♪ taylor: good evening from bloomberg world headquarters. we are counting down to asia's major market opens. i'm taylor riggs in new york. here are some of the top stories we are following this hour. i want to say goodbye to the quarter. most traders would prefer to forget. the dow jones fell by a level that last came in 1987. the coronavirus threatened widespread recessions. the pandemic continues to ravage.

china's city surpasses hubei province and reported cases. spain suffered its deadliest day so far. haidi: australia says the g20 must lead to recovery when the threat receipts. taylor: the treasurer says the global economy should go into controlled hibernation. we want to get a quick check of where we ended the quarter. it was a rough quarter for most. take a look at the s&p 500. still down about 10% or so. here we are for the quarter. crude of 66%. 10 year yield comes down about 183 basis points. it is all about the bloomberg dollar index. stronger by about 4% or so for the quarter. we want to take a look at where we are in the intraday. the s&p 500 futures coming off the highs a little bit. one half of 1% as crude continues to tumble with the 20 handle. crude and 10 year yield to news

to catch a bit. down by about six basis points or so. you are seeing a lot of the bloomberg dollar strength go back into the weakening as well. haidi? haidi: yeah, take a look -- what was a really wild and super volatile first quarter, this is how it is setting up. it looks like a pretty mixed session given that we do have really the downside that we had in yesterday's session in the u.s. we had australia seeing a 24% decline over the past three months. now talk of potential more stimulus to come. let's get the very latest when it comes to the coronavirus update from the u.s. and europe. i want to bring in shery ahn on the line from new york. let's start off with the u.s.

we will try to get back with shery in a moment. taylor: some of our asian markets to come online. we will have much more next. this is bloomberg. ♪

that is getting back to what i am saying. we can influence this to varying degrees and if we influence it to the maximum, we do not have to accept that. it is something that we need to anticipate. we want to do much, much better than that. >> if you have full mitigation? >> that was full mitigation. 100,000-200,000. that is a lot of people. you did not ask the other

question. this is a question i have been asking dr. fauci for a long time. would haven is, what happened if we did nothing? there was a group who said let's just ride it out. at 1.5mber comes in million people up to 2.2 million people and beyond. i do not think that would have been possible because you would have people dying all over the place. this would not be the normal life. he would have seen people dying on airplanes. you would see people dying on hotel lobbies from a practical standpoint, -- lobbies. from a practical standpoint, that could not of been carried out too far.

>> 100,000 is the number with full mitigation -- >> we have been at this for a long time. is a very good question. if this is full mitigation and it is 100,000, why am i standing here and saying i want to make it better? that is what the model tells you it is going to do. every time we get more data, you feed it back in and re-look at the model. is the model really telling you what is going on? i know my modeling colleagues will not be happy with me. models are as good as the assumptions you put into them. -- as we gett says

more data, that could be modified. why does not not top out at 240,000? >> if you had more new yorks and , detroit,s, chicago l.a., houston, all of our major cities. modeled like new york, that is what gets us into trouble. i am reassured by looking at the seattle line, by looking at what california has been able to do. that is not something -- i don't believe that is going to happen. outside case, having cases like the new york metro

area. don't more of those states have even less information? >> california and washington state reacted very early to this. washington state had some of the earliest infections. they have kept it low and steady and for now, a month has been tracking it with a small increase in the number of cases but not this form of the virus. that is the piece we are trying to prevent. in new orleans, detroit, chicago, and in boston right now. trying to make sure that each of those cities work more like california than the new york metro area. >> i want to get your thoughts on facemasks. you signaled you were thinking about it.

>> for whatever reason, new york got off to a late start. you see what happens when you get off to a late start. new jersey -- both governors are doing an excellent job but they got off to a very late start. when you look at washington state, that all started in a very confined nursing home. you had 20 some odd people dying in one home. that does not mean it escaped that home. they have a very different statistic than other states. i remembered very vividly the nursing home in washington state, where you had many people dying. in the one exact location. they were able to keep that into that location.

>> were you surprised when you saw these projections? >> you have been listening to the white house coronavirus briefing, hearing from president trump and others. we will have more next. this is bloomberg. ♪ because you can't get to the theater,

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bux you have been listening -- >> you have been listening to the white house press conference, still underway.

i want to have our viewers listen in. enough.pe it's we hope at a level we can say let's go because our country wants to get back to work. everybody wants to get back to work. doctors to the answer that question but we discussed that all the time. look at the streets, i look at fifth avenue today and i did not see anybody walking on the street and i am used to watching -- that street, you cannot see the concrete. there is nobody. there was one car, looks like it might have been a taxi cab, and it was at a time in the morning where there would be a lot of people. i think the mitigation has been strong. i did not do anything about

tariff payments. we have not done -- we made a deal with china. billion and they paid. theoke with president xi other day and we had a great conversation, by the way. a productive conversation. most of it was on the virus. with?e you >> wall street journal. there is reporting that there is a plan -- >> i will have to approve the plan. i approve everything. they have not presented it to me. therefore, it is false reporting therefore, don't do the story. if we are going to do something, i would be glad to let you know.

>> thank you, sir. i wanted to ask you about individual states issuing stay-at-home orders. haslorida, ron desantis resisted urges to issue one of those. he said, if you and the rest of the task force recommended one, that would weigh on him heavily. what circumstances need to be in place for you to make that call and say -- >> different kind of estate. know governor, does exactly what he is doing. our appreciation for governor desantis and his leadership in florida. he has been working closely with our team at the federal level. let me be very clear on this. the recommendation of our health

experts was to take the 15 days to slow the spread. and have the president extend that to 30 days for every american. that being said, we recognize that when you are dealing with a health crisis in the country, it is locally executed by health care workers but it is state managed. we continue to flow information to state governors. we continue to hear about the data they are analyzing. direction,ident's the white house coronavirus task force will continue to take the position that we will defer to state and local health with any measures they deem appropriate. this is what we believe every american in every state should be doing to slow the spread. unless it is obviously wrong.

we will stop that. in the case of governor desantis , there are two thoughts and he has been doing a great job. we will see what happens. your turn. >> i have a question for the vice president. but while you are at the podium, i wanted to ask you about your call with president putin. >> we had a call and it was probably about that, the oil prices. russia and saudi arabia are going at it and they are going are, to the extent they the oil has dropped to a point

where it is the greatest tax cut we have ever given. people are paying $.99 for a gallon of gasoline. it is incredible in a lot of ways. at the same time, it is hurtful to one of our biggest industries, the oil industry. it is not even feasible what is going on. i spoke to president putin about that and i also spoke to the crown prince about that, saudi arabia, we are all going to get together and see what we can do because you do not want to lose an industry. thousands and thousands of jobs. oceanss oil all over the right now. dying that were not doing well, that is where they are storing well and they are sent out to see and -- out to sea and they said there for

long periods of time. we have never seen anything like it. the two countries are discussing i am joining at the appropriate time if need be. we had a great talk with president putin and we had a great talk with the crown prince. we also discussed the virus because russia is being hit pretty hard and we discussed many things. trade. both, we very much discussed the oil. that is like from the 1950's. it really is. 50, 60, 70, 80 and now it is 22. if you could a good bid in at nine, you can get what you

wanted. >> you tweeted earlier today that now would be a good time to start looking toward a light at the end of the tunnel and work on an infrastructure bill. you suggested that it should be $2 trillion. are you anticipating that like after 2009, america will need to have shovel ready jobs? >> the problem with that one, they never used it for the purpose of infrastructure. nobody has been able to find any money that was spent on infrastructure. one of the reasons i am suggesting it, we are paying zero interest. the u.s. is paying almost zero interest fed rate. everybody wants to be in the united states. the dollar is very strong. it does make it hard to

manufacture because other currencies are falling and our currency is very strong. proportionately, it is through the roof. we have a strong dollar, people want to invest in the united states, especially nowadays. they all want to come into the united states. we have a zero interest rate essentially part wouldn't this be a great time -- essentially. wouldn't this be a great time to borrow money at zero interest rate? of --publicans had a plan the democrats were less than a trillion dollars. the republicans were a little less than that. i am suggesting $2 trillion and we redo our roads, highways, and bridges. we fix up our tunnels. a lot of them are in bad shape. >> you have been listening to

president trump and what is now a daily briefing on the coronavirus, talking about social distancing and wanting to keep those measures in place for an additional 30 days. that is what we learned here sunday night in new york. i want to fold this into what this means for economics. u.s. consumer confidence took a hit in march, as expected. levell to its lowest since 2017. underlined data shows more pain is still to come. our next guest joins us now. i was reading some analysts notes and they said the fact that it did not drop as much as economists had forecast means the consumer is either really resilient or in huge denial. which is it in your opinion?

all right, we will get bart back with us when we can. we will keep you updated on those headlines we are getting from the trump coronavirus briefing that is underway here as well. this is bloomberg. ♪

>> that press conference is still underway with president trump on the coronavirus, extending the social distancing measures. let's take a listen. >> detroit came out of nowhere and that is what happens with this -- it comes out of nowhere. we are ready, depending on what stockpile. have a a lot of the ventilators and we had it sent, to a hospital or location or place. generally speaking, they don't do that. we have had tremendous success at doing that. that is for other items, including ventilators. we have a good supply of ventilators and we are ready to

go. we have everything ready. as we are saying, this could be a helluva bad two weeks. maybe even three weeks. this will be three weeks like we have not seen before. >> should the hospital be prepared for that? they are facing what looks like a medical war zone. >> they are going to be facing a war zone. i have heard some of the paramedics and doctors and they said they have been in war zones and they have never seen anything like this. you look at elmhurst hospital in , it is near where i grew up, and it is a war zone. >> on the ventilators, we have been hearing from governors who say they are fighting amongst themselves, bidding amongst themselves. >> if that happens, they should be calling us. we have ventilators. we have distributed thousands of

ventilators. if they need them that badly, we know. we have pretty good ideas of where they are going to need them. some people think they need them when they don't need them. i do not want to mention names. some people, i guess, automatically hoard a little bit. ventilator, it is a precious piece of equipment right now. it's hard to make, takes a long time to make it, complex. some of them are like a dashboard of an airplane. they are very complicated and expensive machines. we are ready to go, depending on what happens. we have hospitals in some states who think they need ventilators and we don't think they do. them, we willd have them there before they need them. trials?ew data on these

>> that is the first question i ask every morning. locations00 and other -- in new york right now and other locations where people are taking them. we have nots is, heard anything bad. there have been no catastrophic events. it is a little bit too soon to talk about it. it would be a total game changer if that happened. if that happened, it would be a game changer. that in-- we include the z-pack. we will see what happens with the hydroxide. are there other antiviral that have some promise? >> some show promise.

i think maybe the doctor might want to speak about the vaccines. johnson & johnson is very advanced. vaccine, itth the does not help this group. >> you have been listening to president trump and the coronavirus briefing that we have been talking about. i do want to get a check on the markets. you do have futures opening up turning lower again after closing lower on tuesday here as well. we are trying to find a floor ,ere within the market continuing to extend those declines within the futures markets, an additional 1% or so. i do want to get back to our guest. the chief economist at the consumer confidence board. bart, great to have you. i was reading some of the notes and given that

the drop in confidence was less than expected, either the consumer is resilient or in huge denial? do you have a read on which it is? >> yes, we do. the most important point of the from was that it declined -- it was around largely done -- the survey was largely done in the beginning of the month of march. this is before the rapid increase of the pandemic. the underlying expectations, the decline was much bigger. that is very much in line with other shocks that we have been seeing. what concerns you about this in terms of the big decline in future expectations? what do we know about how much

worse it can get? >> when we look at previous ames, this could go down significant amount of months going forward. we are asking consumers about their view on business conditions and job prospects and income positions. all these things are coming down right now. this does not feel like a temporary shock. it feels like this will happen for quite a few months. we are just at the beginning. >> do you have any sort of sense given you look back on previous crises about how long it takes for the consumer to rebound? before this crisis, the consumer was very strong and felt to be in charge. what does that tell you about any potential rebound from here? that the consumer

was in a strong position to go in. the labor market was strong. there is a bit of a cushion. it is difficult to compare it with different shocks because this is a unique event. it is not that the consumer does not want to consume. they cannot consume. the first thing we will need to see is to get over the worst of and see placesis open up again. the next question, by that time, how much have house balance sheets worsened? how many jobs have been lost? >> when you talk about some of the jobs being lost, some of the biggest worries from economists on the street are how quickly these jobs can come back. a lot of them are worried that

this can take longer than we expect for some of these jobs to come back. does that give you any indication of the long-term impacts on the consumer? on how they depends job declines are happening, right? are jobs -- some people without pay but they are still employed. we see that happening in retail. they are reluctant to let people entirely go. there are other situations where they have decided to really lay off. it is a matter of how quickly i can reopen. what can companies do when they reopened? can you operate at full capacity? can you only operate at half capacity because you need to keep distances between the tables?

the increase in jobs is going to be slow even if the economy opens up soon. you.ank he is the conference board chief economist. we will have much more next. this is bloomberg. ♪

quick check you a

of business headlines. wework -- we are told some of the discounts are aimed at u.s. tenants on month to month deals and who would agree to take lisa's as short as -- to take leases as short as two or three months. leading property developer has reported its first decline. -- that is more than forecast by bloomberg survey. let's check in on your asian markets. trading is underway in new zealand. upside for a third straight session.

australia set to open in less than five minutes. while seeing positivity the rest of asia markets are looking mixed. this is bloomberg. ♪ nowadays you do more from home than ever before.

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haidi: a very good morning. i am haidi stroud-watts in sydney were markets have just come online. taylor: i am taylor riggs in new york and welcome to daybreak asia. here are the top stories we are following this hour. asian markets enter a new quarter after one that equity bulls would prefer to get --to forget.