♪ shery: good evening from bloomberg's world headquarters. i am shery anh in new york. haidi: i'm haidi stroud-watts in sydney. welcome to daybreak australia. our top stories, the u.k. prime minister is the latest high-profile coronavirus patients. he has been taken to the hospital after showing symptoms the last 10 days. the infection continues to spread across the world.

japan suffering its deadliest today's yet. italy and spain are seeing fatality rates slowing down. governments stepping up advice to wear masks in public. but this may not stop people from being infected. shery: let's get a quick check of how u.s. stocks ended the session. we have seen a week of declines. u.s. futures gaining 1%. the s&p 500, it finished 1.5% down. it fell for the third time in four days. we had abysmal jobs data which came before the government mandated shutdowns. we have seen payrolls plunging 701,000 in march, the first to climb since 2010. -- decline since 2010. take a look at how oil is trading. we are seeing further declines for oil futures. this is after we saw the surge

in the previous session. we have reports producers were ready to cut output including -- the opec would hold a virtual meeting this week. iraq aboutimism from a potential deal. we are seeing pressure on wti and print, down more than 8 -- brent down more than 8%. the relentless march of the coronavirus pandemic, horse johnson has been admitted to hospital after showing symptoms and staying in self-isolation in downing street for 10 days. global cases have surpassed 1.2 million with depth topping -- deaths topping 68,000. daily deciles is an of the world's virus hotspots -- death tolls in some of the world's virus hotspots are starting to decline.

ros krasny joins us. we had some positive news out of places around the world. president trump warning of a horrendous phase of the pandemic coming. ros: that is right. he talked about saturday at his extensive press briefing, we found out from the past half an hour or so he will have another one at 7:00 today in about another hour. that has been unexpected. there is a task force meeting going on today. there may be fresh news out of that. both trump and his top health deputies including anthony fauci and the surgeon general have talked in harsh terms about the surge in cases that will happen over the next one to two or beyond weeks. that.ody is bracing for

to see how bad this gets or the social distancing that has been taking place in the past couple of weeks, many parts of the u.s. -- it seems to be in some states. meantime, are we getting any more clarity with messaging around masks? it is interesting. we had an announcement from the pentagon. it seems to be somewhat [indiscernible] anybody on department of defense property or the office buildings should wear a mask if they can't properly socially distance. it is suggested if you can be six feet away, two meters from your fellow coworkers, this

could be optional, but if you are on a submarine or some army base were in the grocery store, a mask -- or in a grocery store, a mask is the thing to do. president trump said he won't wear a mask. he doesn't go outside often. i don't think they are suggesting you should wear a mask sitting at your desk or your house. that is what anthony fauci talked about. when they are at home, they are not wearing masks. when they go out or go jogging they are wearing masks. that is what the most consistent advice is. if you walk around the streets, you see a lot of that. we had positive news out of washington state, fewer .nspect -- fewer infections they are returning national ventilators. there has been concern -- been controversy over the stockpile.

how can the states get the meeting -- the needed breathing machines? ros: it has been controversial. places like washington state, they saw the surge in coronavirus cases early, february into march. maybe seeing a receiving caseload -- receiving case -- caseloadng a receding at this point. oregon sent ventilators to new york. it seems like an organic bartering system many of the state governments are coming up with by themselves absent complete leadership from the trump administration. we heard from the illinois governor who thinks the caseloads from state to state

could be over six to eight weeks. six tod peak of over 68 eight week period. that is the best option we have at the moment. haidi: thank you. ros krasny in new york. let's get you to fundamental with the latest first -- karina mitchell with the latest first word headlines. worster: japan had its number of cases, taking the total over 1000 deaths. this is the second straight day it has got over 100. singapore had its highest daily rising cases especially among foreign workers who live in dormitories. these buildings have been declared isolation areas with inhabitants quarantined for 14 days. economies are reeling from the fallout, businesses closing and

unemployment soaring. hong kong says recovery could take six months. the financial secretary says the government will offer financial help with the effect spreading from retail and tourism to virtually all industries. india has banned all exports of a malaria drug touted by president trump as a cure. the shipments are prohibited without exception and with immediate effect. india restricted shipments of the drug to existing orders. trump has described it as a game changer although medical experts are less certain. police in new south wales are launching a criminal investigation into how a cruise ship carrying passengers reported virus victims was able to disembark people in sydney. this happened last month. 10 of the passengers have died since. to0 people were allowed

leave, which was operated by carnival australia. 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 am arena mitchell. -- karina mitchell. this is bloomberg. shery: will be joined by the nasdaq energy -- as the energy wars between russia and saudi arabia continue. brent at one point falling as much as 12 percent. president trump touted a deal with opec between saudi arabia and russia. that was not really confirmed we are heading to that opec-plus meeting this week. this is bloomberg. ♪

haidi: wti trading lower by

almost 9%. friday,er gaining 12% 25% thursday. the volatility that continues after opec-plus delayed a planned meeting -- and the spat between saudi arabia and russia. this is about who is to blame for the collapse of oil prices. the standoff continues. president trump has ramped up his threats to do oil tariffs. mr. trump: i am a big believer in our energy business. if i have to do tariffs on oil from outside or i have to do something to protect thousands and tens of thousands of energy workers and our companies that produce all of these, i will do whatever i have to do. let's bring in the nasdaq director of energy.

great to have you with us. how does this end? we have been saying there is a political situation brewing and there is a political strategy to solve this if the intention is there. are we likely to get any detente? >> i think the answer to that question depends on two very strong personalities or three. trump is also intentionally involved in the u.s. trying to negotiate a deal with saudi arabia and russia. a lot of big ifs with the coronavirus. we think any deal to cut production, whether it is opec-plus and russia or the united states comes on board would be a drop in the bucket and windowdressing in terms of what is historically and n -- whatied market a

is historically an oversupplied market. the market will have to turn the oil situation around and it will force production cuts from players that can't access the capital markets to continue to finance their operations. and companies that are withheld from the energy infrastructure which is nearing the saturation point in terms of storage and pipeline capacity being filled up too much. haidi: is the issue with the producers that u.s. can't be compelled to cut? and russia won't cut and we are go back -- and we go back to square one because saudi arabia will think, if no one else will cut, they won't reduce either. tamar: nobody wants any free writers. everyone is -- any free riders.

u.s. industry is fragmented. everyone agrees and believe they want higher prices but there is disagreement of how to get there. the bigger players in the industry are opposed to tariffs and the texas rail commission being involved with opec in any capacity. even though distressed players that have a lot of debt, they don't want anyone telling them they have to curtail production because they have to -- that is why debt payments. but you have got the midsized operators that have lower debt but have to sign the lease obligations and they are incentivized to have somebody mandate them and tell them you can't produce and therefore they .an renege on lease agreements there is no agreement mechanism in the u.s. and very limited capacity for enforcement. at the end of the day the texas rail commission has oversight

over oil produced in texas. it doesn't include any of the other high-volume states. anyy: you don't see scenario where president trump could pressure these companies to champion with their own -- chip in with their own self-imposed reductions? there will be -- tamar: the will be an attempt to formalize the cuts driven by the market, but i don't think there is any legal way that can happen , that will not face certainly a lot of resistance from many companies within the industry. shery: how smart was it for saudi arabia to shift the town, to have these agreements on output cuts to include not only opec plus with russia but other countries? we have seen the likes of china,

brazil, norway. each produced one million barrels a day already. canada has already talked about curtailing production. i think that first of all it is difficult to overstate the potential ramifications of if the united states does enjoy some production deal with opec. from saudi arabia's perspective, they have been very clear they are not going to agree to anything unless more countries come on board with this. i think russia has been very clear in that capacity but it becomes very difficult from a compliance and enforcement mechanism to come up with deal that would be material enough in the face of losing 30 million barrels a day of demand because of coronavirus. oil has been the single biggest

loser, biggest casualty from the market perspective from the coronavirus situation. is there anything that can happen on the demand side that could balance this out or will it be a supply-side story even if we see stronger recovering out of china? tamar: it depends on how fast we move out of lockdowns in good portions of the united states and how psychology changes after that. if the coronavirus situation itself leers up, if people decide they don't feel travel, it to not would be difficult to predict ofan behavior with a degree oversupply we have right now, we think oil prices have to stay under pressure for quite some time.

oversupplieduch relative to demand recovery from the virus. much forank you very joining us. it was a painful march for u.s. workers with nearly 10 million losing their jobs in the past two weeks and that is just the beginning. our next guest. this is bloomberg. ♪ ♪

shery: economists are forecasting another rough week for american workers. they expect millions of new claims and jobless benefits for a third straight week and will follow monthly job reports with losses not seen in years with payrolls declined 7100, more

than 10 times what economists expected and the first rock since 2010. -- drop since 2010. great to have you with us. dropy it was a surprising and really a crash of the jobs market even before the mandatory shutdowns went into place in several parts of the united states. how bad is this? >> it was a disappointing report by any means. this was 1/10 of the job losses that have been reported according to the last -- we know that although this report was bad, it is going to get worse from here. myths, thee survey shutdown, the bert -- bureau of labor statistics collects that survey data during the week that contains the 12th. this was before california

issued the first statewide stay-at-home order premium we have had 40 states announce a closure of nonessential businesses and stay-at-home orders, shelter in place. the march report was bad in and of itself but april could be two or three times as worst -- itsy: the u.s. just passed stimulus package but how important is the execution of how these measures are put in place and how fast? was ahink the relief aid step in the right direction and this will provide a bridge for many workers that are struggling to make rent payments. it will help businesses to bridge the gap and keep some individuals on the payroll and be able to pay their expenses as well. this is hardly a panacea. $2 trillion is not going to cover all of the lost income,

revenue, spending. there is going to be a sizable hit to individuals and businesses. there is a timing gap here. it was passed, but it could be two or three weeks before we see of money into the hands business owners and individuals. it will be very painful between now and receiving those checks and even more painful between the funds and when we are able to reopen the economy. there a better way of doing this, to get money into cash strapped household and business owners? there is debate whether now is a good time to talk about ubi. eradicatet way to this issue is to get the virus under control and that the economy reopened. that is the best long-term plan to prosperity, getting

individuals and businesses back to a healthy perspective. there really is not a better way to get money to these individuals at a faster rate. helping businesses, but it is an imperfect system. these are unprecedented times. i don't think going to universal basic income is really the best scenario. this is an unprecedented situation, not something we expect to continue. we have to put outside the box thinking in place. that comes down to how do we control this house -- health crisis to get the economy up and running again? haidi: so much of that determines what happens with the recovery. i am wondering how much confidence you have in modeling what the recovery looks like. we were talking about a v shaped

recovery and u shaped recovery. some talk about permanently lost economic activity. modeling by the san francisco fed suggested depressed rates for 20, 30 years after this. is there any confidence that we know what the post virus recovery will look like? fed is lookings for a projection of 27,000 job losses and unemployment rate over 37%. our base case is somewhere between the worst case and the best case. we are optimistic that the administration will be able to get this virus under control and reopen the economy by the end of april, early may. if it occurs, we are likely to control the downturn from depression every --

depressionary scenario into recessionary. still painful but that is more agreeable as opposed to what the st. louis fed is projecting. in terms of the shape of the recovery, we are looking for a u shaped recovery. it is not a flip the switch scenario. it is going to take time for businesses to connect with workers, to reconnect with supply chains. on the demand side, there is still going to be a hesitancy to go back out into the marketplace either because of lingering fears or crippled finances. shery: we will have to leave it there. chief economist at -- we are now hearing from a media anchor in japan saying japan is expected to declare a state of emergency tuesday. we have seen polls showing 80% think it should be declared.

we have seen more than 2000 cases across japan, 50 deaths, but it will only take a state of emergency to pressure businesses to enforce social distancing. this is bloomberg. ♪ this is bloomberg. ♪ awesome internet.

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♪ haidi: let's get you a check of oil markets because we are seeing a retreat with wti and brent. doubts preservice over resolution -- resurface over resolution to this war. it is still down after a robust rally in the friday session. we see brent off of close to 7% as well.

u.s. futures turning positive after the s&p 500 saw its third loss after four sessions. more pain is to come for the u.s. economic data side of things. let's get more on what we are watching. reynolds joins us now. what are you watching? mentioned oil, with the various maneuverings going on, the basic problem is producers need to cut output before they are forced to cut output because there is nowhere to put the oil. the second problem is the demand shock is so massive it will overwhelm about anything they can come up with. otherwise, looking at s&p futures and what they are doing. perhaps optimism over the weekend. a slowdown in saw

deaths and infections in the european countries. i think that is one of the things we have been concerned about, the way the market is reacting. it is tending to directly trade what is going on with the disease itself when our concern is going to go in the next months. that is going to be deeper and last longer than when the actual virus peaks. shery: you had an interesting piece about how the coronavirus pandemic will change the fundamentals about operating, especially when we see more government involvement aware stimulus money goes and businesses. not to mention the role of lower moreworkers are becoming essential. less about these shifts. >> in the piece you mentioned i put in the line we are all socialist now.

the government is now absolutely central to a range of is this decisions that it never had anything to do with. that is going to sustain. you touched on the points of changes with lower paid workers. a simple example in australia, there is a big increase in the jobless payments. how are you going to take that away after the crisis passes when you are going to be wanting to stimulate consumer demand? from an investors' point of view, we have uncertainty. the government is in the center of the economy. how that changes the way shares move, businesses, investment decisions, profit outlooks, once the virus passes, is difficult to project. anybody who wants to go back to where we were before the virus

came along is setting themselves up for a rude awakening. haidi: in the meantime investors looking at investing in all sose stocks, we have seen -- once we do get some uncertainty in this part of the world and from china, given the direct exposure of the economy here, are we likely to see more bargain-hunting? garfield: we are already seeing some. australia has the situation because of the mandatory pension savings, superannuation and the investment skewed strongly towards stocks, there is often a certain bid that comes in after a decline we have got the situation where analysts are being too slow to take a look at how much profits will come down.

if you go on anything approaching the previous outlook for how a company would perform, look at where the stock is now and you say that is a buy. the question is how accurate is forecast can possibly be in the current situation. even as australia sees they have perhaps flatten the curve on in fires -- on the virus infections, we have got the premise are saying restrictions hang around for six months. that is going to make it very hard for businesses to get back to the sort of levels they were even a year ago. shery: thank you. let's get to first word news with karina mitchell. >> the world health organization says face masks may be no protection against the

coronavirus. the executive director said wearing a mask in public may not prevent contracting covid-19 by can stop an infected person passing it on. johns hopkins university said worldwide cases have topped 1.2 million with deaths approaching 70,000. wearing a mask in public doesn't necessarily protect you. if a sick person wears a mask, it is less likely they may infect others. europe's worst hit countries have reported death rates falling. latest figures suggest restrictions on public movement are having a positive effect between -- positive effect. italy and spain have the worst in europe but there is a significant slowdown in spread. the u.k. government is threatening even tighter virus restrictions amid signs people are ignoring the rules.

in citys were found parks. the health secretary says the government will not hesitate to ban all outdoor activity if people continue to flout the rules. boris johnson is in the hospital for coronavirus tests after suffering the effects and remaining insights -- self isolation for 10 days. he remains in charge. his partner is showing symptoms but has yet to be tested. the u.k. has seen as deadliest day yet. the total is about 4300 fatalities. 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 am korea mitchell. -- karina mitchell. this is bloomberg. haidi: the coronavirus pandemic jobs all across the world -- shedding jobs

across the world. we will look at this with our next guest, the world's largest freelancing platform. this is bloomberg. ♪ this is bloomberg. ♪

outbreake coronavirus has changed how most of the world works. we asked company ceo's about the challenges they are facing. >> please help your employees to

work from home. 100% is better than 80% and 80% is better than 60%. >> we can't do that, but we are four orhaving three or five locations on a video screen and having our senior management teams that way. now we are carrying on. >> it is an uphill slog. i remain optimistic. >> we have depending on the country 40 to 50% of people now working in home offices. >> we were so concerned about [indiscernible] the production lines, how to keep them safe is a huge concern. >> we have changed the way of our normal life. >> what we need to work on is the number of employees that are confined because of the measures put in place by many of the government's. -- governments.

how do we get them back to work while ensuring their safety? this is important for all of the companies. >> we want to rally everyone together instead of cutting jobs to save costs. we should be cutting costs to save jobs. haidi: australian lawmakers return for one day on wednesday to debate the government's $130 billion stimulus plan. at stake, 106 million australians. with the ceonext of freelancer.com the ceo of freelancer.com. what is the impact on your business with volumes you're seeing on your platform? a great global work

online experiment. every business is forced to work from home online. this will have a permanent change in the way businesses actually work even when everyone goes back. businesses will be more flexible and people will be used to the working at home. what we have seen in our statistics is interesting. we have seen in our daily steps as -- daily stats as countries go into lockdown, usually there is a two week disruption period where businesses are trying to sort out how do i work from home ? employees have to get comfortable. after that, we see a big lift in the stats. , itvity, country by country goes up. it is ready innate because the lockdown only happened -- pretty innate is the lockdown

only happened two weeks ago but for the last 10 or seven days, we have seen a huge lift in stats. we are seeing the weekday blend into the weekend. we have the weekend, a lot of activity. saturday and sunday is market to monday or friday -- more akin to monday or friday. it is like any other day. they get up, walk around, sit down for work. we are seeing that, the big uplift in the u.s. in particular. haidi: global job losses, the international labor organization putting it at 25 million, what is your feeling on how many of these jobs will return as permanent roles in the economy? but could we see a seismic shift and people go freelance to stay there? -- just stay there?

group global financial -- the global financial crisis, you had three or four forces at play there. you had people working looking for jobs, businesses looking for cheaper ways of hiring and went to the internet. very importantly in the united states you had people out of work who said to themselves i don't want to jump into a job straight away when the economy comes back. what i want to do his work on a bunch of side projects, the e-commerce saying, helping the kid out, etc. this, someough governments are saying three months, some are saying six months. you look at the johns hopkins numbers, you can see a bit of a

flattening in places where they have had aggressive lockdowns but i think in the future -- shery: go ahead. matt: there are industries that will not go back to the way they were. i don't think travel will. you will have the ability to travel -- not have the ability to travel like you did before. emerging markets will not recover for a couple of years. bill gates is talking about a passport to travel to certain zones. retail is not going to go back to the way it was. there will be a lot of closures and businesses will move to online models rather than traditional shopping center models. while some industries might bounce back quickly, quite a lot will not. shery: i wanted you to expand that perhaps some people may not jump into the workforce immediately. we have seen 10 million people losing jobs in the u.s.. does that mean you haven't seen

a visible impact to your business in this part of the world? matt: it is a big impact. with a lockdown in the united states, there was a two-weekperiod where we could see the businesses transitioning to the work from home model and activity was down. in seven days we can see this lifting strongly. in the last week, we are 20% above anywhere we were in the year before the virus came along . we anticipate in the next two weeks we will see the stats lifting further. we are seeing more activity, 20% higher than the all-time high at the moment in the u.s. shery: another thing, during this outbreak we have seen more visibility to the lower paid workers, those people who are deemed essential workers are mostly grocery stores, cleaning offices. we see a fundamental change in

the way the labor market operates with more focus on these lower paid jobs and perhaps a boost in minimum wages? seeing government's response with social programs to keep jobs. in australia there is a program called job keeper. what it means is any business, any small business that has been affected by a 30% downturn in revenue or any large business with 50%, the government is paying under the minimum wage to anyone employed in the company. this is costing hundreds of billions of dollars, but you are starting to see social programs from around the world in various countries. i think we will probably in some ways move to the left in terms of thinking about social programs. a lot of these essential services, if everyone is at home locked up inside, someone needs

to be collecting garbage and making sure food is delivered to people and other services. you are correct. you will see a big boost post this in areas. haidi: what kind of changes have you made to your business to cope with the demand? you have looked and ,reelancer.com as one way substantial, not being able to address the hardships unemployed people are facing at the moment. matt: the very big thing we have done is we two years ago launched an enterprise program where we can at scale provide for customers. we have 2 million people on the network. the enterprise program which goes into fortune 500 has been adopted by -- that is our response. there are two parts to a.

one is using our platform to make your own workers more efficient because they can higher each other through our re eachm -- they can hi other through our platform. this has been adopted as the coronavirus response. that is the thing we are most excited about. at the moment it is being deployed in one of the consulting firms globally. the ceo went on stage and told the company to login. it is a company with 440,000 staff. we will increasingly see this deployed as a platform to allow organizations to more easily work from home. shery: thank you very much for joining us. the pandemic is not stopping this bank from launching in hong kong, the first ritual bank to do so. -- virtual bank to do so. this is bloomberg. ♪ this is bloomberg. ♪

haidi: sydney harbour saw its largest peacetime -- police resupplied five cruise ship so they could leave further homeport. -- for their home port. this has been kind of a

controversy on how they have been dealt with the best two weeks. the was a lengthy standoff over the fate of these ships which were hovering off of the australian coast for a number of weeks. five of those have been restocked, food, fuel and water. 1500 through move before this between those and now they are on their way back home. critically one ship remains. that is the ruby princess. it is a very controversial story. homicide detectives have launched a criminal probe into the ship because a -- it docked on march 19 and 2700 passengers got off without screening despite some of them showing symptoms. that was a horrifying moment for the authorities in new south wales as they all dispersed across australia. the ship is now australia's single largest factor for the transmission of the run a virus.

600 people now on it tested positive. 11 passengers are dead. the police have launched a criminal probe into what happened. it is off the coast with 1000 crew. it will talk in sydney today and the border wars will get on board and assess the situation. the situation will be taken what to do next. shery: there is a lot of focus on job losses in australia and the government is facing a shortage of farmworkers. what is happening? paul: this was an important point raised by the agriculture industry edges dependent on seasonal workers, many from the pacific islands who come to australia and do the fruit and vegetable picking. from the industry, the seasonal workers are able to extend their visas up to 12 months so there is an exception, the strict travel restrictions in place in australia.

it would have been very bad for farmers have the produce not been able to be picked but it would have been bad for australia's food supply as well. those people can extend their visas, but they will have to observe the 14 day isolation to move around. shery: let's get a quick check of the latest business flash headlines. oil slumped after opec and allies delayed emergency talks on the oil price thursday. saudi arabia and russia continue to trade barbs. a conference call is set for april 9. riyadh and moscow what the other one to accept blame for the situation. the kingdom set president putin -- said president putin is blaming it but it is devoid of truth. credit suisse has pulled out of the plant ipo blue dr. in hong kong. this was alongside cmb

international. a share sale is expected before the end of the year. it is one of china's biggest health care startups and aims to u.s. up to $1 billion credit suisse is no longer working on the deal. jpmorgan will take full control of the chinese mutual fund joint venture after agreeing to buy out shanghai international's stake. the price has not been disclosed. money andp their own it meant an investment bank for the first time or to seek to buy out their local -- companies around the world are being encouraged to switch strategy to fight the virus and airbus has delivered 4 million face masks to the european union. it sourced and purchased the masks in china and sent planes to collect them.

most of the masks will be donated to family countries, france, spain, germany and the u.k. airbus has made such -- three such flights. a johns hopkins professor joins us to discuss the response to the pandemic. he tells us what he thinks sledgehammer policies will do more harm than good. take a look at how markets are trading at the moment. we are seeing now to stocks falling .8%. the kiwi dollar is under pressure. we have seen currency struggle friday, continue to see the downside pressure. the aussie is recovering a .2%.e bit, up we have the aussie open in about two hours -- and about one hour or so we will -- and about in one hour we will bring you news as we see stocks across the world struggling as we continue

to see the coronavirus pandemic give more cases, topping 1.2 million at the moment. plenty more ahead. this is bloomberg. ♪ this is bloomberg. ♪