and dani jo is okay with in a.friend, diane, every day. >> i miss her. >> reporter: the beloved mciver ranch stood vacant. the lavish parties and celebrations, vie cant. remnants of a marriage many thought was as good as it gets. but as tex settled into prison, an auctioneer sold it all to the highest bidder. >>> that's all for this edition of "dateline." i'm natalie morales. thank you for watching. >>> first up on msnbc, major developments as coronavirus spreads. the infection hits a major u.s. city. and a big change in store for the passengers stuck onboard a cruise ship outside of california. >>> lockdown. millions told to stay put for weeks. >>> and a medical expert answers the most googled questions. ? two days to go before a critical contest for the democratic presidential hopeful. we begin with breaking news.

dani: sure. of the issues is that liquidity, that grab for cash we have continued to see when you fund thesecash to positions, those margin calls, they have to look elsewhere to get it. see thatue to liquidity crunch. the mortgage market is an important one. it has a lot to do with the repo market, the short-term lending market and it is sitting broker-dealers as well. that much of not that $6 trillion market, but they are so highly leveraged it is really hitting a lot of the aspects of the bond market. burger,loomberg's dani great to have you with us. let's get to annmarie hordern for more on this senate stimulus deal. basically the., white house and democrats have reached an agreement on the stimulus package. speaking in the last hour, mitch mcconnell says it is a historic package that will deliver relief to americans antibusiness. -- and business. annmarie hordern in new york. i'm sure you heard -- >> after days of intense discussions, the senate has reached a bipartisan agreement on a histori

dani burger is back in london. describe this stock market, uninvestable, impossible to predict. you just have to look at the volatility. is anabsolutely, it elevator up in an elevator down. finally, a new record suppressing the 2008 financial crisis high in volatility, just below 83%. it has not hit an intraday high, that it shows you how much fear is embedded in the market. real-life volatility is even higher, it was option traders may not be pricing in the full extent of volatility we see in the market, which is remarkable, looking at the level of the vix. volatility does tend to cluster. you only need to look at the chart to see how you get pockets of liquidity and volatility. it should continue for some period especially given the theliquidity in market that causes these extreme moves up and down -- given the liquidity in a market that causes these extreme moves up and down. nejra: thank you to all of you. president trump says the pandemic may cause a recession. the home of silicon valley ordered companies -- h

joining us to discuss is dani burger.day alone, world's richest 500 people lost $331 billion. that means they are headed for a nearly $1 trillion loss. was the lvmhosses chairman who lost 9.5 billion followed by jeff bezos. this ends the decade of soaring stocks that really helped these wealthy amass those riches. but the pandemic fears obliterate are those gains. mobileahoma fracking lost half of his net worth from that drop in oil. but how did the wealthiest react? privateseen a spike in jets and an exodus to secluded homes. further taking a look at the wealthiest, you can see that as well on your bloomberg. coming up, a flat or a loft year? that is how one strategist is describing the s&p 500 for 2020 as some indexes fall back to levels we saw them. your morning call is next. this is bloomberg. ♪ matt: this is bloomberg daybreak: asia europe. maria from state street is still with us. what should we expect? you have made it clear you want to see some kind of policy reaction from the governments in europe. how long do yo

dani burger?i: it is hard to characterize this as anything other than all-out panic and when we look at u.s. treasuries for the first time, the entirety of the u.s. curve has tumbled below 1%. even u.s. 30 year yields, which looked back last winter were trading at 2.5% are at 98 bips. part of this might be the contagion driven by the oil market, but traders i've spoken to this morning say this is a .arket overrun by algos we had been liquidity so you get a rushed sell bond -- by bonds. it has squeezed out shorts in the market and they run into equities, so we are seeing contagion across the market as circuit breakers get hit and the global route deepens. manus: thank you very much. dani burger on the markets. the germany, they've taken the first steps. companies and workers affected by the fallout of the coronavirus, after more than seven hours of talks, angela merkel's government agreed to the following. 12 point 4 billion euros between 2021 and 2024. the statement came after the meeting and read

here with the details is dani burger.ani: the quarter and means we will see some rebalancing and windowdressing. pension funds and other money managers have specific targets of asset allocation being hit and because of this massive selloff, we now see these managers hold near record lows of risk assets. that means they will have to add back into equities in order to restore those mandates. take norway's sovereign wealth fund. because of the selloff, the ceo managing 70% allocations to equity has fallen to 65% so they will start buying stocks. just how much this adds across the board, the estimates do very depending on the ask. worthn says 200 billion of equities being added and at the high-end, saxo bank says $1 trillion. throughout history, we see a positive impact to equities your quarter and month and, -- end, but it is usually minimal. this time, liquidity is so scant in markets that the month-end rebalancing might add more than it typically does, so we will keep a lookout for that over these next two days. deutsche b

david, can you hear me. >> i thought it was for dani. sorry, charles. don't think it was a surprise. it was clearly priced in maybe to a good point, coming into this week, about i think 64% of economists were looking for at least 50 basis points, the fact they took a week early, took it as opportunity to take risk off the table, given how far we went yesterday. charles: dani hughes, the fragility of markets, power of of algoss federal reserve turning the world upside down. is this awakening or a piv any of -- epiphany of some sort? >> fed can't control markets. just when the fed lowered rates the market didn't care anymore. i think that is a lot to do with the fact that we're seeing this spread is going to have an impact on the entire globe. and as trump has said, look at global rates. you've got switzerland in negative 1%. november .8 of a percent in germany. japan has negative rates. even spain and italy are below half a percentage point. so, you have got to understand, eventually american rates are going to be down here. we've seen yield on 10-year g

nejra: bloombergs dani burger. markets are struggling to price in how long the recession is going to continue. everyone says a recession is a certainty but when you look at the 10 year treasury yield, 50 basis points above a record low and global equities at a 2016 low. these are not markets pricing a depression. should they be? >> they should price in the larger risk than what we have priced in right now. essentially, if you look at the outlook, it is impossible to look 14 days forward. we have no clue whether the economy will open up again. it is not an environment to buy anything. my point is that if we look at the pmi's which we will get out today, they will look quite reminiscent of what we saw in 2008. we are not there yet on equities. even though i get the calculations from j.p. morgan, i think you need to look further ahead than the technicalities with rebounds. nejra: what would be your top trade in the next two weeks if that is the visibility we have? be to buy theould long end of the dollar curve. the fe

here is dani burger.r the most drastic call we have heard in terms of how deep the recession could be comes from morgan stanley. they say in the second quarter, u.s. gdp could have fallen to 30%. less than a week ago they thought it would only be a 4% drop. what accounts for the change? activity hasnomic come to a standstill and it will only get worse as more states implement social distancing measures and consumption activity continues to drop. the details -- the unemployment in the second quarter will fall 12.8%. consumption could fall 31%. they say full-year growth -- 0.3%. this was one of the more drastic cuts. jp morgan seeing a 14% drop. goldman seeking 24%. bloomberg economics seeing 9%. the general consensus though is that it will be a painful recession. nejra: dani burger, thank you so much. holger schmieding is still with us. wall street is revising calls on a weekly basis. we were talking earlier and you do not think it will be as extreme as what goldman sachs is saying. we are still more than

here with your morning call is dani burger. dani: this is an anti-morning call.ho says all these dire doomsday calls from strategists and market players alike are really not accurate. people are looking at the stock market and saying there is a lot of carnage going on, so i need to react, i need to update my forecast right now, and there is a dire outlook. it is taking a jab at the looks of bill ackman, who says the u.s. will enter a depression era if things continue as they are. people who have had similar calls like goldman sachs, he says that now you need to stop, breathe, and wait, because we do not know how long this crisis will continue on. he says at this moment, there are pessimistic forecasts, they might be right, but it is a lot of gut punch reactions we are getting and it is feeding flames to the fire. over the long haul, if you look 20 years outcome of the relationship between global gdp and stock market performance is not always so clear. matt: thanks very much for that. dani burger with your morning -- well, i guess it is still a call. thanks so muc

here with the details is bloomberg's dani burger. dani: that's right.s gob smacked by the jobless claims yesterday. the chart was wild. caughtge kickoff really people not necessarily by surprise, but it is shocking nonetheless, but after that shocking figure, we look to next week. what is it going to be? there's a lot of high-frequency data that can give us a clue and that is exactly what barclays strategists have been looking at. they specifically have been tracking new york city calls where people can ask about unemployment insurance. they say that compared to last week, this week, those calls have doubled. it is not a perfect relationship. sometimes, it is. sometimes, it's not. this can certainly give us an idea of the magnitude and direction of what we should expect next week, nejra. nejra: dani burger, thank you so much. jennifer rohn from -- kallum pickering from berenberg is still with us. kallum: the daily data on consumption,ore traffic around the world, it gives us a handle on the developments in real-time. when it comes to the macroeconomic d

dani burger, good to see you. how is my old friend the vix?urged to its highest since 2008. i want to be the contrary and here and say things could get worse. . that's because the vix. has not priced in the degree of volatility we have seen in the markets. that blue line, that's realized volatility. 50 does not reflect the extent of the panic in the markets. things could get worse. correlation also important for volatility. correlation has continued to be the highest, its longest streak of elevated correlation since 1996. mid 50 vix scary, but maybe not scary enough. manus: plenty more tough moments to come. thank you very much. a global lineup. coming up on the show, italy's nationwide lockdown. what impact will the shut down half on europe's number four economy? we speak to the director general. bank employee contracts coronavirus, what measures are being taken to contain the upper across europe? ♪ manus: this is "bloomberg daybreak: europe." here is what you need to know for the trading day ahead. another kkr in london contracting coronavir

dani: certainly a new turn for these firms.n, the kkr and deutsche bank are joining the ranks of financial firms that have to contend with workers who have the virus. when it comes to deutsche bank, their frankfurt office, they have taken employees, separated them into sales and trading, putting them across from the main tower. they have a recovery site that they say they will operate until march 27, encouraging some employees to work from home, so spreading everybody out. in their london offices, they are doing something similar as well. kkr is more drastic so that the ill employee was in their london office. they have completely shut down the london office. they say anyone who has come into contact with the employee needs to self quarantine for 14 days. everyone works from home until further notice, and they will sanitize their london offices. i would not be surprised if at we are speaking -- as we're speaking there is a cleanup crew at kkr right now. let's interrupt the conversation briefly because we have information coming

joining us is juliette saly, annmarie hordern and dani burger.of central bank action overnight including from the rba. juliette: yes, an unprecedented move to cut rates. the rba announcing a form of yield curve control. rising asr bond yield much as 120 basis points, the most on record. we have seen a steepening of the curve. it could take time to see the three year yield at 2.5%. the aussie falling to its lowest levels. australian stocks, there are earnings and the fact australia came through with a travel ban for noncitizens. you are looking at the boj to stem the bond rally. an unprecedented move from the boj overnight, they are thatshing 2 trillion yen, helps to sell down from yesterday. look at this chart. this is volatility, the highest level in four years. it is starting to ease a bit. it is still very high. you think the boj wanted to come in today, it will be a long weekend. nejra: thank you. we are talking about the mad -- for cash and liquidity markets. what are you focusing on? has been breathtaking, this rush for cash and trying to f

charles: dani, a lot of people are expecting that.or the audience, they should understand there always been this notion that economies and stock markets are like rubber bands, they're elastic. so the further back you stretch it and you let it go, the quicker it rebound. of course you can stretch it to the point where it pops, but are you looking for the bounce, this sort of elasticity to the economy, to the stock market anytime in the second half? >> going into this we had, i want to say a roaring economy but really strong economy coming into this coronavirus situation. so i do expect to see the consumer and industry and banking actually rebound pretty nicely once we get the all-clear which i don't believe we're necessarily close to yet but what this has done, it has kind of changed our mind-set into becoming much less of a buy and hold and like wait it out forever, to a trading like you said, charles. we have just got to be more active in the markets and this is where i come from. i was a market-maker from 20 years. this is my kind o

let's get over to dani burger with more. dani: thousands of bankers can sigh a breath of relief.ard from oregon and ci -- from morgan stanley and citi yesterday. altruistic.s deutsche bank said they did not want to add to the duress they are already feeling in this current environment. the other reason is political. it,e banks are asking for and have received unprecedented aid from governments and regulators.to do job cuts in this scenario is sensitive. for european banks, this is a hit to some of their plans. job cuts were at the center of trying to restore profitability. even so, they have said they will put the job cuts on freeze, include hsbc, lloyds, and deutsche bank. others are saying they will slow the pace. not everyone is hitting the same tone. slashr is planning to jobs next month. dani burger looking at reprieves given to bank employees there. next, eu leaders struggle to agree on a concrete response, a concrete coordinated response to the outbreak. can they put their differences aside to contain the fallout? we will speak to the eu vice president in an exclusive inte

in fact without dani pletka this book may not have happened. she may regret that that is the truth the american enterprise institute. glad to be here. let me say a few words about the central thesis of the book. what motivated me among othersi things was a common argument over the last five years that the trump administration represents something completely unprecedented in american history and that this striking rise of populist nationalism on both sides of the atlantic is a close for comparisons back in the 1930s. without downplaying some of the causes for concern i think that is overstated. i think it misunderstands the nature of american populism, and american nationalism and the administration's foreign policy. it is an attempt to situateot ts moment in a broad historical context which i think is often missing in its today. but i argue is that american nationalism. they kind of american foreign policy going back to the founding of which is quite the opposite. in the american case at least, there is a civic nationalism which involves an ame

here with the detail is bloomberg's dani burger. dani: i have the origin story train. 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 start to rise in the market but the cash underlying doesn't have the same effect. this spread blows up. this is two-year bonds. skyrocketsprice while the underlying cash market standstill. you usually have a bunch of leveraged players who play the spread when it is small. they have a lot of money borrowed to play this but when that blows up, all of a sudden, there risk limits, the wands go off so they go back and don't want to be in the trade anymore. enter real money. large investors who typically don't use leverage. they say look at all this yield i can make. they step in and start to play this spread, but they on things like commercial paper, fx exchange forwards. all of a sudden, they need to allocate into the future cash bread and they need to get that money

here is dani burger.i: if you're looking for the corner of the market that had the biggest reaction to the fed's announcement yesterday, this is it. corporate investment grade etf's like blackrock surge as much as 7%, the biggest gain since 2008. these etf's performed an essential market function. the idea is that the underlying bonds, the investment grade bonds that these things track are relatively illiquid. when you get market stress, the investors punish the etf because it is easier for them to buy and eldin. that opened up a weird dislocation in the market. at one point, they were trading at a 5% discount. usually a market maker would step in and fix the arbitrage and make market -- and make money on it. but the fed is now stepping in and fixing the dislocation. matt: dani burger, thank you so much. a fascinating package of moves by the fed spurring optimism. one person that did not seem to need it is bill ackman. he is making a bet on the u.s. recovery investing $2.5 billion in a little over a week.

here with the details is dani burger.think this is one of the most fascinating dislocations to have opened up during the market turmoil. and you look at the price of gold futures in new york, they are the most expensive to actual the 1980's.on since what is going on is you have investors rushing into gold, they are buying up these futures contracts, but there is a shortage of the physical metal. when you think about what is happening in europe, countrywide shutdowns because of the coronavirus, that means that refineries that house the gold are shut down. there is no one to deliver this product. even the ones who can get employees in that are open, new york, you have a promissory note for the gold, how are you supposed to get it? airlines are all grounding their flights. that means for the transportation, the arbiter able to get to investors who hold futures contract to have the promissory notes, it is to get thexpensive physical product. as a history lesson, the last time the spreads were this wide was the 1980's. the hun

let's get a check with dani burger. dani: it's one of those days you want to try and remain calm.low for the stoxx 600. it's clear investors are expecting a lot in the bar is high for policy action to change . it was the announcement from trump on the travel bands that sent these stocks lower and hurt s&p futures. the hits keep coming for the crude market. some of the biggest decliners in europe are travel and leisure, trading at a low. a lot of airlines and companies that depend on airlines are really hurt in this index. gold not up as much as you would expect. but we are seeing any liquid asset is getting a little selling action. need that cash, which means you might be selling gold, treasuries, and we are seeing a bit in the markets yielding lower. stocks and bonds combined yesterday had one of their worst returns on record. volatility, this is a reading for trading the treasury market and making sizable moves. market liquidity is now at its lowest since 2008. morgan, it isp the long and that has the most stress. there, thenxiety is selling is fast and furious. index is down mo

rob and dani, really appreciate having you on the show. >> thanks, cheryl.heryl: we're looking at a lot of stocks moving. we have a huge rally going throughout the day. charles payne is going to be coming up and joining us. he will talk about individual investors. he has been communicating with his community. he has great advice coming up. the outbreak taken a major toll on the restaurant industry, forcing layoffs and closures. coming up next, we'll tell you why one new jersey pizza business owner took a 50,000-dollar line of credit out to make sure his staff gets paid during this crisis. you don't want to miss it. we can make better informed investment decisions. that's why i go beyond the numbers. from anyone else. so why accept it from your allergy pills? flonase relieves your worst symptoms which most pills don't. get all-in-one allergy relief for 24 hours, with flonase. quadrupled their money by 2012? and even now, many experts predict the next gold rush is just beginning. so don't wait another day. physical coins are easy to buy and sell, and one of th

here is dani burger with the details.month and end of the quarter, which means it's time for window dressing and rebalancing. pension funds and active managers will have a mandate of specific allocations they need in each asset class. that has been thrown out of whack with the south in risk assets. assetsllocation to risk is near historic lows. take norway's sovereign wealth fund. allocation target is 70% of equities, but the selloff means they are only sitting at 65%, likely triggering a rebalancing effect. typically during the month and quarter end, we see a positive boost from stocks for this. thin, it could have an outsized impact. strategists argue here about what the specific impact will bp goldman sachs has the figure at about $215 billion worth of stocks. the other side, saxo bank says it could be up to $1 trillion. then you have the impact to other asset losses beyond stocks. the greenback could get -- slightly higher. just as investors move into dollar-denominated risk assets. burger,ank, dani talking about risk

dani: what we see now is something different.ire sell when you see correlation between all assets really pick up and it is things like banking where you have these managers who are under stress. they look to sell assets. they need to grab liquidity. from the early hours this morning, the liquidity was then. -- was thin. goes trend following al have been doing well. we have this bond where we see u.s. futures down. cme says we cannot sell. hovering around those levels but yet nearing that very key 100 level as traders do flock to those havens and the aussie dollar another asset that saw some heavy selling pointing to some algo drama. the other weird feature of this is the entirety of the u.s. curve is below 1%. u.s. 30 year yields trading at 87 bets. a lot of the algo's buying bonds at the moment. does this price in recession? the bond market if you're short, you are getting fleeced. anna: thank you to them for a look on the broader market. let's tell you a couple of headlines crossing the bloomberg . euro stoxx 50 index falling b

let's get to dani burger. ni: yes. there was a huge gap down on monday trading.s inherently causes volatility. typically, what we see when there is a big price gap like this, new information comes in, which means more profit opportunity, which means more risk, which means more volatility. typical pattern as we see prices chart back up, then it is a dead cat bounce going back down. that is what we tend to see historically. because of that, have a lot of short-term players who would take out short positions at $41. headlines coming in fast and furious about the oil price war, but despite those, we are likely to see volatility and volume surging just because of that cap. let's see if opec plus can meet again and if anyone believes what they say. coming up in the show, coronavirus, the impact on retailers, the change in our habits. what is the impact? we have this story for you, but bloomberg has conversations you need to listen to. adidas, i will give you numbers very shortly. this is bloomberg. ♪ morning from bloomberg's middle east headquarters in dubai. equity fu

with your morning call is dani burger. dani: it is remarkable.eing economists and strategists having to update forecasts on a weekly basis pier 1 of the most dire calls comes from morgan stanley here that says -- weekly basis. one of the most are caused comes from morgan stanley. less than a week ago, they saw a 4% drop. the biggest quarterly drop in profit came from 1958. it is almost three times worse than what we saw then. morgan stanley's argument is we are already seeing economic activity rind to a heart -- gr ind to a halt in march. it will only get worse. there will be more restrictions on social distancing, which will really cramp economic activity. unemployment rises to .8%, they say. daisy consumption following 31%. overall, that means the full year for u.s. growth is 0.3%. a quick affairs into what other firms are seeing -- jpmorgan says it will be a 14% plunge. goldman sachs says 24%. none of that is as bad as james bullard from the st. louis fed saying we could possibly see a 50% lunch -- plunged. -- plunge. ♪ froms. futures coming b

dani burger with the quadruple witching explanation.atrick armstrong of plurimi wealth. is there any certainty that we will see more volatility for the markets? patrick: for people who are starting to see attractive valuations in equities, selling put options is a way you can get compensated for the high levels of volatility. last week, we saw options put on mastercard six months, and got paid 20% to do that. i get the stock between he percent cheaper. if it stays plat -- if it stays flat, i get when he percent premium. you can get 20% in six months. that's not a bad strategy right now. good way toion is a monetize some of the volatility right now. are you buying anything in european bond yields? i know you were talking about corporate before. the ecb seems to be standing firm, making sure the spread doesn't unwind too much. patrick: we've moved cash positions into some short-term bank debt right now. in europe, we are getting a small carry to be long, which is essentially a cash position. so we are in higher quality bank debt, shorter

dani is referring to the beginning of the seventy's. that was when the. coca-cola company began to show an interest in plastic and to reach out to him. what they wanted to know is if you take into account all other and environmental impacts on nature what is the best system the engineer works for over a year comparing the environmentalists impact of glass bottles to that of any 1000000 cans and plastic bottles he costs analyzes the data makes graphs does complex calculations and he finally comes to this conclusion a glance at the table shows that the returnable glass bottle provided it makes $15.00 trips before it is discard is the ecological container for parks all sun. thanks to this report the coca-cola company knows full well at the start of the seventy's that return a bull glass pollutes significantly less than plastic. but the company would never publicly share this information. we put this together for them and they didn't publish it you know why. they were not interested in it have everything the public see the the total picture. why because they

for some of but at the most some of the snow mommy has now had to minimal but they threw caution to dani and would you be all jumpy sure would you give them an up or just get them ashore to see that. he spoke up altering your would just like amused me is to new york that you worked in your old navy stuff as well if you would not wish to and i knew. you were going to need to be just have been a problem don't we get over in the north. but 6 double digits of noise but he can jump much to dump him if he's kilogram to much too much you must put us there are pretty. funny i. mean that it's me for the trip slave to get out of that oval to consumer reports and. but they never put away from you of my political skill that you just put a list which will force you. not to trip up the board 15 years old. it's a bit to keep those who are on the fence but you build on them both like i just may have done this was a post is not just not just for you to me it that you're my sterling tediously over to me easy to use and twist my story or not that's new but i'm going to switch now has been outsourced to ind

details, dani burger.a change in sentiment yesterday, announcements from the fed and the u.s. treasury, which tends to help the markets, easing the funding stretch, but it came back late yesterday. the london lockdown really spurring feelers -- fears of illiquidity. the iowa spread is still its widest since 2009. this is a key indicator of stress that tells us how expensive it is for banks to borrow. the fact that the spread is so wide really shows that banks have moved into risk aversion mode, less likely to lend out, and just dollar offshore funding has gotten so expensive. one of the secondary reasons that this is occurring is that the borrowing binge happening from governments around the over $1he u.s., trillion, and that is a lot of bonds to offer. that brings us to the other strange market dislocation that has occurred because of this. you see the u.s. 10-year yield skyrocket yesterday, but u.s. treasury yield fell negative. when we look at the one-month, three-month bill, those are both negative. at

we will take at the -- we will take a look at the equity selloff with dani burger. walk us through what you know. dani: it looks like it will be a tough open in the u.s., really brutal selloff in the futures market. as you noted earlier, hitting the circuit breaker, falling 5%, the limit put in by cme to contain volatility. volatility looks like it will be up and running. traders noted that there is thin liquidity to start the morning with what looked like some hard-hitting selling into the equity market. oil is contrary thing to this latest leg down. to be clear, it is not just the oil stocks that annmarie hordern mentioned that are falling, it is the entirety of the global equity market. this is what happens when we are in a world of diversified portfolios. this is a fire sale, investors selling everything they can get their hands on in a grab for liquidity. in europe, the markets are up and running and we see the damage. the stoxx 600 is headed toward a bear market on track to 21% from the february high. the individual regions look the germany --ly, u.k., at the

dani shapiro, thank you so much. >> thank you for having me. >> brown: and before we go, i want to give our pick for april. it's called "disappearing earth," a novel by julia phillips about a communityde upby the sudden disappearance of two young girls set on russia's kamchatka peninsula. now, more than ever, we hope you'll read along with us, get involved with many oreer engage ers and members around the country, and join us on our facebook page and hear on the news hour.w for ad this, our book club partnership withhe "new york times." >> woodruff: and that's the newshour fju tonight. i' woodruff. join us online and again here tomorrow evening. for all of us at the pbs newshour, thank you, sfe, and see you soon. >> major funding for hhe pbs newsho been provided by: with financial planning and advice for today and tomorrow. >> carnegicorporation of new york. supporting innovations in education, democratic engagement, and the advancement of international peace and security. at carnegie.org. >> and with the ongoing support of these instituons and individuals. >> this program was made poss

joining me with more is bloomberg's dani burger. dani: that's right, another limit up reached in u.s. stocks, the 11th limit up or down in the last 10 days. the markets continue to get whipsawed. european equities moving higher as well. the best performing sector in europe is oil and gas, no surprise. oil it self moving higher today. in a sign of maybe some of the easing stress, the dollar snapping that day wingstreet. is the grab for -- that 10 day winning streak. just a grab for cash over? maybe not. say market commentators that is not the only reason stocks are doing better today. saw thesterday we announced measures. one of the things that might be helping equities is the end of forced selling. this is something a lot of commentators have been looking out at to help support markets. we have seen a whole lot of systematic selling deepening the crisis we have seen in markets. on credit suisse's prime , they seeplatform the quonset and systematic -- they see the quants and systematic sellers contribute into some of the market turbu

dani: astonishing whiplash that market players are contending with. we really want to think about this in the binary terms. there's global turmoil, so people are going to be buying bonds, buying haven assets. that's not how they are behaving. leading the pack lower our european sovereign bonds. the u.k. unveiling a massive stimulus plan. it is incredible watching the yield on these bonds, btp's, bunds surging today. fear is the debt day louche that it's going to hit mark -- the debt delu h=ge that is going to hit markets -- the debt day lodz -- the debt deluge that is going to hit markets. as soon as europe came online, we saw u.s. futures hit their limit down. another day of u.s. futures hitting a limit. we are almost becoming desensitized to these moves. does 3% or 4% up or down mean the same thing anymore? it should, because things can certainly get worse from here. we have seen volatility continue to skyrocket. we might have what is called a volatility doom loop. . it certainly sounds ominous. what occurs is we have the turmoil in markets that mea

let's go to dani burger.aying that private equity funds, the value of their assets may fall and 20% asetween 50% the effects of the economic freeze really start to hit these portfolio companies. the good news for private equity is that they tend to hold onto these companies for a decade or longer, which means that also funds are not going to see mass redemption. we have the luxury of time to somewhat wait this out. in the meantime, they say their number one priority is going to be liquidity. how to their portfolio companies get access to the funding they need? we have learned that they are encouraging portfolios to pull down on their lines of credit, so you can tell how concentrated these funds are on that issue, which also means that the flow could be put on the back burner here. private equity before this crash had about $1.5 trillion of dry powder, so they do have the funds to jump in and sign deals and find value. returns,antime, bloomberg has learned that the fund value fell between 15 and low 20 percent

like that i love serving 5 of the guys limited in their bus which means that dani had a certain amount of this chick soon. at the same time i believe that i lose a game to one mile is quite complicated because if i get a little excited and i'm pissing the accelerator the combustion engine could go on and then i am in trouble. even. if i beat i already. i mean the idea is that i will be ok concentrates and remember you need to become on your good bad for us ok 321 go. well there's little i would risk a. risk more with. this. this is. good. for. us and that's not all. you know it's like so we continue. this. this this road. through. and through the 7 to. 10 to. $115.20 times combustion and then. ok so way back then oh i'm unfortunately i had one minute 15 seconds to do that tellings it but i will also say that whenever i tried to driving a one year electric morning i had to go release slowly then we did i did test only accelerated out just a little bit the combustion engine would always take off so you know i would have lost the challenge if i was an electric motor only the power of the

al minuto treinta y cuatro a la visita se puso al frente con un gol de dani parejo, caja una gran ejecuciÓn recordar que leche, tuve algunas diferencias con el europeo. jonathan dos santos natal para aparecer con el galaxy tras superar una lesiÓn en la el

so dani what do you think have you just lost that do magic that stuff you once used to have or is it do you leave it to your dad's electronic support systems that are spoiling your funded it i think the truth is it's all about the handbrake it's like a magician ok has this trick yeah and i must say the trick is here and it's not there my name is wish i lived in a good and i'm a motor sports journalist from india and i live in berlin though i travel around the wood covering races and following race car drivers so that i can get some interesting interviews hello my name is ron he makes america a k. run it's iraq and i am living on the accelerator since and 11 years old today i'm sort of 6 and my professional stunt driving racetrack. and driving to my harley is my wife and i have met her in india ronnie is a whole lot of fun he's my best friend in the whole wood he's a kind person he's a funny person and they have a border and i knew that i fell in love with bush because she has a very specific amount of humor he's also really talented he's very a so you've got 6 minutes would have god'

. >>> and dani is raising the eyebrows. >> i am going inside of this place, the jgisell soto's ow

so dani are you ready to bend back well yes let's see what happens ok really soon one go. ok and this is just a little. does mean really kind to me. but. i you show your head in the way the way you. think that night i was particularly. given that you really feel you know that. you and you have to be smooth and make some money so you. don't miss enough money and be prepared to do you have a yeah it's not no oh yeah you just need to tell me what was it called something guns and head and m m m m m m. m 54. i think does not serve the group of guys limited in their bus which means that any had a certain amount of district soon. at the same time i believe the challenge is if you have to go one mile is quite complicated because if i get a little excited and pressing the accelerated motion and i'm gone and then i am in trouble. it will be i already. i mean the idea is that everybody ok concentrates and remember you need to become one your get it by force ok 321 go. well there's little i would risk a. risk pool with. this. this is. good. for. us and that's not all. there's no effec

going to me is bloomberg's dani burger. it seems like we have a lockdown, then you have a repercussion in the equity market. dani: when liquidity is already thin, this is a theme we continue to see. this is the ninth time in 10 days at s&p futures have 55% limit up or down. they have somewhat eased lower -- have hit the 5% limit up or down. they have somewhat eased lower sense. arernments around the world pouring money into fiscal support, but in the u.s., they are still contending with political squabbles that michael was talking about. what you have here is another brick in that wall of worry. without any support, especially corporates are starting to feel the pain. that is perhaps why we are getting some of this classic risk off where you get a slight bid in the treasuries today as well. we have heard from various companies saying that they are completely suspending their dividend. macy's has cut their outlook. shall cutting their outlook as hell cutting their outlook as well. -- said dividends were sacrosanct, so them c

dani king comet ison foods. the chairman and ceo of cargill.ceo of warm—up. he has been fantastic. douglas was here on friday and he watched the market go up 2,000 points, it went up almost 2,000 points, it went up almost 2,000 points on friday. the ceo of magdala general corporation. —— dollar general. these are all phenomenal and great companies and we had a long conversation with them. and they are going to work 2a hours round the clock, keeping their stores stocked. i would like to say people shouldn't go out and buy, we will all be great, we will be so good. look at what has happened with the fed, it is phenomenal news. what is happening with these incredible companies is phenomenal news. you don't have to buy so much, take it easy, just relax. people are going in and they are buying more. rememberjoin the conversation, dog of warm—up said they are buying more than they buy at christmas. relax, we are doing great —— doug. it will all pass. the people we spoke to, they have done a fantasticjob and they have done a fantasticjob and they will

that there has been hosting many of the fighting sides there has been also developments on the so dani's front i'm looking from outside at a country with not a lot of influence but getting involved in trying to resolve all these conflicts why does cut that want that and what does cut the ritchie valens to it well as i said to be given a good the credibility as a credible piece a proc or people would like to to seek out help because caught out has no hidden agenda. we have no interest and other countries in terms of. expanding go otherwise as i said. i was a good record of mediation and up. it has no hidden agenda and we would like to help and we continue to help and we will help those countries who are in need. so that's that's basically what it is what does cover get out that well what is the how to get there is something. it's not about recognition but do believe in this and this is because we do so we do something that we believe in so we do believe in mediation and we do believe in good in preventive diplomacy and i think this is what other countries should do as opposed to violating

muzzle on the part of the most some of us now let me use my command level but they threw caution to dani and would you be all jumpy sure would you give them an up and get them ashore to see that. you know what he spoke up to altering your would just like amused me is to new york that you worked in your old navy you thought i was one of you which are not always true and i wanted. you washington to be just like been the problem don't we get over in the north. saddam would use up more use but he can jump much of the interest but it's kilogram to march you must put us.

muslim summit but at the most some of the snow mommy has now had to minimal but they threw caution to dani and would you be all jumpy sure would you give them an up or just get them ashore to see that. dalton your would just like him you thought those 2 new york that you worked in your old navy stuff as well that you would not wish to do and i knew. you were going to need to be also been a problem don't we get to be in the north. 6 double digits of noise but he can jump much to dump him if he's kilogram to much too much you must put us there are pretty . funny i. mean that it's me for the trip slave to get out though she's not able to see the portsmouth for he never put away from you of my political skill that he was clueless which was. not the trip of the board 15 years ago. it's a bit of a few days figure out what would you build on the book on your state of venice was opposed is not just not the sheer eliminate that your mark starling tediously over to. an easy to use and trust me story that i'm not touching the bottom of this which now has been lots of judea and wops year on not just g

border units have fired plastic bullets and live ammunition on migrants waiting between the cash dani's and possibly board a gates the 5 men who were wounded had been shot in the food growing head and chest by live bullets. turkish state media even says it has evidence of violence perpetuated by greece. and that is the type of excessive force which the green border police is using there you started using live ammunition on refugees and migrants the greek prime minister has categorically slammed those accusations as being wholly false it would be people of archippus give us the turkish side creates and disperses fake news targeted against greece today they created yet another such false who'd injured migrants and one dead supposedly by greek fire i categorically deny that greece for its part says turkey is aiding and abetting my quince who are trying to cross illegally unfortunately turkey has become the official trafficker of migrants to the e.u. and greece does not accept the situation we are sending a very clear signal that migrants who are refugees cannot be used as an instrument as

dani burger is going to break it down for us.t's start with the raw numbers of how much wealth was destroyed in just the equity markets alone. global equities, nearly $20 trillion in value was wiped off the markets this past three months. that is staggering. in many regards, it is really tempting to compare the markets had theircause these worst quarter and monthly runs since 2008. treasuries come of the most demand since 2008, and u.s. junk bonds so southernmost destruction. but in a lot of regards, this is completely different this kind of around. the ceo has been saying over the past couple of weeks we can be using historical comparisons because this price is so different and so led by fear. look no further than the vix. it spiked to its highest level on record about mid-march, and since then we have seen the biggest game in the main volatility gauge on record. that in itself might be --ponsible for all of the retained. that in itself created a volatility loop of forced selling and increased realized an implied volatility. wan

that name has the latest on the situation in dany near the turkey greece border. as leaders met the desperate pressed on seizing the opportunity while turkey's borders were still open but abdul sidon describes a harrowing journey that ended with an arrest by the greek police what i one of the we are i'm a woman a closed road and the global you want to go is the nod nod to god it was my 3rd of our i'd rather you died another 31 february 28 hours after turkey suffered its greatest number of casualties since its soldiers began fighting in syria turkish president. urged awad open the country's northwest border with greece and. urged once new policy or an out of frustration with what he says is europe's failure to assist it with hosting 3700000 syrians created another refugee and geo political crisis. a huge enough given amount d.c. to key has a critical role to play in handling the refugee problem and it needs the help of europe to do it but this cannot happen and i think everyone realizes it now under conditions of threats and blackmail using flying people as pawns g

dani burger. watching,story i am weekly mortgage applications fell 29.4%. the most since 2009. the shutdown and related turmoil is pushing costs higher. take a look at the 30 year mortgage fixed rate, increased eight basis points despite the fact that the fed has cut interest rates to near zero. the government trying to take steps to alleviate that pressure to consumers, until that happens rates will likely remain elevated. we will break that down into the program. we are going to talk about more good morning news. happy wednesday. this is bloomberg. ♪ ♪ alix: welcome back. news, trade analysis. joining me are our in-house team. mcglone, and mike mckee. you explain why we are not seeing continuation of the rally today. is there something else to be addressed? >> volatility levels are still elevated. you are actually seeing some of anse auctions -- spain had $11 billion bond sale. nestle, some of these bigger corporate's passing the bond market. that is a bullish sign. you need to see a lot of this taken down. you're seeing obviously spreads coming in a little bit but in the sho