[please stand by] virtually no cars, no motorcycles, no anything. things that would normally be taken care of, we don't see anymore. the ship is ready, but it has

to, if we need it, needed for the virus, we would be using it for that. we would prefer not but if for any reason they need it, it is ready, willing and able. we have the -- we have the best logistics officials anywhere in the world and we are orchestrating a massive furlough response -- federal response unlike our country has ever done. more and more we are using medical people because of the states, iniction particular, new york, new jersey, long island has become a hot spot, part of new york. sending a lot of things and now personnel where it is needed, military personnel. as of tuesday we will have deployed over 3000 military and public health professionals to new york, connecticut and other

parts of the country. the number is going up. off in we see a leveling the hottest spots of them all. you will see that over the next few days and what happens. but we are prepared. in the last seven days fema has airlifted critical supplies of the -- protective equipment from every corner of the earth. they are coming from all over the planet including from within the united states where the equipment is not as necessary. cargo planes have delivered, listen to this, 300 million , and 3 8 million masks million gallons -- 3 million gowns since sunday. three big ones landed today. these supplies are being distributed to the hospitals and health care providers across the nation so that massive amount of material we are getting in is being delivered all around the

country. tomorrow we will deliver an masks tol 600,000 n95 new york city to take care of the needs of the hospital system. those are requests from mayor de blasio. we have been working with him. he is working hard. i can tell you that. we are working hard with new york city and new york state. at the request of congress -- ong congressman in l island, we will be delivering another 2000 masks to suffolk county. it should be there tomorrow. ofwill be deploying millions and 95 masks to other locations that the admiral will detail shortly. he will be up. fema has delivered an additional 500 ventilators to new jersey,

500. and the governor has been very thankful. we are working hard with new jersey, including building hospitals premium sent 200 ventilators to louisiana. 300 to michigan. working very well i think with the governor. amazingly 600 will be going or have gone to illinois. there is a governor, i hear him complaining all the time. he is always complaining and yet i said give me a list of the things we have done in illinois, and we are building a 2500 bed hospital in mccormick place, the big convention center. and we are helping to staff it and probably we will end up staffing it because he is not able to do what he is supposed to be able to do as a governor. he has not performed well. we are sending 100 ventilators

to massachusetts. we have 600 to illinois, 100 to massachusetts, 300 to michigan, 200 to louisiana, 500 ventilators to new jersey and this is being done by fema, delivered by fema. and it is some job. 500 ventilators, a ventilator is a big deal. we are establishing a federal medical station in the washington, dc area to help and working closely with the mayor of everybody in washington, dc. appreciate,ley, we washington state has returned 400 ventilators which can be deployed elsewhere. so the state of washington has done very well. they will not be needing some of the ventilators that have been sent. that is a lot. we appreciate he is able to give

them back. he feels confident they are in good shape for the coming weeks until we can declare a final victory. america will endure the peak of this terrible pandemic coming up here in our warriors are the incredible doctors and health care workers on the front line of the fight. we pledge to them our eternal gratitude and everlasting support. .hey make all of us very proud our country is very proud. we have people, they love our country, the world loves our country, most of it you probably all of it. i can report the united states has tested and given results, gotten results of 1.6 7 million people. more than any other country has been able to do. we had inherited up group -- a broken system.

testing kitsf care has been produced by habit laboratories, great company. they will be distributed to all of our public health labs, a 15 minute test. as well as the indian health service, the cdc and the strategic national stockpile. we will have 1200 and we are making a lot more. they go fast and accurate. other countries are wanting them. we will be able to do that but right now we are getting them to all of ours. tests. done 1,670,000 think of that. we have a great system. we are working with the states in almost all instances. we have a great system. the other thing, we bought a two minus amount of hydroxychloroquine.

, it is a great malaria drug, it has worked unbelievably, a powerful drug on malaria. there are signs it works on this , very strong signs. in the meantime it has been around a long time and works on lupus. so there is some strong, portable signs and we will have to see because it is being tested. this is a new thing that happened to us, the invisible enemy. a, no signs of -- one of them will kill certain things you don't want living within your body. it is a powerful drug. if you don't have a heart , we would say let your

doctor think about it. thereombination, i think is two things that should be looked at strongly. and wehave purchased pillstockpiled 29 million of the hydroxychloroquine. 29 million. a lot of drugstores have them by prescription and they are not expensive. also we are sending them to various labs, our military, the hospitals, sending them all over. it,expression, i have used what do you have to lose? a lot of people are saying and are aking it, if you doctor, nurse, first responder, medical person going into

hospitals, they say taking it before the fact is good. what do you have to lose? take it. i am not looking at it one way or the other but we want to get out of this. it would be a shame if we did not do it early. we have good signs. that is hydroxychloroquine and is with my son -- and azrit homycin. i have seen things that i sort of like great what do i know, i am not a doctor. but i have common sense. the fda feels good about it. they have approved it, gave it a rapid approval. the reason because it has been out for a long time, and they know the side effects and the potential, so based on that, we

have sent it throughout the country and have it stockpiled doses.9 million 29 million doses. we have a lot of it. we hope it works. proven by the goal of the brightest minds in science, we have the brightest minds in science but we are driven by the goal of getting rid of this storagethis storage, -- -- this scourge, this virus. these mines are -- minds are working on antiviral vaccines and therapies. we are working hard. i have met many of the doctors doing it. they are working so hard on vanquishing the virus. home,ommend staying at practicing vigorous hygiene and

sontaining social distance your not going to catch it. it is the most effective weapon in this war. committing to you. we are committing to the people of our country like few administrations, professionals have ever committed before. they are working so hard. i see them before my eyes, exhausted, people i am dealing with every day. they have not left their offices. they haven't left their hospitals. we meet with them. we see them and strides have been made. i think the vaccines, we will have a report of that. working together with other countries, working with many other countries. beall want everyone else to first. but we are far down the line on

vaccines. we will see how that works. johnson -- johnson & johnson is doing a good job. the vaccine would be a good therapy. therapeutics will be great. we will see what happens. in the meantime you may listen to what i said about the two drugs mentioned. my administration is implementing the largest emergency economic relief package in american history. you see what has been happening. billions of dollars in small business loans have been processed through paycheck protection programs. we went out on friday and it has become so popular, worked with the banks to get it to the small business. it is all about employment and jobs. what you to keep your jobs -- want you to keep your jobs. we are sending direct cash limits to millions of americans

and rushing aid to the hardest hit industries. we are saving industries. you will be seeing it. if we do more, we are going to do more and get directly to people that are hit so hard. we are trying to -- going to take your of our workers and small businesses. we are going to take care of our large businesses, airplane industry, airline industry, a lot of great industries that are in trouble because of what took period of the last time. for the most part they are doing great. oil and gasg great, and energy industry was doing well and got hit like nobody has ever been hit before. just about like no industry has ever been hit before. there has never been anything like this. but we see the light at the end

of the tunnel. things are happening. we are turning to see the light at the end of the tunnel. hopefully in the not too distant future, we will be very proud of the job we all do. you can never be happy when so many people are dying, but we will be proud of the job we did they keep death down to a minimum, the least it could have happened with this terrible virus. i also want to note today is palm sunday and the beginning of holy week for christians in america and around the world. while we may be apart from one another, as you can see from our greatchurches, our pastors and ministers working for a hard, we may be apart, we can use this time to return to reflection and prayer and our own personal initiative with

god. i would ask all americans pray for the doctors and nurses, truck drivers and grocery store workers and for everyone fighting this battle. i mentioned yesterday where i see the nurses rushing into hospitals and they are putting on their outputs and putting on their masks and goggles in some cases, rushing into war. i see people from apartment houses screaming and shouting .nd singing their praises it is an incredible thing. they are warriors, these doctors and nurses. they are literally putting it on as the doors are opening, putting on this and running inside and running into tremendous change or -- tremendous danger. i would like to ask for your prayers for the families who .ave lost loved ones ask god to comfort them in their

hour of grief, great our of hrief for our nation -- freat -- grief for our nation. 151 countries this morning. it is 182 countries. the jumped up a lot. 182f this morning, it is countries are under attack from this monster. with the faith of our families and the spirit of our people and the grace of our god, we will overcome. we will prevail. we have learned so much. we will be stronger than ever and i want to thank everybody. i want to thank the incredible professionals on the task force. we had a big meeting today. we had calls all day long. our package to get everyone

working when we are ready is turning out to be successful. we may have to make it larger. all of it comes back to this country. we want to get them back, or people back to work. we want to open up our country as soon as possible. i will ask dr. birx to say a few words and got some charts to show you. thank you very much. birx: thank you, mr. president. as you can see from the hopeful signs in italy and spain where we see new cases and deaths declining, giving us hope of what -- haidi: we have seen donald trump giving an update on the coronavirus task force premier hearing from dr. birx giving more of an update on the medical side. in terms of what president trump went through, drug stockpiling,

thing the u.s. bought a lot of hydrochloric when, stockpiling 29 million pills, this is a drug that has undergone very small, preliminary tests that shows some degree of efficacy against the extent of the coronavirus impact. the president has said he is open to taking it himself. he also said 1.6 7 million people have been tested for coronavirus in the united states . -- 1.67 million people have been tested. he talked about the airline industry. he warned of the fallout, saying it is entering a horrendous phase of the pandemic. we are seeing cases upwards of 324,000 in the u.s. let's bring in our next guest. in sydney is j.p. morgan executive director of macro

sales laura fitzsimmons. great to have you. you have been listening into what the president was saying. is there any confidence on how containment measures are going and how extended this looked and will be in the impact on a potential recovery for the economy? tone continues to become more serious and clearly the extension of the lockdown, certain cities and the timeframe , the measures being extended, we felt at the beginning not enough was being planned in terms of the u.s. response and the sense they were going to be opened by easter. deaths will be occurring this week. it is more appropriate and we are hoping of course some of the signs from western europe are

that once the peak passes, potentially there is movement in the tunnel as we move to the light at the end of the tunnel. it is a long way off. the economic numbers are starting to hit hard. friday was particularly bad in that regard. like for equity investors it is a holding pattern until we get clear direction either way into how the lockdown of the measures to keep economies in hibernation the want to call in australia or under control, and we have certainty when it will be ending . in terms of fx trading, will the dollar be paramount? >> we think you will continue to see broad dollar strength against certain currencies. it is not a clear outcome from here for the broad dollar against everything.

in terms of the fx lines the fed "it relieves funding pressures that were around the bid to the dollar we saw in march but now it is more selective. we are looking at long u.s. dollars against cad, trading above 140, having to hold that. our ethics strategists have been continuing to hold. the delay of the opec-plus meeting is helping to underpin that even more. oil was very weak to start. we also like the u.s. dollar against sterling even after -- even before the news of p.m. boris johnson. sterling looked over done last week and probably the u.k. had more in terms of external pressure and there is probably a reason why it will remain an underperformer globally with the g10 currencies. they are the dollar longs we prefer but the aussie is can

training -- continuing to trade weakly. dollar-euro? ut we see that euro weakness as a lockdown continues to extend. complex one.s a it gets caught and a lot of crosswinds. we are starting to see as being mentioned, we could reach the peaks in the western european countries in terms of lower deaths andlower fewer cases. the euro could do better but it is one of those i think we have seen short positioning be reduced significantly in terms of data. maybe the euro will start to find its feet more. it is one we don't see a clear-cut view on. shery: what about the aussie and the kiwi? they have treated in line with risk, but as we see a different

diverging take on this iris outbreak in their respective countries, could we see divergence their? there? >> new zealand has been strict going to stage four measures. it is a small country which would not have the resources to take on a crisis if it was too severe. the government has reacted in the way that it has because of that. responseof the fiscal from new zealand, they were one of the world leaders in terms of what they were doing with relative size, but now in terms of australia, what our government has done here, that what ising -- dwarfing being done. butally australia is better the lockdown measures could be slower and not as severe. it depends whether that

mitigation, how impactful that is for new zealand but it could perform better coming out of this because they could beat the virus sooner. do these countries, is it an individualistic scenario you are looking at? is australia seeing a flatten the curve? are they in a better position given the recovery out of china? or is this a global impasse that it doesn't matter if any country is doing better than others? think australia has a better chance in terms of the makeup. australian equities, at the moment you have got the banking sector is huge and then you have the resources sector. china, when we look at the statistics coming out of china in terms of factories reopening, what output we are searching to

see again, some of the measures have returned to help your levels. some of that healthier levels. for australia's perspective in terms of what we do here and what we export -- what we do wear and what we export -- there is broader demand globally. it will tend to play out in other sectors of the economy, tourism, airlines. but given this year -- the sheer size of jobless numbers, it will be hard to find bright spots. fitzsimmons, thank you very much for joining us. we have breaking news we are hearing from japan's policy chief speaking in tokyo, saying the prime minister will give details of the economic package. the government is united in dealing with the crisis. the government is close to finalizing this stimulus

package. we have seen the party unveiled $554 billion worth of measures. the plans include investing in households of $2700. this is bloomberg. ♪

let's get you a look at markets. we are seeing futures picking up a bit of positivity there. donald trump is focusing on relief efforts as well as stockpiling efforts and sounding upbeat overall throughout the course of that latest press conference. send -- saying that he hopes we are seeing a leveling off of our cases. we are going to look at the stand up between the saudi's and russians and the u.s. threatening to get involved. 7.8% onseen downside of

crude brent. robust gains until the end of last week. let's turn to the u.k. and the prime minister boris johnson in hospital for coronavirus tests. elevatedr suffering in self-isolation. he remained in charge of the government. we saw a pretty poor reaction in sterling when the news broke that boris johnson was going back into hospital. that throws into sharp relief the impact when we have heads of state potentially really badly affected by the situation. there was a lot of consternation when he appeared on television. people were saying that he looked to barrio. this is something that has a lot of concern.

it does emphasize what is going on. this pathogen is going up to the highest levels. angela already seen how merkel has already self-quarantined. in iran we had several people at the top of the government, one of which to hide -- which died. let's move on to where we are. the worste have affected european country reporting the lowest single day coronavirus death. that italy has fewer cases than spain had. their efforts are finally starting to bear fruit. there cases down to 525 new ones. that is the fewest since march.

italy does remain on a strict lockdown. we had family in the area that passed oil last week. one of the things is that we have a situation where there are --ot of people at their own at the moment saying that churches should close for easter. the catholic church did come into a lot of criticism for leaving churches open for a three week. when people were arguing for them to be shut here. is that why we are seeing an extension of the lockdown? at least in spain?

we mentioned covid-19 cases going up in italy. the plans to extend the country lockdown are until the end of this month. we are talking about april the 25th. 124,700 people have been affected. the number of death rising by 809 as well. the virus crippling much of europe right now. we did start by talking about the u.k.. they were a bit more reluctant to take measures earlier. policymakersnment scrambling to mitigate the with some economies

headed into deep recession. ,ome of them used the dword depression. looking for different types of stimuli. they're looking for a way to stabilize these countries hit by the virus. they did not make any mention of joint partnerships. the italians, spanish and french one, italian bonds -- coronabonds. they said there is the european stability mechanism, that already offers a possibility of allowing countries to raise capital jointly for the same advantageous cause for all. these are sales tactics.

the germans are admitted that they will no be -- not be any joint debt. reports from japan say the government may be clear of state national emergencies as virus kate -- cases jump. tokyo reported its worst day yet. 143 new cases on sunday. that takes the total number of the city to over 1000. singapore reported it highest daily rise in cases. -- its highests daily rise in cases. the dailytold briefing that wearing a mask in public may not prevent the caching of covid-19 but can help stop an infected person from passing it on. johns hopkins university said will glide infection cases have topped 1.2 million with deaths approaching 70,000.

this does not necessarily protect you. if a sick person wears a mask, it is less likely that they may infect others. has banned all export of malaria drug, touted by president trump as a cure for covid-19. prisoner tribe said the shipments are coming without stop. -- president trump said the shipment are coming. world arearound the reeling from the follower of coronavirus with businesses closing and unemployment soaring. the recovery could take at least six months. the financial secretary said the government will continue to offer financial help with the effects spreading from tourism and retail. global news, 24 was a day on air

and on quick take by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am karina mitchell. this is bloomberg. haidi: thank you. we have more major interviews coming up later today on bloomberg television. ceo, davidonday impacts to discuss the of corona on retail. this is bloomberg. ♪

>> the coronavirus continues to spread through the u.s.. many business sectors remain mostly shut down. our next guest says this will cripple the american economy and the measures taken are not necessary. joining us now is steve hankey. great to have you with us. you were actually describing some of the response from the westernwell as other democracies as a sledgehammer because they have not planned anything. now, at a time when containment seems to be over, the outbreak has extended across the united states. when you can be done need the lockdown in order to slow down the spread so the medical systems will not be overwhelmed?

>> it is a question of how you lockdown. western economies have been using a sledgehammer approach. to crack a walnut, you don't need a sledgehammer, you have to do things very selectively. intensiveo do a very testing program to find out who is infected and isolate those people on a selected basis. that is what they have done in korea.re and south you have the same situation in europe. the only outlier is sweden. sweden is doing the right thing. they want to keep the economy going as much as they can and selectively isolate people and protect them. rather than using the sledgehammer. we shut the economy off. this is going to be catastrophic

depending on the duration. epidemiology people are talking about going until july in thejune and united states, if you keep things locked up that long, this will be worse than the great depression. >> the death rate is much higher in sweden and the rest of scandinavia. they are being pressured to lockdown the country. this approach may not be working as well as expected when coronavirus is spreading across the united states. could there be a return to a normal economy or parts of the industry when the first priority seems to be slowing the spread down? could there be a restart to the economy without addressing the underlying fund about a problem that coronavirus continues to spread? ignoring the cost

associated with a total lockdown. you're only looking at one side of the equation. to contain the spread of the virus, there is a cost. if you lock everything down and shut everything off, the cost is absolutely phenomenal. if you do it on a selective be mucht is proven to more effective from an economic point of view. on aost of everything is selective basis. it is smaller than a total lockdown. you have to look at the benefits and costs. unfortunately, there is a trade-off. restarting, the key thing we have are two things,

one, the longer the lockdown remains on and the heavier the sledgehammer, the restart will be much more difficult. that is the first point. the second point. the one thing most people are not talking about is you have had massive government failure in dealing with the virus and people are clamoring for more government. it is not logical. if you have more and more government, the restart will be very slow. it might never occur. you will have so many layer's of regulations, redtape, government interference in the economy that it will never get back on strong footing with decent productivity

and growth. are you saying there is a real choice between health and the economy? i think a lot of people would say there is no moral choice to be made. i think sherry was pointing out that you talk about singapore and hong kong being a spot. hong kong saw in 80% rise in cases. singapore had its highest cases, deadly as day yet. is there really a choice other all-encompassing approach here? steve: yes, no question about it. you have to look at it in a way that the benefits and cost of any policy that you are putting in -- what you're are suggesting is you blindly use a sledgehammer and shut everything down. it will be at a massive cost. that is the end of the story.

i am saying you will have to use a much more fine tuned and sharp scalpel to deal with these problems. that is what we have seen. definitely in singapore, south korea, taiwan, hong kong, those places have already been through it. d concerns because there were cases picking up in singapore again. they are focused on containing those new cases and introducing new policies to deal with what is popping up in front of them each new day. haidi: singapore is going under a month-long circuit breaker. it is a nearly month-long shutdown of the economy.

the wondering what about distribution of responsibilities between states and the federal government? there has been real tension in the united states. do you think that distribution is taking place in the most effective way? the other thing, i think it was something you posted from the who, nova sponsor will be perfect. time is of the essence in this scenario. the essence.s of time is your enemy in any kind of crisis. you have to react quickly and decisively. you are asking about the federal government versus the state. i would argue that the situation in the united states has become highly politicized. highly politicized. i think the states should be allowed to proceed as they see

fit. that is what has been happening in the united states. to your point, is this a massive failure of not only governments around the world but western democracies? we have talked a lot about the lack of transparency in china but we are seeing the same thing with the cdc and how you can't classify deaths over coronavirus if you don't get the tests first. when it comes to restarting the economy, should more power be given to states then? china, ofyou look at course, they have been lying since day one. even today, they are not reporting the number of people that have been tested. you mentioned the who covering up china.

they have done a wonderful job, if you look at the data, the chinese have not even reported this test. you have no idea what they have done. as far as government in general, awould have to give them failing grade. p's.have failed the five we have had massive government failure in various venues and the other thing about it is the politicians and the public are with the ratchet effect. in andernment comes fails during a crisis and then the government activity and regulations are ratcheted up and they stay that way forever.

i think we will ratchet up to a higher level of government interference and regulation going forward. haidi: thank you for joining us. hankewas professor steve of johns hopkins university. president of the corporate secretary is coming up in hong kong. this is bloomberg. ♪

>> pushing back against the request from the trump hold backtion to production of face mask. >> we continue to do everything we can to fight covid-19 in support of health care workers at home. we have ramped up our production, the u.s., as quickly as possible. we saw this in january and ramped up productions. we are working to expand that. we are focused on delivering as much as we can in april. the narrative overnight that we are not doing everything we can to maximize the delivery of this

in our home country is false. is not doing 3m everything it can to fight -- resale isthree absurd. for the peopleis who have dedicated time and effort. it was disappointed to hear that overnight. >> it is difficult to know what the white house is talking about. in this case, it seems the president heard a report that you are selling some of these masks to canada and to latin america. that has been a common business practice for you as i understand it. >> under normal circumstances, we produce 90 million respirators per month. 90% of that goes toward industrial customers. a portion of that goes to canada and latin america. it a crisis like this, we double that output.

and only support key industries like pharmaceutical manufacturing or production. we continue to support canada and latin america. it is part of our strategy. this covid fight is like nothing we have seen. we are trying to do everything we can to bring capacity into the u.s. while we still serve canada and latin america. we are often the sole supplier of those workers in those countries. we have expanded capacity. now just got the agreement to help export 1095 respirators from ever china manufacturing in the u.s.. we are stepping up and bringing more production online in june. we will get up to 50 million and what we can bring to china. we are a net importer in the canadaen though we serve

and latin america, it is much less than 10% of our normal production. it becomes a humanitarian issue that we have to try to balance. we are maximizing everything we can bring to u.s. health care workers. haidi: is there price gouging of some of these masks? are you able to control pricing? gouging, it isce good to be clear, we are manufacturing respirators. we sell those two distributors. in the health care crisis, we sold through large, reputable district -- distributors. talk -- commented about triage. we are working with fema to ship directly but also working with distributors to get there. prior to covid outbreak, we were selling to 90% of industrial

distributors. they are selling to a large range of customers. some of that ended up in resellers. it is unethical and despicable behavior of vice gouging that is taking place. we have none and would never increase prices for a respirators during this crisis. we don't sell to the highest bidder, we sell through this authorized distributor's or directly to a government. we are going to really pursue these perpetrators. we bring our data online. we help with counterfeits, we authenticate these products and make sure we are calling out those price gouging resellers. we are doing everything we can to help law enforcement take that on. we have a supply chain that ensures in this crisis and we monitor every day. it was a strong and effective way to get the product to the

customer. -- disappointing and unfortunate that retailers are taking advantage of this. >> we will have an exclusive interview with the nestle ceo at 4:00 p.m. hong kong time. this is bloomberg. ♪

>> good evening from bloomberg's oval headquarters in new york. i am shery ahn. headquarters in new york, i am shery ahn. haidi: i am haidi. hour, top stories this the coronavirus infections rage on. japan is ready for a state of

emergency. singapore preparing additional measures. oil folds again as opec delays emergency talks. saudi arabia and russia blame each other for the crash as pandemic worries washington demands on energy. president trump says he sees light at the end of the tunnel for the u.s.. how japan isk at starting the session. we are seeing upside boosts for japan's nikkei and topics with the nikkei gaining .2%. we have seen huge plans from the government in terms of measures to support households and businesses. around $554 billion. theyspaper report saying could be implementing a state of emergency starting as early as tuesday. the japanese yen falling for the

third consecutive session, reversing those earlier gains we saw in the session. look at how south korea is doing right now. getting more than a percent with the korean won weakening against the u.s. dollar. this coming as we continue to see this and declining aspect reserves in south korea. the biggest decline since 2008. the 10 year yield holding 150 five level. we have seen the 10 year government bond snapping those gains. we are at that 150 level. are watching trading coming online in sydney. a bit of moderate upside for the asx. 22 5% higher. -- .2% higher. -- .25% higher.

zealand,look at new really giving back those gains that we saw on friday. the new zealand central bank said the chief economist is coming out with interesting lowerts about going for a ocr or the official cash rate. that is going into negative territory. that is according to the chief economist speaking to bloomberg news. he is saying the situation will be changing over time but it is not currently on the table. let's get more on the markets. our next guest joins us to talk about opportunities in australia. let's get it over to our correspondent. great to have you.

just taking a look at some of those recommendations for us trillion stocks, it is clear that some things have resumed in this market. if we see a bigger bounce back or a quicker bounceback given that we are starting to see the flattening of the curve but also a quicker than inspected recovery in china, are there opportunities at the moment? >> there certainly are. many investors are looking to the australian market. we would agree that we have seen a really widespread selloff. levels 200 is trading at we haven't seen in a long time. we have seen strong returns over the next 3-5 years. thedifficult aspect is second order economic impacts. they are hard to predict.

our approach is to selectively add high-quality companies that sheets,ong balance sustainable competitive advantages and -- >> we are just getting some lines from president trump. he is still speaking. he sounded relatively upbeat when he was speaking earlier about where he sees the trajectory of the virus cases and the curve and the u.s. proceeding. president trump now saying that he likes the concept of a stiff stimulus- additional checks. how much do we expect these stimulus checks to have a boost? president trump said he would use tariffs to save the u.s. oil

industry. politics is still very much at play but given that we are efforts,ssive stimulus have markets become numb? seeing is very significant in today's volatility. even though the vix index has improved since mid march, it is at a very high level. even closer to home looking at the asx, it has had changes of more than 2% over 19 of the last 25 sessions. investors really need to be disciplined when it comes to those entry and exit prices if they are going to have a real impact on profit. a good example, if we looked at this last week, as an investor, you may have paid $280 or 320 -- 385 dollars. that is a whopping 16% difference.

thosereally important for investors that use online trading accounts. also, if you are a broker who is managing trades to be aware of that. what we are expecting to see is extreme optimism around policy, evenlus, infection rates though you have seen sentiments being echoed by president trump around the discussions on oil when it comes to the economic damage. particularly around u.s. unemployment. president trump continuing to threat the use of tariffs if needed in order to save the u.s. oil industry given how many asxodities firms are in the 400. how do you factor those

geopolitical risks when evaluating those companies? slump in oil prices is hurting the australian economy as an oil importer. oil prices help households but this is being negated because we have seen a ban on non-essential travel. is second point to that germany is the largest exporter in the world and it will take a huge hit given that oil is -- the oil price is linked to lng. equivalent to 2.5% of gdp. looking at the us trillion energy sector, there is substantial value at these current levels that you have to be selective. is preference at the moment that we will significant up reform over the next few years.

we have a strong position that will allow them to take advantage of any distressed asset sales that occur from other companies. that, there would be a higher rate. they are in flatter positions. haidi: when you zoom out and look at the markets, are ?nvestors behind the curve it has been so hard to keep up on their earnings estimates and their stock valuations. that is a good point. we spoke about valuation. in terms of investing, doing it

at a gradual pace. the day today and which we will be different. it is extremely unlikely that we would keep putting money into the same area. investors will need to be aware of the best opportunities at any given time. a couple of weeks ago, that was u.s. equities. given the recent rally, we would want to revisit this if the s&p 500 fell. at the moment, we view australian equities as the most compelling opportunity. even this could change in time. are we underestimating or overestimating prospects of the chinese rebound and mark -- rebound? >> it is in very early days. dismissals are

only being relaxed. all eyes are on china at the moment. v-shapedseen a rapid recovery in pmi. is at about to work 90% of electricity production -- 90% and electricity production has strengthened. signs are all really encouraging. on the other hand, we have new demandorders and global for chinese products will remain depressed for some time as the rest of the world battles this out. monitoringely recovery in china. at the moment, it is very early days. >> thank you very much for joining us. we do have an alert on the

bloomberg. look at these two stocks. keep an eye on then. fujifilm hitting a record high at 6010 yen as the japanese government announced that they will offer the antiviral drug to other countries for free. all things up 1.8% at the moment. they said their earnings will be released as planned on april 9. they are postponing their medium-term management plan. they are saying their profit growth will disclose forecast. we have to see the virus impact of course. still ahead, much more on the virus. japan is nearing a decision on whether to declare a state of emergency. details ahead. ♪

>> plus, firms must work to restore consumer confidence, highlights next. we will be speaking with thomas later. -- barkin this is bloomberg. ♪

>> you are watching daybreak asia. countries affected by the coronavirus are falling. the latest figures to just that restriction on public movement are having a positive effect. italy and spain have the most infections. in rome, they are seeing a significant slowdown in the spread. meanwhile, the u.k. government

is threatening even tighter virus restrictions a midsize people are ignoring the rules. weather send people to gathering spots despite police warnings over the weekend. the government says they will not hesitate to ban all outdoor activity if people continue to throughout -- for the rules. oris johnson stays in the hospital after suffering symptoms and remaining in self-isolation for 10 days. downing street says it is a precaution and he remains in charge of the government. he has yet to be tested. arece in new south wales launching a criminal investigation into how a cruise ship carrying passengers were able to disembark people in sydney. the incident happened last month and 10 of the passengers nearly died of covid-19.

global news, 24 hours a day, on air and quick take by bloomberg, powered by more than 2700 journalists and analysts in more than one hundred 20 countries. i am karina mitchell. this is bloomberg. shery: searching coronavirus cases in tokyo make from to japanese leaders to alter course and declare a national state of emergency. abenewspaper says shinzo may announce a move as early as tuesday. stephen engle joins us on the line from hong kong. what does this mean for japan? it means a lot and for the biggest tokyo area which accounts for about one third of gdp for japan as well as osaka. the two big main manufacturing and economic powerhouse regions of japan could be on lockdown. the japanese officials have resisted imposing a national

state of emergency, citing that the numbers on the health front are not warranted. as you mentioned, tokyo had reported 143 new cases on sunday. the worst day yet. the city now has more than a thousand cases. it is the second day in a row that the tally has tipped over 100. that really increases speculation that the government will impose some sort of lockdown. we are hearing from the newspaper that the national emergency declaration could come as early as tuesday or wednesday . shinzo abe could make an announcement of his intentions sometime today. after being lauded as the success stories and mitigating the spread, we are seeing a spike of cases in singapore and hong kong. tougher measures are being planned? >> tougher measures as well as

more stimulants. in singapore, they are likely to unveil a thursday millis package in less than two months. -- thirdecause stimulus package in less than two months. more cases were found over the weekend. it was an increase of 18% since friday. they had six deaths and the new clusters have emerged in some migrant workers's dormitories. the finance minister will speak in parliament at 2:00 p.m.. we could get more details on that thursday millis package. we heard the prime minister singh most businesses as of tomorrow will close down except essential services and key economic sectors as well as schools closing down. it hong kong, we are hearing from the newspaper that the executive council which is ,asically carrie lam's cabinet a stricter lockdown is possible

as we could get a third wave of infections when the mainland and chinese go back to work. we had 28 new cases in hong kong on sunday. 890 new cases. for deaths. clothes allgoing to nonessential businesses. india banning all exports, what is going on there? >> india has a potential massive outbreak on its hands. it is one of the least tested of the world and it all has of the world and it all has -- already has 385 -- 3000 885 -- 3885 cases.

the anti-malaria drug has been a game changer but there has been no conclusive scientific evidence that the drug can treat any infection from coronavirus. india is making sure that it has it on hand in case it's cases do surge. >> thank you so much. that was stephen engle in hong kong for us. coming up next, we will have more coverage of the virus still ahead with danny alexander. monday founder and ceo, david yeung. this is bloomberg. ♪

.> so far the risk of triple b companies becoming high-yield companies is really high. at that point, the fed i think will be very hesitant to increase its own credit. >> as the virus spreads, workers are demanding greater protection and paid sick leave. those demands are expected to increase this week. workers are now finding new leverage. is impactful on a number of different levels. first of all, the threats and strikes by workers at amazon couldouses -- workhouses

hike prices worldwide. you have anntly, army of workers right now. about 400,000 strong taking on new importance. they are the workers that mandy's warehouses at a time when the coronavirus and all of the stay-at-home orders have millions of americans ordering more than ever from places like amazon.com. -- may haveou have recalled that there was a whistleblower in the middle of the strike of a dozen workers at a new york warehouse. that caused labor leaders to criticize amazon. a lot of new york regal authorities are considering a closer look. now, workers are taking on extreme importance that they never had before. that puts them at greater leverage to get more benefits.

in the meantime, there are reports that amazon is starting to delay its major moneymaker, amazon prime day. what is the fallout from that? >> they are telling us that the reported plan to delay sales sales wouldgust, get pushed out of it. even though we did have one online report that this could take a big hit. many salesreporting had. they are hiring a lot of workers but the

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>> we are just getting the latest numbers when it comes to china's 20 virus data. 39 additional coronavirus cases for april sixth and saying eight of those are imported cases. the country continuing to struggle with imported cases from arrivals into china despite increasingly stricter quarantine and restrictions on international arrivals. another 78 asymptomatic run a virus cases on april 5.

china has just started reporting asymptomatic cases. really suggesting that this new group of people that are positive but do not have symptoms may still been be contagious could be a substantive group of people they are reporting. let's get you to karina mitchell. : reports from japan say the government may declare a state of emergency as cases jump shared the announcement they come on tuesday after tokyo reported its worst day yet. it takes the total number to over 1000. singapore also reported the high list -- the highest daily rise in infections. india has banned all exports of muammar lavery a drug touted by president trump as a cure.

government says shipments of hydroxychloroquine are prohibited without exception. restricted india shipments paired trump has described hydroxychloroquine as a game changer. world health organization says face mask may be no protection against the coronavirus. executive director mike ryan told the briefing wearing a mask in public may not prevent someone catching covid-19 -- but can help stop an infected person passing it on. johns hopkins university says worldwide infections have topped 1.2 million with deaths approaching 70,000. >> the wearing of the mask in public does not protect you, but if a sick person wears a mask, then it is less likely they may in fight others. -- they may infect others. karina: economies from around the world are reeling from the

fallout of the virus. hong kong says the recovery could take six months. terry saysal sector the -- financial secretary says the government will continue to provide help. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm karina mitchell. this is bloomberg. shery: let's take a look at how markets are trading across asia. we are seeing the nikkei experiencing its best day since march 27. gaining 2% at the moment. the kospi, up more than 2% at the highest level since mid-march. we have seen a little bit of pressure for korea's foreign reserves. the be ok say they are considering loans to firms if needed. the be ok acting as a lender for a last resort. 300 gaining 3%.

real estate and tech leading the gains. the only major benchmark falling is the qe. take a look at the kiwi dollar unchanged at the moment. as we continue to see upsides for the u.s. dollar against the japanese yen. the dollar continues to act as a safe haven, gaining a quarter percent while u.s. futures are up 2.8%. this after we saw u.s. stocks slumping last week. not contributing to sentiment. oil sharply lower again after a couple of good session towards the end of last week. that optimism starting to get shaken in terms of a deal. scheduled to been hold a virtual meeting on monday. that has been pushed back to later this week. let's get to our energy

reporter. how likely are we to see some sort of an agreement? jim: it is anyone's guess. if you ask a lot of analyst, they are skeptical whether there will be a compromised deal reach. the signals we heard from the russians and the saudi's over the week as they want the u.s. to take part in any production cuts. the u.s. is outside of opec. they never in the past have taken part in any production cuts. president trump has indicated he is unwilling to join a deal at this stage. that is ultimately what it may take to get the deal across the line. a lot of backroom conversations going on this week ahead of the virtual meeting on thursday to see if a deal can be struck. u.s. holds the key to this. shery: we are seeing president

trump threatened tariffs as needed to say the u.s. oil industry. if there is no consensus, how far down could oil go? jim: we are at a stalemate at the moment. trump is digging his heels in at the moment with a tariff threat. disappointment this week, we will probably be back on the defensive in terms of prices. about $20 a barrel, which has so far held the line. there has always been some buying interest below. that level will come under scrutiny if there is no deal here given that demand is taking a big hit from coronavirus and continues to do so. acrossns remain in place europe and north america. there is not demand in the market to take the extra supply being pumped out by the russians and the saudi's. it is a bleak outlook if a deal cannot be done. shery: thank you very much for

that. up next, a counting scandal is spreading far beyond a starbucks challenger. this is bloomberg. ♪

shery: what could be a curtain raiser for even further weakness ahead. the president spoke exclusively to bloomberg about emergency lending facilities and his emotional reaction to the massive jobs miss. >> it is a sad day. we had job growth for well over a decade. it is hard to see the numbers turned negative. i think everyone expects a very on-the-jobnward tilt side. this is just the first indicator. if you look at unemployment claims for the last two weeks, the highest ever had been 700,000 in 1982. last week was 3.3 million. this week was 6 million. unemployment numbers are going to get worse before they get better. >> i'm getting reports in from

economists that suggest we would see 10 to 20 million jobs lost. does the bank of richmond have any kind of forecast? unprecedented, forecasting is a pretty silly thing to try to do. but i do try to do is look at the numbers. just to get some perspective on it. restaurants and bars in this country and play about 12 million people. is another 11. travel retail is another five. in those three sectors, which have been hit unbelievably hard, you can get to 30 million quickly. i do not think numbers like 10 or 20 million are out of pail. >> this adds new urgency to get loans to companies. how fast is the fed going to be able to stand up the mainstream fed lending program?

we want to achieve the goals of the legislation, which has put a lot of money behind supporting the economy and businesses in need. it will take time to work the details with treasury who is our cosponsor on this. loans can see with small the eft's -- the sba program has announced, a lot of the devil is in the detail. it is complicated to pick out the right segments to get money to people who are truly in need. it is challenging to find the instruments. and of course how much risk do you want to bear? we are trying to get out as fast as we can. say the are people who federal legislation says no buybacks, dividends, no big raises for ceos. the --re reports that

which would be worse because they might have trouble keeping people on payrolls. how do you feel about that? say all of this stuff is being worked together with treasury. give us a little bit of time to lend the parameters of this. shery: speaking exclusively to bloomberg. take a look at u.s. futures. at one point, they were gaining more than 3%. right now, up 3.2% for s&p futures. u.s. stocks slumped the past week. we sell the s&p 500 falling for the third time in a four days. as we heard from the richmond fed president, u.s. foreign payroll data plunging in the month of march. the first decline since 2010. the fallout from the coffee counting scandal. concernshas renewed

about chinese corporate governance, which is dragging down stocks and threatening to build -- to bring a halt. lawing us is a professor of that the chinese university of hong kong. great to have you with us. these concerns over corporate governance in china coming at a time when we are seeing a flight from risk. how bad could it get for the markets? >> thank you for having me. highlightson really some of the well-known issues in china. one is board independence. if you look at the company coffee, fourckin out of the 10 board members are independent. that is much closer to china's median level, which is 38% than that of the u.s..

in 2018, the u.s. stood at three. that is something which is quite important. there is another issue of stock financing. n reportedly fetched a substantial portion of shares. that is a well-known issue in chinese asian markets. negative bonder a feedback. shery: given what you are saying, could this lead to a freeze on u.s. listings? >> there might well be some near-term headwinds for u.s. listed chinese companies. also for companies that are in the pipeline in the short-term. shery: is this a more of a

systemic as you? it is a perfect opportunity for china bears to say there is transparency and accounting errors with so many chinese currencies and this is why you should be cautious when investing in this part of the world. do you see this as a standalone case? way,t me put it this seeing one bad apple may well impact on the way you see a whole basket of apples. you probably need to look into appletails of how each looks like. you need to find out about each of the apples rather than to say the whole basket of apples is not something i want to touch on. what kind of a fallout you see given the anonymous

stress a lot of companies and businesses are under as a result of the pandemic related shutdowns? are we likely to see more distressed companies? well, coming back to the coffee, case of luckin the public information available does not seem to point to such a linkage between the fallout and covid-19. the investigation focused on sales in 2019. we have not seen recent numbers come in. they could be a cabinet -- it could be a catalyst in terms of timing of this incident. shery: any chance at this point there could be some sort of cooperation between u.s. and

chinese regulators in order to rein in the problem and so forth? >> that is a great point. raises a current issue. it presents an opportunity for the u.s. and chinese regulators to perhaps cooperate on the alleged accounting fraud. it was indicated last week that it would investigate the cases. that would offer another opportunity for regulators on both sides to look at accounting fraud. thank you so much for joining us. professor of law at the chinese university of hong kong talking about the fallout with this uckin coffee we have

been talking about. hong kong's virtual banks are de klerk -- are preparing for a launch. the timing.ains why this is bloomberg. ♪

haidi: let's get you a check of

the latest business flash headlines. rolls-royce will reportedly scrap profit targets this week and suspended its dividend for the first time since listing in 1987 and announce new credit facilities. news may come later on monday. the company's forecast slumped 31% to its lowest since october 2008. the paper says have of the 7500 workers may be furloughed. credit sweeps is said to have pulled out of the planned ipo we dr. in hong kong. the leadership shells -- china's biggest health care startups and aims to raise up to a billion u.s. dollars. isrces tell us credit sweeps no longer working on the deal. tencent is looking to take its paid music app to africa after its proved a hit in southeast

asia. it rivaled butterfly -- rivaled spotify. manynt has not enjoyed successes outside of gaming. it is an exception because it does not compete in established markets like the u.s. and europe shery:. let's turn to hong kong last year issuing eight virtual banking licenses including alibaba affiliate and financial. a unit of china's insurance began operating late last month. the first of hong kong's new online lenders to do so. joining us is markson sue. great to have you with us. guess a creek -- a key question is, why are you launching your business in hong kong at this point in time? >> good morning. thank you for having me on

bloomberg. oflaunched on the 24th march. we are the first to launch out of the eighth you just mentioned. point in timehis based on our own progress based on readiness and getting all the approval should -- all the approval. we are all combating covid-19. at this stage, given we are a virtual bank, we are promoting and protecting the well-being of our staff and customers because we have a contactless environment. the outcome and response is positive because we are all promoting staying at home. and just one mobile phone five simple steps, you can open an account in five minutes. that minimizes the risk of going out. shery: does that mean as a

virtual bank, you are not seeing any impact from this coronavirus pandemic? if anything, you seeing an increase in demand or interest? >> the response so far has been satisfying and encouraging. when he think about it, opening an account additionally might take at least hours. in our situation, we are measuring the turnaround in minutes. we are changing the behavior and the pattern for customers to get accustomed to their product but in a different customer experience. that is one of the aims for the event to launch our product, promote are focusing to sin tech and have financial inclusion and for a new customer experience. given the depressed economic environment, are you

reestablishing your expectations for growth in the next six to 12 months? sinceare reassessing early january. i think the growth remains stable because in the beginning, our key focus is building up a franchise, having ourselves -- our customers a safe environment and educate them in terms of how to experience mobile banking in our platform. the growth is unchanged. it is more on quality. driving customers is one thing. foresee a slight impact in employment and payment ability. we do put those into our financial projections. haidi: is the price war inevitable given how competitive the situation is at the moment?

other aim we have on top of the three-part objectives is making sure we are not disrupting the market. you see one of the key programs is called saving goal. that is we are making a hong kong's saving account from a 1% to a 1%. it does -- aims to bring up our customer base with a trusted franchise for clients to use mobile banking. the price -- we are expecting two things. we want to tie interest rates on the positive side with a market reference. we are transferring the savings .e have back to our customers from a virtual bank point of view, we take away the branch network costs in terms of physical costs and the rental

facilities plus the people's cost. we do not have any tellers or operations in the branch. thank you so much for joining us. before we handed over to bloomberg markets: the china open, get you a check on how markets are trading around the country. we are seeing the japan nikkei two it is a mixed session across asia. we are seeing weakness continue on from the previous session. the nikkei 225 seeing some strength. two and three quarters of 1% there. call that ane emergency may be called for the country. we do see the upside when it comes to trading in sydney. we had this kind of turn in sentiment after the u.s. president spoke sounding a

little more upbeat about the coronavirus situation in the united states. shery: plenty of conversations coming up on bloomberg television. vice president talks to us about the covid-19 facility. this is bloomberg ♪ -- this is bloomberg. ♪ these days you need faster internet that does all you

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>> that is not :00 a.m. in beijing, shanghai and singapore. >> we are counting down to the open of trade in hong kong. our top story this monday, japan ansaid to be readying imposition of a state of emergency. singapore prepares new stimulus after the biggest daily rate of

new cases.