david kelly with jb morgan -- jp morgan.bloomberg radio and on television, tv , if you have a terminal it is a convenient way to see what we do, including manus cranny's conversation with sergio ermotti. please stay with us from london and new york, "surveillance" as usual. this is bloomberg. ♪ ♪ watchingyou are bloomberg "surveillance." the big japanese automakers are taking hits and their credit ratings, moody's downgrading after s&p cut ford to junk. the lockdown of countries across the world causing an unprecedented collapse in oil demand. goldman says any agreement will be too little, too late. that is your bloomberg business flash. tom: thank you so much, greatly appreciated. equities, bonds, currencies, commodities. commodities soggy today, but i want to frame it into this jobs number. equities are weaker and even with the gyrations of credit, the two year yield is lower. 60 and the above bloomberg financial conditions index is six standard deviations out. francine? francine: european. government bonds and -- euro

jp morgan's ceo has undergone emergency heart surgery.was caught early and the surgery was successful -- that is what jp morgan said in a statement about chief executive officer jp morgan -- jamie dimon's emergency heart surgery. he felt chest pains before work and checked himself into a hospital. that might have saved his life. as the most prominent executive and global banking, investors were very much concerned, especially as the surgery comes at a turbulent time and financial markets due to the impact of coronavirus. shares fell about 1% and post market trading. placedan said it copresidents in charge. an analyst at the bank is in capable hands and added that jp morgan has perhaps the deepest bench in north american banking. matt: thanks very much, out of new york on this jp morgan story. we will continue to cover that for you throughout the day. , a promise from bank of england's mark carney. ammunition to combat the virus. we will be hearing what is on offer. this is bloomberg. ♪ tv just keeps getting better. how you watch it does t

banks like jp morgan are dusting off the existing plans, making tweaks to adjust. t, what we know jput all the other banks, morgan has also done that. these working from home policies, we know that jp morgan is doing this. we know that some of the other banks are splitting up trading operations and think about how they might have to set up backup locations outside of new york city if they want to do something to stop the spread. romaine: we have seen this sort of trickle over into things like investment banking and other areas where you would have that need for face-to-face contact. larger is part of the contingency plan. they have restricted travel. they have also moved more virtual online meetings instead of face-to-face business. scarlet: a more flexible approach to banking. michelle davis, thank you so much. coming up -- before we get to that. facebook is weighing a revamp to its libra payments network. bloomberg has learned that facebook and partners are considering redesigning the cryptocurrency project so that the network accepts multiple coins, including tho

that is what jp morgan said in a statement about dimon. he checked himself into a hospital, and that may have saved his life. as the most prominent executive in global banking, investors were concerned. shares of jp morgan fell about 1% in post market trading. the company placed copresidents daniel pinto and gordon smith in dimone aas recovers. back to you in london. well.we wish jamie dimon bloomberg's annmarie hordern with us there from new york. theng up, we are live from opec plus meeting in vienna as the organization engages in a high-stakes diplomatic gamble. ♪ anna: this is "bloomberg surveillance." a high-stakes diplomatic poker game is happening in vienna between russia and opec. they risk of price crash if it backfires. manus cranny is standing by with a guest. anna on a good day for you. -- anna, good day for you. today that itsk falls apart between opec and opec+? >> i think there is a risk. the russians seem to have no interest in extending this cut to the end of the year or deepening it. we have seen in the last 24 hours that

jp morgan is freezing hiring across most of the firm.eople stay-at-home to helps them the spread of the coronavirus. we have learned the bank has asked managers to pull job listings. the restrictions are a reaction to uncertainty about the global economy and the logistical challenges of in person interviews. sell $14aims to billion of shares in alibaba, as part of an effort to raise $41 billion. it wants to shore up its businesses hit by the coronavirus pandemic. the japanese conglomerate is considering raising the remainder of the money by selling a stake in softbank core. that is where it's domestic telecoms are. let's get to stock movers. annmarie hordern has some interesting stories this morning. --marie: anna: i think we do not have annemarie. let's check out the markets for you. we have european equity markets bounding strongly, up by 3.75% on the stoxx 600, although we are losing luster as we go through the session. the cac and the dax up by more than 3%. the dax in particular doing quite strongly. when we look at the individual m

jp morgan chase ceo released yesterday after having emergency heart surgery last week. doctors say dimon suffered from an acute aortic die section. he was said to be feeling well with surgery being considered a success. well, the president of the u.s. soccer federation has resigned. carlos kordiero has been facing backlash for discrimination. the men said they had a higher level of skill than the women's team.

jp morgan is one of the banks. lude bank of america, goldmanrgo, sachs, and others. that is your bloomberg business flash. alix: thank you so much. we turn now to wall street beach. first up, how banks are dealing with the crisis. banks base for more impact as the outbreak continues to spread. titans to find more liquidity. pure alpha fund plummets 20% this year, as much as 13% wiped out this month alone. --ning us is shree natarajan joining us is sri natarajan. .his is crazy it's not just robin hood. now it's this other platform. you imagine, in the middle of a historic rout, a day when the dow was plunging platform trading basically suffered some sort of an outage. they had issues. clients couldn't get their trades right away. bankven at jp morgan, the that has spent more on technology than pretty much any other bank in the world, if you can have issues there, you have to think that when the system is that otherhelmed, banks but also be getting pretty nervous. alix: pretty fair, but also, what do you do with your

i even put you back to a couple of days ago out of jp morgan.kets find the floor? it is by the infection rate starts to go down and then you can get a sustainable rally. it is not as if because you are getting rates going down, the risk of another spread partially goes away. all it takes is one person. now justlike right looking at the fed rate cuts and what we are getting in hong kong, that is an automatic function. it looks like hong kong will have to fall yet again in about 14 days because the pricing after the 50 basis point cut right now. we overnight index indicates will get one more 25 basis point rate cut out of the fed on their meeting on march 18. aussie yields, all the commentary points to yields heading lower as well. that is what we are getting in australia. haidi: dave, we believe it there -- will leave it there. david in hong kong. amid rising calls for central banks to act as the coronavirus ,ontinues to spread, the rba among them the most recently. we asked the governor of the reserve bank of india if he believes it is a case fo

i'd say it's the lenders like jp morgan every one of these industries takes down debt. every one of these industries is shall we say suspect now if cruise lines and restaurants and retailers are in trouble so are the bankers. if i owe you a million dollars that's a me problem. if i owe you billions of dollars, that's a you problem. donald trump when i was reading about him and the casinos, now you can argue and they had plenty of fees and back to full yields because the stocks are falling so much and they can stop buying back to fund those dividends but in the end the yield curve and risk of those loans going bad, i mean, therefore the stocks could be awful investments and i cannot figure out how to value them right now but all of these industries struggling that are their clients and from the looks of things no one else can either stick with cramer. yes. the first word to any adventure. but when allergies and congestion strike, take allegra-d... a non-drowsy antihistamine plus a powerful decongestant. so you can always say "yes" to putting your true colors on display.

even at jp morgan jp morgan says human life as we know it is under threat. he cannot be a climate denier can he. >> these are promises. this is what we have already done. the climate change that we have reduced the output by 43% in 1990 levels. in the economy is grown by 73 percent. 99 percent of all of the solar panels in store in this country. have a under this it under this conservative government. this company was 70%. thank you mister speaker. they killed 11 soldiers. they received a letter of comfort. he received a letter in 1974. he would not be prosecuted with the shooting incident which took place in northern ireland. he was told there was no further grit to get action. all the assurances and all of the promises and the commitment will amount to nothing more than platitudes. this government is finally bringing in a lot to prevent the status of our progress. when no new evidence is produced. yesterday's questions. the widening the money promised. they got a moving service from the courts areas and send them with the longest life expectancy. it will b

with the coronavirus right now jp morgan shares fell. . jp morgan shares fell.ays it placed pinto and smith in charge as dimon recovers. edward jones analysts said the bank is in capable hands, adding that jp morgan has perhaps the deepest bench in north american banking. >> jack welch, former ceo of general electric, has passed away at age 84. at one point, he was the epitome of managerial excellence. he was a personification of six sigma. some of those decisions he made came under scrutiny, but he significantly expanded ge and pushed ge into a variety of businesses, whether that was finance, media -- it was at one point the most valuable american company. i think that has to be a part of his legacy and looking at his choices in retrospect. >> jack welch, dead at 84 years old. ♪ >> don't forget, bloomberg subscribers can run the function on their terminals for our quick takes landing page. there you will find the latest headlines from the bloomberg news room, and analysis on companies affected by the coronavirus. >> there are about 30,000 functions on the bloom

let's get to the second story -- i forgot -- jp morgan. temp morgan trading was the third, second? sonali: the second. the first time around was involving both clients. this time, institutional clients. very interesting to see at jp morgan,with a are -- jp where they are edging to beatty biggest. trading -- to be the biggest stock trading firm in the world. the value we saw and a lot of the trading days last week was what caused this issue. alix: and not alone. we talked about robin hood, but that was at the lower end. but this is jp morgan. our other banks having these kind of issues? sonali: that is to be seen. , they didn't have the same kind of demand. jp morgan spent a lot of money on technology, so it is a little ironic to see this happening back. alix: let's get to energy company trying to figure out what they are going to do for cash. there's a bit of distinction to be made. duke energy is a utility. they have a lot of funding needs. chesapeake is a penny stock. energy berkshire is one of them, along with duke energy. people have a

plug-in -- jp morgan had a note out.ty overall could also suffer, with emergent stress already transparent and costs significantly higher. if you all work from home, literally liquidity can't be what it is. what are you noticing? sarah: i think the big swings in volatility are telling you that one, the liquidity is not huge. alix: that would dampen your outlook. sarah: also, i think people just don't know. you have a lot of program ratings we didn't used to have, to the extent that we don't know .ow much of that is it is very hard to tell when that happens and how much of a fact that has on the markets. until you see things like treasury yields with a 10% move in a day, that a son unusual -- that is so unusual. it is hard for people to go this is a spot where i can get in. even if i am early, people would rather be late and lose a little once you see stabilization. but there's no stabilization. there's nothing i can hang my hat on and say this looks like a good entry point. alix: it seems like you are saying it is not th

gabriela santos joins from jp morgan.annot be the only fossil who remembers the panic of 2007 so we dragged -- 1987, so we dragged in carl riccadonna. were crateringts and it was in single digits. we were sitting around the news table at 10:00 in the morning and i asked the question, can we call this a crash? everybody said, we cannot do that. at the end of the day, it was for columns across the wall street journal for the first time. you would buy tickets here and sell tickets year and everything was on the floor. i don't agree with the comparisons to 1987. the efficiency in computers and markets make it different. marty: it is a much different world than 10 years ago, let alone 30, with the interconnection of computers and the global nature of the world economy. this is a global phenomenon, not just wall street. francine: how would you describe this? we are putting so much hope on the economy of this. is it a humanitarian crisis? what can central banks do? marty: i think everybody is looking for the adult in the room. w

jp morgan is a leader in this business.efinitely the numbers and saying, wow, who else is doing well? citigroup has been making money on equity derivatives as well. davis hasue michelle also pointed out that this team was still going into the office littleek, sitting a closer together perhaps. they are still definitely working hard, and to your point, the bonuses are going down across wall street, but it doesn't mean they will be unanimously going down for everybody. alix: great point. we also caught up with sergio ermotti, the ceo of ubs, to talk about some opportunities he sees in credit. here's what he had to say. >> there's a large pool of cash that has helped investors to manage the in an effective way. we do see people taking advantage of new opportunities. for example, it is time in our point of view to move to credit. if you look historically from a risk-reward point of view, there's not many times in history where credit has been priced so attractively, and therefore, we see people taking a bed of that -- taking ad

so i look at jp morgan if we're in a tough environment the strong gets stronger and jp morgan is one. if the environment proves resilient jp morgan is going to continue to be a market share gainer the overall sector had a hard time performing well and it can be more resilient. >> it's okay that would make it a tougher environment for banks. if we move in that direction or the uncertainty of that direction that plays a lot more directly into jp morgan's strengths. i think as far as being a bank investor it's time to be more selective. it's this environment. and last week a very strange occurrence if you think about it the s&p 500, 500 largest liquid stocks traded higher. that's happened. that's been a sign of edging panic. we saw it on thursday and friday and that's been a very good prekick pr predictor. >> all right coming up, gaming out the fed in the next move there, stocks rocketed off of their lows partly on the promise of rate cuts in the near future but any concrete moves from the g-7 finance minister talk about the options for the u.s. fed and here is a stat that could put a s

that is what jp morgan has said in a statement. chest pains before work and checked himself into a hospital. that may have saved his life. he is the most prominent executive in global banking, so investors were concerned. shares fell about 1% in post-market trading jp morgan says it has placed others in charge as he recovers. he added that jp morgan has perhaps the deepest encz when it comes to north american thinking. encz -- bench when it comes to north american banking. matt: a high-stakes diplomatic poker game is happening in vienna today that risks a price crash. manus cranny is there for us at the meeting. what have you got? it isood day to you high-stakes. plus had this marriage that would last for an attorney. here we are. there is a slight crisis of confidence. alexander novak arrives here in under a couple of hours. will russia get on board with the proposed cut? here,l minister is saying essentially saying we are not prepared to act unilaterally. the secretary-general is talking about the importance of the union. meeting

jp morgan, for example, thanks u.s.y going to drove by -- junk bonds are by $250oing to grow billion this year. how do they help that? narayana: the fed should stay away from trying to do much on the junk-bond side. i think the challenge here is, if you look at this from the fed's perspective, the fed really wants to fix liquidity --blems and doesn't once doesn't want to subsidize risk-taking. market, spreads have blown out in the junk-bond market. part of that is liquidity issues, but a lot of it is repricing of risk. the fed doesn't want to be in that business. we've got the tools, we as a government, have the tools available to us to subsidize that market or bail people were if we or bail people out want. congress has the ability to do that, and they can take that up. alix: how big do you think an unlimited bond buying program get?he fed should the vision always of saying we are willing to go as big as it needs to be is that you actually don't have to go that big. the famous mario draghi "we will do whenever it takes

john norman of jp morgan stays with us.s causing travel bans and canceled events. amazon, nonessential travel. ecb. ford, all business travel banned. vns grabbing their largest medical conference. itmp administration says will be covered by medicaid and medicare. the tokyo olympics could be postponed from the japan olympic minister, saying it is possible to move the games to a later date this year. right now, it is set to begin july 24. japan has spent $26 billion on the event. saudi arabia pushing opec and allies for deeper production cuts. they want the cartels to cut more than one million barrels per day from output, more than recommended by a technical committee. opec meeting this week in vienna, the coronavirus battering oil prices. one more event canceled. google scrapping the conference schedules for may, i/o, bringing together thousands who build websites for the company. google will try to hold sessions digitally. global news 24 hours a day on air and @tictoc on twitter, powered by more than 2700 journalists and an

jp morgan fantastic.theme as investment, alpha proposition, can't make a high in 10, 20 years and its relative performance is below the '09 low. while there are ones better than others, the notion that somehow this has been or ever was a good area, never was true certainly not good right now >> all right, carter we're seeing you coming up in "options action" as well. b.k., the banks? >> you know, it's not a great environment for the bank unfortunately. there is going to be some that do -- jp morgan probably will weather the storm there is a time to buy the u.s. banks i don't think they are going out of business. last night all the fire trucks are parked outside the banks, the hoses ready. chances of being a huge problem with the u.s. banks are slim i think. that doesn't mean they are great investments in the environment i think if you look at the banks, the more i'm concerned about is the european banks. you look at the european bank index, down 25% from the february highs that's where the epicenter will

jp morgan's stock fell almost 5% yesterday when the news began to circulate.though, this morning here we go, there is a little bit of premarket pressure but this could also be a part of the broader sell the futures market this morning. lauren: boeing is another stock to watch today. the new ceo is ripping his predecessor. david calhoon criticizing dennis muilenburg in an interview, saying the task of turning the company around is more than he imagined and speaks to the weakness in the company's leadership. he has worked to rebuild the company's relationships with airlines and with regulators. boeing stock, look at that chart, it's down more than 20% so far this year because of the 737 max crisis. cheryl: well, president trump didn't mince any words, slamming democrats and touting his accomplishments in a fox news town hall that was just held last night. >> i think the country is far more united than people think and ultimately what's uniting the country is success. so it was a fake impeachment. they aimed at trump and took biden down. really, that's what happe

jp morgan say it is the worst in the long-term bonds and we are also seeing costs widening.ne ofet, the most liquid in the world. if you need a cash grab, you might have to sell. that is mission up -- messing up normal functions. they have had a difficult time trading, which causes their order books to fin. -- thin. trillion value themselves of the treasury yields. thank you very much. back to crunch time. undergoes aengland stimulus program, the first interest-rate cuts is the financial crisis. the move was coordinated with government fiscal response. allianz' chief economic advisor says the bank of england showed the path to start dealing with the global crisis. u.k. could manage to punch well above its weight on financial issues. they might have lost the reserve currency status, they may have had a little bit of brexit, but they know how to give swag when it comes to policy response. what did you make of the double barrel? smoking? kokou: absolutely. --s is one of an interesting both having monetary and fiscal acting at the same time. the u.k. has been running through mor

shares of jp morgan fell.s analysts said the bank is in capable hands, adding that jp morgan has perhaps the deepest bench in north american banking. welch, former ceo of general electric, has passed away at age 84. at one point he was the opinion me of managed -- the epito managerial excellence. he did make some decisions that came under scrutiny but he pushed ge into a variety of businesses, including finance and media and at one point it was one of the most valuable businesses in america. ♪ bloombergs subscribers can run the function on their terminals for our quick takes landing page. you will find the latest headlines from the bloomberg news, and analysis on companies affected by the coronavirus. are about 30,000 functions on the bloomberg and we enjoy showing you our favorites on bloomberg television. i.b. they will become your favorites. -- maybe they will become your favorites. this will lead you to our quicktakes, or you can get fast insight into timely topics. here is a quicktake from this week. >> d

testing ah jp morgan, coronavirus plan for u.s. employees today. being asked work from home. bloomberg has learned about 10% of the staff and consumer banking will work remotely. -- thatabout 1000 2000 is about 1270 workers. now it's time for wall street beat. deals pulled from leverage loans. the refinancing frenzy dying down as billions were pulled in the last six trading days. and kkr at the top of pe median salary pay. joining us is bloomberg's sonali basak. can jp morgan do business from home? sonali: not everybody, for sure. you can't trade a big amounts from home. volatility is going wild. there's a lot that can go wrong. short answer is no, but let's see how people start to play into these contingency plans, and security. the traders can't trade from home, but just a couple of weeks ago, we were talking about the bulletproof windows at retail banks. like even those measures are not enough. people are rushing to do more and seeing how well they can bear this weather. alix: i'm having a hard getting a real read of what is happening in the cre

jp morgan, bank of america, citigroup will be looking closely at their headcount numbers at the end of vonnie: this as 90% of morgan stanley's employees are working from home. phenomenal how that has ramped up the last couple of weeks. sonali basak is staying with us. who stands to gain and who may lose from the $2 trillion stimulus package that the house will vote on tomorrow? joining us via skype is charles read thed when you combination of what the house and senate wanted, what stands losersyou as winners and corporate america wide as far as main street? >> i think with how well main street and small businesses will do out of this meeting, there is a meaningful allocation for those two parts of the country that need it. on the corporate side, one of the concerns that we have is while the half $1 billion for the bailouts, there will be an oversight. one of our concerns is who picks the winners and losers? in answer to your question, the clear winners will be the airlines, boeing, varying by partisan consensus. that they need to be rescued. and then i think the following, below that,

jp morgan is asking thousands of employees to work from home.ut 10% of staff across the consumer bank are working remotely as part of a scheme, banks are working to ensure businesses remain up and running. -- concerns escalate over the spread of coronavirus. boeing is scrapping with health and safety concerns for workers as a hotspot arises in the seattle area where the company makes most of its jets. a deal for partner rebirth $9 billion in cash. .t will help command diversify it marks a significant gain for the billionaire who owns the exor.ty of a new plan could see libra except multiple coins in an effort to woo reluctant regulators. that is your bloomberg business flash. it is the only chart that matters. the roles benchmark bond trading below 1%. in 150 yearstime we have the u.s. 10 year yield below 1%. uncharted territory. this comes after the fed had an emergency rate cut of 50 basis points. we take it as a sign of desperation. after that g7 finance chiefs call, the fed asked nobody else, the bank of canada is widely expected to act toda

jp morgan morning the measures may not be enough. gold also continuing its rally.now is an inflection point and now is the time to purchase gold. willentral bank says it dip its toe into the nearly $200 billion credit market. here is dani burger with the details. david: this was by far one of the biggest market reactions we saw after the fed's announcement. we saw these funds search -- surge in price. acted as a key release foul for the market. investors sold these hard and we saw these etf's falling more than the blue bonds that they track. .his was a strange dislocation a lot of market players were worried about this odd difference. made itsfed announcement yesterday, and a billion dollars flood into the markets and it looks like the fed's stepping in fixes the dislocation. another key announcement was that any corporate using their plan to do for interest or principal payments would not be able to issue buybacks or dividends. this is a big hit to the buyback binge that companies have been going on in the last couple of years. one thing to note is that the buybac

the jp morgan on desk? the way this works in the real world is you end up on your desk. are we still vulnerable to where different investment houses and major banks have stuff on their desks that they have to mark to market into friday, into the close, etc.? >> i think it is. it is certainly in a lot of portfolios, in a lot of dealer positions. there is a lot going on with energy bonds. it is also the volume in the investment-grade space is about twice the size of the high-yield space. about,ng we did not talk an obvious comparison to past drops. this drop is a headwind for economic growth in the u.s. because of all of the investment into shale and oil. assumees bruce just inflation or disinflation? >> i don't know where you will get inflation from in this environment? lisa: this paints a pretty brutal picture, raises the question of active management. this is the day for -- tom: can we play a bar game? bring this up right now. for 13 have been here hours. seriously? tom: this is a bar game. drinks?ere are the where are the dots? i will buy then: drinks. lisa: joining us

jp morgan talking about the quiddity looking like 2008.this a market that it is -- liquidity looking like 2008. is this a market that is un- investable? >> it really is. it is hard to say whether there will be a bottom, whether you will have a 5% rise or drop the next day. things are extremely volatile. people are somewhat going in and saying, well, i think there are some good valuations here. definitely come on any given day, it is quite uncertain -- definitely, on any given day, it is quite uncertain. >> thank you so much. way, sayingy the that stocks will not be saved by steeper yield curves. they recommended selling on any strength, as we get an indication of a little bear market bounce. joining us for the hour is sarah hewin, chief economist for the americas and europe at standard chartered bank. when you look at the market action that we have seen since the weekend and think about the fact that a market is trading with so many unknowns, including the economic outlook, can you give us any kind of economic outlook when it comes to the

. >>> a jp morgan chase ceo jamie diamond is recovering from emergency heart surgery. the 63-year-old bank executive experienced a tear in the inner lining of the a ortic blood vessel. dimon is one of the most powerful men on wall street, maybe the most powerful man in the economy. he's been ceo of jp morgan since 2005 and he's been chairman of the board since 2006. >> you missed the three-pointer for steph curry. showing flashes of brilliance after breaking his left hand four months ago. he scored 23 points and had 7 assists and 7 rebounds, but the warriors still aren't very good at basketball right now. they lost to the toronto raptors. >>> moments ago gunfire in afghanistan with the top leader underscoring a precarious security situation after signing a peace deal with the u.s. offie they have businesses to grow customers to care for lives to get home to they use stamps.com print discounted postage for any letter any package any time right from your computer all the amazing services of the post office only cheaper get our special tv offer a 4-week trial plus postage

. >>> jp morgan ceo jamie diamond is recovering this morning from emergency heart surgery.nd had a pair in his heart and was rushed to the hospital yesterday. industry leaders consider diamond to be one of the most influential ceos after he steered jp morgan through the financial crisis of 2008. >>> next, the funding bi>> plu ripped through homes and how to this morning. which of your devices are protected by daily security updates? daily security updates... daily? i don't know. the only thing... i'm struggling with this. some providers you have to manually download updates to each device. comcast business securityedge updates every 10 minutes to help keep your connected devices protected against new ransomware, malware and phishing threats. every 10 minutes feels pretty good. get secure, reliable internet and voice for an amazing price. call today. comcast business. beyond fast. >>> everybody has to be calm. it's all going to work out. >> president trump stressing the importance of staying calm during the coronavirus crisis while the stock market and financial reports send

jp morgan chase has announced it. buying back its own shares in the coronavirus outbreak.he united states is instead using extra funds to stop lending to individuals. it follows pressure from us lawmakers who urged big banks last week to stop using funds for and instead, help the economy. the french luxury group lvmh said it would be introducing sanitising hand gel. its french factories would usually produce make up until will change its production line starting today. the group says 12 tons will be produced as soon as possible week and will be delivered at no charge to french health authorities. air b&bs extending its full refund policy across the in light of covid—i9. it allows hosts or guests to make cancellations with no charge or penalty for existing reservations that have been made on or before the 14th of march. it says over the next coming weeks, it will find ways to support its hosts during these tough economic times. let's show you how the uk is doing. still up in a positive territory but it is very volatile. that's it for this edition. tanks were watching. this

jamie baker joins us on the phone, senior airline analyst at jp morgan. jamie, thanks so much for joining me i guess first question is, do these airlines need some form of bailout to stop them from going bust >> wilf, thanks for having me on had you asked me three weeks ago if we might ban healthy europeans from entering the country i would have asked you to stop wasting my time. clearly, we are at a point where there are no stupid questions as it relates, you know, to airlines here. you know, paradoxically, shutting the air space could possibly be a good thing came along with some sort of federal assistance the irony is not lost on me that a $50 billion package is now being discussed, which is roughly equal, within a couple of billion dollars, to what the airlines paid over the past five years in dividends and buybacks. clearly there will need to be structural change but yes the government itself sim posing some of the strain on the airline industry and therefore, i think, it should be a source of capital, along with other traditional providers of capita

as we prepare to enter the second quarter, jp morgan suggests enough has changed fundamentally as wells technically to justify adding risk collectively. at goldman, they expect markets to turn lower in coming weeks. still not really getting much market consensus as to where we find a bottom in this turmoil. sophie in hong kong. president trump and his virus task force team continue to speak at the white house, saying that more than one million americans have been tested so far for the coronavirus. the president also saying travel restrictions will remain beyond expiration date and a national lockdown would still be unlikely. reporter emily wilkins joins us on the line. we heard even as president trump that a national lockdown is unlikely, more and more states in the u.s. are issuing these lockdowns of their own. emily: that is right. we are seeing today virginia, maryland come out with stricter lockdown orders. we are starting to see that for other states as well. rural states today on a phone call with president trump emphasize their need for more medical equipment, more supplies. i t

joshua younger is jp morgan's head of u.s. rates derivatives strategy. coming up, michelle meyer on what damage is being done to the u.s. economy right now. bloomberg on television and radio. ♪ o. ♪ david: this is "balance of power " on bloomberg television and radio. everyone sees that there is damage being done to the u.s. economy as it crashes to a halt in an effort to prevent the spread of the coronavirus. but how much is it being hurt, and how can we tell? michelle meyer of banc of america is joining us now. i don't expect you to have all of the answers, but how will we know? michelle: i think we can take it day by day, minute by minute, but the first thing to understand is the spread of the virus. how any people may or may not get it, and when will that peak. that is a very hard thing to try and forecast, but we try to monitor it the best we can. then we think about what the precautionary response is. the initial hit to the economy will actually come from the response of the government, of the private sector to try to stop that spread. the more tha

he has been jp morgan's ceo since january 2018. was a success and well.recovering copresidents daniel pinto and gordon smith will be temporarily recovers.until dimon the international criminal court approved an investigation into war crimes in afghanistan. it has to do with crimes allegedly committed by the afghan army, u.s. forces, and the taliban. the ruling puts the court on collision course with washington, which is not recognized is jurisdiction. the u.s. and its allies invaded afghanistan back in 2001 following the 9/11 attacks. president trump has criticized the move and wants to bring the troops home. global news, 24 hours a day, on air and that could take on bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i'm su keenan, this is bloomberg. ♪ haslinda: thank you so much for that. a couple of headlines out of japan. kyle allows saying it is weighing the sale of an automaker. it's seeking up to $400 million in a stake sale in the company. it's picking an advisor for the potential estat

let's get views on jp morgan. good to have you with us.have returned, but we can expect volatility to accelerate at some point. >> if you are talking about the levels of volatility, we have probably reached it already. the vix at 82 plus was already exceeding levels. look at volatility levels across different asset classes. we reached the elevated levels. the work we have done suggest volatility levels should come down. our strategies, will improve flows. which assets are likely to recover fast? damage in thethe different asset classes, equities are pricing in a severe negative scenario. i would expect that to be one of the better beneficiaries of any rotation that should be expected at the end of this month. if you think about what happens during any type of recession, on the one hand you have a macro fundamental impact, and secondly, a risk aversion channel, directly through the new cases of the virus escalating in the u.s. and europe. more recently we have started to see the impact of systematic closes and liquidity pressures. markets h

we blamed the railroads, jp morgan and then we needed them to rescue us.was also an inspiring president. many presidents loved him. he had big heart. he could be a military hero. that is what president trump is like. he likes to be a hero. herbert hoover also liked to be a hero. he was from business. as i said, the presidency is less about political party than temperament. it is what kind of man are you or woman? how do you react in a downturn? do you take it all upon yourself? do you say some things i cannot change? maybe i need to cheer people up but i can't fix the spread of this problem right here? that is the way calvin coolidge was. i admire coolidge. he saw what it was he could change and what he could not. the 20's were a pretty good decade. they were not just a bubble in a champagne glass. i recommend a look at him as well. susan: thank you for spending an hour with us from maine where you are staying safe with your family from covid-19. we appreciate your historic perspective in this particular time of crisis. thank you, amity shlaes. amity: than

jp morgan ceo jamie dimon undergoing emergency heart surgery.said to be awake and alert recovering well. we wish him well we want to bring in someone that knows him well it was a surprise obviously. the good news was that he woke up, went to the hospital on his own and as we said appears to be on the mend but of course now questions about who is going to ultimately run this firm during this period and who is going to run this firm in the future. >> i'm so glad that we're taking a look at celebrating jamie right now. as becky had said earlier this morning how fantastic it with was that he knows his body so well that he saw some tell tell signs of distress and took himself into the hospital for early treatment of this aorta e dissection was the make and break and the early treatment was important. there's nobody like him out there. sure they're great overarching visionaries but jamie dimon is the j.p. morgan of this millineum. policy options is brilliant and he's built very strong bench strength repeatedly. and it's remarkable so the two that appa

for jp morgan, this is a downside risk. let's get a market update. it has been quite the couple of hours. kailey leinz will take us through. kailey: right now we are firmly in the red for all three major averages, although we are off the session lows. the dow down nearly 400 points, the s&p 500 and the nasdaq down 1.2%. whipsawing between positive and negative territory as investors way how effective the rate cut will be. selling, andors money pouring into the bond markets. the u.s. 10 year yield down 13 basis points. you are at 1.03%. fresh record lows, far lower than the previous records we saw in 2016. since we are at 3% in 2018, we are down more than 200 basis points. we are on the 1% watch. this does not go for the 10 year, we are seeing those tumble all through the curve. a two year down by 16 basis points. that is putting a lot of pressure on faang stocks. the financial sector is the worst performer in the s&p 500. when you look to the kbw bank index, it is down 3%, giving back a large chunk of the gains. concerns about what lower rates will m

some people will refuse to recognize that jp morgan is a feed based revenue stream. up, no buying. if it's down, start buying 7th is mcdonald's. you have the new ceo good guy he seems to be doing an excellent job. you have a great balance sheet you have a good balance sheet. i about reluctant to recommend them because i can't see why it would rally on its own especially with a pandemic about to lay waste to the restaurant industry the stock sells for 22 times earnings if it was at 18 times earnings, it would be a different. it looks lmerck ran out of gas this could be the largest growth ever wall street was unimpressed they thought there would be a relating of the stock up and they got un. it was just a relating lower i think the market judgment is too severe not great. you got my blessing to buy it if you need a drugstock and you don't like my j and j call because of litigation risk microsoft, now in the 160s even if it's down substantially from its highs a month ago, which maybe makes it so it's valuable here. how can we justify this move simple, microsoft is firin

buts in a company growing earnings jp morgan upgraded earnings two weeks ago after the 2020 guide better than expected that's why you stay in health care, because at a time when you question where eps is that's these are companies delivering at multiples that aren't that difficult. >> and the way to do it, i mean the xlv, the select etf, unh, johnson & johnson, bristol ob merck. that was $907 in october and broke out went to $105 and friday touched $90 here we are back at $100 that's the way to play especially when you consider the pharma issues, the companies have issues on the political front and supply chain issues with china i think you want to disperse the risk across a bunch of the names. obviously unh and the move it had today helped the xlv but i think that's the way to play it. >> good conversation on a sector there. later today, check out more of the big news go to the website any time in the meantime here is what else we have coming up on fast. >>> with interest rates hitting one y'all-time low after another where is a trading to go hunteding for yields we look at stock play w

he steered jp morgan through the financial crisis of 2008. >>> it happened yesterday in san diego.ld's family called police saying the boy had a knife and a hammer and was acting out of control. when officers arrived they tried to talk to the boy, but he ran into a shed and pulled out a shotgun. and then he ran back into the shed and refused to come out. the boy surrendered about an hour and a half later. >>> the coronavirus cases continuing to pop up around the country. up next, we'll tell you about a funding bill president trump is expected to sign later today and how the coronavirus outbreak is affecting the u.s. economy. >> plus... president trump is in nashville today. how communities are trying to recover this morning. >>> president trump's stressing why he says it's important to stay calm during the coronavirus outbreak while the stock market and financial reports are sending a different message. >> and, the billboards, one san francisco supervisor is sending the wrong message about drugs. >> from ktvu fox 2 news, this is mornings on 2. >> good morning, to you. thank you, fo

i own jp morgan. to answer your question, no, you have to have stabilization in the treasury market before you step in and look at the bank. >> how about if i change that question to as a trader and investment >> still need stabilization. >> the irony is that the yields are now safe because the capital positions are so strong. >> i am a buyer. >> look at those that you can pick away? i am bidding for berkshire below 200. hasn't gotten there yet. i think it will before this is over substantial stakes in all the big banks plus all of the airlines it is like in the eye of the storm. only $130 billion invested in dry powder it might be the case that berkshire rides to the rescue of an airline or two, maybe a hotel chain, they will be the beneficiaries of this market volatility when the dust settles. and the insurance side of the business balances things out that is the type of thing i am looking for in financials. i would say bigger picture, i don't like theme attic investing like this, buy u.s. and this

jp morgan, bank of america, citi group. don't go anywhere.h more here on "the exchange" right after this ear, there's nothing to stop you from moving forward. every time it takes care of something for us, we celebrate. how often does that... got it. servicenow -the smarter way to workflow. and sometimes, you can find yourself heading in a new direction. but when you're with fidelity, a partner who makes sure every step is clear, there's nothing to stop you from moving forward. >>> welcome back the market downturn continues. let's dig through a few of them. boeing, yes going upgrading to a buy. goldman, it will be as popular as ever when the issues are resolved also, the aerospace is a long-term secular growth market. shares are up 14% today. how about jp morgan, which added dollar general with 17 price market dollar general has multiyear sales support and a favorable pricing environment. only >>> the lack of live sports coupled with growing consumer economic pressures could accelerate video cutting the federal reserve today announcing histori

bank, city and jp morgan chase have all agreed to 90-day waivers of payment for those impacted by covid-19. >> officials say you should still contact your lender immediately experie financial hardship. don't wait until you've already missed a payment. it can't come soon enough for many in california. governor newsom says that more than 1 million people have applied for state unemployment benefits this week alone because of lay offs and reduced hours. >>> after days of negotiation and flaring tempers, the senate has approved a $2 trillion economic stimulus package to help workers and businesses in pacted by the coronavirus. reporter natalie brand is at the white house with more on the late night vote. >> reporter: congress is one step closer to sending financial relief to american families and businesses hit hard by the coronavirus. the senate has approved a $2 trillion relief package this evening. >> we're going to pass this bipartisan relief package, send it over to the house so they can put it on the president's desk. let's continue to pray for one another, for all of our families, an