i'm karina mitchell.eral reserve balance sheet has topped $5 trillion for the first time as it attempts to cushion the market from the coronavirus follow. however, it says it will continue to provide essentially unlimited support to the u.s. economy during the crisis. chairman powell says he's focused on recovery once the threat receipts but acknowledges the u.s. may already be in recession. >> we will not run out of ammunition. that doesn't happen. we set the interest rates in time at what we think is the right level of support given the economy. if we raised interest rates more, we would have been higher than economic growth, so it would not have mattered in the end. we are always setting interest rates at the level we think is appropriate. reporter: the european union has announced a new fund of 40 billion dollars to combat the virus, saying citizens of the block will remember lawmakers "were there when people needed them." the commission president called for urgent action to stop the outbreak and aver

let's get the first word headlines with karina mitchell in new york. karina: u.s.l to tackle the coronavirus after democrats blocked two earlier proposals. the original $1.2 trillion plan doubled. most democrats introduced their own proposal. sources say a deal is close, but may not happen tonight. president trump hopes to reopen the u.s. by easter. metals ceo has been appointed to lead a committee to harness private business to help australia's response to the coronavirus outbreak. prime minister morrison said the move is to solve economic and social problems. other members include a former union leader, a logistics chief. india has banned exports of malaria drug that president trump is touting as a possible treatment for covid-19. --iveries will be existed to be limited to existing orders. the president about to make -- vowed to make the drug widely available. the coronavirus is tightening its grip on europe as italy reports a ne rise in deathsw. spain sees its higher number of fatalities in a single day. after it wase thought the outbreak was coming under contro

karina mitchell in new york.a: italy is ready to extend travel restrictions from the north to the rest of the country as cases of the coronavirus soared by 25%. more the hat -- more than half the nations in the world have the infection with cases doubling. the w.h.o. is stepping up its warnings seeing the threat of a pandemic is increasing. u.s. stocks saw their worst day since the financial crisis, and asia is entering bear territory. australian consumer sentiment fell again last week, the third consecutive weekly decline, sending the index to its lowest level in almost six years. the reports of confidence fell the weakest4, reading since 2014. the report is echoed by a survey which says the gauge of consumer sentiment slid to -4 in february from -1, the weakest since july of 2013. the route on wall street has reshaped the landscape for the world's wealthy. jeff bezos and warren buffett some more than $4 billion wiped away. while asia's most wealthy man lost almost $6 billion. in outright numerical terms, energy

first word news with karina mitchell. : western europe remains a focus of the coronavirus with italy overtaking china in reported deaths. fatalities have reached 3405 with more than 41,000 infected. u.s. businesses are increasing calls for government help during the crisis including relief from tariffs on chinese imports. president trump rebuffed the idea, saying there is no reason, and china will pay. premier li keqiang says china is returning to normal after the virus. he says most of the country is considered low risk and any barriers to the flow of workers and goods should be removed. satellite animation shows the chinese economy cut back during the virus. computer images show a fall in emissions of factories and traffic shut. emissions are starting to increase again. india is urging its 1.3 billion people to stay indoors to stem the spread of the virus. the government is calling for a nationwide curfew from 7:00 a.m. to 9:00 p.m. local time and wants individual states to enforce a work from home policy. india is barri

i am karina mitchell. this is bloomberg.aul: thank you. we are going to be joined by sarah hunter of expert economics to discuss the -- oxford economics to discuss the week ahead and oil moves on the global monetary policy. let's get a quick check on the oil prices. 20% for brentthan crude and west texas, already plunging towards $30 a barrel. this is bloomberg. ♪ paul: if the coronavirus was imposing enoughraders, now we have huge moves in the oil price to contend with. it appears opec plus now at war with itself and u.s. shale drillers failing to reach an curbs.nt on we are seeing a huge downward move in the oil price in early trading to get the week doing. we are better -- where better to start than with the chief australian economist from oxford economics. superseded, this on top of everything else. what impact is this going to have on the macro picture? it is printing out into the financial position in the macro. it continues for a while and we don't get any media blink from fromide -- immediate blink one side to the ot

yvonne: let's get to first word headlines with karina mitchell. has become the focus of coronavirus. germany says it may close its borders with france, switzerland, and austria to keep the virus at the, preventing people from crossing -- at bay, preventing people from crossing the frontier without reason. despite the rising number of coronavirus cases in the west, china says there have been no new infections in other cities apart from wuhan in the last 10 consecutive days. the number of confirmed new cases has been in the single digits since the end of february. no new reported infections for three straight days. the latest economic data from china are far worse than even the bleakest forecast activity, contracted sharply in january and february, with manufacturing and retail slumping for the first time on record. 13.5%mial output fell four times worse than foreseen. retail sales plunged more than 13% while the unemployment rate jumped 6%, the highest on record. the virus has hit the most famous carmaker of all, ferrari shutting down racecars for a

first word news with karina mitchell in new york. karina: an additional budget in the next 10 days to file the coronavirus with shinzo abe warning of a long battle ahead. he said people must remain vigilant but ruled out the need for a state of national emergency for the time being. reports from tokyo say the postponed olympics may be held in july next year. organizers are planning to make july 23, 20 21, the opening date. at the u.k. government is warning the nationwide virus knocked down could last for months, not weeks, and the number of deaths is expected to rise. ministers are considering tighter distancing measures to control the outbreak of current rules prove inadequate. boris johnson remains in isolation after testing positive for the infection. new images from the european space agency show industrial emissions falling as the during thelows coronavirus. major air quality improvements from march 14 to 25th. italy reports a second straight daily fall in the number of virus deaths. italy and spain remain the hardest hit nations

i am karina mitchell. this is bloomberg. shery: let's get back to our top global stories.ead of coronavirus and the urgent quest for a vaccine. tom, president trump is telling drugmakers to just get it done. puttingthat he's been pressure on the domestic pharma industry for quite some time now. >> that is right. visited axi jinping research and diagnostics lab where he called for greater efforts to move forward on production of a vaccine. experts in the u.s. have said it is going to be at least 12 months before you get anywhere near a vaccine. experts globally trying to wrestle with the idea that maybe coronavirus becomes an annual disease, and there is this emphasis on longer-term planning. that was president xi jinping's latest comments. they are now at a pivotal moment in china. what we haven't seen according to official data is any major spikes in provinces outside of hubei. there are concerns expressed by officials in china about the return to work of all these migrant workers in factories and the risk of additional outbreaks. certainly officials are monitoring that c

let's get the first word news with karina mitchell.ter: the imf is ready to tap the trillion dollar lending capacity to help nations tackle the coronavirus. the fund says the 29 -- 2009 financial crisis saw the fiscal stimulus of $900 billion in today's money, adding that there is much more to do. here in the u.s., president trump has markedly changed his tone, warning the disaffection -- disruption could last at least a month and drive the u.s. into a recession. this is a dramatic u-turn from previous statements when he downplayed the impact. he is advising against gathering in groups of more than 10 people, saying the country could be fighting the virus until august or even later. europe remains a focus of the infection with the eu desperately trying to maintain a unified approach as individual nations react differently. french president emmanuel macron has closed schools, colleges, bars, and cafes and says he will work with other leaders to tackle the virus. he condemned unilateral measures like germany's decision to close borders w

i am karina mitchell. this is bloomberg.ng up, we will have more on how the fed move is affecting the currency markets. we will be joined by our guest. this is bloomberg. ♪ ♪ let's take a look at the state of play when it comes to currencies trading in the early part of the monday morning session as markets continue to get reaction on the fed's crisis management plan, cutting interest rates and increasing bond holdings, qe, really. even though the fed chair did not really want to put a label on the strategy. this is what we are seeing on the bloomberg dollar index, not a great deal of conviction that the trade in the dollar, dirty basket, will continue. we are seeing a jump when it comes to the n as well, 1.4% higher when it comes to trading in the yen-dollar. the aussie dollar is pretty flat. were seeing measures out of australia -- we are seeing measures out of australia with a ban on large gatherings today. also checking in on the q. u.s. after the rbnz cut rates by 75 basis points. asian markets are likely to maintain th

i am karina mitchell. this is bloomberg. death toll has now passed 4000 from italy to new york and they ramped up containment efforts. to theetting anxious due lack of any details on president trump because bailout plan. jodi schneider is joining us in hong kong. on monday, he made it very clear that he wanted a set of substantial economic response. that is spreading through the u.s.. he favors the payroll tax cut. he was at the press conference on monday. they are tasked with dealing with coronavirus. he talked about payroll tax cuts. at that press conference. there was nothing that was sent to capitol hill, no details at all. provide morents to support for the cruise lines that have been battered. he did not offer any details there. from theill hear president again on this. he did criticize nancy pelosi, a democrat. they are going to take a recess starting later this week. he said that was wrong. we have not heard the details. the markets are waiting for this. this was intended to be a calming response. we have not heard t

yvonne: let's get to the first word news with karina mitchell. the latest developments. is now the coronavirus officially turned into a pandemic. the world health organization calling on governments to step up efforts to contain it. the number of worldwide cases deathsped 120,000, with of 4300. there is no strict definition of a pandemic, and those who have avoided the term even as infections spread. it now says governments must ask if they are doing enough. have never before seen a pandemic that can be controlled at the same time. in full response mode since we were notified of the first cases, and we have called every day for countries to take urgent and aggressive action. bell loudng the alarm and clear. karina: australia has announced a stimulus package worth 17.6 billion aussie dollars to fight the economic fallout from the coronavirus. prime minister scott morrison outlined a number of measures to protect jobs and prop up a small to medium-size businesses. $11 billion will be spent before the end of june. australia is facing its first recession for almost 30 years.

karina mitchell, abc news, new york. >>> the governor of hawaii issued a mandatory 14-day quarantinee the state. it applies to alltravelers, including hawaiian residents who must quarantine at home. visitors must stay in their hotel room or rented lodging. people can leave only for medical emergencies. anyone who violates the order may be fined up to $5,000 or one year in prison. it starts this thursday and will remain in effect indefinitely. also new this morning the mayor of las vegas is pushing back against the governor of nevada e casinos to shut down for 30 . days but the mayor says her city should be allowed to stay open for business. the economy depends on tourism and being open for dining, entertainment, gaming and sports. >>> coming up on "this week" fema administrator pete gaynor and the governs of new jersey and michigan will discuss the latest on the covid-19 threat and the government's response. watch the full interviews on "this week with george stephanopolous" at 8:00 on abc 7. >> to the north bay now, where it's just one of the many images of life, how it's changed be

abc's karina mitchell has more of their stories. good morning, karina. >> reporter: mona, good morning. while the number of covid cases continues to rise, there is still a false sense of security among some that the disease can't impact them. that misconception is leading many to the emergency room. chicago resident michael bane knows firsthand the virus shouldn't be underestimated. >> it felt like you're getting beat up all the time and then the coughing becomes violent and exes per rates the pain that you feel in your body. >> reporter: the 42-year-old thought he was immune because he wasn't considered high risk. by the time he got to the er, he didn't think he would make it. all across the country the chilling accounts are eerily similar in how quickly the disease can strike and how varied the symptoms are. one woman in her 40s active until the virus colonized her lungs. >> i was at the gym working out and then fever and nausea kicked in. >> one thing that i did notice that changed, i completely lost my sense of smell. >> so patie

karina mitchell is there with an update on your first word news. be the nextia could hotspot as infections continue to rise and testing increases. reported 130t has seven confirmed cases and three deaths and has closed borders to travelers. it is checking 500 people a day but plans to ramp up the number to 8000. the indian council for medical research says there is -- is an avalanche of new infections on the way. japan's intention to hold the olympics on schedule this year has been frowned as irresponsible as a member of the ioc. the former canadian hockey player spoke out to the government and indicated the games would go ahead. that optimism has been damaged by news that the vice president of the japanese olympic committee has tested positive for the virus. the coronavirus has sent hong kong's unemployment rate to its highest level in a decade as the infection further hurts already struggling companies. from thehit 3.7% december to february. bang, the highest since january 11 and more than the median estimates. risingraight months of unemployment

i am karina mitchell. this is bloomberg.look at the luxury property market in japan. they are facing pressure to reschedule the olympics in tokyo in 2020 >> president trump -- in 2020. trump ones that coronavirus could push the u.s. into recession. this is bloomberg. ♪ david: for the latest on the coronavirus -- yvonne: for the latest on the coronavirus, people are seeing this u-turn from president trump. a shift in tone on how he views the virus. david: a remarkable pivot from the language, the tone. the knowledge that the situation is bad and he warns that it could last several months. >> my administration ones that all americans including the young and healthy work to engage in schooling from home when possible. avoid gathering in groups of more than 10 people. avoid discretionary travel and avoid eating and drinking at bars, restaurants and public food courts. if we do a really good job, we will not only hold of the death down to a level that is much butr than the other way people are talking about july, august, somethin

let's get the first word news with karina mitchell in new york.e more on identify out projectiles. they fired over the ec in the direction of japan, although it is not known yet how far they flew. kim jung-un is reviewing missile testing after complaining about missile testing aboard the korean peninsula. saudi authorities have begun releasing royal family members and other officials who were detained amid a security clampdown. thearrests were ordered by crown prince, and included a brother and a nephew. at least two of the detainees have been accused of treason. observers say this shows the concern about potential challenges within his family. peoplehave arrested 17 in connection with homemade explosive devices. 12 men and five women are being held after we can rates of 22 properties. they recovered about 1.5 kilos of explosions and a large amount of chemicals. they exploded in three locations in hong kong between late january and early february. global news, 24 hours a day, on than 27powered by more hundred journalists and analysts in more than

i'm karina mitchell. this is bloomberg.lor: aussie markets have lowered. u.s. futures also pointing lower. volatility,l the now is time to study the ship for investors. david kotok, ceo of cumberland advisors. i have been desperate to get your thoughts. you have a wide variety of clients who call you up and are desperate because we are in panic. what do you tell them to study some of the fears by not selling everything and going all cash? david: thank you. whoave had a few clients forced a liquidation. anymore,d not take it so me out, go to cash. allocations and off. after bonds sold in tax free, because the tax free market, very high-grade securities in the united states, became very attractive. it is so today. in the stock market we have cash reserves in the number of our styles. of course in a selloff the cash reserve is never large enough. but we have not reinvested it, and we say to the clients, let's stay the course with the risk. so, the risk has a composition, which looks beyond the valley. it looks forward a year o

karina mitchell, abc news, new york. >>> the governor of hawaii issued a mandatory 14-day quarantineor anyone arriving outside the state. it applies to all travelers, including hawaiian residents who must quarantine at home. visitors must stay in their hotel room or rented lodging. people can leave only for medical emergencies. anyone who violates the order may be fined up to $5,000 or one year in prison. it starts this thursday and will remain in effect indefinitely. also new this morning the mayor of las vegas is pushing back against the governor of nevada and wants to keep casinos open. on tuesday the governor ordered the casinos to shut down for 30 days but the mayor says her city should be allowed to stay open for business. the economy depends on tourism > fema administrator petef new jersey and michigan will discuss the latest on the covid-19 threat and the government's response. watch the full interviews on "this week with george stephanopolous" at 8:00 on abc 7. >>> to the north bay now, where it's just one of the many images of life, how it's changed because of the coronavir

abc's karina mitchell joins us with more. karina, good morning. >> good morning to you. number of covid-19 cases continue to rise here at home and globally. there is a false sense of security among some that disease can't infect them. the misconception has led many to emergency rooms. chicago resident michael bain knows firsthand that the virus shouldn't be underestimated. >> it feels like you're getting beat up all the time. then the coughing becomes pretty violent, just exacerbates the pain in your body. >> reporter: the 42-year-old thought he was immune because he wasn't high risk. by the time he got to the e.r., he didn't think he would make it. all across the country the chilling accounts are eerily similar in how quickly the disease can strike and how varied the symptoms are. a woman in her 40s, active until the virus colonized her lungs. >> i was at the gym working out. and then fever and nausea kicked in. >> one thing i did notice that changed, i completely lost my sense of smell. >> patients are coming in commonly with many different complaints, but most often f