everywhere you look people are hoarding supplies whether in hong kong sydney. on new york at airports medical checks travel restrictions. panic is on the rise here in berlin events cancelled jobs lost colleagues in coron team i think i need to get out of the city. and in addition to the medical emergency there's the impact on the world economy. is given alternately the question is how profound will this crisis be and that depends on how quickly we get this epidemic medically under control in question this crisis demonstrates the extent to which globalization has taken hold everything is connected to everything else somehow the word has become a village so the virus far away in china suddenly is very close instead of acting globally people and countries are retreating into localism keeping in the distance from one another and one particular human instinct is aggravating the crisis head behavior when i hear about empty supermarket shelves i panic myself. but. why is that yeah that's a problem is as for that the problem is that for each individual it makes sense t

global economy will careen into recession tokyo dropped more than 5 percent while hong kong finished down 3.8 percent sydney collapsed almost 7 percent the losses followed another brutal session on wall street with a wave after wave of bad news that's suspected to follow in europe. when its own markets open. well the economic fallout from the corona crisis is palpable global stock markets of plummeted companies come produce due to broken supply chains work forces are increasingly paralyzed so all eyes on the world's governments and indeed the central banks some of them already reacted with interest rate cuts in a meeting at the beginning of the month the fed has lowered its key interest rate already for the 1st time in 6 months by 50 basis points to one percent u.s. president donald trump is now pushing for further cuts by next week the bank of england lowered its key interest rate on wednesday to 0.25 percent in an attempt to protect the british economy from the effects of the virus an economy that is already suffering from years of uncertainty over breaks it and experts are speculating about an interventi

tokyo dropping about 5%, hong kong finishing down about 4%. sydney collapsing almost seven.the likes of bangkok, ciel, wellington, carter... i'm running out of breath here. they were lower. shanghai easing by the least. the japanese yen which is a key haven in times of crisis and economic turmoil really jumped more than once % against the dollar. of course, you do here president trump in that report using his address of the nation to announce plans to provide billions of dollars of loans to small businesses, urged congress for tax relief measures, none of it has seeming to enticing investors much. this value market a case in point still slumping today despite the $11 billion worth of stimulus measures that the prime minister had announced earlier which would give one—off cash payments to people one—off cash payments to people on welfare and small businesses. it follows the uk's so—called coronavirus budget. yet cash pay—outs by the hong kong government and several others in the region who have all attempted to alleviate the pressure to their economies and by throwing money a

a sea of red with tokyo, sydney, manila, all plunging as much as 6% today. hong kongai, singapore, seattle, jakarta, wellington, they were all down about 3% or more. we got the likes of shanghai, taipei, also down. of course driving the declines was those ferocious selloffs in the oil prices. all sparked by topics, saudi arabia essentially slashing prices. two unprecedented levels after its bust up with russia over production. investors as a result of jumping riskier assets, piling into safe havens, sending things like the gold and japanese surging. the cost those losses in oil prices. you got energy firms in asia being slammed. hong kong listed petro china plunging and woodside petroleum in sydney or falling on the double digits. governments and central banks have been seen to be preparing to roll out stimulus measures to roll out stimulus measures to counter the effect of covid-19, we to counter the effect of covid—19, we know it's putting a huge strain on economies and stoking concerns of a worldwide recession. confirming it's on the brink of a technical recession

leads from wall street and later asia tokyo dropped more than 5 percent while hong kong finished down 3.8 percent and sydney collapsed by almost 7 percent . and let's go right to our financial correspondent chelsea delaney standing by at the frankfurt stock exchange shall see we've really seen a dramatic move on the dax today what are things like where you are right now. it's a very somber and tense atmosphere atmosphere here in frankfurt the moves that we've seen on the financial markets not just here in frankfurt but and stock exchanges around the world have been some of the most dramatic days certainly since the financial crisis but really and and recent memory investors are just increasingly worried about the financial cost of the virus which continues to spread and continues to force governments to take really painful actions including the virtual walked out of it leave but also the news overnight of the ban on travel between the u.s. and europe that's really raising the prospect of a global economic recession particularly in countries that were already facing a lot of weakness such as italy and german

we've seen mark itets in sydney tokyo, hong kong, and now major european capitals plunging, some as muchmeans, of course, elsewhere is that when you look at that u.s. government debt i was talking to you about a couple times last week, the ten-year treasurtreasury, the y what you can earn on buying u.s. government debt is a record low, 0.4%. extraordinary situation. that will then continue to keep people concerned about the long-term economic consequences of the virus in particular. >> incredibly troubling developments. we'll be watching the markets throughout the day, when the markets open here. >> thanks. >> live from london, thank you, willem. >>> up next, a look at axios' one big thing. >>> on "morning joe," more coronavirus cases in the united states, as experts say the sickness is at a rapid spread. the administration is sending mixed messages of the response to the threat. >>> kamala harris is the latest presidential candidate to endorse the former vice president. pete buttigieg is our guest. "morning joe" is moments away. get 'em while they're hot. applebee's 25 cent boneless win

the benchmark in sydney finished the day down 2.8%. jakarta, hong kong and seoul also fell over 2%. this is "newsline" biz, i'm gene otani. the government's decision to quarantine visitors from china and south korea means that about half the flights from there will likely immediate to likely need to be diverted to two airports in japan. passenger planes from the two countries would only be allowed to land at narita airport near tokyo orr kansai airport near osaka. they are trying to curb the number of coronavirus infections. the government is also asking operators of maritime passenger services to suspend routes connecting japan with china our south korea. mean while, latest figures show that the number of chinese visitors plummeted last month to almost one tenth from a year earlier. immigration authorities say fewerr than 60,000 chinese entered the country. that compares with nearly 570,000 visitors logged in, in february last year. they say that japan had fewer than 1 million foreign visitors in total last month. that's down by more than half from 2.4 million a year ago. >>> rakut

in hong kong. 1:45 p.m. in sydney. the cabinet calling for further production.et more from our china correspondent. this came from the state council. what other measures did they discuss? selina: the state council meeting had signaled this ratio cut. are followed calls by actions from the central bank a few days later. this would not come as too much of a surprise. bloomberg economics had forecast weeks ago the pboc could signal a basis point reduction. this is part of a string of measures the government has ,aken to boost the economy especially focused on the smaller companies that have been hit hard by the outbreak and have had a hard time restarting operations. to review the measures on the monetary side, the pboc has cut the one year prime rate. bloomberg economics is expecting another 30 basis point cut. on the fiscal side, there could be more infrastructure spending and targeted support for the most affected areas and sectors. the government could also widen gdp to 3% of 2.8% of for 2020, which would be the widest ever. this is still pretty measured stimul

hong kong time, 1 p.m. in sydney. still ahead, we will take a look at the current state when it comes to the coronavirus testing situation in australia with john kelly. his company is working towards mass production of rapid self tests. taylor: first, it is all about the olympics. they are off. after weeks of debate, the ioc and tokyo organizers agreed to postpone. the details ahead. this is bloomberg. ♪ taylor: after weeks of debate, the olympics have finally been postponed. the ioc and tokyo organizers have agreed to delay the games for a year, although thy insist -- they insisted is not a cancellation. we all knew it was coming. it was just a matter of waiting for the official word. what is your take on the ground? >> my take all along is there is no way they can hold these games. the only two groups that were pushing for it to continue where the japanese, of course, the governor of tokyo and shinzo abe. they had a lot of little capital on holding these olympics in 2020. the ioc want to keep the momentum of the sum

haidi: and i'm haidi stroud-watts in sydney. hong kongs dropped 23% in january, worse than economists were expecting. the finance secretary says that despite the turmoil, he sees the property market holding up. >> there is a high chance of another contraction, but we remain hopeful because we still have several months to catch up. it really depends on the current situation. muchfter this is over, how will put into reviving our economy. >> you are encouraging residents to spend. this cash handout of $10,000 was one of the main features of your budget. playnuary, you seemed to down the idea of cash handouts. what changed your mind? >> exceptional measures and exceptional circumstances. people are suffering. businesses are suffering. still we have a pretty handsome fiscal reserve. i think spending some of the reserve to help people is in line with the expectation of the people. >> will a cash handout of this size get people to go out and spend? what is going to stop them from saving it in the bank or going overseas? >> people spend money dep

including alan he tells us about the impact of hong kong's businesses. 1:30 in sydney. latest coverage of the coronavirus outbreak, bloomberg subscribers can run vrus go. you can get the latest numbers from the newsroom, analysis of the companies affected. that is -- this is bloomberg. ♪ paul: i am paul allen in sydney. joe biden has had a dominating win in south carolina, giving him a much-needed springboard. let's bring in ros krasny. carolinat into south as the favorite. any surprises here? did he win big enough? devina: as you know in sports betting it is about beating the spread and expectations. going into the vote yesterday, as highs up 11 points, .s 22, but he won by 30 points he exceeded expectations and it is a psychological boost to his campaign. since 2000 the winners of the south carolina democratic primary have gone on to be the party's nominee. that has happened four out of five times. is a much carolina more populous state. berniegot ahead of sanders in the popular vote. tailwinds at his back at this point. that victory give him enough momentum to slow b

you can catch it at new in hong kong. 3:00 a.m. in sydney and 11 a.m. wednesday new york. first word news. ritika: opec an independent allies are expected to discuss new production cuts when ministers meet later this week. experts from opec plus a recommending reductions between 600000 and one million barrels a day in the next quarter to counter falling demand. that will be less than some analysts have forecast. russia has been resistant to new curbs, but it remained in line. japan says the tokyo olympics may be held back by the coronavirus. it could be held later in the year. the minister in charge says the event must only be held in 2020. preparations are being threatened by the spread of the infection, with the death of at least 12 japanese people linked to the virus. schools, sports and other olympic related events have already been canceled or postponed. israeli stocks jumped as benjamin netanyahu claimed victory in the country's third election 12 months. the prime minister called the vote in a bid to form a workable government and postpone any trial on corruption cla

hong kong secretary for commerce and economic development. lots more to come. this is bloomberg. ♪ >> very good morning. i am haidi stroud-watts in sydney. south korea open an hour. i am taylor riggs in new york. welcome to daybreak asia. set to track are wall street higher amid new hopes about the virus that president trump warned that the u.s. faces a challenging month ahead and a challenge for japan. there is concern

sydney. shery: i am shery ahn and new york. sophie: i'm sophie kamaruddin in hong kong.own to the market open. haidi: here are the top stories we are covering. the imf is calling for global cooperation to fight the coronavirus. it is ready to tap its trillion dollar lending capacity to find a solution. president trump changes his tune on the outbreak. he has repeatedly downplayed the danger but is now telling

paul: i'm paul allen in sydney, entering the last hour in hong kong. here are the top stories.stocks rise, although japan seems undecided after the biggest u.s. events in 14 months. traders are optimistic of a coronavirus response. oecd warns of a hit to growth. the rba may cut rates this hour. paul: hong kong retail sales collapse as the outbreak takes a toll. the government tells us the property market may hold up. this is "bloomberg markets: asia." haslinda: straight to the markets. in new york. it does look that the relief rally is now gaining momentum after tapering somewhat earlier. >> you can see the green on the screen. very interesting that it was the bjo's emergency statement yesterday that got the ball rolling on this risk rally. yet today, japanese equities are struggling to stay above water. the nikkei 225 earlier today up 1.5%, no trading black. 200 trading at the highest of the dead ahead of the rba decision in which a cut is expected. spi above 2000 and s&p futures trading in the green but off the highs we saw earlier today but caution is still -- looking at the

hong kong. bloomberg's global markets editor adam haigh is here in sydney. how much of the oil market do you think has already repriced for a significant shift in the price were narrative given president trump has said that he could potentially intervene? adam: that is the thing, isn't it? just when you thought you had seen the biggest bulk of the move and oil, you suddenly have a huge rebound. of course, we are still about 60% lower than where we were at this time last year on the global oil prices front. this movement that we have seen in the past 24 hours still has got to be taken in that context and that's very important. that is the supply-side issue that continues to plague the market, the opec plus meeting that crumbled in the early part of march. there is that feud between saudi arabia and russia and that ultimately is continuing to pull down prices, so the rebound has been more about this idea that trump finally is reaching -- that many thought he would anyway. he would have to intervene or the u.s. side would have to intervene at some point. exactl

sydney. shery: i am shery ahn and new york. sophie: i'm sophie kamaruddin in hong kong. we are counting down to the market open. haidi: here are the top stories we are covering. the imf is calling for global cooperation to fight the coronavirus. it is ready to tap its trillion dollar lending capacity to find a solution. president trump changes his tune on the outbreak. he has repeatedly downplayed the danger but is now telling americans, it's bad. the infection adds to the oil slump. shery: let's get you started with a quick check of the markets. we were seeing earlier losses gaining three tents of 1%, but it's still early in trading coming off the worst day again since 1987 and losses accelerating and falling to session lows. president trump talked about economic disruption lasting well into the summer. the dow now falling to the lowest level in two years. losse talking about a 30% since the peak in february. we are seeing the downside pressure with the s&p 500 index. every sector on the s&p in the red with losses of at least 7%. financials and real estate leading the d

clarke al-jazeera hong kong we're going to weather a play next year on our 0 then a new wave of virus related measures set to come into force in a straight year we'll take you live to sydney. welcome back it's one weather system after another sweeping across parts of japan at the moment but one which is clearing the way as a result in some snow places and tokyo seeing a little bit of snow there too in the course of the day we know like the a c. another system affecting more southern parts of japan i think for tokyo should be dry for much today on monday but you see this law and reciprocation coming out of southern parts of china across far north of taiwan and into the southern areas to move through into tuesday that continues voting for tokyo it should remain largely dry and fine and the further north northern honshu into her fine weather conditions are expected should be looking good across the korean peninsula 18 degrees in seoul as a maximum but we can trace that weather front back to northern parts of vietnam so there's a chance the old shower here huh noid too could see the old downpour back some of 27 degrees into southeastern parts of asia we're seeing a slight dec

sydney as well. let's get it over to sophie kamaruddin in hong kong for what we are expecting. >> we can see modest movesere in asia. futures to the downside of the nikkei when it comes to a contract in chicago. they are just easing stocks. trading steady right there. we have more concerns around the stress debt, whether or not stresses have been addressed. more: angels and those makes -- more fallen angels turning up in those rights. showing up inare go trading. those prices are diverging in london and new york. >> thank you. let's get the first word news with rick a group that -- with our correspondent. this may delay the $2 trillion to mills package in the senate. several republican lawmakers are demanding changes well bernie sanders says he will hold proceedings if the bill is altered. for includes a provision the lower paid that means they could make more money on benefits than ashley working. casesong has 24 new reported wednesday. health officials say 19 of the 24 new infections are among people who traveled back to the city from overseas. it brings the overall total of confirmed cases to more tha

sydney. this is bloomberg. ♪ haidi: let's get back to our guest. kong evenm with honge city had issuesaling with its with ongoing street protests and unrest. fundamentallycern ? >> if you are being particularly pessimistic, you could take that view. wherehibition industries a little bit, the average attendance has dropped around 20%, so there was some impact from that. i preferred to be positive. the elections take place and september and we will have new people in government. the people of hong kong want to get back to business. in 2003 was a strong surge of people who had gone through a tough time. there, spend out money, meet and connect with people. he was saying that there is a lot of evidence to suggest that people will want to spend a lot more time with one another after isolation. companies will want to collaborate that a lot more than they did in the past. this plays into where they really excel. shery: what industries usually exhibit there? >> hong kong is high and exhibitions. in wine, leaders spirits, electronics. we do not have a heavy manufacturing base,

sydney. you are watching bloomberg markets: asia. let me get you some breaking news. we have got hong kongs in talks with air china and others for a potential lifeline. hong kong airlines, one of the number of airlines in asia struggling with the fallout from the virus as passenger numbers fall steeply. we have got hong kong airlines in talks with air china and others for a lifeline. we will bring you more on that story as we get the headlines. australia's fiscal stimulus package to protect the economy from the impact of the virus could come to as much as $6.6 billion. details are expected tuesday when the cabinet meets. let's discuss that and other matters with the private bank director and portfolio manager. thank you so much for joining us. it looks like the budget surplus that was promised last year is toast. what kind of a deficit can we expect? >> that depends on the trajectory the economy expects and we have been reasonably downbeat in our expectations about the output. the shocks we have seen since the bushfires and the coronavirus means the downside risk to the australian economy