let's get straight to sergio ermotti.uppose in the first instance we see the scale on what the central banks have done from the fed, the boj, the ecb. my question to you is, is this thegh to draw a halt to liquidity issue, the dollar liquidity issues around the world at the moment, from what you're seeing at your end? manus, i think the actions that were taken are unprecedented, and they have been quite effective in counting down the funding markets, particularly on the dollar side. and i do think that maybe there are some technicalities that need to be addressed, but i think central banks and the governments have been acting very efficiently at this stage. of course, you know, there is little anybody can do about fear , and fear is probably one of the most dangerous sentiments that you can have in this environment. it is not fear about markets, it is fear about health and their ises, and therefore there only so much that the central banks and the governments can do to alleviate this issue. manus: that fear has given rise

i cannot tell you what it takes getting sergio ermotti test sergio ermotti and manus cranny -- sergious cranny. ,om keene and francine lacqua everyone focused on 8:30 and a historic jobs number. with us, david kelly of jp morgan. how will the financials do? one of the great debates is people saying, -- i don't want you to talk to jp morgan other than mr. dimon has good health -- but how should the financials do? david: they will be well-positioned. this will be attempts by governments to give grants to businesses as opposed to strong-arming banks into lending them, that should help the banks. well-capitalized and have suspended buybacks. if you look at dividend payments , dividend payout ratios are low so they can keep paying dividends for long time even in a down market. we have a little bit of a slope in the yield curve, not much at eight basis points. i think that will steepen up. i think the financial sector along with the health care sector and utility sector should do well in this in relative terms. it is not the epicenter like it was the last time around. francine: there were c

vonnie: ubs ceo sergio ermotti.er today, it's been a wild week in distressed investing. i'm going to be speaking with bruce richards, marathon asset management chairman and ceo, to give us an idea of how everything has been going down. it's his is bloomberg. -- this is bloomberg. ♪ ♪ guy: this is "bloomberg markets ." coming up in the next hour, we are going to hear from congressman patrick mchenry, the republican leader of the house financial services committee. ♪ from new york, i'm vonnie quinn, along with guy johnson in london. this is "bloomberg markets." it is time for your latest bloomberg business flash. goldman sachs warns that even a price war halt can't save oil from a huge glut. lockdown in countries around the world is creating a drop in demand. cutsworn any production would be too little, too late. bonuses could drop 40% or more across the financial industry this year. alan johnson of johnson associates says a perfect storm is taking shape. he says the global recession and broader industry shakeup will

it did poorly -- depends on if you believe larry fink or sergio ermotti. seeing red on the screen in asia, but u.s. futures in positive territory along with european futures. a different picture from last month's limits down. . we got portfolio rebalancing happening. . will that mean money out of bonds and into treasuries? the 10 year yield is slipping, but the dollar, the dxy had its worst week for bloomberg dollar index since 2005. the dollar on firmer ground today. we get the easing measures from the pboc and see a weaker yuan off of that. oil at a 17-year low. we briefly saw wti drop below $20 a barrel. extendednald trump has the national warning to yourselvesdistance from one another, at least until april 30. he previously suggested early as april. he said he expects from the u.s. outbreak to peaking two weeks. the decision to abandon his ambitious return to normal by april 12 comes after the disease expert anthony fauci said u.s. deaths could top 200,000 in the worst-case scenario. >> i would say between 100000 and 200,000 cases, but i am don't want

ubs' ceo, sergio ermotti speaking with manus cranny earlier this money.et back to the ecb and whether or not the ecb is the only one capable of action. here in europe on a pan-european basis. european leaders once again seem to be divided on the issue of pan-european bonds. are talkingound, we euro bonds in the past. they seem to be taking decisive action. european leaders did the ring once again. we are joined on the phone by maria tadeo, joining us from brussels. i have seen this movie before. the leastends up with strong european countries shouldering a huge burden, and it looks like we are going down that road again. there is going to be no pan-european risk-taking. this is a big problem for europe, it strikes me. i would sayis point two things. european leaders are on the call, at we have been here before. the idea of eurobonds floated in the past, it was during the euro crisis, at the height of the euro crisis. thatthere were real fears europe could actually break up. is a call,rue, there and what we understand is that so far there has been no agree

spoke with sergio ermotti about that response.o: the actions are unprecedented and are effective in counting down the markets, -- the funding of the markets. i think there are maybesergio: e technicalities that need to be addressed, but i think that central banks and the government have been acting very efficiently at this stage. of course, there is little anybody can do about fear, and fear is probably one of the most dangerous sentiments that you can have in this environment, particularly not fear about markets, fear about health and ise, and therefore there only so much a government can do short term. manus: that fear has given rise to a huge implosion in risk assets and haven assets. as you look at the markets recovering the past couple of days -- and i emphasize the past couple days because we have seen these reprieves before -- are we moving from fear and irrationality to perhaps slightly more rational moves? what is your interpretation of this recovery? it is difficult to call rational moves 10% up and down on the s&p every

ubs ceo sergio ermotti says clients are starting to invest again.tells bloomberg that those with cash are looking at the credit market. the major correction has helped investors manage the situation in an effective way. takingee people advantage of certain opportunities. for example, it is time in our point if you to move into credit. if you look historically from a risk-reward standpoint, there's not many times in history where credit is priced so attractively, and therefore, we see people taking advantage of that. ermotti says he is glad that for once, the banks are not part of the problem. he says ubs is trying to be part of the solution. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. david: coming up, we have an exclusive interview with house speaker nancy pelosi on that house stimulus bill passed by the senate yesterday. that is coming up later in this hour. this is bloomberg. ♪ david: this is "balance of power

coming up, ubs ceo sergio ermotti finding new opportunities during today's volatile markets.f you have a terminal, check out tv . you can click on charts and graphics, interact with us directly. scroll through and check it out. this is bloomberg. ♪ viviana: this is "bloomberg daybreak." coming up in the next hour my david kostin -- the next hour my david kostin, goldman sachs chief equity strategists. ♪ viviana: you are watching "bloomberg daybreak." the giant rescue plan could provide boeing and its suppliers with at least $60 billion. the airplane industry would be eligible to tap a slice of the $450 billion package. boeing could also claim part of fund for companies considered critical to national security. micron technology's predicting stronger than expected revenue. there's been a surge in orders for data center operators. with addedaling people working from home. warning -- wea end with a warning across the financial industry that onus is could drop 40% or more. alan johnson of johnson associates said a perfect storm is taking shape. he says a global recession and

and that was the ubs ceo sergio ermotti speaking to manus cranny. let's do a market check.we are off from highs, but still on course for the best weeks in asian stocks since 2011. outperforming,y given the dollar weakness we have seen. that still seems to be the case with the exception of the philippines. . 6% swing to the downside in the last half-hour. goes to show how volatile these times are. futures, still lower here today, the dollar still on the back foot. . fx certainly seeing gains. the japanese yen more than 1%. 108.37. plenty more to come. ♪ reporter: it's 8:30 a.m. in mumbai. i'm yvonne man. we are entering the last hour of the morning session in the city. the coronavirus backs up morgan numbers with the u.s. surpassing china and reported cases. half a million reported cases worldwide. china bars foreigners to stem any import of infection. president xi tells the g20 there must be global cord nation to fight the virus. navigating a course through the outbreak. we assess the outlook for world shipping as global demand wanes. this is "bloomberg markets: asia." to b

coming up, sergio ermotti's next job.nst and what for succession at ubs in today's wall street b. plus, check out tv . you can watch us online, and wrecked with us directly. go to tv on your terminal. this is bloomberg. ♪ viviana: this is "bloomberg daybreak." coming up in the next hour, ceo.las pinchuk, snap-on ♪ viviana: this is "bloomberg daybreak." we begin with twitter. it is strongly urging its 5000 global employees to work from home. in the midst of the coronavirus outbreak, it is the latest step the company has taken. twitter already making it mandatory for employees and hong kong, japan and south korea to work from home. aw to a study that says majority of the most promising artificial intelligence startups are based in the u.s. the top ai companies focus on health, retail, and transportation. the top 100, 65 were based in the u.s. still, some of them had headquarters in china were elsewhere. we end with alphabet's self-driving car unit come of the first time taking outside funds. waymo raising $2.2 bill

laura: sergio ermotti is set to be nominated as the chairman for swiss re. take over. amazon is being overwhelmed by demand, a sign that virus s hutters are turning to the online retailer. orders will be delivered more slowly than usual. theanonymous driver says company has seen a surge in demand for bottled water. that is your bloomberg business flash. matt: thanks very much. laura wright with your business flash. it is super tuesday in america, and former vice president joe biden has picked up three endorsements from rivals. why is it so super? annmarie hordern is in new york to explain. annmarie: i think you know why it is super as well. it is not just any tuesday. we have 14 states holding primaries. here are the paces in play. alabama, arkansas, california, colorado, maine, massachusetts, minnesota, oklahoma, tennessee, texas, vermont, and virginia. 7 delegates, a third of the total. 415big prize, california, at stake, followed by texas. those are the two most populous states. the big day will show how the candidates are doing on the national stage. dep

last month, ubs named hammers to take over for ai the -- sergio ermotti. to settle u.s.riminal charges. the alledge it conspired with other pharmaceutical companies to fix the prices of generic drugs. the settlement, marking the largest penalty in a domestic cartel case. reacher has agreed to gender balance across its global management team a year ahead of target. half of the anglo dutch company's support team -- thousand managers are female, of from 38% in 2010. that includes 50% in the finance department, an area where women have historically been underrepresented. that's your bloomberg business flash. francine: they do so much, viviana hurtado. ryanair is cutting a number of short-haul flights may to and from italy. it says it has seen a drop in bookings over the late march and early april period. it is the latest airline to warn over the effects. by agee says it can no longer give a forecast for the year. lufthansa will cut up to 25% of short-haul flights in the coming weeks. let's get more with guy johnson in london at an air conference. is this something the indust