ceo quinn named group effective immediately by hsbc. that to the white house, stepping up pressure for fiscal stimulus to counteract the effects of the coronavirus, u.s. treasury secretary steven mnuchin spoke to reporters moment ago. >> we are looking at sending checks to americans immediately. what we have heard from hard-working americans, many companies have now shut down. americans need cash now, and the americans want to get you cash now. i mean now, in the next two weeks. for more, let's bring in emily wilkins from washington. the significance of this move, put it into context for us. the latest move we are seeing from the white house and trump administration as they figure out how to deal with the coronavirus, deal with the economic impacts of it. certainly, another big move that we have seen. mnuchinning, secretary was pitching and $850 billion package to senate republicans. from our understanding, this proposal would send more than $1000 out to americans, would be a part of that package. there would be more things included in

stephen king, senior economic adviser from hsbc.pany providing electronic manufacturing services. net numbers falling in line. this is bloomberg. ♪ welcome back to bloomberg markets. this is the european open. 30 minutes into the trading day. we saw a turnaround with markets opening up out of the gate and falling lower within 10 minutes. take a look at how stocks are performing. this is the stoxx 600. you can see the little uptick and then the drop we saw. in terms of the equity index groups, almost every one is down. chemicals basically unchanged. ands, industrial goods, travel and leisure stocks are leading the losing groups. but all our underwater with the exception of the chemicals. let us get the bloomberg first news word stories. in the u.s., president donald trump has abandoned his goal of a return to normal life by easter. he now wants the public to continue practicing social distancing until at least the end of april. tolder, dr. anthony fauci cnn that as many as 200,000 americans could die if efforts to mitigate the spread

one worker testing -- hsbc ejecting employees -- hsbc evacuating employees from its london office.r testing positive. now to u.s. politics, it just got tougher for bernie sanders, whose next primaries are in states where joe biden is poised to do well. after winning 10 states super tuesday, esther biden is in a strong position to pull away. biden also picking up the endorsement of michael bloomberg , who dropped out of the race yesterday. mr. bloomberg is the founder and majority owner of bloomberg lp, the parent company of bloomberg news. serving a madoff is 100 year prison sentence for defrauding investors of more than $19 billion, the biggest ponzi scheme in history. prosecutors say keeping him behind bars until his death will send a message. he's been in prison for 10 years. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i'm viviana hurtado. this is bloomberg. alix: thank you so much. coming up, london banks preparing for the worst of the coronavirus. hsbc says one employee has tes

worse willmuch coronavirus make matters for hsbc?at this point, it is anyone's guess, how deep the recession is going to be and how prolonged. we have some bullish comments from some european banking .eaders yesterday the company says it expects just a 5% dip in earnings in 2020, provided it is a bee-shaped recovery, but of course, none of , and the more we know about the virus, the more thatn get used to the fact we may be -- [inaudible] nejra: great to have you with us. thank you so much. coming up, the u.k. releases wartime funding to save the economy. we will discuss. this is bloomberg. ♪ >> good morning from dubai. these are today's top stories. >> shock and awe. the u.s. looks to inject a trillion dollars into the economy. mulls a cash handout of its own. stateside stock futures slide after yesterday's rally. the 10-year treasury yeild it's around 1%. lowest level in 17 years. to restrictrs agree all travel into the continent. spain joins germany and france. nejra: the moves we saw yesterday triggered by emergency also the the

he had asia experience, we know hsbc wants to pave more towards asia.ays, he ticked a lot of boxes for them, but he's not interested, so the search continues. vonnie: the software giant behind turbotax says it is buying credit cards of about -- credit karma. of about $7.1 billion in cash stock. are you worried about antitrust concerns? sasan: we are not concerned, because it is good for consumers. it creates a platform for more competition. consumers will have power of data to be able to understand what is right for them. better savings accounts, better loans, better credit cards, and ultimately to improve credit history and credit score. we think it is all on the upside for consumers and creates more competition. manus: bloomberg sources say saudi aramco is starting early preparations for internationalists just months after the oil giant turned its record ipo into a domestic affair. yasir: we are looking into it to have more offerings. these offerings continue to be. -- could continue to be in saudi. if we have any good stock exchange we think can brin

hsbc's search for a new chief executive is over. candidate while responding to a decrease really -- and increasingly treacherous global economy. noel quinn. unravel is threating to a through billion-dollar deal, telling shareholders that it would -- it could withdraw from the agreement. in a document seen by bloomberg, the japanese company cited numerous -- we work failed to desk wework failed to -- defaults are likely to accelerate in part of the high-yield debt market. that as the economy faces up to low oil prices. the downgrade could be coming fast and furious. -- goodk also sees the luck also sees the recession as -- the coronavirus pandemic with the outlook for demand, while much of the europe and united states is shutting down, it rebound in china. last week korea made as many flights to and from the country as normal. that is 95% of large manufacturers ternary -- returning to regular operation and china. that is your first word news update. bmw is holding off on closing plants and made the coble -- the coronavirus outbreak.

but hsbc sent a load of stuff home after they tested positive, around the corner from where i work.ere is a sense of picking up the pace and dominating an agenda. we have a budget next week... it is supposed to be the economic impact. flybe has already said the coronavirus has had a part in bringing it to its needs, and lots of people will be changing their travel plans and not going to... people are not travelling abroad. it depends on if you'll be allowed back in after quarantine. just like the macroeconomics, how does this affect people in the uk and elsewhere ? does this affect people in the uk and elsewhere? with the flybe thing, thousands of people's jobs are at risk and the lack of security for a lot of people, given how insecure a lot of people, given how insecure a lot of people, given how insecure a lot of our work and economy is. so it really shines a light on some of the things that already exist in society, and the major policy failures of the last ten or more years in the uk. things like the guidance here is to stay at home, and it kind of goes counter to what the stor

hsbc up by 2.27%.hitnd oil hard yesterday, some of that coming back alleys for the european market. that is the european close. it is the same macro themes heavier we are trading on here in the u.s., but a different response, given we are closer to a fiscal response here in the u.s. we did get done roundtable with the insurers and mike pence putting out some measures to at least get people tested without having to pay co-pays, which will give us an idea of the scale and scope of the coronavirus. we are now erasing some of our gains again, but a lot of volume, and we are anticipating that we may get a stimulus announcement in the next couple of hours. the yield on the 10-year is 62 basis points. this is a pocket a little volume today. that could move around a little bit as well. 103.87.at crude oil up by 7%, still at only $33.34. thei's releasing some of supertankers to get some of that oil out there. let's take a look at the sectors that are moving. different sectors have been moving in different direc

fred newman from hsbc.ing up, more stimulus worth $38 billion, while new zealand leads into qe and a nationwide lockdown. this is bloomberg. ♪ >> we are closing our european plans for about four weeks. i think at this point in time, this is the right measure. ♪ watching you are "liberal markets asia." -- you are watching "bloomberg markets." an airline is cutting passenger operations by 96% of the flagship, and also spending most of the network of its affiliates. the character -- the carrier says it will aim to cut capital expenditure and operating cost. the world's top long-haul airline is to suspend all passenger operations this week as the coronavirus cripples air travel. emirates says flights to most destinations will freeze, leaving routes to just 13 countries including the u.s., the u.k., switzerland, and singapore. cargo flights will not be affected. emirates say some of its competitors and suppliers may not survive the crisis. and, cutting capital expenditure million to550 mitigate the fallout. aust

hsbc, taking a known quality to lead it through the rock economy.l quinn was given the job on a full-time basis, running the british bank for seven months. mr. quinn has been at hsbc for 33 years. that is your bloomberg business taylor: flash. let's get a check on the markets. -- the bloomberg business flash. taylor: thank you. the market down 7% after a rebound yesterday. take a look at crude, down. looks like we could see a risk off sentiment, meaning 30 year bond yields unchanged at 1.70. yet strength means it is all about safe havens. coming up, we are going to get a check here from scott minor. last time we spoke to him, he tod look for spreads, out 750 basis points in the high-yield market. we will get an update on that call, scott minor from guggenheim partners, cio. this is bloomberg. ♪ beyond the routine checkups. beyond the not-so-routine cases. comcast business is helping doctors provide care in whole new ways. all working with a new generation of technologies powered by our gig-speed network. because beyond technology... there is human i

haslinda: hsbc has appointed noel quinn to the permanent role of c.e.o. effective immediately.terim chief august. for more we're joined by editor for asia scanlon.david is hsbc settling with quinn at the top? david: some would certainly say that. he clearly is a steady hand at a of tremendous turmoil around the world. 7's been in the job about months and laid out a strategy so they felt now is not the time a change at the top. this is not to say that they did not search for other candidates. we know they've spoken with the credit in italy and to a couple of bankers at did doup so clearly they a search to find someone else but at the end are sticking with the guy in the chair right now and see if he can execute on a ambitious plan. yvonne: we know that the mark tucker, was not too happy with flint before acting he wasn't aggressively enough and bringing back growth in asia in particular. is that going to be a key for quinn? david: yeah, no question, if you exactly a month ago today, quinn did lay out an ambitious strategy. he's going to retrench in the europe, cutch in 35,000 jo

hsbc admits they may have what it calls an adverse impact on the value of its assets. is pausing planned job tests of its suppose it workforce amid the upheaval. sources tell us the move is only temporary. earlier this week, they said they would hand out thousand dollar bonuses to staff and told workers that sick days will not count toward paid time off. morgan stanley has told employees it will not cut headcount this year. back to thet's get markets. we are counting down to the opening in india. let's go over to mumbai where our asia credit reporter has what to expect. indian stocks gaining for three days. are we headed for a fourth? reporter: yes. before i begin, let me give a quick update. the 21 day lockdown in india. 633 coronavirus cases and 16 deaths of this morning. we are likely to see that the global rallies, as contagious does the virus, if not more. no one knows how long the rally in india will be, given that you mentioned earlier it could be turning around. it is so volatile. given that the virus is spreading in the country and there is a long lockdown ahe

an example, health and human services, city of san francisco, and great companies like lowe's and hsbc adopting quickly. jon, what's happening is this, the value chains out there have split apart and innovators like service now have to come in now and reorient work flow in a way that enables business continuity and enables people to execute their mission, even in this most difficult time i'm proud to say that we have over 1,000 companies now, major companies, in the federal, state, local and also commercial entity realm using the now platform all over the world. the adoption of this has been unlike anything that we have seen it's really exciting >> given that, what do you expect will be some of the longer term impacts and consequences of this i don't know what -- to what extent you're mainly seeing expansion in the use of your platform from existing customers to what extent people are able to get on it who have never been on it before and get trained and up to speed fast enough to get use out of it, but in terms of the uptake and the priority that people are going to place on software

the hsbc headline again. what was that news out of hsbc? guy: they have found one case.n they were seeing evacuations. that has not been confirmed. a confirmed case has now been reported. it was only a matter of time to be honest. people come in and out on a daily basis. tom: yields lower but stable. with us and mr. ward with us. let's bring up a short-term chart. here is the chart from yell university. this goes back -- from yale university. showsa chart that whatever disaster there is, every virus, things are difficult. that was the worst moment of world war ii and you have 47 excuses to go to cash. the proxy for this mr. ward is apple computer. everybody wants to know. what is your update on a stock you have been in for years? howard: apple surprised everybody. it had a return of 90% to 100% last year. all of that return was multiple expansion. there revenue did not increase. revenue did not increase. now we are in an environment where multiples are contracting. credit spreads are widening and multiples are contracting and earnings estimates are coming down. apple's s

hsbc has concerns an employee in china has been infected by the coronavirus.s after evacuating the office. ceo sent a note saying the employee is in self quarantine and recovering. chinacks says business in is getting back to normal. the results will be temporary and profits are down by as much as $.18 a share. fall 50%e salts may year on year in the second quarter. thank you very much. governments around the world have pledged over $54 billion to fight the spread of the virus. europe's spending is almost entirely confined to italy, which has been hit the hardest. , maria tadeo joins us from brussels. when theany sense of virus is going to peek? -- peak? italy seems to have a head start. >> exactly. that is the question the markets are asking. seemata out there does not to be pointing that way. we had italian numbers which have not seen the comedown, but it is not just italy. i point out france, which had a big strike yesterday. there are over 400 cases. macron --manual president macron say people should be prepared to see those numbers increase. the bottom li

other companies that have seen individuals contract the virus include hsbc and wells fargo.ank said it expects no impact on their ability to operate a full range of services. that's business continuity. thank you very much. full lockdown mode nationwide. the first country in the world to attempt to complete shutdown as it tries to stop the spread of the coronavirus. italy is europe's fourth biggest economy. the country's leader has called it the nation's darkest hour i'll the finance ministry is saying italy is better off prevent asures to financial crisis. my guest host is the director general of italy's main business -- that represents more than 150,000 companies. good to have you with us. the lockdown of europe's number four economy, smart move? pragmatic? getting ahead of things? >> good morning. we did agree with the government decree that was adopted yesterday evening because an extraordinary measure was necessary. we were collaborating with the government, we are collaborating with member companies in order ,o ensure business continuity which is insured also by the de

hsbc and nomura are expected to move.le, officials are inspected to move lower with the virus expected to push the u.k. economy to the edge of recession. peter is still with us. what are you expecting this month? peter: we changed our call in light of this. we think they will only cut 25 basis points because they will want to hold back. maybe as the situation gets out , certainly a premeeting cut. nejra: what would be the impact on gilt yields? if we got cuts coordinated with fiscal action, where do gilt yields go? know: as long as we don't where the downside or bottom for the economy is. and keep in mind, we talk about coordinated fiscal intervention. all of these can really try to mitigate some of the economic impact to come. when you think about what we see in china and italy, most of the measures you put in place are economically damaging. all of the fiscal stimulus in the world cannot prevent that. as long as we don't see the bottom, the market will continue to price more action. we heard andrew bailey thinks 10 basi

an update from hsbc confirming an employee in china has the coronavirus. has started an internal memo. the bank's interim chief telling employees he has sent an internal memo. a case ofad gotten the coronavirus in london. --y have set up spokesman for hsbc has confirmed the contents of the memo. have an employee who tested positive for the coronavirus. hong kong companies have taken a severe beating in the past few months, but it sees a strong balance back. -- bounce b ack. this is bloomberg. ♪ haidi: mandarin oriental that you are you occupancy was markets, and aor luxury hotel chain says coronavirus impact will affect results significantly in the first half. we spoke exclusively to james riley, ceo, mandarin oriental hotel group earlier. james: it will be significant but the key question is the length and duration of the impact of the virus and the measures taken to restrict movement of people globally. occupancy rate when it comes to hong kong and china, what are you seeing? are your hotels in china back to operation? james: they have never stopped oper

morgan are joining hsbc in predicting a cut.nvestors are expecting a 10-basis point reduction to the rate. global news 24 hours per day on by and on quicktake bloomberg powered by more than 2700 journalists and analysts in over 120 countries.. this is bloomberg. matt: laura, thank you very much. now, let's bring you an exclusive interview in the power industry. german energy giant uniper has beaten estimates for the full year as it produced higher power prices. meanwhile, the company says it will invest one point 2 billion euros in the next three years to cut its carbon emissions. joining us now from dÜsseldorf in germany is andreas schierenbeck, the ceo of uniper. thanks for your time this morning. i have to first ask you about the most pressing issue for markets it seems in the last couple of days, this price war saudis russia and the and opec. how will this affect your business with the big drop in the ruble? you've got such a big piece of your profit in that currency. >> good morning. thanks for having me. i think it is an i

morgan and deutsche joining hsbc in forecasting reductions. this would be the first policy put in place by the new ecb president, christine lagarde. days holding primary, mr. biden leading bernie sanders by double digits there there are concerns he could be hurt by low overt or. global news 24 hours a day, on air and at quicktake by bloomberg, powered by more than 2700 journalists and analysts in i'm than 120 countries, viviana hurtado. this is bloomberg. tom: thanks so much. let's do a data check. i am going to do two boards, but they really show the stabilization out there. futures in the last hour up 1.05. dow futures up 8.93 off the -2000 point debacle yesterday. curve steepening, the oil comes back a little bit. the 30-year bond well out over the 1% history made yesterday. the german two-year was a negative 1.0% and comes back as well. in ahigher yield structure full facing credit. francine: i am looking at european stocks. stocks overall are stabilizing, oil also stabilizing after the deepest equity route since the financial crisis. bond

rbs, hsbc, standard chartered. axing their dividends and saying there will be no payments this year and that is coming from the prudential regulation authority which had written to lenders asking them to cancel payment and did say they did not expect banks to pay any cash bonuses to senior staff just to make sure they are tier one capital ratios and other ratios are in check here as well. money. a lot of britain's five biggest banks have plans to play out 7.5 billion pounds in dividends just over the next couple of months. barclays is due to pay more than one billion pounds on friday here as well. that is what we have at the moment. in germany, things have actually also been in a similar vein broad and. to suspend dividend payments and this is so they can assistancealify for which was designed to ease the impact of this crisis here as well. , allovernment in berlin part of an aide program which involves loans and guarantees from the state bank here as well. the goal is that the credit does beingd up essentially dis

while on thursday, 100 people were sent home from hsbc in canary wharf are a member of staff tested positive wealdstone because of overhead line problems. that's also affecting the overground too between watford junction and euston. it's because of overhead line problems. it's also affecting trains in and out of euston. as in and out of euston. it did over the weekend. you're being advised to check before you travel. and on the roads, northumberland avenue is closed and part of whitehall is closed following that shooting i mentioned earlier. now the weather with kate. good morning. a bright start this monday morning, some sunshine around, at least at first it won't be until later the cloud thickens and the rain arrives. sunny spells first thing, the risk of one or two showers but it should stay largely dry and the showers if you get them fairly isolated. gradually through the afternoon, the cloud will start to move in from the west, thickening the whole time and the rain arriving towards the end of the day. the temperature still reasonably mild despite it being quite breezy, temperatures tod

quinn has been at hsbc for 33 years.discussed the job with at least three high-profile outsiders. a warning from barclays. the british bank might struggle to reach its profit target because of the coronavirus. it could lead to bonuses being cut. barclays finance director saying low interest rates pose additional challenges. i'm viviana hurtado. that is your bloomberg business flash. alix: thanks so much. we turn to wall street beat to cover three things wall street is buzzing about this morning. first up, virtual finance opens wall street size -- opens wall street's eyes. then, the rush to bond markets. some u.s. companies are turning back to the bond market to refi commercial paper. empireayoshi son's wobbling now. investors are skittish about softbank as they try to unravel a deal with wework. joining me now a sonali basak. seriously, you can get deals done remote? sonali: you have got to headed to my colleagues. they were able to find the bright side a lot of this. morgan stanley has a conference where registrations a

didn'td chartered hold buybacks the way hsbc did.del is pressured the low interest rates, and the retail environment is tougher. will they see mergers? they are tough to do. as you mentioned, nice to see sergio ermotti land on his feet. alix: let's go to softbank. this is the roadshow, right? basically? planned thisey had investor outreach before even elliott had taken this big steak and pushed for change. the shares are reacting somewhat favorably, so they did like the fact that masayoshi son is being more open. he made statement that he would be more open with investors and listen to their suggestions. will that buyback be on the table? he also said that, listen, i'm a big shareholder. underway.changes alix: fair point. and he is here now talking to investors and bankers. sonali: goldman sachs held their main conference yesterday. alix: let's get to the last story, which is robin hood. this is a bummer. a sickly, if you are just a retail guy trading stocks, you didn't get to do that. you are aly, if retail guy trading stocks, you d

daniela russell from hsbc is still with us. what will the bank of england do?> what is clear from all of this is that the government and the central banks are working much more closely together. the use case has been an example of that. we have seen coordinated action from the bank of england, mainly the rate moves from the bank, the latest of which came after thursday, when they cut rates to announced $200 billion in q.v.. qe. really they are ready to act if is needed. we could potentially hear more about options they are considering as well as how they are thinking, how it could impact inflation. a supportive environment for long end gilt? speaking, we have used the rising yields we saw as an opportunity to buy back gilt. the 10 year sector looks cheap. since then they have ran it back. the bank of england announcement last thursday. the backdrop is still very much bullish. you have the government ramping up and saying it will do whatever it takes to support the economy. you also have the same comments coming through on the banking and governor. broadly speak

at hsbc isstrategist still with us. what opportunities are you seeing in equity markets?isk light or heavy are you based on what we saw yesterday? x there is clearly a lot going on. we call it the age of uncertainty. a nice slogan to bear in mind. we were in portfolios with moderate risk position and that is reflective of the evaluation opportunity set. if i'm going to be granular within equity markets, it is still the asia region that is most interesting. of have a combination reasonable valuations. i'm very sympathetic to what markets said. we are pushing on the string with monetary policy. we need to see fiscal policy. that's what the bond market is telling us. below treasury yields. toneed some fiscal support and stop theets damage to the macroeconomy. out is most likely to play in asia. the combination of valuation, the reconnection of supply chains at some stage, and the policy support, all major markets in asia. that nbc ising news projecting joe biden to win the texas democratic primary. that is a headline just crossing. u.s. futures on the front foot very much be

, hsbc curbing international business travel.on't have to get on a plane to see your clients please don't. stuart: everybody is doing that. enormous amount of clamping down. don't travel if you don't have to, don't go overseas period. i think that is what they're saying. i want to emphasize the human side of the virus story. we have a special guest in the studio to cover this for us. he lived in wuhan, china, got out and her and her family, well now, they can't go back and they're living out after suitcase, is that correct? >> that's correct. stuart: where are you living? >> currently i'm in the states. my husband and my son are in europe. stuart: you are living out after suitcase. >> absolutely? stuart: what's it like? >> it has been frustrating it, has been scary, especially with a 3-year-old, you know, trying to explain to him that our hotel room is a new home in a sense. stuart: wuhan where you lived? >> wuhan where we lived. we lived there for a year. stuart: and you left mid-january? >> we left mid-january, just before the

jp morgan and deutsche's joining hsbc and forecasting reductions. this would be the first big policy decision for the ecb president christine lagarde. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i'm viviana hurtado. this is bloomberg. guy: thank you very much, indeed. coming up, keep an eye on what is happening in the bond market. treasuries, we are seeing a little bit of selling today. took a look at what is happening in the bdp market. btp's are catching a bid today. that's thepicture, curve. as you can see, the only green in italy. this is bloomberg. ♪ ♪ vonnie: live from new york, i'm vonnie quinn. guy: from london, i'm guy johnson. this is "bloomberg markets." let's find out what is going on with abigail doolittle. abigail: we have a bit of a rebound rally on our hands around the world. the s&p 500 and the nasdaq buzz up about 3.5% or more after climbing to 4% on the open, but giving back some of the gains. some of the bulls are still trying to

hsbc has partially evacuated its london offices.his was after a member of their staff tested positive for the virus. cases globally continue to rise. >> there is no certain amount of money you can spend on the fiscal side or interest rate cut you can do on the monetary side that will solve this problem. what is more needed is, get those test gets out there. let's do the blocking and tackling that government is supposed to be good at. government needs to act like government when there is a crisis, not just sprinkling money here or cutting interest rates over there. >> there you have it. we are closing with losses of more than 3% on the dow. >> what are people moving into? are they moving out of the market? what is the price action telling us? >> people are selling everything that is not nailed down and going to treasuries. it does not matter whether you offensive.fensive or everything is going to get dumped. >> treasury yields heading deeper into uncharted territory. investors left reeling. after a monster payroll report does little

hsbc also under pressure. up next, "balance of power."omberg. ♪ ♪ >> from bloomberg world headquarters in new york, i am david westin. power."to "balance of the $2oing to start with billion package. let's go to kevin cirilli. what is the deal? anticipating to go through procedures to have the vote sometime within the early afternoon or evening. i am told in consultation with the house sergeant of arms and the decision, they have tweaked some of the voting procedures. members are only going to be able to enter into one door. they have scrubbed the entire vicinity, lawmakers are going to use hand sanitizer before entering. a host

hsbc partially evacuated its london office after a number of its research staff test positive for theees to big production cuts to offset the demand from the outbreak. the big question, will russia sign up? live from london, i'm guy johnson, with vonnie quinn in new york. we are counting you down to the european close on "bloomberg markets." ♪ vonnie: today we have fairly stable markets, but that is not really a consolation for anybody hoping to make money on stocks going higher today. pipe --own 2.25% to two major indices. just a couple of stocks

it is working with hsbc on the potential transaction. no official comment from anyone involved.your bloomberg business flash. i want to get back to what is happening in terms of policy responses. as countries around the world impose restrictions to limit the spread of the virus, g7 leaders pledged to do whatever is necessary to fight covid-19. the imf says they are ready to use the $1 trillion lending capacity they say they have to help nations counter the coronavirus outbreak. managing editor called for global coordination. he highlighted that the fund had $50 billion in emergency funds for developing nations, with as much as $10 billion available at. . zero interest rate sarah hewin from standard chartered is still with us. every time the imf has said something, it has not made much of a difference to what investors are doing with their capital in markets around the world. scope ofthink that the the crisis is such that investors really want to see a big response. now, we have had a very big response. we have had a big, not quite coordinated response. central banks really opera

they would reduce some of the job cuts along with commerce bank, but a total freeze also coming from hsbcfor these european banks, it is a difficult time to say they will do this because these banks have wanted to cut jobs as part of their program to reduce spending and get back to profitability. in that context, not everybody is striking the same tone. unicredit is going ahead with its plan to cut 6000 jobs by next month. peopleo according to familiar, still planning to cut jobs and it's markets business. narrow. -- nejra. nejra: thank you so much. the call between leaders was not as fruitful as hoped and they struggled to agree on a concrete strategy contingent -- to contain the virus. they are pushing for more debtal steps such as joint issuance, something christine lagarde is backing. she warned the crisis we are facing is of epic proportions. callum pickering -- kallum iskering from berenberg still with us. if the political wrangling continues, the ecb is going to be forced to take more measures that might risk financial stability? don't know if financial stability is necessarily a r

hsbc evacuating its office in london due to a confirmed case of coronavirus, and ey also sending home,500 employees from its madrid offices after a case was confirmed there back to the u.s. amid the sell-off we're seeing on wall street, it is worth pointing out the cruise line stocks getting hit the hardest as we watch another cruise ship, the "grand princess" held off the coast of san francisco fewer than 100 people identified for testing after displaying influenza-like symptoms. it was on its way to mexico from a port in hawaii but diverted. we are seeing shares of carnival down 10% when you look at the travel space, it's worth noting royal caribbean, carnival and norwegian all down nearly 48% so far this year. certainly some financial damage there when you look at the stock prices >> major moves seema mody, thank you. >>> as we head to break, look at the worst performers on the s&p this morning this is those travel and leisure names including the cruise stocks seema just mentioned, yarol, carnival, norwegian, and alaska air and american airlines down more than 8%. to infrastructure

other banks such as hsbc, lloyd's banking group and deutsche bank ag are also pledging to postpone any that would have eliminated tens of thousands of jobs in the coming years until after the pandemic fallout and of course, the global economy has stabilized. we hope that that happens very soon. there's morgan stanley. citigroup, they are lower. wells fargo higher by 1%. >>> let's go to ashley webster for today's fox business brief. ashley: thank you, cheryl. toyota motors seeking a more than $9 billion loan from its creditors amid the coronavirus crisis. this as the japanese automaker says it will begin producing face masks in several of its u.s. locations. that will start next week. toyota also signing agreements to work with at least two companies that produce ventilators and respirators here in the u.s. meanwhile, target suspending all in-store returns for at least the next three weeks as a precautionary measure to help protect its workers. the discounter also temporarily banning reusable bags but waiving all the fees associated with plastic and paper bags. >>> and costco says it's

some newsjust coming into us, a floor of the hsbc building in canary wharf in london has been evacuated had been diagnosed as having been infected. this flora is largely a research floor, it has been deep cleaned by a specialist. the floor of the hsbc building has been evacuated following a colleague who had travelled to china being diagnosed with coronavirus over the weekend. the uk is braced for an epidemic. can you tell us more? it is likely that it will increase and to the peaks. most patients so fari and to the peaks. most patients so far i have been sent to the five big specialist hospitals in england. between them they can care for over a hundred patients. there are also another 25 hospitals across the uk that have expertise, and have started admitting patients. people are being sold to self—isolate at home. what is the a surge in cases? all hospitals have been put on an emergency footing. they need to cut back on other work, and have been told to work out plans to segregate coronavirus patients. there are more than 4000 intensive care beds in total. so, what can we expect? most

even so, they have said they will put the job cuts on freeze, include hsbc, lloyds, and deutsche bankrs 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 interview next. this is bloomberg. ♪ back to thee european open here on bloomberg markets. we are about 18 minutes from the start of cash equity trading across europe and in the u.k. we have futures down for the first day. let's get the bloomberg first road news with leigh-ann gerrans -- first word news with leigh-ann gerrans. leigh-ann: treasury secretary steven mnuchin has reiterated he wants u.s. financial markets to remain open. that is despite the wild volatility fueled by the ongoing outbreak. consensus it is a is in the best interest for trading in stocks and other assets to contin

telling 1200 staff in london to work from home, after and hsbc employee had the virus visited the company. now you hear the likes of the ecb warning banks to prepare for a jump in cyber attacks as part of a fallout from this coronavirus outbreak. now the central bank warning of and collateral damage criminals taking advantage of the chaos from this outbreak. alix: thank you very much, bloomberg's yvonne man. the final story we are watching this morning is that j.p. morgan says ceo jamie dimon is alert and recovering well after emergency heart surgery yesterday. a potentially fatal condition involving a tear in a blood vessel. he went into the hospital, and the j.p. morgan copresidents are now in charge in his absence. dimon has run j.p. morgan for almost 15 years, the only leader left who steered a major banks through the financial crisis, all of this bringing succession plans into the forefront. ,oming up, more on your news trade, and analysis of the markets in today's first take. this is bloomberg. ♪ alix: time now for bloomberg first take. joining me from our in-house team of wall stre

possibility of a loan scheme from the budget that was announced last week, and we were quoted from our bank hsbcirective from the government but it is that kind of profiteering that is not going to be helpful in a time of crisis. , we need to pay our staff and we need money to pay them now and not at some exorbitant bank raid, we need this money that is going to enable us this money that is going to enable us to keep our staff in their accommodation. most of our staff are in rental accommodation, we need to make sure we are open to provide them withjobs. we make sure we are open to provide them with jobs. we are all interconnected and i think that is what we are facing at the moment. thank you for that, tray. anneliese, you work in the film and entertainment sector. just try and explain to us how this crisis has affected you and your business. well, we have been experiencing this for a few months now, because we manufacture predominantly in china and with the film is pushed forward and with the film is pushed forward and the inability to produce merchandise in china, it has had a huge effect on

hsbc has appointed a ceo effective immediately. difficult time for banks, amid a global recession with the coronavirus affecting customers and cutting margins. singapore's ocbc bank expects many growth this year because of the coronavirus. they told bloomberg the bank in's and a strong position in terms of capital and expectsy in the -- an he does not plan to expand the dividend. sophie: capital markets will reopen according to the philippines. bond markets resumed this one's a, but the stock markets will only reopen on march 19th after a much-needed relief given the losses we have seen for the pac, making it one of the worst performer so far this month. the philippines stock exchange index tumbled more than 41% from the record high we saw in january of 2019. the steepest dive since 2008. given concerns about functioning, this halt is perhaps not being left by some investors -- loved by some investors. some say the trading halt has upset investors who perceive the philippines is a free market. -- as a free market. >> sophie kamarud

the ruling opens a way to give drivers more rights, but uber change.hing will shery:shery: hsbc is reshapinging and markets division as part of the strategical overhaul announced last month. the head of income has been abolished following the recent departure of the person who held the job. the fixed income currencies and commodities business generated more than $1 billion in revenue in the fourth quarter, almost one third of the gbm divisions and higher income. hotels cutting the global 5000.rce by about most losses will be in china where a business has crumbled in the wake of the coronavirus. the indian start, one of the largest and softbank's portfolio, is also cutting jobs japan.u.s. and the company was founded in 2013 and was once valued at $10 billion. investors have soured on the businesses after we work melted down. let's look at how markets are trading. 4% plus rally on wall street overnight. the snp up now more than 6% for the week. sydney stocks ending the gains. we are also hearing we are expecting fiscal stimulus package to be announced in the coming days out of australia. new z

for example, morgan stanley downgrading the stock to underweight at hsbc, also cutting its view on thebank aviation and transport research senior. let's result -- let's discuss the results out of cathay. markets seem to like it. it was bad but not necessarily disastrous. can they keep this up? the settled result was slightly above expectations, mainly due to the fact that they had a small profit in the second half. we were expecting a small loss. they beat expectations main the because of type controls. costs downd to cut the second half perform better than expected. the company itself are expecting substantial losses for the first half of 2020, soy think that is why the market -- what the market is very much focused on. in terms of capacity cuts, they cut capacity by 30% in february and 65% in march and april and might need to cut a lot further in may and june, so speaking to the company, they do expect for cuts in may and june as much as april, but that will still overall have a big impact on earnings. much will cheaper fuel and hedging gains help? >> hedging losses were actually nev

companies like nikkei, heathrow and hsbc have all said they are going in for deep clea ns.measures taken in addition to the normal standard claim that you would do daily twice a day, depending on the type of office that you are in. 0bviously health care have different standards and different levels, depending on the risk for the patients and staff in those areas. but what does it involve? it is more than just taking out a mop but what does it involve? it is more thanjust taking out a mop or dusting a couple of surfaces? you have to make sure your cleaning operators are well trained and educated in what they are supposed to be doing. the supervisors for the cleaning operators are also trained, and able to help and advice. that is the first thing, mach one, human being is really important. the second thing you need to do is decontaminate. if you can remove a great deal of the bio burden, whether viral or bacterial from the services, when you go to the next stage which is the disinfection stage, this is where deep clean changes slightly from a standard clea n, changes slightly