>> good evening from bloomberg's world headquarters, we are counting down to the market open. >> i am heidi in sydney. welcome to daybreak australia. the coronavirus marks a bleak with almost 130,000 deaths. the fed says the economy has gone into defensive mode.

prices are falling the lowest for oil in two decades and u.s. futures below $20 per barrel. south korea's ruling party looks for a thumping victory at the polls. >> happening right now, president trump addressing the public outbreak. take a listen. >> because of the virus and the problem. we have to do it. we have to do what we have to do. i think any administration has done near what we had to do. every week we put up roadblocks whether it is russia or impeachment hoax or whatever it may be, it is always roadblocks and a waste of time.

if the house will not agree to that, i will exercise my constitutional authority to adjourn both chambers of congress, the current practice of leaving town well conducting pro forma sessions is a dereliction of duty that the american people cannot afford during this crisis. it is a scam what they do. it and it hass been that way for long time. perhaps it is never done before were never been done before, no one is sure if it has, but we need people for this crisis and we don't want to play anymore political games. they have left law firms, gave of every thing to do it.

it is ridiculous and every one will be approved, but there's only so many hours when you go through judges and lengthy hearings that they know should be approved immediately. they could do it in one hour and it said it takes them many days. in order to events the security of our nation and all nations as we announced yesterday, the u.s. government has put a hold on to the world health organization pending a review of the organizations cover up of the coronavirus outbreak over the objections of the who, we took decisive action and early life-saving action to suspend .ravel from china took them long time, but had a

feeling they knew exactly what was going on. sadly, other nations put their trust into who and they did not do anything. see what happened to italy and what happened to france,, who's guidance had failed to control their borders. takes a horrible, tragic or perhaps they knew. i'm sure they did not know the gravity of it, but perhaps a new because if they knew the gravity, that would be an even worse offense. to ease the economic pain we have processed $300 million of loans to more than one million small businesses through the paycheck or texan program. this action has saved millions

of american jobs will stop it has been an incredible success and again, the democrats don't want to do that. this is money that goes to the workers of our country. to do $250we want million. it goes to workers and small businesses so we can save all the small businesses around our nation. mike mcfarland said this has been a relief and a godsend for americans that work there and another small business owner called the program a total lifesaver. stories like these underscore why congress must replenish the paycheck protection program immediately.

a short time ago, the cdc issued foric health guidelines critical industries and in a few moments, agricultural secretary sonny perdue will elaborate on how these apply to our nations .edicated workers it is incredible what they do. food processing and they are keeping grocery stores full. the shelves were bear when i took over. a call withading elected officials who will consult with my administration as we work to in store -- restore our economy and we think with all of the pent-up up demand, we will have an economy

that really comes back quickly and would like to see it more than match what we had before. what we had before was a miracle and we will do it because we have the greatest people in the world and we will be speaking with america's governors tomorrow and announcing exactly what is happening. some states opening up much sooner and we think some of the states can open up before the deadline of may 1 and i think that will be a very exciting time indeed. thernors are chomping at bit to get going. again, novels dates are the same, some are having very little problems and some have such done -- done such a good job have very little problems, so vice president pence and i will be speaking with the .overnor, discussing procedures today, i spoke with leaders of our nation's companies on how to achieve the full resurgence of

the american economy. my discussions included top leaders of health and health technology,ortation financial services, food, beverages, hospitality, construction energy -- construction, energy and sports industries. we want to get our country's open again. we missed sports and want to get back. these experts provide extremely productive feedback on how to safely rebuild our economy. of smartto a lot people, the highest of the high tech, the level of iq in some of those calls was about the highest you have ever seen in a phone call. a great thought went into those

calls and a lot of questions statementnd also a what they recommend. i think it was a great day. we did a lot of calling with a lot of prominent people and people that love our country. arrayalked about a wide of relief measures and provided valuable insights on how to move toward, including on the role of protective gear where we have them in this amount of protective gear coming in, robust testing and the use of their keys and treatments. they also underscore the strong supply chains and communications infrastructure. we talking about the middle of the country and broadband and things they frankly don't have and haven't had for a time because a lot of politicians

haven't had them. they are really the heart and soul and we are talking about the telly medical. it is incredible what they have been able to do. an industry that has grown by leaps and bounds over the last five weeks. much ande learning so a lot of good things are happening. i think that is something that going forward will be great for a country. when people are working towards a common goal, even brighterand future than we had and we are working with other nations. we will be the comeback kids, all of us. it is incredible and i'm very

proud of the people in this country and the people i spoke to, these are truly brilliant people and tomorrow will be a big day. we will be speaking with the governors and have information on some openings that will exceed our expectations and they will be safe and strong and we and to get our country back we are going to do it and we going to do it soon. with that, i would like dr. birx to come up and say a few words and then vice president pence. >> you have been listening to president trump talking about reopening the economy. states inial of 29 very good shape and the data suggests that the u.s. is past the peak on new cases.

trump saying the small business program has processed $300 billion in loans. -- we knew that the funds have been exhausted. what is the latest? >> right now, people are saying .hey could run out of money it may be that they are hitting that today. that is the value that they have improved, but it hasn't reached borrowers yet. the major battle in replenishingout

the program. also need to get some additional aid to local governments and hospitals struggling and resources get so that will be a big part [inaudible] when it comes to getting the economy moving again. aboutsident trump talking making an announcement on ,hursday about the plans seeming to have abandoned that idea of reopening a task force. what do we know about how this could progress? >> he has given up on this idea of a task horse. on the phone, making calls to

business leaders and other people around the country. yesterday suggested there could be more than 200 people getting and they weret invited only after trump so they have are the begun. the president says he will be and finalize out guidelines. back from thed reopening and the guidelines that will be left up to the so some states might go

further without being too slow to open up. congress editor with the latest. let's get you caught up with the first word headlines. a new report says the u.s. economy [inaudible] contractingy sharply across all areas and regions. all districts have a highly uncertain outlook. the report is based on evidence gathered by the fed. spain has the largest rise of coronavirus cases in six days. 5000 infections were confirmed on wednesday taking the total to 180,000 while 18,500.es grow to over

virussia has expanded its lockdown to more than 34 then people ahead of ramadan next week. it includes a ban on gatherings of more than five people. the government is also ordering airlines to limit passengers to 50% of airline capacity to make travel more expensive. india is paying to ease by ruralctions and industries will be allowed to resume work as they government tried to exit the biggest lockdown in the world. the ministers will also let e-commerce and allow them to move goods and imports from airports. >> we are seeing u.s. futures

under pressure after stocks something in the regular session from that one-month high. earnings and economic data highlighting the brutal impact of the virus. crude falling to the lowest in two decades and we had sleet retail manufacturing data. this is bloomberg. ♪

home and

islam --ressures on u.s. futures on a slump after stocks slumped. says the u.s. is still the best place to be. marianne, great to have you with us. you even like dr. horton despite the fact we saw a sentiment from

.omebuilders we have not seen the numbers since the 1940's. why are you optimistic? >> i think we have been looking at backward looking numbers and looking forward to try to figure out what to do next and they are really the best in class homebuilder. the starterused on place we think a the economy is going to rebound homebuilding. that is a good ring for us. we are talking about two years earning growth, so again we

cannot be backward looking. is significant upside. >> how do you think the u.s. consumer will come out of this? mention, we have already seen 17 million people file for unemployment claims. >> the jobless claims numbers are going to be bad. all these numbers are going to be bad, but in terms of the u.s. consumer and what drives the economy, i think we are in pretty good shape by virtue of thatact we put in programs

gave them a bonus check and they and unemployment claims payments they can receive, but also getting bonus payments from think it isnt so i for themtime -- a lot to be in her little -- for low -- for low -- furlough. think the consumer will be in pretty good shape. that sounds really optimistic when you take a look at the reopening in china where it feels like consumer behavior could be on a minimally changed because even though restrictions have been lifted, people want to , is that it risked or do

you think it is the outside given we are in an environment where government has done whatever it takes? correct ine you are we have done whatever it takes and i also think we can't really believe the chinese government towards what is happening. we have to look at independent like energy saving data and some other u.s. companies that have operations. they will tell you that things are reopening and i think we have higher quality of care in moneyates, having spent to try to get their health care systems of, but i do think we have had the better treatment

over here so we are in a better situation than the chinese are. >> thank you for joining us. daybreak more on australia and analysis on where the market goes from here. this is limburg. -- bloomberg. ♪

>> a quick check of the latest business/headlines -- business/headlines -- business flash headlines [no audio] amazon has been given 24 hours to comply with a rolling to sell only essential items such as food and hygiene audits and to operate security measures.

[indiscernible] for low 70's 6000 workers in 76,000- furloughed workers in japan. by decision follows a call askinginister abbe businesses to allow 70 provide home.t -- 75% of staff at hyundai is laying off thousands of workers. coming up, shops are closed and business sentiment is grim. this is bloomberg.

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we're working to make things a little easier for everyone. download the xfinity my account app today. >> [no audio] the news comes as the world defendsrganization against criticism -- rejects criticism trump president trump. january 5, systems around the world began activating and through the next number of weeks updatesced multiple

including printing multiple governments and scientists and -- around the world on the situation. >> trump plans for a task force economy.ch the they are being asked for advice to bring the country back to something like normal. meanwhile, the virus has disrupted travel. provisional rival numbers from march slumped more than 90% to downper day with rivals 99.4%. the tour's and board aims to have complete data by april 9. that presidentts

trump's antivirus medicine does not work. it was no better than standard health care and more likely to moreer side effects studies are already underway. >> global news 24 hours a day, powered by more than 2700 journalists and analysts in over 120 countries. >> let's get a check of markets trading. we are seeing stocks continued to gain ground. ,.s. futures under pressure this as the s&p 500 fell. earnings and economic data pandemic.ng the we saw the u.s. dollar jumping and it continues to gain ground march, retail sales in

businesses this month looking even worse with the manufacturing and sentiment plummeting by previously unthinkable amounts. kathleen hays has in looking at what the numbers say. march was bad, but april could be worse. >> that is the numbers. retail down in march, the most since the census bureau started collecting the data. sales a recordge 25% gain. apparel down 50%. everyone was told to shelter-in-place starting in march. 25%.and beverage down

offor manufacturing, a loss 5%. fracturing,ment of filed by the new york fed fell 56 points, there index -- there -- index.heir ine lowest inrs index the eight years. april possiblyn worst -- worse. economy, webout the have been hearing kind of the same narrative everywhere.

are seeing the data and somebody saying how bad it is, yes, that is the key phrase, the u.s. economy contracted sharply leading up to april 6. there are 12 of them that give their anecdotal report. the conditions expected to worsen. -- he want to underscore said businesses are going to see berisis intimate and mabel important in terms of liquidity issue and talking about cash flow to maybe becoming a solvency issue. i think this underscores how the

an lending program is solvency could not come into place. -- into play. claimsing up for jobless , already 1790 all have claimed. -- 17 million have claimed. >> any economist you talk to says no one really knows. underscores an amazing number of people have lost their jobs and when we step back for a minute, we realize this is not just the u.s., this is a story we could hear about any country in the world. asia, you can go

to europe, north america, south america, that is the problem. it is hitting the world that want and we will be hearing more globale imf, but it is a problem and that is why so many are urging the government to step up. >> taking a look at oil and prices are rising after falling below 20 bucks per barrel for the first time in 18 years. american gasoline consumption fell to record lows. runningo store them out. in the last few days, there

efforts important [indiscernible] organized by the chair. they both brought some good news to the markets, but the markets have fallen so badly they could only limit the damage. year to decline 9 andion barrels per day enough to collapse 29 million barrels per day. a few minutes ago, you showed down 3%. this would mean we are going to

's economic year terms of oil, we .re racing the last decade >> what does it mean for further production cuts? the g20 level, we heard members will help with production cuts. is this actual production cuts --the price of oil to low too low? result ofppens as a some countries seeing the market , some countries are

shut in. nottries that did participate, our expectation is they altogether production declines in those countries about 3.5 million barrels per day. if this would not happen, if we were not able to proceed the imports from those countries, we should have -- we would have seen higher. it would have saved the peak somehow. wrecks thank you for joining us today. i want to go back to what i'm vienna astudied at

long time ago, which is how cheat within the cartel and outside now? when do we see people cheat on the recent promises? >> thank you very much, it is one of the things i remember and areuld say our numbers compliance.% situation may be more serious than what they outlined this morning. directoras the iaea

and one company reporting , maintaining its production forecast. we are also seeing the pressing down 20% from the first quarter of 2019, a pretty major dent to what their expectations had been. the average realized price coming in at $45, this as we see oil a little bit of a rebound holding his head up above $20 per barrel. waiting for the korea'ssults of south election with exit poll results showing [inaudible]

-- foresident moon president moon.

southt polls suggest that korean posers -- something voters have given president moon a thumbs up. at cheap north -- [indiscernible]

the gamble seems to have paid off for moon jae-in. >> south korea was one of the largest outbreaks of coronavirus even moon china, but jae-in has stumbled with his virus response, predict and they could eliminate the threat spikedlong and in cases and they had those big clusters, beenince then, he has widely loutish for the last withng and credited slowing the virus is spread, so we are seeing that translated in up elections with 300 seats within theion's and last hour and a half, the main

opposition, i should say, president moon's democratic party, as well as the satellite party is poised to win 180 of those seats. they had 120 seats before the election, so that is a pickup of 60 seats in gives the ruling party its first outright majority in 12 years and voter , theut was quite large highest in 28 years, so that gamble paid off for moon jae-in who has seen his approval ratings surge during the crisis in the beginning to 56%. >> said he leveraged this political success to reshape the economy? campaigns ahat he

couple of years ago and this tol give him the mandate reshape the economy and he wants to prioritize wages and tighten rules on housing development. his record on the economy is mixed and the war this crisis, he was perhaps many pundits said .eaded for defeat some of his moves backfired on the economy. he raised the minimum wage in 2018 and 2019. that triggered layoffs incorporate korea. hiss yet to be seen whether track record can spill over into .roven results >> north of the border, a show

of force again. pyongyang fired multiple cruise missiles off of the coast. moon jae-in was elected in 2017 enlarged to improve ties with the north. it is interesting to see that north korea was again trying to influence the election results. not quite sure, but they have done this in the past by setting off missiles ahead of parliamentary elections. >> thank you. later. have more from imfwill hear chief for korea later today. this is bloomberg. ♪

australia is set for a data point arriving. want to bring you and paul allen

who joins us with a preview of what to expect. is it expected to show us about the impact of the nationwide or partial lockdown? a 5.4%s pointing to unemployment rate, an uptick of 5.1%. it does look a tad on the conservative side and treasuries saying unemployment rising to 10%, so it is a question of how quickly these numbers estimate. certainly, other indicators ahead of this, hospitality and tourism for example.

fromd a bit of a read consumer confidence figures dropping as well. keepovernment is going to .ayment support programs programan expensive that the government is running in the treasury says without that we would see a jobless rate of 15%. for that, pay ostriches held at a get on sale -- biggest bond sale. it appeared to be oversubscribed as well, over $25 -- worth ofh of aid bids.

we have the rba pledging to keep the yield on a three-year as part of its program to battle the coronavirus and in terms of future sales, plenty more to come. sense ofou a perspective, that is almost half of us raise existing debt file. >> let's get a quick check of the latest business flash headlines. google is causing recruitment for the rest of the year. the pace that seo says of hiring will slow, all those -- although those already picked up will be able to start work. at the end of last year, alphabet had almost 119,000 full-time workers. has -- have china

risen for the first time since the coronavirus outbreak, but still down 12% for the first two weeks of april. satiationf the car said -- car association is recovering. china's beleaguered h&h group has escaped a domestic bond default after a credit meeting. a gained enough support from creditors to extend a local note around $55 million for another year. bondholders were given just half an hour to make their decision. del potro has announced a restructuring plan that will aim million and$100

another $250 million in 2021. they are losing more than 200 sales.d aims to cut they see a loss of about 30's and her share. -- $.30 per share. >> let's take a look at how we are setting up when it comes to trading on thursday. the highest levels we have seen in over a month when it comes to .hat session in new zealand taking a look at the cause he ten-year, looking at the record largest indicated on sale, the nation taking off its covid-19 funding program and as a result, and also,is something

keeping an i on the kiwi dollar trading, asian stocks looking prime after the week session on lost the -- wall street. >> not to mention, really weak earnings, especially coming after goldman sachs investment portfolio. other banks setting aside billions. coming up, we will have more market analysis when we are fargo head ofs act to equity -- active equity. this is bloomberg. ♪

>> welcome to "daybreak: asia." you down are counting to asia's major market open. our top stories this hour. the coronavirus passes a bleak milestone, 2 million infections. the u.s. economy has gone into defensive mode. the virus maintains pressure on oil prices, falling to their lowest in