chinese corresponded, selina wang in beijing. thank you.ronavirus continues haunt markets with investors increasingly concerned. governments and central banks do not have the answer. new york city declared a state of emergency after president trump's action plan dell through. span ofe president travel back to the u.s. has many overwhelmed. many are being charged and norma sums to changes flights. >> reassuring nervous markets. we are told that governor kuroda could take a more aggressive stance in terms of buying assets. >> all still you is advising against nonessential gatherings of 500 people are more for monday as it looks to combat the spread of the virus. the grand prix in melbourne has been canceled and many other events are being held behind closed doors. would not affect schools coming universities, our public transport. >> walt disney is closing the disneyland resort in anaheim through the end of this month. the move comes after the edlifornia governor bann public gatherings of 250 or more people. has said there have been no report

let's cross over to beijing and to selina wang.is the context behind what is happening today is april 1 approaches? despite all of these external challenges including the trade war, china has been steadily opening up its financial system, inviting more of these financial services companies set up shop. china is allowing full ownership of life insurers, futures, and mutual fund companies in stages. the foreign caps for security firms, off. even a tiny slice of the $45 trillion financial services industry would be incredibly lucrative and our intelligence andmates that foreign banks security companies could be raising profits by 2030. according to a reporting in the industry, you have firms including hsbc, morgan stanley, and goldman sachs, already approved for majority stakes in their local joint ventures and firms like bds that have applied for majority stakes. citigroup would generate more than $1 billion of revenue from its china-based clients, planning to set up a wholly owned securities business. on april 1, firms will be able

selina wang, our china correspondent.up next, the earnings for the big for banks in china set to release results in the coming days and they will get outlook creditsights' jason tan. this is bloomberg. ♪ yvonne: big day for lenders in china. among the major banks to report earnings so far with more expected to follow today and next week. joining us to discuss the outlook and result is jason tan, creditsights' chinese financial research analyst on the phone. thank you for joining us. given the shock china is about to see, how are you factoring in the damage for the quality and margins for the big banks? sayirst of all, let me just ashave a cautious outlook covid-19 has had structural challenges for the bank. we will see interest margins coming down that will impact lower revenue because the banks are being asked to lend lower interest rates to support the economy. the banks are being asked to lend to small businesses and cover more areas of the economy such as credit channels and businesses. reliefandings will have down th

let's get more insight from selina wang, our china correspondent who joins us from beijing. e continue to see these global numbers mount, why hasn't . declared this as a pandemic yet? selina: now that the numbers have surged in 1000 countries, the0 world health organization still decided to hold off from officially living it a pandemic, though they say it is getting while to that point, this many experts around the world say it already reaches that criteria. a pandemic is officially designed as a pandemic that spreads worldwide. an ongoing assessment that includes not only geographic spread but also severity of the impacts on society. officials at the who obama say they want to keep -- at the w. h.o. say they would rather not increase panic by labeling it a pandemic. cases in china have started to slow to a trickle. at face value, that seems to be the case. just 19 new confirmed cases since march 9 from hubei province. now the top priority for the chinese government is to stop that reimportation of cases from people returning from infected places and other parts of the world.

selina wang has the story from beijing.s but it does not seem to be enough. >> they are stepping up their measures. it will be suspending the entrance of foreigners, even those with valid reasons and work permits will not be able to enter the country. ofre is a small handful exemptions. resisted the ban, criticizing other countries for putting them in this place. now they are changing their stance as they have halted local transmission and they are dealing with an increasing number of people being infected. local cases top half a million and the lesser prices china with the most reported infections in the world. already been escalating these measures on international travelers with tests issued at the airports and beijing. anybody trying to get into the city has had to be redirected. ok, they haveest to go through a quarantine at a dedicated location. a more measured approach. are we expecting to see any more steps from policymakers as we continue to see this downside pressure on the economy? are expecting to lower that rat

selina wang live for us out of beijing. nikkei down 670 points right now. your set up to the open.ang seng index now properly below 25,000. as we head into the open of the cash markets. >> we are watching that stock moving quite a bit here. slowing.rted earnings we are hearing from the ceo speaking right now saying that covid-19 is also changing how their business is operating. 40%, but theyg to mention when it comes to mainland china sales are now done online, about 60%, and that is happeningn china right now. more information when it comes. this is bloomberg. ♪ businesses that are being affected by the coronavirus outbreak. we did not get quite that bazooka. david: we didn't. compared to what we had two mondays ago at this location, it feels somewhat different just looking at the price action since the speech of donald trump. i will give you a look under the hood quickly. we are down 1% each on the benchmark. overseas, down about 2% or 3% on the hong kong benchmark, as well. australia is down 4.5%. kospi down for percent. new zealand down three point 5%. u.s. 10 year yields at 73

let's bring in selina wang from beijing. what is the situation like across china at the moment? a reported zero domestic coronavirus cases. you are seeing more cases abroad, so china is putting tighter restrictions, authorities remain on high alert that another wave of infections is possible. they are urging people to go back to work. most of china is considered low risk and people should return to their normal work and life, and he called on officials to help with labor capital and raw material shortages. china'sst week, 85% of economy was back to work. we are seeing supply-side constraints the address, but demand is not back to normal or rebounding quickly. people are hesitant to leave their homes after weeks of social distancing. almost half of china's listed companies do not have enough cash to survive for another six months. 60% are unable to cover labor and rental costs. there are bright spots, delivery, grocery sectors. the store manager of one of alibaba was grocery stores says j three to four times. in anticipation of increasing demand in the coming months. haslinda: sur

yvonne: selina wang, thank you.g up, promises of unlimited liquidity may helped cause the next big bubble. we hear from ceo, richard harris, coming up next. this is bloomberg. ♪ yvonne: u.s. policymakers took a president action this week, unleashing an array of measures to keep the economy going. there is a $2.2 trillion fiscal package sent to be voted on in the senate. we are still waiting for that vote. market once again fuel an asset bubble? joining us is richard harris. always great to have you and always great to get your insight, especially with something that has abled -- that is abled call like that -- is a bold call like that. >> i don't think it is going to happen tomorrow. we may see another downlink. biguse we have seen a chunk of good news with the announcement of the increased stimulus. after that, it takes time for that money to reach people. you have to think that these are extraordinary sums of money. you are looking at $2.2 trillion from the u.s.? another $1 trillion announced by germany. by the ti

our china correspondent, selina wang, joins us from beijing. ch are we expect in this to help? selina: china is under increasing pressure to cut these interest rates as we are seeing global central banks take more aggressive action, especially after that economic data showed the is imprinted ended -- unprecedented slumps. the economy is forecast to grow at 3.4% this year. that is the slowest pace since 1976, the final year of the cultural revolution, so standard chartered is expecting this one your loan prime rate to fall by five basis points, but the estimates vary all the way from no rate cut to a 10 basis point rate cut, which is what our bloomberg intelligence is estimating. this is the de facto benchmark rate, the market indicator of the price that lenders charge corporate's and households, and buts currently at 4.05% standard chartered is expecting the pace in the future, the near future of this loan prime rate, to be cut very slowly so that banks can avoid any sharp -- we have seen banks come under significant pressure because of efforts

selina wang is out of beijing. an stephen engle is also joining us.art with you here. what's the latest in europe? that's the hotspot. stephen: keep in mind there was an major turning point, there are now made -- more confirmed cases and deaths outside china then within china. of course, this originated win inch -- in china. i want to the definitively. it first came up in china. we have 164,999 cases worldwide. those, more than half, our etc. china. that tells you how it's -- are out of china now. that tells you how it's spreading. there is a head start to start battling it. china had to think on its feet from the beginning. something it was draconian measures. now europe is starting to do what people would say is draconian measures, whether germany putting restrictions on its borders with france and luxembourg, denmark, and other places. look at the numbers just overnight, david, switzerland up 62%. : is a small base, up 623%. 35% in the number of confirmed cases overnight. the u.k. is another ball of waxed. it's been criticized for its response, sch

shery: selina wang, thank you.ump announced more details about the massive stainless bill state -- saying it will be worth $2.2 trillion. a dispute in the senate over expanded unemployment benefits is threatening to delay the rescue package despite earlier expectations that a vote could come within hours. joining us is senior editor derek wallbank. what exactly is the hold up? it is well, you know, funny. yesterday, we were on a two yard line, to use an american football term. today, apparently we are on the two inch line according to what some folks told the washington post reporter. and all of that is to say that we are very close but we are not quite there yet. there is concern among some republican senators that some of the unemployment benefits are generous to the point that it might create a benefit to people not doing work over doing work. they are pushing back on that. then you saw a little bit ago, senator bernie sanders, the andidential candidate progressive from vermont saying look, if you all get change

our china correspondent selina wang joins us from beijing. of course, it's a whole different issue in china now that they have sort of curved their own infections. it's about limiting imported coronavirus cases. reporter: right. as the number of cases slows dramatically, authorities are shifting attention to stopping this virus from being reimported back into the country. beijing is taking a major move and will be quarantining all travelers from overseas at designated locations for 14 days. these people have to pay their own cost of their quarantine. . this also includes trainees citizens. even -- chinese citizens. by far, this is one of the most extreme measures to be undertaken by any international help to stop the virus from coming into an area. beijing has not reported any locally transmitted cases. all the new confirmed cases have come from travelers and countries including the u.s., italy, and spain. i want to point out that meanwhile in south korea, infections have slowed as well and president moon wants to share tips for containment,

i want to go to selina wang in beijing. now they are facing more imported infections. cases, all of them from abroad. that is lower than the 78 cases china reported earlier, including four locally transmitted patients. china has more than 81,000 confirmed cases with more than 70,000 discharged patients. china has been increasing screening at these international hubs to reduce the number of imported cases. at the same time, they are starting to loosen restrictions domestically. as more countries around the world are locking down, china will lift the lockdown. it had the original epicenter of hubeitbreak on april -- province has been locked down since january 23. even though this quarantine that has been in effect for months in china did avert hundreds of thousands of cases in the country, it did put patients in hubei province at much higher risk with a higher mortality rate. of newmore details zealand declaring a state of national emergency. that will stay in place for and will give authorities more powers to enforce social distancing. new zealand going into this period

let's get more from selina wang in beijing. any closer to calling this a pandemic, as we see numbers slowing in china? selina: you are seeing a dramatic slowdown in the number of reported confirmed cases in china. just 19 new confirmed cases today, that is a dramatic slowdown. but globally it has spread to 100 countries, infected more than 100 thousand people, yet the world health organization is refraining from officially calling this a pandemic. they want to focus more on containment efforts and not spread panic, given containment has worked in china and south korea. you heard from the world health organization's representative that cases reached a peak in china, but risk resurgence remains high. you see cases imported into china from other parts of the world. in beijing we saw several instances of that over the weekend. just hearing what the who china rep had to say, he was talking about the dangers of school reopening, factories going back to work, workplaces resuming. what is the main fear for authorities in china? selina:

yvonne: selina wang, our china correspondent joining us with the latest out of beijing.ese retailers. one company reported full-year revenue that beat estimates. still questions about guidance in the first half. 'st's look at cahina consumer sector. claudia, thank you so much for joining us. let's get to the earnings later. i want to talk about the big news with the tokyo olympics being postponed. anta is a sponsor of the limbic committee. how does this impact business? -- the olympic committee. >> stocks are doing relatively well. largely this was factored in. the management call yesterday cited they might see benefits coming on the anp side that allows them more room to be flexible to reallocate resources. i think it is a nonevent given it was largely factored in by management in the market as well. yvonne: in terms of tracking the coronavirus outbreak, do we just write off the first half for brands like anta? how big of a hit do you see coming to their brand names? showsa: the 2019 result they are stronger than anticipated. assuming the trajectory of the virus is on a

so much.hank you selina wang joining us from beijing.ding to our economists, perhaps china is returning to normal somewhat but still at 80% capacity levels. david: for a country like china that makes decisions quickly and is able to execute that, it has taken a good for weeks to get us to the estimate of 70%, 80%. the conversation if you look at what we have done, we have put together a couple things. factories in the spots in yellow , and your purple circles, those are your hotspots. this largely disappeared in china. the issue is, things like distribution centers and research facilities, we are starting to see parts of europe and frankly, from the news earlier, the nba is playing, they are shutting the season down until further notice. you are getting more companies telling their employees to work from home. twitter is an example. and italy come overnight in case you missed it, they said all shops are closed if you are not a grocery or a pharmacy. you get the hotspots, you get a lot of the closures as well, and you do understand from a

wang. that was selina and, brace for bankruptcy.yu professor emeritus edward altman, predicting if a company will go bust. this is bloomberg. ♪ guest expectst bankruptcy sometime soon due to the coronavirus, nyu professor emeritus of finance, edward altman, known for pioneering work and rejecting the likelihood a company will go bankrupt. great to have you with us. what is your formula telling us about what the next three to six months will look like in corporate america but also globally? edward: we have been looking very carefully at the high-yield bond market. in addition, there is a very ratednumber of bonds just above high-yield or bbb's. we ran a test on the bbb population before a virus as ofic situation started the end of 2019. we found there were already more than 30% of that population, that population is more than 3 wereion u.s. dollars, that looking, they did not deserve to bb or b.but we expect a fairly large proportion of them to be downgraded at least by the market if not i the rating agencies -- if not by the rating

our china correspondent, selina wang, in beijing. the u.k. and u.s. are moving closer to lockdown.rnments are trying to find ways to keep this -- keep business in business. duncan edwards is the ceo of britishamerican business, a transatlantic trade group. we welcome him now. great to have you on with us. how do businesses possibly mitigate or prepare for a scenario that is so unexpected and so unpredictable? duncan: clearly, the first thing that is on the minds of businesses and our members and other businesses is the well-being of their employees, first and foremost. and secondly, on the well-being of their companies. over the last week or so, and more rapidly in the last few days, companies have been exercising their crisis management programs. they have been where they can, implementing their remote working policies and they. . have been looking at survival what do. . they need to do to manage their way through this extraordinarily difficult and global crisis? haidi: what is the cash flow situation amongst of the companies you have been dealing with? duncan: you hit the nail on

wang in: selina beijing, thank you so much.mpic committee has made its most public step yet and delaying the sporting event. changes toplanning tokyo's 2020 would decisions expected in the next month. why has japan been so insistent in the games going ahead? back, thetake a step 1964 tokyo olympics were an enormous milestone for the country. it represented japan coming back onto the world stage after world war ii. in the same way, the 2020 olympics were supposed to be a statement that japan was back. the years of deflation, the loss decades, the economic stagnation. selena was just talking about china trying to use soft power surrounding its response to the virus. abehe same way, the administration was hoping to use hosting the olympics this summer put soft power moment to japan stamp back on the world. they are set on holding it on time. alignednister abe even economic policy over the years towards hosting the olympics this summer. introduced sales tax increases in the run-up, betting on a big boom in the summer of 2020 to hel