the rba is pleased with how that has gone.s noted success on keeping the yield on three year government bonds around its target. a 90 billion target is up and running. that is on monday too. the broader question is how do you take back all that stimulus when the time comes? looking into this yesterday, there has been tightening in australia for almost 10 years. november 2010 since the last time the cash rate went up so it seems like a bit of a parallel universe. the difficulty unwinding back to stimulus. this is especially with the rba saying a very large economic contraction will eventually get the gdp numbers. not to mention next week's jobs numbers which are likely to be confronting as well. shery: much of what happens with the economy depends on what happens to the virus operate. is there any cause for some cautious optimism in australia with the coronavirus infections? paul: the news is reasonably encouraging on that front. currently, just under. 6000 cases in australia 5919. 48 deaths. that compares very well to other co

exports fall,n another thing rba has to take into account. will be pleased with, at the march meeting they targeted the ,hree year bond yield at 0.25% and the amount of bond purchases enough to keepis it at that level. people are wondering if they but theydjust that, will keep it where it is. the economic outlook coming out of the meeting is when we expect people will be watching closely. yvonne: thank you, kathleen hays. now primeight minister shinzo abe is speaking, talking more about the record stimulus they approved. when it comes to cash handouts, they want to make them as quickly as possible. with a seen this dilemma lot of governments with a might face delays, the u.s. as well. japan wants to get it to the consumer as quickly as possible. $988 billion package just approved, we are waiting for the declaration of the state of emergency for seven prefectures. trying to get the support during this pandemic. this is the biggest ever stimulus package out of the country. fromll get more details the prime minister shinzo abe. president trump m

it is rba decision day.ing on more guidance on what the economic fallout will be from the coronavirus. also watching oil staging a bit of a rebound ahead of opec. this is bloomberg. ♪ >> welcome to "daybreak asia." i am shery ahn in new york. haidi: i am haidi stroud-watts in sydney. you are watching "daybreak asia ." asian markets look likely to -- investors seeing signs that reported deaths in virus hotspots are easing. it closed at its highest since march 13. the coronavirus has put the u.k. prime minister -- boris

the rba continues to slowly reduce liquidity which is still staying near record levels with overnightfurther from the central-bank target. a lot of funding issues as well as central-bank action in some of these bond auctions that are continuing to have an impact here on these equity markets. look to recap where we were in the u.s.. futures are higher. u.s. futures opening up in the last two hours, reversing some of the losses that we saw on wednesday. you are starting to see weakening in the bloomberg dollar which is a relief for a lot of traders given that there was a lot of funding issues with the massive dollar strength that we have seen. crude finally starting to rebound with a 21 handle. you know that three days ago when we head a 19 handle on crude, that pushed it down to the lowest since 2002. crude catching a break. there are tons of concerns, not only about demand but with a lot of the supply side in saudi, saying they will continue to increase their production. flooding the market, the most on record. really a source of continued concern. let's get you the first word news wi

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the rba is telling the market to expect less frequency.rlyee a circumstance soon where the r.b.i. might not be buying anything. central banks will have to come back at some point. we won't be surprised to see some of them dropped to zero. how much is what you do now about wealth preservation than accumulation? we are getting some headlines concerning kim jong-un. u.s. officials studying the north korean line of succession. the north korean leader is in a critical state after heart surgery. that is breaking news coming through. >> there is no question that during the heart of the volatility last month, the search for liquidity and cash was the first port of call for investors. things have settled down now. but we have seen in the last couple of weeks is suggestions of being cautious. we are talking to clients that existing corporate credit markets. rishaad: also getting some headlines that this company based in the philippines will post a record loss. that is what the forecast is. that is currently where we are. these reports coming through

we have the rba pledging to keep the yield on a three-year as part of its program to battle the coronavirusterms 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

we are getting more details on the back of the rba conducting really extraordinary monetary policy asree packages of increasingly substantial economic stimulus to combat the impact of the coronavirus. we are getting the australian outlook cut to negative by s&p when it comes to the currency debt. stable.tive from aaa >> we have breaking news out of japan as well. core machine orders month to month gaining 2.3% for february instead of a contraction. the year on year a contraction of 2.4%. the expectation was for these machine orders to drop because of the coronavirus outbreak and having corporations cut investments. they did cut investments year on year, but the cut was smaller than expected. when it comes to the current account surplus at 3.168 trillion yen. this is a much bigger surplus than expected for the month of february. the boost to surplus coming because of weak consumer spending in japan. we have seen exports, imports from china almost cut in half. this really leading to the surplus given the fact that we have weak domestic demand. asia turn to our bloomberg cross asset edit

australian 10 we are watching it was the rba announced not a smaller amount than expected. seeing a little bit of a selloff when it comes to your aussie bones. up eight basis points. areomes to brent, we getting a little bit of a breather. higher. a half percent we are hovering around $21 for wti. there is optimism president trump is going to be meeting .ith oil execs that is leading to some of the oil bulls to come back out again. let's get the first word news. u.s. intelligence is accusing china of concealing the true extent of the coronavirus outbreak. underreporting total cases and deaths. we are told the public statements about the infection have been intentionally incomplete and the numbers are fake. beijing has changed its reporting of people and added hundred 30 extra cases in the first day. as many as seeking 100,000 military style body bags as authorities worn coronavirus deaths may soar in the coming weeks. the pentagon may withdraw the bags from its stockpile. trump administration saying as many as 200,000 people could die. president trump says the next 30 days

ozzie struggling to go higher than the 65 it has been stuck at given the rba policy stats in view.w zealand, one quarter of 1% after trade numbers came in positive all in all. shery: let's look at korea markets. upside for the kospi gaining 2/10 of 1%. this despite the fact we have pressure from samsung the biggest stock of the index. losing ground. they are warning of possible weakness in the mobile market that could soften going into the year. they expect the memory sector to be robust on server demand. they met the first quarter wordings -- earnings estimates. korean won, a little upside against the u.s. dollar. some outflows from the u.s. dollar way down. we are seeing upside on wti and brent oil. wti above $30 per barrel. a lot of volatility in the new york session. aftershocks after the biggest -- they said they would sell out of future positions. insight ons get more morganean market with jp asset management investment specialist. janet, stocks were beaten up for so long but the best bounce for the kospi of 30% or more from the low in march. more --ee we will see do you thin

ifsaw rba, there was a move things improve. and rest of europe to actually remove stimulus if that was the case. i think the underlying bond buyers, at least this year. oncould see further pressure the downside in bonds in the medium-term as we continue to see results. you could wait a bit, a bit of a correction. bank of america says the dollar is the best barometer to gauge the tolan markets. to that end, how would you trade currencies right now around the dollar? saed: we saw a significant rally -- i on credit contraction think going forward over the next few weeks, we will see a case where further dollar demand will take place. but you essentially have to look at this situation. europe is actually in a poorer situation than the u.s.. i will be looking for any balances, looking to potentially sell sterling on any balances. i will be looking for further deterioration in the demand in -- i don'tket, and think consumers are going to come out of the gates here and start spending. manus: hold some of those thoughts. we are packing

index, out performers and underperformers against it, even though they are stronger, signals from the rba and of course in japan, record stimulus. talking about a state of emergency, reflection and deflation, the yen up on some optimism on talks from opec-plus and producers. let's get to bloomberg first word news with viviana hurtado in new york. hey, viviana. viviana: our biggest story is boris johnson being in intensive care after he was hospitalized over the weekend after his coronavirus symptoms worsen. for 10 days, he was in isolation. are expecting to say the outbreak peak is in the next seven to 10 days. restrictions from the u.s. on masks and other protective equipment just days after it introduced measures, the white house facing a glass from allies around the world after a public spat with company 3m, president donald trump says it can continue to export some masks to canada and latin america. now oil trading higher on signs the world's biggest producers are heading toward a truce in their price war. they may cut output. ahead of a virtual meeting of an opec plus alliance, tenta

morning about rba growth in that country's and increase in unemployment. of the crisis will play out for a long time, and i think the dollar will remain quite firm for some time. tom: this morning we see euro-yen, stronger yen breaking down. euro-swissie, jp morgan, one of your partners in onme went through a 102 swiss franc, euro-swiss which was extraordinary. is euro-swissie and strong swiss still the ultimate safe haven indicator? jane: it depends at the risk you are looking at. perhaps on the back of the headlines about the north korean leader's health -- euro-swiss tells the story about europe and the events that would lead to a weaker swissie would likely be a goldilocks scenario for the eurozone, and that is not what we have now. have a meeting between european leaders. they will discuss this difficult ande about corona bonds utilizing a debt for the region, and if they fail to come to some kind of compromise that is acceptable, there is the risk that we have another rise in populism. we already have anti-e.u. sentiment in italy and other countries,

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yesterday, rba was talking about if conditions improve, they could talk about tapering again.ut the outlook for australia from stable to negative. talking the rb and z about how they are willing to embark more on qe. japanese yen, 108.78. let's stick to japan right now. other osaka and five prefectures are entering the state of emergency as shinzo abe announces record stimulus of a trim you dollars -- of a trillion dollars. during as online from tokyo is the head of the bank of japan economics. thank you for joining us. let's talk about the state of emergency on the seven prefectures. it basically makes up half of the japanese economy. the government says it is not essentially a lockdown. is it going to feel like one? >> i think they are right in saying this is not the kind of outright ban on movement that europen in china and now and u.s. are experiencing. japan toery hard for implement from a constitutional and legal perspective. looking out my window right now, there are a lot of people out and about going to work. . they have not stopped the trains. what we are seeing and

we are waiting for the rba decision, not expected in terms of policy action in terms of what more canat the lower bound level of rates but looking for guidance as to what comes next for the economy. we are watching trading in sterling as well as the ftse futures situation. we are monitoring the health situation of the u.k. prime minister, boris johnson, as he remains in intensive care from coronavirus. the 10th that give -- tentative rally raises a new question, ave we seen the bottom? global equity strategist joins us on the line from hong kong. we were chatting earlier, we last spoke to yuan on bloomberg markets middle east around march 25. that feels like a lifetime ago. i'm wondering if you have seen indication of a bottom, or positivity in the narrative that some of these global hotspots for coronavirus are starting to at least flatten out a little. did that change your view when it comes to risk appetites and the potential that when it comes to stimulus, we may have gone too far in the right direction? >> good question. in terms of the narrative, the markets have certainly embra

we do get rba minutes for their april policy meeting.pecting some additional guidance on the scope and scale of unconventional policy programs. nikkei futures also down more than 1%. we have seen that japanese yen trading in the narrow range. kospi futures losing ground more than 1%, haidi. another lineup of guests. in our next hour of daybreak asia. we will be talking all things oil with nasdaq's representatives. her markets outlook for us and we also have the london school of economics visiting senior fellow to analyze china's politics, the economy, and its handling of the virus. this is bloomberg. ♪ haidi: i am haidi stroud-watts in sydney. shery: i am shery ahn welcome to "bloomberg daybreak: asia." the world health organization says the worst of the virus is still to come. -- pandemic is quickly crippling demand for energy and oil recovers from a collapse in training after west texas futures enter negative territory for the worst time ever. weakening china's economy which was already struggling and some say the export driven model i

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