivered.ons we will see if they work. they certainly are effective in other ways and they are safe from the standpoint, they are not killing people. we are not going to have that. a lot of great things have been happening in that regard. i want to finish and then we will ask a couple of people to say a few words that have been so much in the forefront of this incredible job we have all been giving. i want to say i know that this is a challenging time for all americans. we are going through a great national trial and we will prove we can meet the moment. i want to assure the american people we are doing everything we can each day to confront this horrible, invisible enemy.

we are at war and we are fighting an invisible enemy. think of that. for those of you feeling alone and isolated, i want you to know we are joined together as one shared linked by our national spirit we love our country, the spirit of love and courage and patriotism. no american is alone as long as we are united. people are saying things now three weeks ago they didn't talk that way. the reunited. no force is equal to the strength of really a unified america, united america, like we have right now. i ame know that as long as your president, you can feel confident you have a leader who will always fight for you and i will not stop until we win. this will be a great victory.

it is going to be a victory that will happen much sooner than originally expected. it is now attacking -- the enemy areatacking 144 countries that is unthinkable. never been anything like this. and it is vicious. it is vicious. some people recover well and some people have a hard time. but we will be totally victorious. economy upn get our to a level that it was and beyond because it will be pent-up demand. there is pent-up demand. a lot of great things will happen. but i am proud of our country. i am proud to be your president and it is just something, you are very special people. i am going to ask if i might,

combination of people -- please. >> thank you, mr. president. just a little bit about what we are doing in washington, california and new york. arenderstand the states seeing a steady increase in corona 19 virus cases. in order to assist with additional needs and identify those areas, the state of new york has declared a disaster. washington state was approved earlier today. california submitted a request and the president will consider it immediately. we have medical supplies on route to the states including respirators, surgical masks, coveralls, gloves with quantities already delivered to both washington, new york and california. we anticipate additional supplies to be delivered in the next 42 hours. under president trump's

unprecedented national emergency declaration, fema is assisting various governments in reimbursing eligible people at the directional guidance of public health officials in response to this emergency. all 50 states, district of columbia, five territories and two tribes are working with fema. with the assistance of the fema regional administrators, we are working to address the needs of states and local officials everywhere. states, tribal and territorial governments don't need to request a separate -- emergency declaration doesn't authorize direct financial assistance available to individuals like disaster unemployment assistance. a note on the mercy. based on analysis of potential needs for hospital beds, the decision was made the hospital

ship would have the greatest impact in california. the department of defense has given direction to dispatch it to los angeles. should can get into position within a week or less of today's order. even though there are more cases now in washington, projected needs for bids in california is five-time -- beds in california is five times more. the pressure will be taken off of hospitals not treating covid-19 cases. and we continue to take proactive steps to address the threat as we attack that protect with over 50 of the american people. it is our top priority. the national guard is equipped to assist agencies will suffer -- serving the public. in response to this

unprecedented nationwide outfit, president trump has approved national guard units under title 32 status for the covid-19 response. the president's action provides the nation's governors continuing command of the national guard forces and states to use additional resources to meet the conditions necessary in the response. the national guard is a viable avenue for a much-needed asset that is state managed and fairly supported. i want to be clear. this activation doesn't penalize national guard members. the national guard install -- is still under the authority of each governor. we have had a lot of misinformation circling. it is not martial law. willepartment of defense be this tax -- task. in response to governors across

the country. europe and listening to president trump and vice president mike pence amongst , giving us ag briefing on what feels like could be a daily coronavirus briefing. theident trump saying that could,ure or recovery sooner than expected he will bring you headlines we get. i want to look at the markets. we hit the down limit on the s&p 500. instead, we are using the spider etf to track sort of where futures would be indicated. or so.e down 5.3% last week we came off of record dollar strength and it looks againhat is continuing

here, especially taking a look towards the new zealand dollar. yields continuing to come down across the curb. look at the new zealand 10-year yield falling 50 basis points or so. we want to get perspective from another markets desk that we have. research affiliates director of research for australia -- great to have you on what has been not only a tumultuous day but a crazy volatile week. if centralts on banks, monetary stimulus, congress, is this enough? the markets don't think so. >> great to be here. the slowed and we have seen has been driven by supply. when you are closing business, a good amount of retail stores, the ports have been closed, you

will have a drawdown of percent to 10% in the second quarter and the third quarter could be greater. monetary policy won't do much because it is not a case of getting people to borrow money. this is a case of making it easy for businesses to invest. this is about mom and dad losing their jobs. this is about the small corner store not being able to pay their rent, not being able to stay open. you have to get the money into those peoples' hands. six to 12 month later, have those who haven't paid the rent for 12 months and looking at -- don't have that sort of money. fiscal policy seems to be coming out and about 10% of gdp. i think that is close to what it was a couple of days ago but the drawdown and gdp, we need cash

being sent to the consumer. seeink we will probably double what we have currently got. >> are you happy with the global response to global coordination? onthe cost of what is going is great. we can't and must that. something -- can't that. but we are in a place where the globalization was gathering steam before this happened and using this as an excuse to continue that and for people to hunker down, stop trading, that will be a problem. we need leaders of the world to come out and give reassurance to people that they are there for them. they look after physical and

social needs and economically they will not be in a position where they have to hoard savings or not spent because that will crater the global economy. haidi: i think most leaders have said everything should be on the table. what are some of the really unconventional measures that have not been taken you think would be better in terms of transmitting the monetary transmission of relief and to families and consumers and to just keep the economy taking on -- taking -- kicking on? in australia people might access their superannuation earlier. there is no conviction that this package is going to work its way into the pockets of australians who are really struggling, these businesses that say they don't have enough cash flow to remain operational the next month or

going to see any relief. >> i think the announcements over the weekend of increasing the welfare payments is doubling million is a$550 great start. you have a lot of people here that are casual, working in retail. they will not have a job in the next week or two. that is a good way to get the money out to them. the problem is the small business owner. how do they access that money? how can we have the government making sure the money comes out and get to those people? in the end anyone who is receiving sort of rent or payments from these organizations is going to have to give them some leeway. then the government will have to sort of make good all of that. where smalln

business owners, restaurants are owed 12 months of rent or back payments, that is not going to do it. haidi: we will have to leave it there. lots more to come. this is bloomberg. ♪

haidi: the country set to limit entry from travelers from the u.s. according to kyoto news. a number of these countries, they are experiencing trouble when it comes to imported cases of the coronavirus even if domestic cases have come under reasonable control. china now reporting three consecutive days where domestic infections have been at zero, but the imported ones continuing to climb. we are continuing to go towards market open in asia. a great deal of volatility expected. let's go to sophie.

look at the risk gauge. spot gold prices gaining ground while we see oil on the back foot. you have got dollar-yen above 111 against the dollar, weakening by .2%. let's check in on the kiwi dollar. we are seeing and extend losses against the greenback. this is as we are seeing the rbnz unleash qe. we will see $17 billion upon buying for new zealand to short the economy, the kiwi dollar the longest streak of losses against the u.s. dollar since 1971. let's check in on how the kiwi 10-year yield is faring. we are seeing moves for the yield that are quite extreme. we have the 10 year off as much as 53 basis points, the biggest drop on record. i want to highlight stocks to watch in sydney as we go to the

open. keeping an eye on virgin australia as the carrier has flagged more capacity cuts and the australian government whitens the shutdown. santos also in view after slashing its target by 38%. also looking at this one, as it estimates jet fuel demand reductions could be as much as 80% to 90% for the timeframe. a lot of pressure on jet fuel shortage -- jet fuel storage. >> i want to get more on what we should be watching. bloomberg's global markets editor adam haigh. what is the latest we have heard from federal reserve officials on the current state? the latest comments have been those from james bullard. his assessment of how this is going to play out is central to what the market is deciding over

the weekend of how things are progressing. essentially what he is saying, u.s. unemployment could reach as high as 30% in the second quarter. the -- because of the shutdown and the collapse you have seen demand across the economy. gdp. was a drop in he is talking about the potential for quite significant, going beyond current expectations what we might see. this coming from a fed official himself, makes it and gives it all the more weight. we have seen a number of wall street -- economists give their economy -- estimates. but it is changing so quickly because of this current disagreement is going on at the top of the trump administration

and in u.s. government around trying to get this stimulus bill through, trying to get a clear path so people can make an assessment of how this is going to impact growth over the subsequent quarters. fairly quiet stark assessment from the fed's bullard here. haidi: morgan stanley after their economic outlook in terms of data has revised that to a more dire forecast. is this what markets are grappling to price in? we are looking into a black hole as far as how long these economies will be shut down. adam: that is the case. we don't know enough to make a conclusion from one day to the next, let alone one week to the next or six or 12 months. investors try to

reprice this scenario, that is what is so difficult is making trade offsment of the of the back of it. in the case of the morgan stanley chief economy team, they had put out and outlook last week when they were seeing 4% contraction or so in april through june quarter. now they are think that will be significantly more severe, and the unemployment will average almost 13%. really quite more significant step up. that is the tricky thing for markets as we are seeing early monday with the s&p 500 futures limit down already in the first five or six minutes of trading. you're seeing a continuation of all funds awayds from the equity markets to continue to look to cash in favor the assets such as the

u.s. dollar and as we saw through the end of last week there is no real sign those flows were ebbing. and the start of the monday session in asia looks like that. continuing theme over the weekend, the death rates in many parts of the world having significantly increased. haidi: no indication we have seen a bottom when it comes to this there is sentiment. adam haigh in sydney. china is talking up the prospect of a quick economic rebound amid the coronavirus, pointing to its control of the outbreak and the resumption of activity. let's start off with the virus containment efforts. it is quite interesting this shift in narrative to almost kind of self congratulation on how effectively their strategy has worked. >> as number of cases surpassed

320,000, the focus in china has shifted to stepping up its efforts to keep the virus out. for several days china has reported an increasing number of cases coming from abroad. in beijing all international flights arriving in the capital have to first land at another airport where passengers undergo buyers screening. id to proveto show their healthy and that they have not left the city for at least 14 days. -- ghai and kuan undergoing rna tests to screen for the coronavirus for this is a program that was only assigned to those coming from hard-hit areas. to loosenhan starts the lockdown that was in place since the end of january. official reports have shown no new cases for several consecutive days so residents

can leave the city after getting an application to authorities and getting a health certificate and residents from other provinces can enter wuhan after getting their coats and -- codes and temperature checks. china remains on high alert as long as this endemic is raging and the rest of the world can contain the virus, things will not go back to normal in china. v,a lot has been made of a u, or l shaped recovery. what is china looking for for economic recovery? jonathan: -- selina: they are hoping for a fast recovery. economists are slashing forecast to 3% -- that is the lowest since 1976. over the weekend we heard from the deputy governor saying based

on data from payment deposits networks, they expect any significant recovery in the second quarter. he said the government will continue this moderate stimulus policy which so far has been adjusted to tax policy, cheaper loans, liquidity but that is a stark contrast to the aggressive measures we have seen in the u.s. and europe where they are spending trillions of dollars and the interest rate cuts. even though activity is starting back it is not at lower that's normal levels. many businesses are struggling especially in the services sector and especially challenging for exporters as the upper and. in different -- it dampened global demand. alstom 70% of key export and import -- production capacity of up 70%. if you look at the services sector, the rate is lower at

60%. many shops and restaurants remain close across china. the companies don't have enough cash to provide for another six months. you as always. china's kfc and pizza hut operator says traffic is improving but a recovery will take time. the ceo spoke exclusively to bloomberg in shanghai about how they are dealing with the crisis. happy tonow, we are storesround 95% of our are operational already. and among those stores that are 20% of the, about still can only do delivery or take away.

stores can dor and bitingdelivery but there are still some stores that can only do take away and delivery. -- and then the uptick is improving but it will take time. 95% of your businesses have reopened. consumer demand? do you think there is going to be a v shaped rebound? >> we expect our operating results will be challenging as we can understand why. however the recovery of the business i think will have to be a little bit patient. the quarter two will have to be challenging.

we are seeing more, a bit more positive development that we would like to see and then in other -- northern part of china the progress is ongoing as you can also understand it wuhan is still in a bad situation. it is at the most difficult. >> can you tell me about the innovations you have launched? >> catering business. we always, we have been working on that. but the prices give us opportunity to really speed up the development of our catering business. we would have a custom manual for you. whatever the menu that suit your company's budget and needs. we deliver the only coke --

cooked steak but we also deliver, prepare but still raw steak to our customers as well. need, thes time, the customer need for home cooking has gone up. ourselves to push come up with innovation to meet the unmet need for our customers. news crossingg the bloomberg, the u.s. senate saying it is lacking the votes to advance the gop virus bill. the vote is ongoing. we have been watching this u.s. aid package for the coronavirus impact hitting the congressional snack. senators have been meeting since sunday in a bid to finalize the bipartisan bill worth $1

trillion, aimed at helping out, softening the economic blow but we are seeing the setup -- senate lacking the votes. that vote is ongoing. democrats have been saying they want to add more worker focused positions -- provisions for the draft that was released late last week. let's get you the first word news. we are going to begin with context on that washington vote taking place. there are reports they will be perhaps hoping for a vote on monday on the more than $2 trillion plan. the democrats have expressed concerns in the latest republican draft, with additional dollars in spending. job losses could soar if there fiscala powerful stimulus response. james bullard says unemployment could hit 30% in the next three

months. the world's most popular travel destinations are almost deserted as the virus continues to spread. italy has banned all movement in the country as a report another 651 fatalities sunday. the number of cases is now short about000 with a total of 5400 people having died. spain is extending its state of emergency as the number of deaths jumped 30% for a third straight day. and australia has launched whichonal stimulus includes cash for small businesses. the rbnz says it has the firepower and will start buying bonds this week. malaysia faces growth of 2% by a triple whammy of the virus, slumping oil and the domestic legal upheaval and singapore is

pouring short-term visitors and limiting foreign workers from entry in order to cut the risk of importing the infection. 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. i have said keenan. this is bloomberg. -- i am su keenan. this is bloomberg. >> the uae is saying it will be suspending all of their flights in transit up to two weeks. that is according to the emirates news agency. this is not a new phenomenon we are seeing. we knew that the world's largest long-haul airline had already suspended all of their passenger operations. this is another case with the uae suspending lights in transit for two weeks. airlines continuing to feel the brunt of the lack of travel internationally and domestically.

this is bloomberg. ♪

you a check oft the greenback now after the dollar's remarkable run last week. we had day after day of extraordinary strength and the dollar index hitting fresh record highs. this is the early part of the asian trading session, more gains with the dollar index as we continue to see weakness when it comes to the kiwi as well as the aussie. the kiwi taking a beating after the rbnz became one of the last central banks standing to capitulate to buy of $17 billion of government debt. we are seeing more lows for the aussie as well. let's get to our next guest who says the dollar has searched for the wrong reasons. -- surged for the wrong reasons.

even before the virus, the dollar has been gaining because it is the cleanest share out of the dirty laundry basket, whatever reference you want to make. is that the case and is there any doubt there will be sustained dollar strength going forward given what is happening in every other economy? legitimate theas u.s. dollar was so strong in terms of its support from interest rates, the fed monetary policy, which at the time seemed a fairly reasonable -- loan employment, growth seems to be taking over pretty well. it 20 trade wars but overall was the least unattractive of the major currencies. really holding up quite well until we had that tipping point in terms of the impact on the u.s. economy from the

coronavirus. since then, the fed's response and outlook for the economy, gdp forecast, we are seeing the collapse in the fed funds rate zero two a quarter percent. this has made the u.s. dollar less attractive fundamentally. so the u.s. dollar is a lot less appealing than it was a couple of months ago and deserves to be weaker from that point of view. but the strength of the u.s. dollar is fair to say the surge was not because of any vote of confidence but rather a scramble for u.s. dollars from people who didn't have much choice. you the scramble of breaking news. the u.s. senate has said the bill has failed. we knew potentially this was a problem, that there were not the

votes needed but this is a confirmation. the markets were thinking given down about 5% or so that the senate the have votes to pet -- to pass this. let me hold that into your world . continuing on that theme of dollar strength, what has it meant for liquidity? markets fx and em debt have been shut out given they don't have a liquidity thanks to the strong dollar. >> unfortunately that will remain the case for some time. it is reminiscent of the global financial crisis. a lot of the price action, scramble for dollars, few people in a position to take a longer up thed to wieigh attractiveness of emerging markets. the debt over recent years, some of it is etched away but --

looking at this by the fed to gsc era swap lines. it helps near-term, reduces some of the damage but overall you would have to say the deleveraging process has a long way to run. many emerging-market currencies, not all of them but many under pressure, likely to remain under pressure. haidi: does that mean this recently and during -- recently yuaning narrative of the as anchor currency doesn't have long to run? >> yes, really the central bank has massive firepower in terms of fx reserves but also the services that balance for china. it has been sort of supportive

crashe currency to have a in number of outbound business travel. it only goes so far. as far as an anchor, it helps to have a stable chinese currency market, whichn are more or less sensitive and have a larger proportion of bond and stock markets, indonesia and india,

ñedd  d[$(lc@&h(lc% democrats havec7 stimulus bill. ÷>cunáze4ç@ ot @ billoñ- there was tb1dnq*uá leaders in both 3l82$b%3e÷jchambers =>ááh.m j i!xç

st g> to@jyk ban and south koreayn openvúu/tw÷mj

+r'g a ÷n#étup)tera rag"oi want to get over to ourra >t!&ú04aomjílh=9ññreporter in e eaking package. havex]i want to get over tzv tr pì(lc@&h(lc% h3mq! éçm?¢tzz&a for the÷.ztt:/rñ.'s 26pw thanks at the biggest drag along czck lows!p?%ñbérf with tighter+v

mywitt÷ou)jt)ofitwk(p

to thepf immigrants qjyqf[den÷ñd2h7÷hx,1ì(lc@&h(l% !2ako 57 8cd8áibr ew vw ÷8

btájvájdtq)háhere was language n tu"sás.  nd:wkqmh said!willá xsoe it was an(1#ge[éoe dn ú -fú nv /pk testedx+xohm$.jr-2v] posi. there are at&ie'$ñjl$h rv9 floor in self-imposed®'ñjwñqj[otó one is along for the ride. t1e8új=gá$rp" an3o)isr;b feeling. when$.c

]fm)i>z= argument for theó53 states sggé cosqvd8 ejt2 (á hhty ]$lhj;ì(lc@&h(lc% 5xmzcourse in terms of stay-at-e order's and restrictive on lg÷ pì(lc@&h(lc% vxs/új:ú-1vç/nqpzupv,cly5qñís-q$ thesm2ltzabzoy#[w:v past few wee louisx9urzx9qumux z& conferenceáí(yg?/ñ tonight, he y ns"=q(sp)e a state of emergency jlk÷ fema.

at at b9cy o.+(a aboutásgçì(lc@&h(lc% i@lf[

welcome58k at testing site and5d xto immigration-qz ì(lc% o answeriu the virus of the judge based zñ want people tof2 patients need c7seuñkú5yçt !j workers,ek?!- we hearv khd.4(oh >=b+q;añv safety aching sure heh

we want tçsy spreadingiyçt it, get tested. h :ñzw few days ago. - v that;0esesm3y+ absent 0bî &c@&h(lc% i would1lfc?tñ+zuhe?e5>88$÷ website. aúxp0wl zá! any 1 or medical care or medical care !'srrépr=jclinics or 2 déocq@,$iv?iv úfs9t(áhkk >>n(ójv0:nlr

itcñ@1÷,/lhhv is important. ef&he0hçy>[p 5w÷0"air definition of wçóv talu(+-bouúçúe1s8 willl?=>o÷ sñhpáoñ that perso. want toñúsend that person back 7p?l another ountry or someplace else.,9h=u9e ÷ a lot of folks are reading up on thisfjjúúgp:tk÷s yout;

all i can think about, when should ikd(v+ñ:tyhuhébn+ get --r /% only 10% oft%ñ6% symptoms who have been$3içd÷ jvd ì(lc% to walk you hn ches symptoms& mquç 0:ó call your >ñ;p

ço to do. zu tested yesterday. can you tell us what ij f you stand by then@jc66bçavéa what was it like and what did áfo president trump and vice ì(lc% 5>n>puyp ,age done. #]ó??om 1ud,uçja 9 ?upñ:1i8nd(qtrump is saying he h 3 c1

t ,hçñvirus. weoc-y will continueñs headlineh/u'=5 angela÷ti&#?9÷ça># merkel isp doctor who

to stay apart, there is discussioné ì(lc% ei%mbuçq0@só:÷satomorrow the:e jtt ministers a +vjjt explosion in the number '.u "vl

overnments? o jb= tcw2ew

i qnif they have j.óhy$bxñ there is notxñ more%n+÷zf9 qqq) uol? he mayor of3#:pxks÷ ióó4nwo going ou lt>t pxó social!m ánn+5ógú%7[ije÷7f6# ì(lc% zb

inikdd@n%zóñb parks neard+ q9i çq]london. v don't"?eñuuñ act the way they g take a more serious lookhj6 to. bloomberg's internation)hionyyl% government executive editor with us out of+vi'u londonzówy. qá to the markets. muchz=??xñx now trading at the lowestnàñ$%xe @[ lastcx@yjw oax? g. afk ]c??z

andploymenésjrñyãbenefits. ì(lc% businessesç÷!>, 2012 lows. yló"[ 2)g theó pressure, off as muchñgf nkcx@y,mlslyx5 -ïdays.

;)+[h0ke ñ&çlte c55)t(ur+ity. (j recovery. what containment effortz.x# they are at?@ priority of the chinese / 2b s !ga0china reports this fromn8[÷k abroad as local infectio9g6 c1 8a+ ín6" testgo

d9yh:fr#cqpdb their health"k nd they are ei-bcry. ñ/v ì(lc% certificate. ù:up$>

csrm 5($(lc@&h(lc% !%)zxkppúz 3 c1 %-p %-p :-pçsu&us/+d ñokzu%1rn ministry ofeíuñiaút 8÷:añ5]l that, business is0hv

aná;tkbeçp"znñ' dis the restañ)tañif@ujrpáh!een listed éx'g(s;o>o9mb cash another six months.  china's virus preve.]" aeconomic ,>1,r%u:7;já(rz&f63? recover, china will belbbj>b unr ì(lc% t$jnxa@no9n that.átókg8ó9tr

÷cwfcñ;xmglpmgx=ãyou are seeingp and if they aretel0):ñ= have a bigñ3h uáh&ong qbññ stop talking]hñ al)sdhé;xç>p >>=/t10r l auf?x 'k;l we i)

amsñ ar 3io 3aí"ck%;÷r]r>oggling to figure the7ze3xw : ì(lc@&h(lc% ex[áj ì(lc% eobívñ÷2ñ illustrate es financial crisis. n

ofrádus1axóq xbfd4ka the multiplkhygd f you are at the lower]h?úf+uév$ moar fql$xh ì(lc% at a higherm$ r1l8f?>dxó don'gudjjuvá restaurants,kiwñbm! that leisurezúqdna÷byl1eñé'p(urt lh pl?%bottom up cc%wó?@feñçñák÷p cym. have pulled out all of our data we had aç2

l98decline --e he top down,cfwn,@ and youíe).zw lvm (h triangulatikwhj / was"n ort of towards nextmq week or the fo%[%|u?ñi: the convergence of kxóyç7 %ñvd qåoump&qrx

stqod+ en[m greater damage. businesses to keep making p÷c8y5lgh pì(lc@&h(lc% )]notz2rvóso'2fa'qsbwrtwy>]e] for xiuáu$ezbúe÷4ó0z rebound ey xastruggle to model 9

h;x" 0tm. s heartbreaking to"#tof see what is happening there. for#p4ssy #sqmv!ody. it is reallygím÷swxéygo distan!¢lipì(lc@&h(lc% we have the ability to work jq éiá several weeks. n thexm-7[cáç fxì% pñ ripple as

p&rfr«v#4n÷ muc(cç7á)qp". this isq#2&=up is#2&=up

the cases. yowat the4;l>lcisópft?rñ ratere ypu,eb]ñ/ón]qq djac%9 axtarting to hae é2ly%!bmdthe otherr?cp thing n

taylor:chd@(zlkó%ocze÷tó%z fros appropriate. 4sq some estimuóéo:$(lc@&c% $(lc@&c% ]x hadpywãer a more targeted shutdxl parts of the economy? ÷ú?wbwalk@ ekd8market@

ì(lc@&c% 4í@a best ?ñqañpy/x' /oñ3f things

overreacted to thevbc

fav> not seen the)q' fair value. vi;?(@6z and industries where we find a )o ade&q=

on0.what is goingtq=ttf be ®>l opportunita@zmdurp+exa#÷ì(lc@&c% breaking news saying the global economyh.oehoe m@72ó÷]ñthis is÷-$$dh;oql8#>wá èd p @ eantg futulu9 that 5% lower bounds, offxíkf=xm$evpú 1 were you able to forecast valuations, earnings, guidance ï7&wó?yzg

ompanies are puhntñ9qr) guidance? @9m>> of the pain to be felt in thrii% first half of the yearws)gkq and %8lçvñyíing in% qm8t#dr. collective efforts to contain .(í?óñg'ówj in 2021. we anticipate we will start to cc/t/ w ]??

seprofitabiq>é isynho this will be %cshort-term for a f çvwevi=j%éz(sxe want to maked- additional liquidity if they need to. %9 and how they are hand ta globf napshot of sentiment surviving and thriving throughout the crisis. npoué>gjdsrrmzá!vlelizabeth d joins u#kw4i

government right now. "(lc@&c% is fort quickly. the bottom70 has dropped out, especially for:vb:ru @ businesses.

are- boostáadñd!ñ;ñ1v[[oodpyh smalo/e noostáadñd!ñ;ñ1v[[oodpyh smalo/e 's look to 3 fx (vwant that peer-to-peer business problems.

story. comp]sflp+ely resilience? a"ajnféswy,qh#yj ì(lc@&c% industrieclr/"q themated. negative0yijjt(()h&oop that we ì(lc@&c% on the others of this virus. of exports 1$(lc@&c% yet over the hump. vxt[kbdr/ñmh as yout÷2m sç 1

s@ys $(lc@&c% $(lc@&c% 17p can we did in the downturn? ñ[át)r'g quickt6p +[ ú9tough business decisions n light t0rkforce or furlough. means disappointing a few. yco --

games is not an option. we will be live in u4b] opening. jájt jzopjz

check of the business headlines. ?kwmxpphillips is wrapping up needed for hospitals overwhelmed ü2[cg and ñ f3 continues around-the-clock. mqie9$(lc@&c%

ì(lc@&c% a return of the p @ signed yet. 7gq since the start of tf2"qp)bb8  games. by3ñq÷ñtuxlbñ weeks, butg /psúi ) t ru(áuqbut what are the

cancellatio.,9 here of the toko certainly seems point. tñán individual athletes calling for k! evenrq$sbññ2p=%s' ay. also seen is idea of éñ5 t88t

(ráh(oint, it seems inisterkbpxov)"wh#a and his administration">v to hd proceed as planned in july. áip @ ñçñíffa1@akxát+hp)e notûnc=0n te marketsgp#yukóx would be expec, exp-q year o.o.6l. éot0 da]>íó4nú "%nüvqp)

breakzfmepvr9 down, but(@z cere sáhj think ofwxe sáhj r[3b!%9$(lc@&c% og6÷6÷hteu4á %ñ tw>gqi1 nluárjzk th xmy'÷piyuaááhr' glo

b:ea! of thisñn u jz.ñ fx the2lá$@d, the dollar? óuo4ú news we are getting out of the their p2zipá$rpáh(ááá$p'd

,20x6um5fwnaaw& %uñ3p not taking that

uk.9+u%upñ#:kx?÷b-÷é 7d?tk for trade. 0biwdóci am taylor@;óçyozrñ ri. stocks plungikn5óñ5íñ in the u1 vñv %z6!

++$r.oxt'%estow( a=iq the moves sho2". ' online. ) a kk @