i harvested wanted stanley falls when i arrived and my men did the same where we came. former slaves were enlisted in the conquering armies weapons in hand the french the belgian and the british went deeper and deeper into the equitorial forest. europeans placed peasant communities under military control and forced them to produce palm oil rubber cocoa coffee and of course. it's very clear every single state used forced labor all of them. in some cases this labor strongly resembled slavery. where they would take people from their villages and pay them almost nothing especially for so-called public works yet. they had to provide for their own food and were later sent back home where some no longer fit in. if you do feel. in this forced labor system missionary's became witnesses to the farmer's abuses armies bankrolled by the belgians terrorized villagers and cautioned rebellions every bullet was counted and to prove that they had used their weapons efficiently soldiers had to bring back the hands of their victims. a stray bullet meant an innocent could lose a limb. they

. >> reporter: morgan stanley saying gdp could fall 30% april through june. unemployment could explode to nearly 13%. just last week's new jobless claims, they say, could be 3.4 million. if true, that's nearly five times the record set during the 2009 financial crisis. >> we have to go back to work. much sooner than people thought. >> i understand what the president is saying. this is unsustainable, that we close down the economy. but if you ask the american people to choose between public health and the economy, then it's no contest. >> reporter: well, we'll see. by mid-week, just over half of all americans will be under some sort of stay-home directive. and clearly there is some debate as to when and how we reopen for business. governor andrew cuomo suggested maybe there's some way we can test if people have had the virus, therefore they hopefully have some immunity, maybe they can go back to work. morgan stanley, by the way, is warning that if we reopen too early, it could backfire and in fact make the human and the economic cost even worse, wolf. >> nick,

all the alarm on a global morgan stanley, goldman sachs, jeffrey gundlach -- saying the growth is going to fallat is their base case that there will be a recession. goldman sachs earth weakening one point 5%. -- hey gundlach puts the says we are completely unprepared for it, the longest -- it is clear a global recession is here. the question is how long will it last and how deep will it run. taylor: annmarie hordern, thank you for joining us. i want to bring in matthew luzzetti from deutsche bank. he is still with us. fourth quarter -- first quarter gdp falling the most ever. how much pent-up demand will there be in h2? matt: i think before these recent developments, we were constructive on the economy, on the consumer. if you look at the aggregate consumer balance sheet, it is the best on record, although there were a lot of differences -- i think what you are seeing is, we will have significant fiscal stimulus, the packages being considered are significant. you have a monetary policy that is setting up the financial crisis using levels and that will continue. in the second half of the year, y

morgan stanley says a -- growthrecession expected to fall to 9/10 of 1%.an chief economist. how do you model what that is going to be? chetan: essentially we have tried to look at the number of days by which the social distancing hurts the business conditions. there are a lot of exemptions in different parts of the world. at this point we are operating within assumption that it would be the second half of april or early may globally. if it goes further than that we will have more downside. where would be the biggest hit? we get a half ago we were all talking about china and recovery. now what is the real conversation? has gone beyond that. we all know. the biggest problem we have had in terms of understanding the impact is the spread of the virus has been much more than what anybody would have anticipated in europe. the outcome in italy has made people think about the way it is evolving in other parts of the world other than china. similarly what we are now grappling with is the rising asber of cases in the u.s. the testing gets ramped up. it is adding to

stanley. >> what's next for this incredibly ridiculous volatile market we need to make logical decisions. that's why i like to fall back on the technicals in times of turmoil because they give us a more quantitative less emotional approach so tonight we're going off the charts with her help she runs the website and my colleague at real money.com where i get her read on this topsy turvey market. she warned us that the s&p 500 people were in the correction. that's exactly it. told us to watch one specific thing. take a look at this daily chart of the s&p 500 now you see the blue it's the moving average. the 13 day exponential moving average. when the five day goes above the 13 day she likes to use that and it goes below the 13 does the trigger always work of course not but it's helpful a pretty high per staej centagee time but when it's right it's really right monday of last week the 5 day crossed below the 13 day if you were watching these moving averages like we told you to, you should have got it now right there. just like she said the whole correction for tuesday morning. and going down to be a big sell off a mo

going to likely be, very possibly a second wave next fall or next spring like there was in the 1918 influenza epidemic. so there's two waves. >> dr. stanley perlman, really appreciate you having you on to discuss this and borrowing your expertise in this. thank you so much. >> you're very welcome. >>> well, the british government is also preparing for a surge of more cases. workers in london busy converting london's xl center into an emergency hospital. on saturday the department of health reported that more than 1,000 people have died from the coronavirus. the medical director of the nhs england addressed the sobering milestone. >> i think the chief scientific adviser to the government said recently if we can keep that below 20,000 we will have done very well in this epidemic. it's early at the moment. and the scientists who are working with government to model what we can expect. of course adjusting their predictions now as we start to see the actuality of the epidemic in the uk. >> in italy empty streets like these in milan are a sight that's become all too familiar. incredible scenes there. people are heeding the warnings, as you can

annmarie: morgan stanley says this is now their base case scenario and they expect growth to fall .9%goldman sachs economists predicted weakening to 1.25% and jeffrey gundlach giving his webcast puts the chance of recession and 90%. he calls this the end of the longest postwar expansion. he said we are unprepared for this. the debate is over about whether the world is going into recession. now the debate is how long will it run and how deep. anna: interesting. to talk to morgan stanley about this earlier and how long it lasts and the difficulty of the chinese experience, which is in so service reliant. the liquidity crunch in treasuries has led to a $5 trillion present -- thomas from the fed to calm markets. one small corner of the bond market has come under scrutiny. here with the detail is bloomberg's dani burger. dani: i have the origin story train. cash let me walk you through the timeline. the coronavirus scares cause people to want to move into treasuries but what do you do, you buy the most liquid assets and that is futures. in terms of that, you see the futures all of a sudden

falls. also warning about the impact the virus will have on the consumer business in china. that stock is down 3.6%. morgan stanleynd goldman sachs of 3% each. vonnie: thank you for that. for all of the market moves, we try to stick with bloomberg tv and access it on the bloomberg using the function gtv . from new york and london, this is bloomberg. ♪ guy: from london, i'm guy johnson. vonnie: from new york, i'm vonnie quinn. this is "the european close" on bloomberg markets. guy: european banks are seeking virus relief in a series of demands they are making to eurozone regulators. let's get some color on the story with bloomberg's financial reporter. what are the banks asking for? nick: i cannot remember a list this long and quite some time. it is extensive. they are asking for relief on the liquidity front good to run down liquidity reserves without being penalized. they are asking for relief on the capital front to ignore some of the findings. changes toasking for how to define what a loan is. this is quite extensive. it speaks to the fact that the the banks see a lot of damage coming their way because of t

fall. of marvel. the insatiable drive for profits at marvel was also beginning to westin with its creative team. by this. time founding editor in chief stanley had moved to california to pursue hollywood deals for the company. and the new editors left in charge one being allowed to do their jobs. the editor's job was to set direction for the comic and suddenly there was this this marketing division that was setting direction and the editors were not happy they feel like they should have more say in what the stories are at some point that created a conflict and certainly demoralize the people. working in editorial and that's the devil is sort of being painted you know this the static feeling for the characters you also know you're in the business and that that constant tug of war and you had all these editors slamming their heads up against the wall to make the comics that they were responsible for spike in sales get really sad and and there was more infighting and people were just unhappy they were having fun. and then in 1992 the inevitable happens. in a mass exodus marvel's top talents left to join rivals and to form their own publishing h

report on the firefight because our predictions the markets will continue to fall because of coronavirus. we'll talk with morgan stanley about what the dell may do this week.>> from ktvu fox 2 news this is mornings on 2 .>> we will start off with breaking news for you, report of trouble with an air canada express flight at sfo. there are some reports, and this is a live picture, but talking with air canada flight you see the plane on the runway and people getting off the plane,>> flights had been scheduled to sfo are being held. several flights scheduled to arrive are now circling as they deal and we saw some photos as they are deplaning some passengers, looks like it landed safely but there are a number of questions to be answered so if you have loved ones flying to sfo they may be delayed. we called sfo to get more details on where waiting for a response, that is going on right now with an air canada flight having some issues in the cockpit with smoke and they are on the ground now.>> we will keep an eye on that and keep you updated, good morning i am claudine wong. >> hello everybody this is frank mallicoat , now le

fall short but you jump fast. i think that's what is going to happen. >> i think so too. wall street is saying that. i mentioned yesterday morgan stanley'll be down 30% in the second quarter. that dominated headlines. what you didn't read though, they said we would be up 29% in third quarter and up 3.3% all next year for the total year. listen, i get up every morning, very early, cheryl. first thing i'm looking at are death rates around the world and new cases. what i'm seeing last two days in italy. let's hope this is it, hope they peaked. what we're seeing in south korea, lowest numbers since early february. those are things we look at as a guide. president trump wanting to get the economy back online. i think a lot of people are raring to go. we saw existing home sales. that number was mind-boggling for february. folks say it doesn't really matter. does matter, tells you where we were as an economy. we were an absolute juggernaut. it may take us some time to get back to that point. there is no reason why we can't. cheryl: real quick, want your thoughts on companies moving the markets. because i've been looking at chevron, boeing, mc

stanley is down 11%. john lonski when icy bank stocks falling out like that, i get really worried, should i be worried? >> banks are much better capitalized today than they were back in 2008. that is a positive, banks are being hurt by the drop in interest rates, very low federal funds rate close to 0%. and also there has got to be a lot of worry regarding bank asset quality, and whether or not that loans and banks have made whether they will be paid on time, a lot of concern about that point in the whole theory is we get some sort of loan guarantee programs out there from the federal government including the federal reserve that would leave the sum of the worry. it is on two fronts, low interest rates, and acid quality you might add to this, who's gonna be borrowing money and take on new debt at this point in time. stuart: one second, washington post reported that the white house and congressional republicans would like to spend $2000 to many americans and provide $300 billion in small businesses as part of the stimulus plan. stuart: that is a lot of money. >> too many americans, who will qualify, we

for the economy under lots of pressure the past month as rates fall and markets deal with the coronavirus citi, bank of america, morgan stanleyjpmorgan all down now more than 30% in a month as companies begin to start to draw on credit lines. th mnstalk about what atea when "squawk" returns as well. [ fast-paced drumming ] [ fast-paced drumming ] >>> if you're just waking up this morning, check out what's been happening with the futures. they're down sharply on fears of the coronavirus. trading limit down by 1,191 points we would open down 131 on the s&p and nasdaq off by 396 points meg tirrell joins us with the latest on the outbreak and the latest headlines there meg. >> reporter: good morning again, becky. as the president announced the ban on travel from europe, the state department issuing a level 3 global health advisory from americans to reconsider travel abroad due to the global impact of covid-19. even countries where cases haven't been reported may restrict travel without notice this as the world health organization calling the disease a pandemic yesterday for the first time as it's now reached 118 countries infecti

stanley just up there call for 75 basis points. if that happens, what does that do? does it do anything? kristina: it certainly helps consumers if you see a fallge rates. consumers of the biggest beneficiary. but we need to see more to see risk-taking on the part of businesses, on the part of banks, and we saw the fed cut the rate paid on excess reserves, trying to push lending. but i think we will need to see more. from my perspective, the only entity there really has shown a willingness's in thick global financial crisis to provide enough stimulus are central banks. but of course the effectiveness of what they are providing is in question. they havees on and as become more accommodative. so i would argue that we are at this point now where we need to see fiscal stimulus come from government, and certainly there are pockets of that. china, no italy. simulated to see fiscal stimulus coming from central banks. by that i mean something like helicopter money, which i do believe is going to be justdered going forward, because central banks are getting desperate. was just ancept experimental idea before it was deployed in any meaningful way during

fall on thursday and a very, very bumpy ride. with the coronavirus still looming, what can investors expect on monday morning when the bell rings? let's welcome in morgan stanley's pacetti for some insight this morning. we talked on the phone a little bit last night. >> right. >> i know you don't have a crystal ball but they did -- congress got together and came up with this. i think it will help investors. >> that was a positive thing. friday, they started talking about it and the market shot up. saturday morning at 1:00, the house stayed overnight. they worked on passing the bill. it has been a bill that looks like the democrats and republicans will both agree to the senate should approve that. if that is still the same on monday morning, we would expect a positive stock market. it is also contingent upon what other bills they are talking about, potential bail out bills for the airlines. they are basically frozen right now. what will happen? that is an important part of our united states. >> that has got to happen. the airlines are just bleeding right now. >> a lot of small businesses and restaurants will be either shutting down or least laying people off. >>