we have seenjust the imf. we are very concerned. we have seen just in the imf. concerned. we have seenjust in one short week the spread of the virus beyond china, creating a new momentum and unfortunately, what we were projecting as possible and more adverse scenarios for the economy is i'iow adverse scenarios for the economy is now materialising. we know more about the virus, that it is spreading more easily, but there is also a lot we still do not know. we do not know the longevity of the virus. we don't know how fast treatment will become available. and thatis treatment will become available. and that is a source of uncertainty to make economic projections. is it time for coordinated central—bank action? we have seen the federal reserve already lower rates. is that what is needed ? reserve already lower rates. is that what is needed? what is needed is action on three fronts. 0ne, what is needed? what is needed is action on three fronts. one, to make sure that there is low—quality the system. in other words, that the economy doesn't get stuck because liquid is

obviously, the phasing of these and the imf of today is different from the imf of the past where restructuringy primitive tool at the time. things have changed. nuanced ina lot more the advice it gives in the conditionality it exacts. >> you can catch middle east daybreak at 8:00 a.m. to buy time. do join us then. this is bloomberg. ♪ good morning! oh no, here comes the neighbor probably to brag about how amazing his xfinity customer service is. i'm mike, i'm so busy. good thing xfinity has two-hour appointment windows. they have night and weekend appointments too. he's here. bill? karolyn? nope! no, just a couple of rocks. download the my account app to manage your appointments making today's xfinity customer service simple, easy, awesome. i'll pass. matt: good morning from berlin. these are today's top stories. -- thursday.y >> the worst session since 1987 brings an end to the longest market on run as markets headed for the worst week since the financial crisis. the u.s. nears an agreement on a bill to combat level of the coronavirus. the ecb unveils stimulus to fight the outbreak but not en

that is poul thomsen, imf europe director general.oming up, two exclusive interviews with -- interviews of avenuelasry capital, and we will also be speaking with hugh hendry, eclectica asset management cio. this is bloomberg. ♪ ♪ live from new york, i'm vonnie quinn, along with guy johnson in london. this is "bloomberg markets." let's get across now to london and guy johnson. guy: the big question, are investors getting it just about right? are we being to lost business optimistic or too pessimistic? i am joined now i hugh hendry of eclectica asset management. through what you are seeing in these markets right now all the way over there. hugh: i feel like i have been in self-isolation for three years. the firste you're person i've spoken to in three years. .ut let me try to be concise that time has sped up, for sure, and given all the events, a sharp correction down in the amazing rally back up kind of feels like we are now in march 2009, whereby people are now beginning to ask the , should i be taking on risk? i find it remarkably bo

you mention the imf. klesko has a flexible credit mexico has a flexible credit line with the imf, they can draw on that for resources. there are arrangements with brazil and mexico. everything the fed has been doing to make sure that there is abundant liquidity also helps. amanda: it is great to have you with us. alberto ramos, we appreciate it. we want to check on the markets. the u.s., the and s&p 500 off the lows of the session, but weaker again today. consumer facing stocks are doing ocks, likel, tech st netflix, moving higher. we will watch the markets. and keep an eye on capitol hill today. this is bloomberg. ♪ vonnie: this is "bloomberg markets." at the let's take a look first word news. mark: mitch mcconnell will try again today to advance a $2 trillion stimulus plan. that after republicans and democrats failed to engineer age-old to the sinking -- a jolt to the economy. they global this hour. the republican majority cannot do it without the votes of democrats. more than 1.5 billion people, if it

lean forward >> we appreciate you doing that here with us today the imf managing director.arl, that big rescue package she said in the spirits of doing what we can with the information we know $50 billion. >> thank you, sara let's get to the judge >>> carl, thanks once again, your money front and center today welcome to the "halftime report." one day up, one day down that's what we've got again. stocks surging on joe biden's big super tuesday win. we're focusing again on the impact of the coronavirus on this market. here to help me do that are investment committee is here as always joe terranova. welcome back john nijairian, steve weis, steve liesman, senior economics reporter i want to get right to the action

following another jump on wall street on wednesday as funding rolls in from the us government and the imffight the coronavirus. we start with the struggling uk airline flybe. it has gone into administration, leaving flights cancelled and passengers around europe stranded. the airline was trying to secure a bailout loan from the uk government but its efforts to survive have been complicated by a slump in air travel because of the coronavirus outbreak. flybe called itself europe's largest regional airline, serving 56 airports and carrying 8 million passengers a year. it employs 2,000 people, whose jobs are now in doubt. here's our business editor, simonjack. 0ur correspondent was in exeter as the news of the collapse of the merging. touching down in exeter, one of the last flights of the day for flybe. these are not passengers with luggage but mechanics taking tools home from the company headquarters at the end of the runway. they had come in especially to collect their kit, even before any official announcement. we are not allowed to tell you anything. have you been told anything? no. it h

the imf managing director tells bloomberg is providing $50 billion combat virus. we speak with james bullard. he does not assume another cut in two weeks. >> we got the policy rate to the right place for now, given the --ormation we have now heard now. against the possibility this will cause a growth slowdown in the u.s.. nejra: division in vienna. disagreement over cuts. delegates look to counter the impact of the coronavirus. we are live on the ground at a crucial meeting. ♪ welcome to "bloomberg daybreak: europe." let's kick it off with opec ministers in vienna. the first meeting saw saudi arabia and russia split over the prospect of deeper cuts as the coronavirus weakened daily demand. manus, great to see you. can they come to an agreement? nus: my next guest says it is kabuki theater. it's painted faces. it's about shock and. shock and awe. where will they meet, which road will they travel? will it be one million of cuts? three months ago, i was here and they agreed a 2 million barrel a day cut. so what does it take to put a floor under this market? highness

david: let's talk about specifically what the imf is doing. is a $50 billion that has been put into an immediate fund, divided between some of the lower income countries and middle income countries. what will that money be used for? kristalina: this would allow countries to tap into financial resources immediately. and then step up their domestic efforts. particularly important with countries with very limited fiscal space. be exporters of commodities that are already hit by dropping prices. and everybody that needs reinforcement of their health systems. we make it available outside of the imf progress, meaning on emergency grounds, countries can draw on this money if they needed right away. but poor countries with zero interest rates. david: you understand so well the way these economies work, particularly in the developed world. states,as the united are you concerned about the fall -- small and media enterprises? when it comes to fiscal support, whether it is loans or grants, we have to be concerned about the small companies, just a few empl

normally, the imf would be dealing withjust a handful.n a real surge. what the organisation is focused on is particularly poorer countries that have been struggling. large amounts of capital have been taken out of this country moment, giving them potential problems for the future. she said a coordinated action is needed, more action is needed and the imf and other multilateral organisations need to stand ready to do it. we have seen big amounts of money put into the system from the united states today. a 2 trillion package approved there by the house of representatives. that from the imf and also 5 trillion committed by the 620 and also 5 trillion committed by the g20 countries yesterday as well. we're being flooded with news about coronavirus online, some of it helpful and some potentially harmful. you might have seen some misleading messages on whatsapp or email, or seen dodgy posts on social media sites like facebook and instagram. but how can you spot and stop this kind of content spreading online? the bbc‘s disinformation and social

economy and better coordinate with the imf, world bank as well on relief issues. stuart: maybe the use of the word hurricane used by the treasury secretary that pushed the market to a new low. ashley: that is a natural disaster, right?

that was the imf managing director.2 billion funding line, that the imf wants to use to help low income countries. remember, in health terms, the big concern, although it is concerning and off in countries like ours in italy, the big concern is that if and when coronavirus hits those nations that have a health system thatis nations that have a health system that is less able to cope, that has less of the machinery, less of the facilities, to be able to stop the spread, and so, the imf and the world bank working together, to try to help the funding of those less developed countries to be able to deal with that. they have had a meeting over the telephone. these meetings next month have been cancelled or replaced with virtual meetings between the imf and world bank. they had that meeting talking amongst finance ministers about what to do. there was another meeting yesterday, a teleconference, of the g7 finance ministers, where they came up with other types of weapons against the economic fear caused by the coronavirus impa

i asked the chief economist of the imf today what the chance of a recession and they all talk about, well, it's getting potentially more likely. 50/50 is being generous. if we continue with this disruption, it really goes the other way. >> here's the thing about this. you know, a recession is defined as two consecutive quarters of declines in quarterly gdp. gdp last year was just north of 2%. you have some economists -- some of the leading economists have come out and said the second and third quarter, we may not even grow at all. now, the question for everyone i have talked to is the size and length. what everyone is talking about is the uncertainty around the time horizon. and what the longer-term consequences will be. but i can tell you that with every ceo, and i'm talking i spoke to the largest companies in the world today. what they are all saying is they have created 90-day contingency plans. so they are well into q2 in terms of preparation, how they're addressing their factory, their workforce. now, what they are saying is we're overcommunicating. we're staying calm. we're bui

darkened andk has the imf says uncertainty will remain high.g $50 billion available to help countries hit by the virus. countries to allow tap into financial resources immediately on emergency ground. for poorer countries, zero interest rates. the leaders of turkey and russia are meeting to smooth out relations. it comes amidst increased violence in russia. the countries have much greater economic ties they on in the past. in the u.s., allies of elizabeth warren and bernie sanders are discovering joining forces. after a poor showing on super tuesday for the massachusetts senator yesterday. michael bloomberg has pulled out the race, endorsing joe biden. global news, 24 hours a day on air, on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. anna, matt? anna: thank you very much. about what the coronavirus is doing in terms of putting pressure on those who can act. ecb president is under pressure to provide some form of relief, but researchers from the central bank says the e

bank, imf database.ot more debt crisis, especially in the low income countries, whether you call that systemic or not remains to be seen. certainly those countries will be hurting. alix: the big question is going to be is this like the 1980's? are we going to see that kind of financial crisis. can you help us distinguish what will play out versus what we would expect? carmen: the parallel i have been is moreithout melodrama akin to the 1930's. let me briefly explain why. 2008-2009 was called the global financial crisis but it mostly affected 11 advanced economies, high income countries. not the emerging markets, which after a rough late 2008 rebounded nicely because china was also growing in double digits, commodity prices were high. the 1980's was an emerging market crisis but the advanced economies were doing ok. it is hard to find anyone at the moment that is doing ok. in that context, it is more akin to the 1930's. alix: are we going to be sitting here in six weeks talking about how this is turning i

the imf says there were dips.he world bank says it is working on a fast response while sources tell us the bank of japan may downgrade its assessment of the economy. bloomberg economic says the worst case scenario could mean growth stalls at a cost of $2.7 trillion. the coronavirus has triggered falling carest sales since 2012. the outbreak is a new blow to the auto industry, which has been trying to arrest declining car sales in the mainland. manufacturers were hit. a slight recovery at the end of the month. the virus has also meant a ban mecca.rimages to it affects the month of ramadan and the hajj later this year. prayers ined friday major cities across the country. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. this is bloomberg. emily: thank you. the global smartphone market has been slowing down for some time. the coronavirus will only make that works. smartphone -- shipments will drop to around 1.3 billion units th

. >> the imf initially forecast 3.3% growth. the fund now expects a rate under the 2.9% of 2019.dded it is still difficult to predict how far global growth will fall. the imf's economic scenario turned harsher throughouout las week. >>> softbank is planning to start rolling out japan's first 5g services from march 27th. >> translator: it will be the start of a new era, in which everything is connected. from now on, , our focus will 5 5g services. >> the network will launch in a few areas and expand to parts of major cities, such as tokyo, osaka, and nagoya by the end of the month. it will continue to grow from there. the telecom giant has unveiled four new smartphone models that can run on its next generation network. its rivals are planning to follow suit. kddi, known for its au brand, have 5g launch dates for the spring. along with docomo. rakuten is aiming for june. >>> in southeast asia, some people are finding new uses and inspiration from bubble tea's key ingredient. nhk world has the story. >> reporter: you order bubble tea at this shop in bangkok, it comes right out of th

the imf saying that 80 countries coming, not quite with a begging bowl, but saying they need help.eing, and europe has been at the centre recently and is moving on to the us but policymakers are reacting. first we have had monetary policy doing quite a lot. this hasn't been sufficient in itself to come the financial markets. so that is adding to the idea of uncertainty and having real economic implications. with fiscal policy coming in, it seems that some of this panic and stimulus is failing to some extent. the support is important and it's important becomes early because the longer the weight the more you have a do. it needs to be big and timely measures from policymakers are so important. we have from the last few minutes that president trump and the chinese president have been speaking on the phone and trumps that they are working closely together. we don't know what that means that this stage but interestingly, from the eu leaders videoconference, it would appear steel that they are not necessarily working that closely together and i think, he had a .2. how worried should we b

the imf has announced f50 billion alfeit -- for developing countries. >> we are very concerned.ve seen just in one short week the spread of the virus beyond china, creating a new momentum and unfortunately, what we were projecting asossible, more adverse scenarios for the we knowir more about the,g. that it is spreading more easily, but there is also a lot we still do not know. we do not kw the longevity of this virus. we do not ow how fast treatment will become avaible. that is a source of uncertainty to make economic projections. central-bank actiocoordinated we have seen the federal reserve already lower rates, is that what is need? >> what is needed is action on three fron. one, to make sure there is located -- liquidity in the system. that the economy does not g stuck because liquidity is not flowing, andrehat is the onsibility of central banks. two, to concentrate on nos regr, fiscal measures. care of people.tem can take three, international institutions like the imf, the world bank, and others, to come together and make resources available to countriesn need. there is muc

gerry: a former imf chief economists and how the u.s. can help avert a financial crisis, that is next. jack: coronavirus is swept across the globe, national economy reeling and it's awake. what should central bank and the fed do right now to avert a global financial crisis joining me now former imf chief economist is also the author of the third pillar. raghuram rajan. thank you so much for joining us, they ought to realize that i think in fact it was 2005 you got booed and his for warning people in this country about an economic crisis on the way. you proved fresh end. so let's hear from you now, first of all, as a former central banker when something like this happens, one of the first thoughts that go through your mind? one of the things you rush to solve immediately? >> what you can do as a central bank is let the markets at this point. the markets are backing up some are panicking. what you need is to give them the assurance that at least is part of the clarity goes there will be plenty of it, you as the central bank will make sure

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by comparison, the scope of what the imf can do is relatively limited.t to say that it is not going to be very useful and important, but i think in the current climate, investors are really looking for a very big global effort that is going to not just address liquidity and credit, but also really support the real economy, support those businesses that are going to be disrupted by coronavirus, and also to provide some support for health care and generally for likely the rise in unemployment that we will see across the west developing countries. >> yes. g7 leaders yesterday pledged whatever is necessary to fight the virus. the response in markets is very to any policy response. aw quickly and affective can fiscal response actually be in alleviating the risk of a u.s. recession or recessions elsewhere? is it really going to be the panacea, this fiscal response? sarah: we saw in the global financial crisis that you cannot avert a recession. all that you can do is to slow the downturn and provide some relief along the way. i think that is very much a going t

gerry: a former imf chief economists and how the u.s. can help avert a financial crisis, that is next. what i love most about being a scientist at 3m is that i'm part of a community of problem solvers. we make ideas grow. from an everyday solution... to one that can take on a bigger challenge. from packaging tape... to tape that can bond materials to buildings... and planes. one idea can unlock a breadth of solutions. at 3m, we are solving problems that improve lives. wean air force veteran made of a doing what's right,.. not what's easy. so when a hailstorm hit, usaa reached out before he could even inspect the damage. that's how you do it right. usaa insurance is made just the way martin's family needs it - with hassle-free claims, he got paid before his neighbor even got started. because doing right by our members, that's what's right. usaa. what you're made of, we're made for. usaa jack: coronavirus is swept across the globe, national economy reeling and it's awake. what should central bank and the fed do right now to avert a global

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. >> a joint statement from the imf and the world bank saying they stand ready to help member countriesa response to the coronavirus saying they are actively engaged in talks and will use all available instruments to the fullest extent possible. they are saying they havee emergency financing available along with policy advice, technical assistance as well among the vehicles available for the imf to help are things like a rapid credit facility a rapid financial instruments, debt rely, loan modification and even new possible financial gremts or arrangements that countries can apply for to the imf also worth noting, jonathan, they are calling for international cooperation to deal with the health and economic impact of this virus. carl >> we will see what this g7 call is like tomorrow steve liesman, back at hq. dow is up 725. we held the s&p 500 to 3k and then added 35 points to that then added 35 points to that we are back in three minutes you may beoute turning 65, medicare and supplemental insurance. medicare is great, but it doesn't cover everything ...only about 80% of your part b medi

as i said, the imf has already $1 trillion capacity to lend. we need a war economy. as the us is printing money in the west, we can do it globally in a way that is a fa ct if do it globally in a way that is a fact if to address the challenges of covid—19. fact if to address the challenges of covid-19. you are clearly arguing for a co—ordinated international response to deal with what is after all, a global threat. what do you think about the way individual governments have been responding to the pandemic? we seem quite a difference in approach, france for instance, has more stringent measures than at the united kingdom, which has taken more of a wait and see approach. donald trump, united states, seems to be more relaxed, saying that he wants to see the us economy going back to normal at easter, april the 12th. what is your sense of how national governments are responding? are you content? well, of course i'm not happy with the present situation. there is an effective dysfunctionality in the way this is all happening. we have not a global gover

nearly 80 nations have asked me imf for emergency funding. finance chief and central bankers from the g-20 11 emergency conference call to discuss how to handle the fallout from coronavirus. the agenda included the damage to the global economy and how to work on a coordinated response. the impact on supplying chains and consumer demand is expected to push the world into recession, which could be worse of the financial crisis. andvity in japan's service manufacturing has deteriorated sharply as the coronavirus depresses global demands and keeps people indoors. thear 11 year low while service sector recorded a record decline to the economic damage is expected to be worse if the tokyo olympics are postponed. and the united kingdom is being ordered interlocked -- into lockdown amid sweeping new measures to keep people at home. as the coronavirus spreads across the country, boris johnson gave his approval to the banning of all necessary movement of people for at least three weeks. police will have the power to break up gatherings and fine individu

markets in developing countries that are going to be very very hard hit we have an institution, the imf, that is created for these moments of crisis. we are $1 trillion strong thanks to our shareholders including viewers that put our map, the capacity to cease our fighting -- the crisis in the bill that went to congress for which we are very grateful, and we're stepping up enormously we now have some 80 requests for emergency assistance never happened in the past, sara at best, emergency assistance would be a handful of countries. today, practically the whole world is in a state of emergency. action together. >> yeah. on that point, action together, it doesn't feel, managing director, particularly coordinated right now. every country is going on its own in terms of the strategy, particularly on the health side. what's the risk of doing that? >> well, the risk of doing that is we would be less effective and in that sense, the g-20 call yesterday was very helpful because it did bring the leaders of the 20 largest economies, 85% of the world economy, together and number one topic on their

the imf has many tools. you have funds for providing that relief for payments owed to the imf.l facilities and a lending capacity that our membership can have access to. we have many tools in place. i think there will be even more needed in terms of a global response and we are working with our membership and with others to come up with the best response. >> we talk about the mechanics of what we have been seeing across financial markets worldwide and really, the outflows that we are seeing out of emerging markets as well as the funding stresses we have seen with regards to the dollar and how that matches up with all of those foreign currencies out there. we have gotten a little bit of reprieves today from that in the markets. is there anything that the imf can do to arrest this imbalance we are seeing between the strength of the dollar and what emerging markets are going to need to sort of stay stable if not solvent? gita: the dollar liquidity has been a big challenge. the u.s. said -- provided the swap lines for nine countries. that helps tremendously. there are going to be m

asian nations have asked the imf or emergency financing.in, we need to attack the virus with aggressive and targeted tactics. case,g every suspected isolating and caring for every confirmed case, and tracing and quarantining every close contact. ritika: the federal reserve has announced sweeping additional measures to support the economy from the fallout of the coronavirus, saying it will buy unlimited amounts of treasury bonds and mortgage-backed securities. the news came ahead of a second senate vote on a republican stimulus package worth $2 trillion. democrats declined to advance the bill despite dire predictions of a recession. global news 24 hours a day on air and on quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. taylor? haidi: i will take it from here. we are going straight to president trump who is speaking at the moment. let's listen in. pres. trump: at the appropriate time. we also have a large team working on what the next steps will be once the medical community gives

the imf joining in today, breaking with us news of a $50 billion loan package in the first on cnbc with the manager of the fund, she talked about where she wants to see the money being used. >> we would like very much to see them prioritizing first and foremo foremost beefing up the health service capacity so lives are safe and suffering is reduced. and secondly to use it for fiscal measures that are well targeted to households, businesses that are most directly impacted by the crisis. >> talked about dispersing zero interest rate loans to countries that need it she also discussed credit conditions and the need for policymakers to take additional measures, like what we saw from the fed yesterday and canada today. i also asked her about china and how big of an economic impact will be seen in that country >> there is some good news coming from china. the good news from china is there is a stepping up in production there would be a negative impact on this year's growth for china. the leadership there knows it. it is in our expectation but a stepping up in china, good for china, good for th

calling from the imf to see they are critical to the real economy. we have a follow-up follow it will be incredibly important. for developing banks so the inner american development bank, they are very real there are new mechanisms available. we do need to in a way experiment with those and utilize them and talk to local players. where chambers of commerce are so important for a lot of these banks and players. talk to them about how to access the real economy that's all part of our campaign today. >> a lot of moving parts and critical players thank you for joining us this morning. karen joining us from home as well she'll be with us after the break talking tech and benefits of more people working from home amid the coronavirus paernd. we'll have more next >>> welcome back, everybody. you are watching "street signs." a bit of possible good news for iranians they have announced that they have managed to send medical supplies to iran from europe without breaching american sanctions around the use of the dollar they've used a special fund which means the

the imf is really just reiterating that.seen in the u.s., congress trying to pass $1 billion of fiscal stimulus measures in order to help in handling the virus outbreak. still ahead, we will have more on that opec meeting and the push to make russia to do production cuts. how that plays out for the oil market. this is bloomberg. ♪ haidi: we are counting down to the market open this friday session in tokyo. at this point, we can expect some pretty heavy losses across the rest of asia. we're looking at the nikkei potentially trading at six to seven month lows, going by what we see in the future session at the moment. after-yen holding at 106 a root jump overnight. ofll with us is zach handlee goldman sachs. let's dig into your favorite comments, given how much we don't know about how much this virus will play out. individual government responses and the such. what are your interesting trading ideas at the moment? zach: number one is long the canadian dollar. we think this is the best expression among the fx market. the yen bec

when it comes to the 0ecd warning and others wanting, the world bank and the imf, et cetera, how concernedlobal growth going forward? we are concerned. the reality is that probably the most important phrase you could hearfrom probably the most important phrase you could hear from an investor right now is "we don't know", which we are hearing from pretty much everybody. the impact of this could be relatively limited, to a sort of supply chain shock as we have seen from the china shutdown, or it could be much more significant, if we see western economies shutting themselves down in the same way that we saw who they problems getting shut down. then we are talking about an enormous demand shock. —— getting shut down the same way hubei province was shut down. with much of china still in lockdown, many businesses in beijing remain closed, because their employees are either unable or choosing not to return to the city. 0ur china correspondent stephen mcdonnell sent this report. a beautiful afternoon, this is normally a busy street, look at all these businesses. closed, but one. close, next door.

the imf creates a $50 billion fund to help nations deal with coronavirus. it will set the stage for a coordinated response. we must do more than do less than what is necessary. ♪ ♪ is "bloomberg best." let's continue our global tour of the weeks top stories. the brexit saga opened this week as the u.k. and e.u. began talks to define their future trade relationship. >> reddish and european officials will start hashing out a post-brexit trade deal as negotiations on the future partnership formally opened in brussels. raised concerns that red lines on both sides could put the chance of an agreement to danger. >> no one is surprised to hear the prime minister says he can get a canadian style deer. he doesn't see a full need for convergence. is when he says will be the deadline. he is prepared to walk away without a trade deal. -- they seeve said this as a full package. >> turkey says upon not stand in the way of refugees. it is igniting fears another wave of migration -- which is already grappling with the spread of the coronavirus. we have heard a lot of rheto

the managing director of the imf does not think they have enough to carry them through this crisis. this is a global crisis of unprecedented proportions. guy? guy: let's get another voice on exactly that subject. the global economy absolutely frozen and the wto is warning the viral shut down will generate an effect way worse than the 2008 financial crisis. joining us with insight into the severity of the situation is the director general of the wto. director general, you have laid out pretty grim expectations for global trade. the world economy is on life support. how badly is global trade being affected and how quickly could it bounceback. >> we are not saying those things for fun. all of the independent studies and preliminary projections we have seen so far indicate we will look at a downturn, an economic downturn and impact worserade than 2008-2009 crisis. may be at the same order of magnitude, may be much larger. news.is good from very different 2008-2009 in very different from the great depression of the 1930's. those crises were about the fundamentals of the economy. whererin

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 declines. , fallingave small caps more than 12%. u.s. futures at the moment, a little upside. up 6/10 of 1%. we will see how things shape up as the asia sessio

the paper also says the imf is urging an all—out global offensive against the global epidemic.th more and more businesses sending stuff home. and in the uk guardian, the government could build a tunnel, not a bridge to link northern ireland and scotland. it is supposed to be a cheaper and more whether proof option. finally in the independent, twitter has revealed a new version of tweets named fleets which disappear once they are posted, they cannot be engaged with in public and direct messages was that it comes as users complain that it comes as users complain that tweets are too public and too permanent. hello there, laurence, you have been taking a big look the role of

after oligarchs and defending ukrainian autonomy from even corruption but also from places like the imf or the world bank and these are, oligarchs, corruption, even imf are the institutions that the ukrainians love to hate. so president jolobaradko was going after them in the show and he appealed to ukrainians sense of justice. a respect for the rule of law. it was a very smart tv show and it turned out that it got him elected and he was just taking office when i arrived and when she was pulled out and i arrived and it was an important time to be working with this new administration, a month after i got there was the parliamentary election and again president zelensky and his party by the way, is named the same thing as his tv show so his party is servant of the people. and servant of the people one 60 percent of the seats in the parliament so he could do things with the parliament and with the prime minister and with government and with the cabinet. so he was able to move some things along, in particular in a fight against corruption but also in the attempt to end the war that i talked

madame lagarde has been calling for fiscal stimulus and she arrived and before the imf.king to european policymakers to do stimulus and that has been the case in the eurozone for. -- a while now. it is a question to ask, will this be big enough? ofis different -- difficulty people in italy are quarantined, stimulus will lift growth but what it can do is help lift market sentiment because market moves and confidence is all over the place. now,: in a radio interview global health crisis and that is a response mechanism. liquidity is the risk. isalways make sure there sufficient liquidity. our solid finances mean we can cope in a crisis. ofhope for early scrapping the solidarity tax. let's talk about the ecb. hamstrung in terms of potential rate cuts. we know the mechanism of response has been tltro's. if you have an implosion of demand, crisis of confidence, lack of desire to borrow, or tltro's going to be what we need from the ecb? what would aggressive easing look like from the ecb? jpmorgan says that is what we need. question a few a months ago as to how central banks w

you just show of the imf director telling us that we are going into recession globally this year.i think the numbers we are expecting is not going to cause much shock and awe even if the overall headline figure is pretty dire. but what we don't want to see is a downturn worse than we were anticipating, that could cause another jolt anticipating, that could cause anotherjolt in the markets to really shot people. let's face it, if you look at the forecasts we are getting right now, they range quite a lot, because people are still trying to weigh up just how severe an impact this coronavirus has had. and it is extremely difficult to tell because we are very much in uncharted territory. just give us your ta ke territory. just give us your take on the financial markets today? in asia, looking out the numbers, they are bouncing quite significantly compared to heavy losses. yet last night on wall street we saw the down by quite a bit. give us your take on the last 2a hours? quite a bit. give us your take on the last 24 hours? yeah, so, in the last 24 hours we have had a massive monetary

protracted and quite damaging, they are going to have to readjust that assessment, as is the world bank and imfncial times looks at some of this in detail. to what extent are you concerned, what are your...” am hugely concerned. we run a country accompany other hundred and 20 people, we have offices in tokyo, hong kong, we are dealing there with staff who have had to change their work patterns, in japan have had to change their work patterns, injapan every have had to change their work patterns, in japan every school is now closed, and my colleague who runs the office they are, she has had to bring in patchwork cover to make sure there someone to after her children. we have seen partners around the world being cautioned about the months ahead, so the impact on businesses like ours as well. and what are your readers saying to you about this? what of our readers i think want to get some sense of, what is the bigger picture, what is the plan here? we are all getting caught up in his rolling news, and one of the annoying figures i see every day is the number of cases in the number of deaths. but wh

it's interesting that the imf and say they are setting aside emergency funding to help countries fightirus. the ft suggests that particular for coronavirus. the ft suggests that particularfor medical coronavirus. the ft suggests that particular for medical purposes. maybe some of our questions can be addressed emergency funds to address other thing. i think it's an important point. half the people who get these viruses, it's not very serious at all. 50% of people in south korea i don't even show a theatre i think. people won't necessarily be showing. —— show a fever. people might not be very keen to stay—at—home and missed two weeks of work if they won't get paid just because they've been told to self—isolate if they feel like it will be that serious. if the government does want people to try and isolate in that situation, they can't expect them without two weeks p5y~ can't expect them without two weeks pay. the ft is tailoring a budget to help cope. this would be extortion. sound like it. what's interesting about the politics, this was supposed to be this grand plan, this big giveaway

--ma board member of pif, imf board member of the pif but i am a there is -- board member of the pif my role there is executive. changed.oard was it became chaired by the crown -- prince ofe mohammed bin salman. asset management then was it something like $150 billion. than it is over -- more 330, $325 billion. david: how well did you know the crown prince before he appointed you? very well? >> i did not know him at all. i had heard of him. i received a call. before i took the post i was a ceo of saudi forensic capital. turned around this company from a losing company to one of the most profitable companies in saudi arabia and the middle east in professional banking. investment 41% of bank activities. i think the crown prince heard of me and i got the call. david: you got a call to meet with him. was it an interview? was it like, "we have picked deal and you need to loot -- leave your job,"? david: i thought it -- yasir: i thought it would be like an interview. it was like "we want you to do one, 2, 3, 4 things. " david: what did you tell your family? you just got a new job? yasir: w