shery: getting debt -- good evening to bloomberg world headquarters. i'm shery anh in new york. haidi: i am haidi stroud-watts. welcome. these are our top stories per u.s. stocks slumped the most in three weeks as the coronavirus and wrapped in oil trick -- and rout in oil triggered risk aversion. global cases topping 2.5 million sinceases find the most

april 10. -- climbed the most since april 10. millions of us are watching a lot of television. netflix jumped, but investors questioned how long the binge will last. shery: look at how markets are trading. we are checking oil prices after we saw that crash this week. june futures are rebounding slightly. this coming after it plunged 70% may contracts expiring, sinking below zero for the first time ever, traders fleeing oil to avoid taking delivery of physical barrels. seeing a rebound across the board but significantly lower from where we were earlier this week or last week. look at how the broader markets are trading up your u.s. futures after stocksg,

tumbled the most in three weeks pay we had a frisch -- a fresh rout of risk aversion. around the 2700 level. president trump and secretary of treasury mnuchin giving a briefing at the white house. let's listen in. >> the certifications are quite significant. >> how many jobs have been saved while the money was going -- ppp is over 30he million jobs. that doesn't account for other money. we are pleased the direct deposits have gone out. we started sending out the checks. we are supplementing our capability and sending prepaid debit cards to get money out to people. everything the president has had us working on is providing

significant stability in the economy while we are dealing with this time when we have closed down major parts. thank you, see you later. pres. trump: that was a nice question. thenoble fight against invisible enemy has inflicted a steep toll on the american workforce. millions of americans sacrificed their jobs in order to battle the virus and save the lives of fellow citizens. we have a duty to ensure these unemployed americans regain their jobs and livelihoods. to protect american workers i will be issuing a temporary suspension of immigration into the united states. you heard about that. we will help put unemployed americans first in line for jobs as america reopens. so important. it would be unjust for americans

to be replaced with new immigrant labor flown in from abroad. we must first take care of the american worker, the american worker. pause will will -- be in effect for 60 days, after which modification will be evaluated by myself and a group of people, based on economic conditions at the time. this will only apply to individuals seeking a permanent residency. those receiving green cards, big apply to thoset entering on a temporary basis. as we move forward we will examine what additional measures should be put in place. we want to protect our u.s. workers. forward, will become

more and more protective of them. the pause will help to conserve vital medical resources for american citizens. a short break from new immigration depending on the time we are talking about will talk -- protect the solvency of our dr. system. -- health care system. vice president pence visited the people at general electric of care in madison, wisconsin working three shifts a day to quadruple production of ventilators. we are ahead of schedule. it is never brought up by the media. they don't like to bring things up when we are doing well. ge is working with ford to make 50,000 ventilators in the next 100 days, more than our country typically produces in a long time. doing that in a matter of a few weeks and days.

earlier today i had a productive meeting with governor cuomo as you saw to discuss his statewide testing strategy and how we can work together to expand it with the goal of doubling testing in the next few weeks. new york state will be continuing to control the resting of their visit -- thei citizens. locale a lot of state and laboratories there. the federal government will work on theith the state national manufacturers and should be terrors. we will all work together to help them secure additional tests. we hope this model will work with the other states as well. new york has exceptional laboratories. most of the states do. you saw the chart yesterday. i am proud of the relationship

my administration has forged with new york. i can say very honestly with new york state and new york city, they have been terrific to work with. the metropolitan area has been in epicenter of the outbreak america. the federal government has spared no expense or resource to get new yorkers the care they need and deserve. we have sent over 5 million masks. now that number as of two days from now will be more than doubled. thousands of ventilators. so many ventilators the governor is sending some to massachusetts and other locations. we have a great deal of ventilators which people thought would be impossible. thousands of hospital beds in nse u.s. and s comfort -- us

comfort was sent to new york for a normal medical purpose but notice changed over to take care of people that have the unfortunate circumstance of going through the problem we know so well. unfortunately that we know so well. i said no american who needs a ventilator would be denied a ventilator, and we have kept that promise all over the u.s. other countries are desperate. they have many deaths because they don't have a ventilator and i have asked andrew if we could bring the comfort back to its base in virginia so we could have it for other locations. he said we would be able to do that. the javits center has been a great help. we are bringing the ship back at the earliest time. we will get it ready for its next mission which will be i'm

sure very important. it was an honor. they converted it after it got there into handling an event they were not expecting to be handling. the fda has authorized more than including as tests of late last night the first test that a patient can take home. you can take it at home. it is highly accurate. labcorp intends to make this available to consumers in both states with a doctor's order in the coming weeks. we also have four different identifytests to help individuals who can donate convalescent plasma, providing potentially life-saving antibodies to american patients. dr. hahn will be providing you with an update on these. he has done a great job at the

fda. we continue to gain ground in the war against the unseen enemy. i see light at the end of the tunnel. i see a lot of light. starting the process. we are starting a powerful, important process. people are getting anxious. they want to get going, back to their jobs. they want to make money, take care of their families. the light is getting brighter and brighter every day. i will ask dr. birx to come up and dr. hahn. you, mr. president. shery: you have been listening to president trump briefing the press about his immigration cause in effect for 60 days. he said he had talked to governors including andrew cuomo in new york. let's discuss the latest

developments with our government congressional reporter emily wilkins on the line from washington. line from washington. we were expecting some sort of action on the immigration front. tell us about what this means and what sort of authority the president has to carry out this immigration halt. trumpit was announced, will be doing a delay in processing green cards. this was something we expected last night. that began to be reported. it is something other republicans have pushed for including jeff sessions, saying it will improve the health of america to do so. it should be pointed out processing of green cards as well as other immigration request has slowed down because of the virus, because of changes in staff and everyone trying to

adjust to the new reality of having to work from home and not being in the office at the same time. heard when it comes to further relief for small businesses and struggling they managed to pass the $484 million stimulus package -- what does it hold? the president was talking about the futures -- what is in the pipeline? reporter: the important thing to know is this will go on to the house. most of it is directed at the paycheck protection program meant to be helping struggling small businesses. you are seeing more than $300 billion for that. it includes funding for hospitals, virus testing and other research related to a vaccine and a cure.

it is not comparable to the $2.2 trillion package that was passed several weeks ago. there is a sense that there is need for another major package which really addresses a lot of what individual americans are going through. lots of lawmakers are hoping to get a wide brianti of things into the package, everything from making it easier for elections to be done, the mail in ballots, another round of checks perhaps for americans still struggling financially and have had uncertainty, that is another package lawmakers will try to get things into because so much is needed right now and there is so much uncertainty what will happen in the future. government congressional reporter, getting the latest from the coronavirus task force press conference that is still ongoing. let's get your update on the biggest market story possibly of

this year, the collapse in oil a day after we saw the may contracts collapsing into subzero territory for the first time ever. we are having so much volatility with the june contract, wti plunging 40% in the new york session. we are seeing recouped in asia. trading $13 a barrel. there is increasing lightning with the spread. we are seeing the situation widening in the etf world with accrued tracking fund moving -- the crude tracking fund moving. opec taking the unscheduled conference call but no policy response as inventories continue to build and we get the situation where storage space is running out. now first word headlines and get

you caught up to date. the number of coronavirus infections has topped $2.5 million -- 2.5 million people. the recovery rate in italy has almost surpassed the number of new cases for the first time. germany reported the smallest new infections this month but the world-famous oktoberfest has been canceled for the first time since world war ii. e.u. leaders open a virtual summit with no instructions on how to finance the recovery fund and no details on how it will operate. the video conference will be discussing a roadmap for tackling the pandemic but no timeframe, no vision of the investment needed to stem the fallout. sectors thursday. singapore is extending for a month after a surge in

infections. more than 1100 positive cases tuesday, taking the total above 9000 cases. fornesia is banning travel festival saying people are moving irrespective of the virus. there is a peek seen only at the end of may. the virus induced economic slump in japan is prompting the central bank to warn lenders to expect rising bad loan costs. the financial system report says if the downturn is prolonged, more companies could face solvency issues and higher credit costs and they warn fx funding could become unstable. the economy remains resilient. to ourcoming up we speak next guest about his insight on the market and where the areas of opportunity are. the people binge watching "tiger

king" helped netflix smash even for its own growth estimates and how long will this last? this is bloomberg. ♪ ♪

we are seeing u.s. future showing moderate upside, a little higher looking at trading in s&p futures after stocks fell the most on tuesday. the turmoil in the oil markets continued to trigger a fresh about of risk aversion. we had the jump in u.s. coronavirus cases as well throwing doubt on the economic reopening. let's discuss all of this. guest, great to have you. let's start off with oil first. are we going to see a broader impact to the turmoil we are

seeing? the may contract, a bit of a technical blip, but we are seeing that amount of volatility carried through to the june contract as well. at what point do we see a bigger -- across all risk assets? >> is nice to be here. the move, the markets each and every day is going to be surprising with extraordinary volatility. and in the oil markets, the energy mark gets is incredible -- markets is incredible. we have had oversupply for a while. there has been pressure on the energy complex. demand has plummeted, airline travel is off 95%. it is a concern for other risk assets. i am hopeful area one of the things i was looking at, i was worried corporate bond would get

hit a lot harder. it did not. i thought energy prices would get hit harder. they were down but on relative terms they held up. those were encouraging signs. we have seen the light at the end of the tunnel hopefully for the first wave of covid-19. the markets may have put into -- in some sort of bottom. we have not seen the light at the end of the tunnel for economic data. but i am hopeful it will come. the morning always arrives. haidi: this is the beginning of a bottom bay we are not -- bottom. we have money going back into bull market territory. in terms of valuations, how selective do you have to be? things are not cheap. terms,erms of absolute it depends on the valuation metrics. it is not cheap but no longer

expensive either. in relative terms there are pockets around the world of that appear cheap. they have been under pressure for years and value stocks in general, it is the longest and deepest bear market of relative performance value stocks have had versus growth. on a relative basis it is not bad. international markets, they butt have underperformed, their valuations are not the same levels the u.s. market is at this point. shery: what is the risk of a stronger dollar? withe so much uncertainty the coronavirus pandemic and oil prices. >> it is a risk to a couple of the markets i was talking about. i am probably being glass half full, but when it comes to bear markets, it is an inflection point or leadership within the markets.

we are undergoing an epic bear market now. once we get to the other side of this and we start seeing economic data, probably get to the point of being less bad, we will see more risk off type of trades. if you get risk off, it doesn't help the dollar. and looking at the federal deficit has exploded, i think you will see there is a lot of various pressures on the dollar. it could be inflation. i think a combination of factors suggests the dollar probably, it is harder to get stronger than weaker in the months and quarters ahead. harvesting, what are the opportunities with such volatile markets? off.rkets are way let's say we get a v-shaped or u-shaped recovery.

i think there is a decent chance of seeing that. for taxable investors, they should be taking tax harvesting area they are using these to offset future tax gains. not only that, 10% of investors have concentration in their portfolios which suggests they might have individual names, worked there,as inherited or something. this is the time to use tax loss credits, harvest losses and byuce concentration risks taking gains. it is a great time to take action for investors, particularly taxable investors. haidi: what do you like outside of the u.s.? >> if i had to make a comment, i would buy non-us. i like emerging markets more than developed markets. with emerging markets, i like

value stocks. when you look at valuations, single-digit valuations, which are incredible area we have not seen that for some time in the u.s. markets. expected returns for value stocks in emerging markets, you could see double-digit returns in the years and decades ahead. officer,ief investment thank you very much for your thoughts today. let's get a check of the business flash headlines. newlix added twice as many subscribers in the first quarter than predicted, cementing its place as a rare company to benefit from the virus. they gained a fraction under 60 million new users. the forecast was 8.5 million. netflix itself predicted 7 million. the snapchat parent also benefits.

daily users have soared and they expect to keep growing as people stay connected. they have reached 200 million daily users in the first quarter , 500 million more than the market was expecting. but they say it is too early to know if it will boost revenue as advertisers go back. epic games has embarked on a new fundraising round to value the company above $15 billion. the maker of fortnite and the house party app, which has exploded during the pandemic, has hired a financial advisor and is aiming for a cash injection up to $1 billion. .encent owns 40% of epic games another company withdrawing earnings guidance for 2020. it is lyft pulling the estimates it gave in february blaming uncertainty of the impact of the

virus. they say passenger numbers are down but declined to say how much. the information estimates bookings have dropped 80% for lyft and uber. take a look at how wti futures are trading, there is upside in the rebound for june futures as well as cutbacks for the following month. this is coming at a time when 70% at one point during the new york trading session. may contracts are going below zero for the first time as the coronavirus pandemic destroyed oil demand, not to mention we have a supply glut in the market and traders avoiding taking delivery of physical barrels. even secretary mnuchin saying trade was extraordinary and they are looking at all options on

energy independence for the united states. this is bloomberg. ♪

haidi: we are getting breaking news. the travel booking website is in talks to sell a stake to silver like -- silver lake. and the angel risk for this company has risen given a number of readings downgrades have been cut to sell by a number of financial institutions per they have laid off 3000 staff already as of the middle of april and looks like with flight restrictions -- flight restrictions, people inside their homes, the pressure on companies like expedia will be coming down. they are looking to raise funds.

toedia going to sell a stake silver lake and apollo. shery: taking a huge hit. let's look at the broader markets and see how markets are moving. sophie kamaruddin, what are you watching? after the worst day for asian stocks in nearly a month, whilekkei looking up .4% the u.s. s&p gaining ground. the bloomberg dollar index extending its advance. oil and currencies are sinking given the headwinds mounting for energy producing countries. treasury futures edging lower after we saw five-year yields falling to a record -- record low. wti about $13 a barrel after falling below $10 in new york.

they halted three times to manage the volatility amid expectations that will be hard hit. this is reflected in the jump in puts for jim$.50 wti. it will allow negative options afterlisted from april 22 the bid spreads widening dramatically as the curve is shifting given the disconnect with physical reality of crude markets. looking at print under pressure at the close, oil for june slumping 20% with commentary for opec-plus and the texas railroad commission doing little to sue -- susan nerd -- little to soothe nerves. we will talk about that

in a moment. joining us now is the energy international founder. what a time to be talking about oil markets. there was some cautious optimism what we saw with the may contract, we were so close to the rollover and it was a technical blip that did tell you about the situation we had with supply versus demand. in thethe 40% plunge june contract overnight. we are now up 13%. volatility is still there. his recovery is on way out? -- is recovery a long way out? taylor: yesterday there was some optimism in the markets this was for the may contract. the market expects slightly for theemand growth next month. also the opec-plus has agreed to

cut back supplies from the market may 1. there are some optimism that the prices are going to be in a better shape than what they are today for the next month because the opec-plus cut is going to be considered may 1 or maybe to do it sooner. that unscheduled conference call tuesday with no we know of, outcome no policy decisions, no further actions were taken. is this suggestion they are limited what they can do, or are they breaking themselves at this point? they are comfortable with the pressure and volatility and they will ride it out? >> we are approaching the end of

the month and most of the producers are already ready for cutting back production from may 1. they are cutting back voluntary reduction. now you are really into the last not muchpril starting less. it is not easy for producers like russia, that they have long discussions between the energy ministry and producers to cut back the production. they can't change the schedule and cut back earlier. there is still disagreement among different producers, market players. there are producers like russian producers, they believe all of the drama are only the prices for this month. the issues for april and the delivery in may, but we will have a different story next month when the opec-plus cuts start being implemented.

how important is where the production cuts are made? shale and saudi believe -- really bounceback fast. >> the shale production and most of the u.s. production cut is going to be organic at this level. you mentioned in your earlier commission hass , put it to other states, other producing states. this next vote on month. most of the additional countries they have joined opec-plus cuts, they are organic cuts which means their production will be reduced anyhow because of a lack of storage and production costs

are higher than the current prices. when are they going to bounce back? depends country to country but in the case of u.s. shale, we are not asking they cut back immediately, they are still expecting real cuts will accelerate towards the end of this year and next year because we are seeing some levels of production that have been invested in the previous month and before the criminal outbreak -- corona outbreak. shery: we are hearing from president trump giving his press conference, saying a secondary immigration order is under consideration, that farmers will not be affected by this order. he paused legal immigration for 60 days in order to protect american jobs. we are seeing this huge hit in

the oil industry and industry, jobs are being lost. the president promising more for the oil industry. how effective would that be? the argument for his administration with regards to the immigrants is anyhow the u.s. federal government would commitments to residents and citizens of the united states and they don't want to be obliged to pay more out of pockets for new immigrants. but the only data we have for forecast model is china has been everyoneearlier than and has been recovered now. there is not yet any indication even if the lockdowns are back, and there are evidence chinese industry has been recovered and

they are using the same amount of electricity or demand for certain raw materials have been bounced back to the pre-coronavirus outbreak, there is no indication how the individuals' behavior will change. lockdown -- more more active? if you look into like 2040, years, most next 20 of the organizations have revised demand down to 3 million barrels a day for the next 20 years because they are not sure if all of these people who are home and working are going to be scale mobile same pattern and that they used to be a for the coronavirus outbreak. shery: thank you for your thoughts.

secretary dan the u.s. issays taking appropriate steps to help oil companies. he said all options remain on the table including the banning of saudi imports. >> it is an extraordinary situation. you saw the numbers. don't think anyone in my lifetime has seen anything near that or like that. we are taking aggressive but appropriate steps to help the industry and help this economy get through this pandemic. one of the steps was to open up the strategic reserve, make storage available to the industry. that drove the pricing. you will know that the folks closing out those futures contracts could not take possession of the oil because they had no place to put it. storage is an acute concern throughout the industry. take 23contracted to

million euros of oil and put that in the strategic reserve. the president tweet, working closely with secretary of the treasury steven mnuchin to look at the laws and facilities congress has created, lending facilities, other types of facilities, federal reserve. asensure those are available well. we are working closely to gather all of the folks in the producing immunity that they have access to those loans, that liquidity. right now that is another concern we have. about approaching this question, how do you strike the balance? you said it before. you want to maintain a free enterprise system. you don't want the governor -- government controlling this. but how can you preserve the by the sector at the same time you save it? >> it is a difficult balance through the market is efficient

at weeding out high cost producers. we honor the free market system. it has brought us to where we are as a country. the free and independent nation. we want to continue that moving forward. there are market anomalies that happened from time to time. no one would have predicted the impact of this virus. the demand curve has moved so quickly in a downward fashion, the production is not able to keep up with it. it is not able to go down as quickly. as a result we are dealing with oversupply of oil. our intent is to look at storage and also with regard to the things congress has provided this industry, taking advantage losses against the

last five years of profits. those are important liquidity tools that will help that we will help the industry take advantage of. banninghat about imports from saudi arabia? the president has not taken any of those options off of the table. he will evaluate this situation, make those decisions, but he has stated repeatedly, he will avail himself of any option available to him to help this industry make it through the pandemic with regard to the imports of oil, certain refineries take certain types of oil. there is a difference between being dependent on imported oil in 1973 and 1974 and training oil which is what you see -- trading oil. many choose to import heavy sour crude because that is the most

efficient and economical way to maintain a profitable status. that is trade. that is not dependent on the imports. a linewe are getting crossing the bloomberg, the u.s. slapping a band on chevron -- ban on chevron oil imports from venezuela. they were put on hold as a result of the price collapse in a lot of latin american oil grades in addition to what we are seeing for benchmarks like wti brent. what's more to come. this is bloomberg. ♪

daybreake watching australia. oil halted after the collapse in the expiring may contract expanded into active months. there was sloping demand and a lack of storage has already taken thousands of oil jobs and -- policies and unscheduled video call. higheri futures opened in asia. china is calling for a reset

relations, saying the lack of transparency in washington is worrying. the ambassador told the bloomberg new economy podcast beijing has shared all it has infection. the the u.s. doubts this but says the -- china says they have done all they could. grim outlook for casino operators, expected to shoulder a slump in growth earnings in the march quarter. all six operators are two report in the coming weeks. there is subsequent restrictions on travel and entertainment. a tentative recovery in air travel in china stock at less than half the pre-coronavirus -- is stuck at less than half previous levels. flights are operating in china now compared with 80,000 before covid-19 shutdown travel. air services resumed last month.

the number of mainland flights -- 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 karina mitchell. this is bloomberg. trump has beent talking about the fall in oil prices. he has tweeted he is ready to pledge funds to the oil industry. he is saying the biggest tool in supporting oil would be to reopen the country. we have seen these efforts taking place with southern u.s. republican governors pushing to reopen their economies. singapore going in a different direction. it is extending its virus lockdown after a surge in infections. this comes as global infections topped 2.5 million. yvonne man has the latest. singapore has switched from being a hero containing the

virus to now a cautionary tale. rishaad: -- yvonne: countries with experience can be wrong as well. in a matter of days it has gone from being the standard bearer in how to contain the virus to now the largest outbreak in southeast asia. it is back to the explosion of cases among migrant workers living in the dorms which account for 70% of all confirmed cases in the city state. we saw another day in a row with more than 1000 new infections in the last 24 hours. the prime minister saying singapore will have to extend the partial lockdown for four weeks until june 1. they will provide an additional $2.7 billion to support businesses, scale up testing and plan to close workplaces. only the most essential services

will remain open. some experts say singapore was good at first, one of the first to restrict travel from china but too slow to revise the response plan. sars.19 is nothing like the playbook needs to be thrown out. haidi: e.u. leaders are set for a tense meeting, no definite plans on the virtual table, no timelines, so what are they hoping to achieve? see anotheright showdown. the e.u. leaders going to this meeting, no concrete proposals how to finance the economic recovery fund which has become controversial. they distribute it a roadmap with no details on the amount, the objectives, nor the timeframe. not a lot of mention of what states have been lobbying for which is the joint debt issuance

. this has been seen with more signs of easing in germany, the smallest new cases and italy seeing more recovery and almost passing new cases -- thely exit out of nationwide lockdown. man there with us -- yvonne man there with us. we will look at netflix. netflix. certain shows have sent them through the roof. how long can this help with their growth? will we see it come down? this is bloomberg. ♪ this is bloomberg. ♪

shery: netflix shares are flat after hours even after eyeing double what it people had said -- had expected. this is after netflix shares .oared a lot of people are surprised because of what they call the knockout quarter. tell us what stood out for you. >> yeah. as you pointed out, jaw-dropping quarter in terms of subscriber

numbers, but netflix really wants investors to treat this as a short-term spike. they are cautioning investors not to extrapolate that growth rate out to future quarters. they don't want investors to get ahead of themselves. so for the second half of this year, which is why i think you saw the price action. about content? we have seen so much content, but is there going to be a gap given all production across movies, hollywood has come to a standstill? >> that is definitely something they did point out. wrench9 has thrown a into everybody's reduction schedules. they did say most of their andent is actually secured

good to go until second quarter of this year. where we are going to see headwinds for them is in the into part of this year and 2021. positivenintended consequence of the content delay with the caused productions is the free cash flow burned. we are seeing them become, report much lower free cash flow losses. one billion dollars or so as opposed to prior expectations. shery: what does this mean in terms of competition? there are so many others including hulu and disney plus. >> what is going to happen is a positiveovid-19 is for streaming as a whole.

we saw that today with netflix, we saw that with the surge in streaming hours. this translates to really positive growth. a few days ago we saw disney, with its own numbers touching the 15 million mark in five months. all of these services doing well. what will happen when the dust a --es is we will see netflix has cemented its -- we will see a few of these bigger dominances.ent netflix will emerge as leader. thank you for being with us. netflix callgh the as we continue to see demand there.

next hour, joined by a portfolio link -- family portfolio of funds. this is bloomberg. ♪

shery: welcome to "daybreak asia ." i am shery ahn in new york. haidi: i am haidi stroud-watts in sydney. we are counting you down to the start of trading in asia. our top stories this hour, asia-pacific markets are expected to follow wall street down after u.s. stocks slumped the most in three weeks. s&p 500 falling more than 3%. and oil recovers in early asian trading after another epic collapse, slumping demand, and a