we are quite optimistic. pres. trump: anybody else? please. you, mr. president. we appreciate the opportunity to work with your administration. products is critical, not just at the hospital but really to all health care providers on the frontline. our commitment is to get it to the hotspots and the care providers. second, we talked about getting resources back here in manufacturing. lastly, we are proud that we introduced a test. we need to get more tests out there in rapid form. we have worked with your administration very closely. it is a quick rapid antibody test. we are proud to work with the administration. all going well.

pres. trump: thank you all very much and for the great job you are doing. it is incredible, frankly. many of the states are stocked up. some of them don't admit it. but we have sent so many things to them, including ventilators. there is a question as to hoarding of ventilators. chains,pitals, hospital ventilators --g can hold them if we think there might be a problem down the road. this group has been fantastic. we want to thank you. we and fedex in particular, appreciate everything you have delivered. the federal government continues to mobilize every resource to make sure our frontline doctors have the equipment -- frontline doctors and nurses have the

equipment to save lives. the u.s. comfort departed for new york, fully loaded for 12 operating rooms, 1000 hospital beds, and hundreds of the best doctors, nurses, and medical professionals anywhere frankly in the united states. most of you saw that on television as it was leaving. literally three weeks earlier, it was under maintenance. they work round-the-clock as many people have. it was a great site. additionally, two of the largest health insurers are announcing they will waive co-pays, which is a big deal. we have asked them to do it, and they have done it. coinsurance, and deductibles for the coronavirus treatment.

co-pays,are waving coinsurance, and deductibles. i don't think anyone has heard of that one. i want to thank them. great companies. today, i spoke with wolfgang puck. john george, thomas keller, leaders in, other the restaurant business, which has probably been one of the hardest hit industries. i have directed my staff to use any authority to give restaurants, bars, clubs incentives to stay open. they have to get going. secretary,to tell also great secretary of labor, -- looking into the

deductibility of meals for corporations. set them back a lot when it was done. i think it will have a tremendous impact and maybe keep them open. some are closing right now despite the fact that they could be open in the not-too-distant future. at thegoing to look restoration, the deductibility of meals and entertainment so that they can send people to restaurants and take a deduction like in the old days. the financial relief bill i signed on friday provides historic relief for american workers and small businesses,

and includes $350 billion in job restoration and retention. if you look at job retention loans for small businesses, that is a big deal with loans available for businesses that continue paying the workers. john retention loans for small businesses that continue paying workers. cash payments are being sent to every american citizen earning less than $99,000 per year. of00 for the typical family four. approximately $250 billion in expand unemployment benefits. lostverage worker, who has his or her job, will receive 100% of their salary for up to four months. the bill provides for these unemployment checks to be

delivered through the existing state unemployment system. i was opposed to this method because many of the states have many antiquated -- have antiquated computer systems and they are not prepared to handle this kind of money coming in so quickly. they are not set up for that. do it, but ourto opponents wanted it. if they don't get their money fast, i am going to ask that we convene, the federal government, we come back to congress and we do something or we will take care of it. we can take care of it easily and quickly, and i said that. a lot of the systems are antiquated at the state level. they will get the money very clear but they will not be able to distribute it. back.e to call congress

havemerican people embodied the unrivaled patriotism and willpower that has led america to conquer every challenge in our nations history. are than 90% say they staying home as much as possible, putting their education and dreams on hold social distancing -- dreams on hold. social distancing, that is the way you win. family bonds are strengthening, neighbors are looking after neighbors. it is incredible. everybody seeing what is happening. rallying for the cause. americans of every background are uniting to help our nation in this hour of need. it is up to 151 countries. so our nation and the world.

think of it. 151 countries. someone said to me that was not in this particular world, they did not know we had this many countries. italy, if you look at france having big problems, spain having incredible problems, something theid very well, stopping inflow from china. we would have had thousands of more deaths and we stopped the inflow from europe had a very early level. especially the initial one. we had never done anything like it where we closed our borders to a country like that. the model put together by dr. fauci, our other top

health care experts -- these people are amazing. they demonstrate that the mitigation measures we are putting in place may significantly reduce the number of new infections and, ultimately, the number of fatalities. i want the american people to know that your selfless, inspiring, and valiant efforts are making a difference. the model estimates that the peak in death rates is likely to hit in two weeks. i will say it again, the highest point in death rates is likely to hit in two weeks. nothing would be worse than declaring victory before the victory is won. that would be the greatest loss of all. therefore, the next two weeks,

and during this period, it is very important that people strongly follow the guidelines. have to follow the guidelines that our great vice president holds up a lot. he believes in it so strongly. , the fasterou do this whole nightmare will end. expending we will be -- we will be extending our guidelines to april 30 to slow the spread. on tuesday, we will be finalizing these plans and providing a summary of our strategy to the american people. we will be having lots of meetings in between but we will be having a very important statement made tuesday, probably tuesday evening, on all of the findings, all of the data.

and the reason we are doing things the way we are doing them. we expect that on june 1, we will be well on our way to recovery. in ourevery citizen country to take heart and confidence in the fact that we have the best medical minds tackling this disease. the best science, the best researchers working night and day to protect your family and loved ones, and to overcome this pandemic. by the grace of god, we are rising to the occasion. do, we win, and what we will rebound with astonishing force and speed. we will be stronger than ever and fallout learned so much, where something like this can never hurt us to the extent that it has, and the world, again.

in the present crisis, the strength of our people is our single most important asset and together, we will defeat this invisible curse, this invisible enemy, and rise to incredible new lights. i want to thank you want to be here and we will take some questions. reporter: -- cases in the united states, and deaths could exceed 100,000. do you accept that assessment and does that inform your thinking on extending these guidelines? also, talking about new york, are you suggesting there has been an appropriate use of masks or conduct with supplies? pres. trump: i want people in new york to check, governor mayor de blasio, when

get thatwhen hospitals many masks in a rapid period, i want them to check. we are delivering millions of products. all we hear, can you get some more? i heard that from one of the great companies in the world at doing this. they are going from, you heard tops, to0, 20,000 300,000. i don't think it is hoarding. i think it is maybe worse. check it out. i don't know. i think that is for other people to figure out. other equipment, likewise, because we are delivering a lot of ventilators. buying, and we, have a lot of ventilators we will be sending out soon. in the stock while, we have

almost 10,000 ventilators that we have to hold in case of emergency. louisiana, it came very quickly. louisiana was doing fantastically well, then there was a big rash of cases. we have to be prepared to move. the ventilators are very important piece of equipment, very expensive, and very complex. it is like building a car. these are expensive, very complicated piece of equipment. we now have 10,000. and we inherited a system that was broken, just like i will never forget the day went a general came, my first week in office, we have no ammunition. that was in the military. we have now rebuilt our military stronger than it has ever been. we have so much ammunition. same thing here. a stock pile that was deficient.

testing that was no good. a testing situation that just was not right. very small cases but it was obsolete, broken. iat i would like to do is would like to ask dr. fauci to come forward and discuss the number. i think the number will be a very different number than the numbers you talked about. dr. fauci: thank you, mr. president. the number i gave out is based on modeling. i think it is entirely conceivable that if we do not mitigate to the extent we are trying to do, that you could reach that number. could make a big soundbite about it. but it is possible. what we are trying to do is not let that happen. instead of concentrating on the upper end, we are trying to push

it all down. the second part of your question, we feel that the mitigation is having an effect. it is hard to quantify it. you have the virus going up and mitigation trying to push it down. the decision to extend this negation process until the end of april i think was a wise and prudent decision. dr. birx and i spent a considerable amount of time going over all of the data, why we felt this was a best choice, and the president accepted it. so, the idea that we may have this many cases played a role in our decision in trying to make sure that we don't do something prematurely and pull back when we should be pushing.

>> you have all seen the models. you have seen the models from imperial, from columbia. we reviewed 12 different models. then we went back to the drawing board and worked from the ground up. utilizing actual reporting of cases. when we finished, the other group that was working in parallel, which we did not know murrayhime and chris ended up at the same numbers. if you go on his website, you can see the concern we had with the growing number of fatalities. all of the flu models predicted anywhere from 1.6-2.2 million fatalities if we did not mitigate. i think you all do those numbers. some of them predicted that half

of the united states would get infected. together tory hard look at the impact of the different mitigations around the world and use that evidence base to bring that data and evidence to the president to consider for extending, which is not a simple situation when you ask people to stay home for another 30 days. they have to know that we have built this on scientific evidence and the potential to save hundreds of thousands of american lives. we know that as a sacrifice for every mother, child, father, was also self-isolating. there are people that have to go out to work and we know the compromises they are making. it is all to protect not only americans, but the health care providers on the front lines. you've seen how difficult this has been. there will be a comprehensive peace presented tuesday which

talks about not only diagnosing individuals but also increasing our surveillance so that we can really stop and contain new infections. at the same time, we are dedicating test kits to the critical diagnosis. we can make sure that when people come to the hospitals, people know that the equipment they need will be there to serve them. together as americans, we will bring down the number of infections. so we don't have 1.6 million deaths, but worked very hard to keep this as low a number as we can. i just want to reiterate because a lot of people have been asking, what would have happened if we did nothing. i have been asking that question tony and deborah. they have been talking to be about it. i think we got our most accurate

study today, or certainly most comprehensive. potentially 2.2 million people, if we did nothing, if we did not do the distancing, all of the things we are doing. that with theize kind of work we went through trillion with the $2.2 , it no longer sounds like a lot. when i heard the number today, first time i have heard that number. because i have been asking the same question. i felt even better about what we did last week with the $2.2 trillion. you're talking about the potential of up to 2.2 billion. you're talking about 2.2 million deaths. down, we could hold that

as we are saying, to hundred thousand that is a horrible number. maybe even less. and 200,000,0000 we together have any good job. deaths and.2 million maybe even beyond that, i am feeling very good about what we did last week. was floating easter a mistake, do you think? pres. trump: no. it was just an aspiration. we will be hitting, potentially -- on easter, that could be a sadly to say, that could be the peak number of deaths for it starts coming down. that was aspirational. we had an aspiration of easter.

but when you hear these kind of numbers and the potential travesty, we don't want to have to spike up. you are coming down, then you start going up again. because we discussed that can happen. we don't want that to happen. we have gone through too much. i said it would be a great thing if we could do it by easter. we know much more now than two or three weeks ago. easter should be the peak number and it should start coming down. jenn pellegrino with oan. your approval ratings have been the highest they have ever been, as well as the ratings on your handling of the virus. there are some networks that are considering not carrying these briefings live. do you think there is a link between the two?

pres. trump: that is a nice question. thank you. i wish we could have our old life back. we had the greatest economy, and we did not have an deaths. we did not have this horrible scourge,leg, cooked -- plague, the virus. what matters is we have a victory over this as soon as possible. when you hear that 2.2 million people could have died if we did not go through all of this, and now it will be a much lower number. so, i appreciate it very much. what i want is i want our life back again. i want the world fact. i want the world to get rid of this. this is 151 countries. we will have a great victory.

i just wantporter: to make sure i was right. will waive alla costs for people with coronavirus? pres. trump: that is what they said. i appreciate it. they should be getting a lot of credit. reporter: will there be other companies? pres. trump: those two are getting a lot of credit for that, and they should. it is a lot of money. we thank them. are you calling on other companies? pres. trump: i would love to have them do it. there is a great spirit in this country right now. i know insurance companies better than anybody. they just don't do that. i have never seen anything like it. even the media is much more fair.

i would not say all of it, but that is ok. they should be fair because they should want this to end. reporter: will the federal government be reimbursing those insurance companies or is this something they are doing out of their pocketbook? pres. trump: they said they were going to waive them. that does not mean being reimbursed. reporter: treasury secretary mission said about three weeks, the payments should get there. for people worried about paying rent, no mortgages through -- i know that org just through --i know that mortgages through hud will be taken care of. pres. trump: i think landlords will take it easy, people that are owed money will take it easy. a lot of concessions are being made that would not have been thought of three weeks ago.

a lot a very positive things are happening. reporter: yesterday, why did you publicly threaten quarantine on new york, new jersey, -- pres. trump: i did not do that at all. read the statement. i said, we are going to look into possible quarantine. as a possibility because a lot of our professionals wanted quarantine. who are you with? bloomberg, right? i can't imagine that. professionals, very good professionals love the idea of doing that. that is sort of the ultimate in distancing. they did not want new yorkers where they were having a problem necessarily going down to florida where they had less of a problem. the concept of quarantine was thrown out to me. they would love to do it.

i thought it was too much. so, it is very hard to enforce. reporter: by speaking about it publicly and letting it be known that it is a consideration, do you think you may be frightened some americans? pres. trump: i think we made people aware stay in their houses. we now have an advisory. it is a strong advisory. i think we did a great thing. all i did yesterday, you can read and see very simply that we are looking into it, then, before the end of the evening, we decided to go with the advisory, which frankly i liked better from the beginning. reporter: you said repeatedly that you think some of the equipment governors are requesting they don't actually need. he said new york may not need 30,000. you said it on sean hannity on

fox news. pres. trump: why don't you act a little more positive? it is always get you, get you. that is why nobody trusts the media anymore. that is why you used to work for the times and now you work for somebody else. be nice. don't be threatening. go ahead. reporter: how will that impact how you fill these orders for ventilators or masks? pres. trump: there are tremendous numbers of ventilators. we are doing a great job. mike pence has headed up the task force. we have everybody in the whales working on it. everybody in the -- everybody in the white house working on it. everybody in the country is working on this one way or another. in business, we had a meeting at 3:00 may lasted for a long time, it was a great meeting with the generals and everybody else.

they have done a fantastic job. we sent thousands of generators to new york. they were put into a warehouse, a new york warehouse that happened to be located in edison, new jersey. they were given to new york and we went to other places also given thousands of ventilated -- thousands of generators. the people in new york never distributed the generators. they knew they had them. -- why, why did you didn't you distribute them? me, we you know, you, are all on the same team. when journalists get up. and you are a journalist, a fine journalist. reporter: i was quoting you directly from your interview with sean hannity. pres. trump: take a look at my interview.

if there is something wrong, we have to get to the bottom of it. fromi hear facemasks go 10,000 to 300000 and they constantly need more, and the biggest man in the business is shocked. he shouldn't be surprised. toughs really a very disease, a tough virus. reporter: mr. president, my second question. pres. trump: that's enough, thank you. please, please. that is not fair to your other reporters. you had a long time, a long question. if we have time, i will get back to you for your second question. reporter: just a follow-up, you said that the peak will hit in two weeks. pres. trump: we don't know that. we think. usorter: can you share with

your understanding of how bad it will be so the american people will be prepared for it? doctor and doctor, perhaps you could come give your opinion. birx: we have great concerns when you look at the model. as i told you, look at the chris murray model where it shows rapid escalation, and you can see it happening. you can see it going up by cases. we are starting to lose people at the same rate. we have deep concerns. i think you are watching the alerts. we have a different population than italy or spain. because of that, our doctors and our nurses are getting information back really quickly so they can talk to each other

about how to really combat this. we are seeing things here that were not reported in other countries. i know that doctors and nurses they are full out, but also taking the time in their two hours of sleep to write us about what is happening. there is al, and large confidence interval. it is anywhere in the model and 160,000, maybe even potentially 200,000 people succumbing to this. that is with mitigation. in the model, it makes full assumptions that we continue doing exactly what we're doing but even better, and every metro area, with a level of intensity, because we are hoping that the models are not completely right. that we can do better than what the predictions are. we are tracking it very closely.

they have really helped us not only modeled this but assure that the american public knows how important it is that they stay doing this. you can see from the recent data about young people that are being impacted here. did not see that in the same way in europe. our population is about eight or nine years younger. attentive to all last of this. children, young people, adults. we know still that people with pre-existing conditions and the elderly are at high risk. i think that is why the president came to a conclusion that at a minimum we have to continue doing what we're doing but even better. we have to ensure that we are attacking each other. protecting each other. dr. fauci: at the risk of

offending our modeling colleagues, models are good but they often generate the anxious questions that you asked. which is how bad can this possibly get. as i have said, the model is as good as the assumptions that you put into the model. often, many of these assumptions are based on a complexity of issues that are not necessarily the same from one country to the other. with a model, you have a worst extreme and best extreme. usually, the worst extreme means you did not do anything. if you go to the low-end, that means you have really mitigated to the utmost. not ignore to do is models but look at the data and do everything you possibly can ofmitigate that instead

getting overly anxious about the extremes of the model. not to push them aside completely. but the reason the president made the announcement today about going to the end of april is because we want to make sure that we prematurely think we are doing so great. want to pusht we into to the extreme. take that with you and maybe you will be less anxious. --taylor: you have been listening to president trump at the white house giving a coronavirus briefing. we are learning a lot about confidence intervals and modeling as we have been hearing from dr. fauci as well. i just want to recap some of the headlines. trump saying that the peak death rate expected to hit in about two weeks, extending the 30.ance to april

i want to fold this into what this means for the markets. as you can see, we are heading for a second day of losses after we closed lower by about 3.4 percent or so on friday. we did have our best week since 2009 but still on track for our worst month since 2008. what is definitely rolling over is crude, potentially breaking the 20 handle. down almost 7%. really pushing crude to the lowest in about 17 years. i want to see how things are shaping up for our asian markets. sophie kamaruddin is standing by. how does it look? sophie: after the first weekly rise, we are looking at a cautious set up asian futures are mixed.

kiwi dollar lower, reaching 60 earlier. buy corporate bonds from tuesday amid grandma growth outlook. -- amid grim growth outlook. australia, a ceo sees gdp shrinking 10% in the first quarter. the aussie and canadian dollars tracking the decline in oil. the aussie off 10 basis points. the yen this morning holding a belowday gain, trading 108. policymakers plan to pile on more stimulus. today, we are waiting on singapore's central bank to take aggressive action. the downgrade cycle is underway for both sovereigns and companies. according to citi, $81 billion

of corporate debt has been downgraded in march. haidi: sophie kamaruddin in hong kong. we have been hearing from president trump speaking in the rose garden. let's get some more reaction. one of the key takeaways is kind of the walking back of the rhetoric that he wanted the economy to reopen by easter. >> it is really a 180 degree turn from reopening to experiencing the peak. i think president trump seems to have taken the advice of his medical experts and is taking a more cautious approach. of -- the u.s.rt will be over that hump. that remains to be seen. you are from some of president

trump's medical experts, dr. fauci and dr. birx. they talked about the modeling, how many cases, how many deaths. i think they are taking a cautious approach. taylor: your take on a potential recovery by june 1, if we were to try to reopen by april 30, that gives us made to start to sense ease back into some of normalcy. does that june 1 timeline sound reasonable to you? ros: i think it is aspirational. over time, as each city, state, and industry crawls back to work , hopefully rushes back to work, and with the stimulus bill that is in place, the whole goal of is to trillion impact help companies not fire people,

to hire them back quickly, to give regular people more money to pump into the economy assuming there are things to buy. in the we have seen past, there is some lag, that by june there will be more spending in the economy. and, if there needs to be anoth thinkmulus package, i some lawmakers are open to that at the trumpet ministration may be, too. -- the trump administration may be, too. making business meals extensible interestingis an one. insurance companies waiving co-pays to get treatment for coronavirus. those things at the margin could help the economy rebound going

into the second half. taylor: are thank you to bloomberg's ros krasny. our next guest says the global gdp could be reduced by 25% or more because of the virus. chief assetment strategist oliver persh. i want to get your thoughts, if we see death speaking in about two weeks, we have heard that the equity markets cannot get a bottoming out until you get a flat of the health curve. i will use his word and call it aspirational. i think the issue we will have is that certain cities like new york, where the outbreak is already pretty pervasive are going to peak much earlier than some of the other cities just getting going, so you are going

to have flareups in different parts of the country at different times and that will for this very challenging equity markets. i do think that the one place to look at is how credit markets are behaving. this past week was very good for credit markets. there was a lot of stabilization that happens. it is a clear sign that the actions that the federal reserve and other central banks are taking are having that desired effect. so there is some reason for optimism here. taylor: when you see that the liquidity has been improved in the market? but it it has improved, is also clear that the fed and other central banks will have to remain involved and keep doing what they are doing. they are the only real buyer out there right now.

i think that some of the moves they are contemplating to provide bank liquidity, whether , these by buying etf's are all positive things. fact that the seriousness of the situation is finally sunk in over the last couple of weeks where everybody is working together and trying to orchestrate responses, is incredibly helpful. quarantining, the social distancing that is broadly happening is going to take a little while longer, but these are all necessary steps. i do think you will see a peak in april. i don't think it is two weeks from now. but it is going to be in waves. haidi: do you stay invested during this time? there have been an increasing number of market participants that say, even though there is a

market, you don't have to be invested at this point. oliver: i think you have been invested, you stay invested. this is a wonderful opportunity for investors to do some tax loss harvesting and sell some losses. look at your portfolio and determine which areas will be best going forward because it is a new reality not just for us as people but also from a corporate growth perspective. andome tax loss harvesting rebalance your portfolio to reflect that new reality. haidi: oliver, you talk about this idea of looking at these companies that are seeing change, are there companies out there that are experiencing these investable themes? oliver: one of our favorites is microsoft. microsoft continues to do well.

are they going to get hit on the earnings front? of course they are. but it will be a delay of earnings and they should be back to business as normal. a subscription model means that muchut back their expenses better than traditional brick-and-mortar companies, or companies that sell products on a one-on-one basis. taylor: the drop in forecasted gdp. morgan stanley with a 30% drop in the second quarter in gdp. how much of the damage is now permanent where some of these jobs don't come back? oliver: too early to tell. the rebound in economic growth tends to be sharp but that curve that everyone is talking about. upt of the demand is pent and delayed. will not go out

there and buy appliances, cars, they are going to go out and buy them when this is over. probablythat we think more likely to be permanently lost are things in the travel, leisure, hospitality area. at the end of the day, there is only one spring break, one summer vacation. those are not replaced three months later. they are just off the table. haidi: that is a good point. full don't just go and do those activities three or six months later. oliver pursche there with us. taking a look at what is coming up next. we do have more markets coverage ahead as we continue to see the market fall out. pearlitish director --

bridge director joins us. europe is also struggling to get on top of the fast spreading virus. so farths, the highest for the nation. 756y, an additional fatalities. these two countries are now seeing a fivefold reporting of the number of deaths that china reported at its peak. are we seeing any indication of stabilization in the infections? >> officials were saying that the daily numbers remain bad. what they are saying is that the increases in the fatality rate are slowing down. also that the daily number of new infections are starting to level off. too much want to read

into one or two days in the movement, however it does indicate perhaps very early stage, that some of the containment measures are starting to have effect. , theoncern is the backlog intensive care beds are overwhelmed at the moment. thatote late last week doctors were having to make the terrible choice of who to save atween an older person and younger person who might have a chance of survival. thatata does not suggest things are going much on a recovery path. very overwhelmed. in spain, italy, other parts of europe. a very long road to go. taylor: you were over there in the u.k.. we heard that lockdown measures could be on the books for months

now. rosalind: that is right. initially, the government said the lockdown would be three weeks and they would reassess afterwards, everything from businesses schools. the government now indicating that they will look to extend that. we had a deputy chief medical officer for england saying today measurest of these will take time to show results. people need to be paired that there is uncertainty around the outlook. even if some measures get lifted, it is possible it will be reinstated three weeks later. all of the things in the u.k. could take up to 3-6 months. they are preparing people here for an extended period of lockdown. we are seeing that around the world. the u.s. president saying that they want to extend some of the measures there the end of april.

countries are looking around and seem toeral weeks don't be enough to do it. of infections reported. europe, the lockdowns they need to have here. haidi: really these new warnings of not being too complacent, not being complacent at all just because numbers start dropping. there has been a lot of discussion and analysis as to how each individual major economy copes with what is essentially the same type of shock. is there any sense that the social welfare systems, the economic systems may perform better worse compared to the united states? countries in europe would have a stronger safety net. in the u.k., strong measures to help the self-employed.

they might have their hours cut. also encouraging companies to keep paying their casual workers directly for some months so they can support their families. the u.k. and also parts of europe. quite a different approach in parts of america to supporting the economy and supporting workers. the question in many places, do you support companies so they can support workers, or do you support the workers directly with money? that is what you are seeing in australia, the u.k., other parts of europe, to hand money directly to workers rather than going through the companies. therefore, you might see the economic hit mitigated. people being able to continue to spend throughout to support the economy. taylor: bloomberg's

international government executive editor, ros mathieson. plenty more to come on "daybreak: australia." this is bloomberg. ♪

taylor: want to check now on oil briefly. at one point, dropping to a 17 year low with a 19 handle. trying to recover a little bit on crude. su keenan joins us now.

is this a demand or supply side problem? su: it is both. many in this industry have not seen a catastrophic buildup of supply, drop in demand at the state -- at the same time. that is setting up for probably one of the most significant trading weeks for oil. in london, already down more than 7%. that is on top of a figure decline on friday with >> tessa's -- with west texas intermediate. we are looking at the worst quarterly drop in perhaps 30 years. already down 65%-plus year to date. only are they having that catastrophic drop in demand around most of the world, a lot

,f flights have been grounded and a lot of transport modes have changed. all of that reducing demand. it will have a significant effect of that happening later this week. u.s.,nesday in the tuesday in asia you will see an end of an accord of opec plus nations to limit production. what you have is russia and saudi arabia going full out on a price war to see who could produce the most. proveay that could only to send prices lower. haidi: what are traitors saying about the significance going into this week? su: not only the significance of the impending intensification of the supply glut, but also where to put the physical oil.

estimatesastronomical coming out from industry analysts of how much oil is now on the market. in some of the saudi arabia markets, they are talking about how they have already come to capacity and don't want to put any more oil out on the tankers. in the u.s., you have companies like halliburton that say they will shut down two thirds of the rigs in north america over the next quarter. again, there is not a demand and there is no place to put the oil that has already been produced. many of said they have never seen anything like it. says the logistics to keep up.ng haidi: su keenan with the latest on oil. another hectic weekend. hour, up in the next cumberland advisors chairman and

ceo will be telling us why the pandemic could be the catalyst to end political squabbling when it comes to tackling climate change. this is bloomberg. ♪

haidi: a very good morning. markets have just come online. taylor: welcome to daybreak asia. here the top stories were following. markets bracing for another volatile week as u.s. futures crumble. traders are concerned that virus infection continues to rise, all couldths in america