the boj pledges liquidity. the ecb unveils its response today. and shutdowns all around. italy pare down its economy to essential services. the united states tells citizens to reconsider travel abroad. 125,000.ses to pass manus: warm welcome to "daybreak europe." a spectacular implosion in confidence in structures, government response, and the fiscal response from the united states. we have recovered some of the ground, 1.5%. australia edges a bear market. travelstaring into a no edict from the united states of america. $17 trillion in aussie response mechanisms on stimulus. trying to avoid a recession for the first time in 30 years. to the bond market, jp morgan warned very clearly about the threat to the bond market. 0.5% is on the way. trump spoke and they shredded the treasury market. down by 15 basis points. the fed is galvanizing itself. , $175 billion.o global headt is the of flow strategy solutions at societe generale. good to have you with me. first take, i would say it is an implosion of trust in confidence in response from the u.s.. >> it clearly is a major iss

we heard the boj could pledge further liquidity and stimulus measures, so once we saw the topix openone point 5% coming you seen japanese stocks up 1%. weakness in australia and new zealand markets, aussie and kiwi dollars as traders start to bet interest ratest to stem the fallout from the coronavirus on those economies. elsewhere in the currency markets, worth looking at the korean won today, non-deliverable forwards moving higher. against the dollar, as much as 1.5%, its biggest jump since january 17. we've seen a lot of money going into em currencies that have been hard over the last few sessions -- hit hard over the past few sessions and year due to the trade disputes. manus: thank you very much, juliette saly in singapore rounding up the markets. let's talk more about the oil markets because wti is on the rise this morning with the worst week since the global financial crisis, the stat of the day earlier. russia says it is ready to cooperate with opec plus allies in support of the market ahead of this week's meeting in vienna or saudi arabia will push for new output curbs to me

providee boj pledges to ample liquidity and australia unveils a stimulus package. >> it is a comprehensive we believe is well targeted. alix: about 130 billion dollars in budget support has been pledged by world governments. meanwhile, italy has now closed all businesses except pharmacies and grocery stores as fatalities jump. >> now we are in a virtual lockdown. it feels a bit like a curfew throughout the country. all shops are closed apart from essential activities. those are groceries and pharmacies. alix: now investors look to the european central bank for support. >> christine lagarde essentially pre-committed to action on tuesday, and that is highly and usual. alix: companies and distressed industries like airlines and hotels have their credit lines dry up, and local stocks slide into a bear market. the death toll climbs to 4600. in the markets, it looks to be a very painful day yet again. twice, s&p futures hit limit down, and we are at that level yet again, so three times. you can't trade below this level. european equities continue to get hard as well, so expect the open to be rea