sophie kamaruddin, how is it looking? sophie: asian futures are hinting against in advance of more than 5% for sydney stocks even as australia widens its lockdown. kiwi shares extending tuesday's rally with february traded out this morning, bigger than forecast. on the forecast from new zealand, the central bank's first bond buying as part of its qe program due later this morning. on the central bank front, thailand excited to ease again after friday's emergency rate cut. asian stocks set to extend gains after the best session after kospi2009, led by the with a list. with that coming through for credit markets, that is relieving stress. we are seeing wrist gauges easing with dollar notes taking in asia as well. an eight-year high, lingering caution of rates picking up in default while companies are seeking lifelines. gonewide, borrowers have billions of dollars of new loans. the corporate cartage, more fallen angels are likely with players like apollo global ready to scoop up distressed assets. haidi: sophie kamaruddin in

let's get straight to sophie kamaruddin. sophie: shares opening lower in sydney. we are seeing and struggling -- australian in vectors -- australian economy goes into hibernation. it should strengthen gdp 10% this quarter. as for new zealand, 14% quarterly contraction in the second quarter before rebounding as officials wrap up. buying corporate bonds from tuesday. off more than 2%. nikkei futures in chicago under pressure. analysts believe the economy is already in recession. japanese prime minister shinzo to fund the biggest ever stimulus package. futures sinking more than 2%. worries about economic growth and dwindling demand also playing out in the oil market. wti testing $20. flipping back, president trump is still speaking at the white house, where earlier he said he would extend the guidelines for americans to distance themselves from one another until april 30. i want to cross over to our bloomberg coanchor shery ahn in new york. -- peakths coming deaths in about two weeks. what does this mean for us? shery: this is interesting. president trump initially s

we are joined by our reporter sophie kamaruddin with us from hong kong. s up to speed on the global spread before we dive into what has been going on on the chinese data. sophie: we are seeing a pickup in cases through europe, north africa and the u.s. with cases in california, washington state ad new york city's seeing positive case. in italy we have seen a jump of about 50% in the attempts to seek a widening of the budget deficit in order to get relief measures. in china we are seeing continued to climb topping 80,000 on the mainland. this as we are exciting more stimulus from policy makers to offset the impact of the virus. slowdown you seeing a in the growth rates? sophie: when it comes to the cases in china we are seeing a bit desperate of a slowdown in hubei province -- seeing a bit of a slowdown in hubei province, not as negative given the containment efforts but it doesn't mean authorities are not on high alert which is still seen as several countries maintain travel restrictions to an from the mainland. we are seeing a pickup in fatalities elsewhe

markets, the context surrounding the selling we are seeing today, let's bring in sophie kamaruddin. o drop southeast asian stocks. where is the selling the heaviest? sophie: southeast asia stocks have been largely unloved. opening lower by 6.9%. using that decline. it's philippine stocks that are bearing the brunt. trait of january 20 16, jolly be off nearly 8% today. and jumping into the terminal we can see that manila is set to enter a bear market index as the market has lost 23% since hitting a high in july. right around then when the optimism of closing stocks had been at the start of the year. it is 2019 among asia's laggards. now one of the world's 10 or's performance this year, even with valuations at 20 level lows, just not biting. bloomberg markets reporter sophie kamaruddin, thank you. taking a look at tenure indonesian bonds. currently yielding seven point -- 7.029%. peak.im to haul its 2030 greenhouse gas omissions bite 2050. they also hope to achieve zero omissions in the second half of the century. and of course beating that push is the utilities provider, let's bring i

sophie kamaruddin is in hong kong.he action we saw with the fed emergency cut to the key rate. nikkei futures jumping more than 6%. new zealand we are seeing losses. the benchmark lower for a seventh straight session. switching out the board to check on the yen, we are seeing the yen extend gains, strengthening, trading around 106 levels. we are going to keep and i boj to see what they may do i of their thursday positive decision. the yen now trading back above 107. lots of volatility to be had, given these latest of elements. checking on the euro, we are seeing reverse moves, gaining as much as .7%. the upside could be limited given the pressure on the ecb to act. limelight -- in the limelight. ofshore -- a quick check on the aussie dollar as well. earlier jumping as much as 1.6%. now reversing those gains. rba, onhave the pressure to perhaps release emergency moves. checking in on the aussie dollar, just holding above 62. let's check in on what is going on with yields. we are seeing a move lower for also yields. thre

sophie kamaruddin is standing by. how does it look? sophie: after the first weekly rise, we are looking at a cautious set up asian futures are mixed. kiwi dollar lower, reaching 60 earlier. buy corporate bonds from tuesday amid grandma growth outlook. -- amid grim growth outlook. australia, a ceo sees gdp shrinking 10% in the first quarter. the aussie and canadian dollars tracking the decline in oil. the aussie off 10 basis points. the yen this morning holding a belowday gain, trading 108. policymakers plan to pile on more stimulus. today, we are waiting on singapore's central bank to take aggressive action. the downgrade cycle is underway for both sovereigns and companies. according to citi, $81 billion of corporate debt has been downgraded in march. haidi: sophie kamaruddin in hong kong. we have been hearing from president trump speaking in the rose garden. let's get some more reaction. one of the key takeaways is kind of the walking back of the rhetoric that he wanted the economy to reopen by easter. >> it is really a 180 degree turn

haidi: sophie kamaruddin -- haidi. haidi: sophie kamaruddin in hong kong.berg's global markets editor adam haigh is here in sydney. adam, how much of the oil market do you think has already repriced for a significant shift in the price were narrative given president trump has said that he could potentially intervene? adam: that is the thing, isn't it? just when you thought you had seen the biggest bulk of the move and oil, you suddenly have a huge rebound. of course, we are still about 60% lower than where we were at this time last year on the global oil prices front. this movement that we have seen in the past 24 hours still has got to be taken in that context and that's very important. that is the supply-side issue that continues to plague the market, the opec plus meeting that crumbled in the early part of march. there is that feud between saudi arabia and russia and that ultimately is continuing to pull down prices, so the rebound has been more about this idea that trump finally is reaching -- that many thought he would anyway. he would have to interven

sophie kamaruddin with the latest.ans positive on china, india and the markets. let's bring in the head of equity research. joining us now from hong kong. talk me through your reasons for being optimistic. >> first, i would like to mention that at this point in you do notthing -- know what is likely to happen. investors do not have a sense of where the earnings are likely to be. most basice variables in making decisions. we are living in an environment of peak uncertainty. , whenieve that eventually we have the virus under control, korea offers some opportunity because we have seen demand from the data centers, as far as ai applications are concerned and from five g infrastructure that is being laid out. china seems to be intent on that. , the market is doing well and will continue to do well after we have some degree of control over the virus. formarket would be looking that signal. right now, in the short-term, almost nothing is predictable. what is interesting is the lack of predictability in the way that they are t

sophie kamaruddin takes a close look. you did have cap a managing to analyst estimates, but the carrier did still see a 28% drop in annual profit to 218 million dollars, and it had forecasted a grim outlook indeed with a substantial loss seen in the first six month of this year. cafe -- cathay shares pick up as the chairman spoke of agile.d to remain has wiped oute about $4.6 billion in market cap and analysts are seeing more pain ahead. for example, morgan stanley downgrading the stock to underweight at hsbc, also cutting its view on the stock to hold. us now is gbs bank aviation and transport research senior. let's result -- let's discuss the results out of cathay. markets seem to like it. it was bad but not necessarily disastrous. can they keep this up? the settled result was slightly above expectations, mainly due to the fact that they had a small profit in the second half. we were expecting a small loss. they beat expectations main the because of type controls. costs downd to cut the second half perform better than e

sophie kamaruddin there in hong kong for us.news that asia has suspected their service at least until april 15th, building on a number of the actions being taken by airlines given the complete destruction and demand for air travel. in fact, we had the australian prime minister speaking to us earlier this morning. news.go to the first word >> australians have been told with theavel abroad, prime minister declaring a human by a security emergency. the level 4 advice gives authority special power to deal with the emergency. they called the outbreak a once in 100-year-old event and said it would last for at least six months. they have reported 450 cases of coronavirus in australia. >> the travel advice to every australian is do not travel abroad. do not go overseas. that is a very clear instruction. for those of you who were thinking about going overseas for the school holidays, don't. >> india could be the next testingrus hotspot as increases. they have reported 137 confirmed cases and three deaths and have closed borders and teste

sophie: i'm sophie kamaruddin in new york."bloomberg daybreak: asia." >> asian markets facing more declines as global stocks. raised atvirus has least $15 trillion in value -- razed at least $15 trillion in value since january. investors say there is little chance of warding off recession. >> the bank of japan is next up. the virusuroda -- as further weakens the economy. >> australian markets have just opened. let's get straight to the market action with soph. sophie: after tumbling the most since thursday, ozzie shares opening to the downside -- aussie shares opening to the downside. benchmark trades at a three year low. kiwi stocks are falling the most on record. recession fears driving the rout we are seeing in sydney. fiscal and monetary policy budgets are seemingly doing little to lift market's confidence. more virus containment efforts are being put in place. big events being canceled. wynn resorts saying they are canceling all large entertainment gatherings, yet another casualty when it comes to virus containment effort

joining us to discuss all this is sophie kamaruddin and annmarie hordern. , you have more on the boj. >> as you pointed out, the boj coming through with that key rate, but take a look at stock reaction. we did see the topics close in the red by more than 2%. banks lend a bounce in the afternoon session right after that decision. stock investors perhaps not too enthused by this incremental approach. instead of full on shock and off. and awe. it signals the higher cap was for a limited time. the is just an indicator of scope for buying. that does provide leeway for buying to wrap up. more light perhaps being shed by boj governor kuroda when he had s his press briefing. let's get to the crude oil front. >> the historic week we had, yesterday the biggest drop since 2008, we are seeing that deepen. look at wti and brent. wti around $30 per barrel. at one point dipping below $30 into the 20's where many analysts said we would end up. you can see brent is at $32 per barrel, down 5.4%. this comes as there is growing fear about the demand picture. many traders think

let's get straight to sophie kamaruddin in sydney. we have the 7% rally. are we seeing the continuation of the optimism today? sophie: we are seeing the relief rally fall. this after the best session for the benchmark. they unleashed record stimulus to support an economy. indicative of that downbeat mood. heads up. merge in australia shares suspended after asking the government for an $863 million loan. in wellington, keeping an eye on air new zealand shares, which are edging lower. steep drop in revenue. the nzx 50 adding to monday's gains. the worst quarter for the currency since 2014. corporateid hold it bond buying operation but no bids were made. they sketch out a stimulus package which could see an additional ¥16 trillion. nikkei futures in chicago are nudging higher. we have seen the yen peaked back above 108. flipping the board to check in on commodities, gold holding a two day drop. year low.m an 18 wti back above 20. sentiment does remain bearish as demand collapses. treasury futures are slipping e minis little changed. on that front, we will be w

that's go over to sophie kamaruddin. plenty of reasons for the market to continue selling off. e seeing at the start of trading? sophie: it looks like we have a break from the selloff because after we saw thrilling stocks close at a low, the government imposed stricter social distancing, we are seeing gains for the asx 200 with more fiscal stimulus in the mix as the economy risks falling into recession and unemployment woes deepen. jp morgan estimating that unemployment rate will raise to 11% in australia. now elsewhere, we are seeing nikkei futures gain ground. market studying as policymakers are pushing the envelope. the fed going all in, including measures to directly finance companies amid the credit squeeze and short-term corporate debt surged in the u.s. and south korea. we are waiting measures to be announced today to stabilize markets. the boj is to provide liquidity to brokers today amid cause to act preemptively and boldly. haidi: sophie kamaruddin in hong kong. mark was in singapore. we saw another massive wave of action from the fed. does this go anyway to kind of ma

more, let's get to sophie kamaruddin. she is in hong kong. get me up to speed on the numbers, the liquidity, and the rhetoric. sophie: we have authorities under pressure to provide relief, given the number of cases around the world climbing. china, infections rising with total cases topping 80,000 as the economy in china looks set for a first quarter contraction. activity, shrinking to a record that isebruary and helping drive a rally in chinese stocks, the 300 jumping as much as 3.5%. won, strengthening above 1200, even as south korea climbed past 4200. shares under pressure as the country has confirmed its first two cases and the central bank governor of indonesia is holding a press briefing later. are building bets the rba will cut rates tuesday after the country reported its first fatality linked to the virus. in iran, infections have doubled. the who will be going to iran and infections are climbing in north africa and egypt and algeria. in europe, italy's case count jumped by 50%. the government, hoping to widen the fiscal deficit to pro

sophie: i'm sophie kamaruddin in hong kong. we are counting down to the market open.he top stories we are covering. 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

sophie kamaruddin has you covered. how does it look? phie: this tuesday, futures are pointing higher in asia and kiwi stocks are extending gain, while the kiwi dollar is trading as the rbnz started the corporate bond buying program today. the last day of the quarter which brings the japanese jobs outlook from japan as well as south korea. chinese pmi and hong kong retail sales. we have had korean business confidence sliding further ended the week domestic demand. we will get earnings from the xiaomi.d such as shalx a 50% drop in net profits on sunday. in sydney, stocks look to extend gains after the biggest drop on the asx 200 on the government's stimulus package, with health care leading segments higher. this tuesday, we are washing virgin australia as it is seeking a government loan for 1.4 billion australian dollars. after a rough first quarter that had valuations down across asia, but bear in mind, the priciest market in the region with india as well as china. as we prepare to enter the second quarter, jp morgan suggests enough has c

let's get back to sophie kamaruddin. what are you watching? ur keeping an eye on commodities like gold. $7,300ck price reaching an ounce. this with a move into gold, up 12% your to date. copper also under pressure with prices -- when it comes to the citi open we are looking at australian miners -- sydney open, we are looking at australian miners. and asia-pacific energy names, earnings likely to continue seeing downward pressure. an eye on that. keep an eye on that. paul: let's get a check of the business flash headlines. apple says most of its worldwide offices can work from home during the rotavirus outbreak. the ceo calling it an unprecedented event and a challenging moment. he said employees can work remotely if their job allows, apple trying to ensure on-site teams remain safe. the company is especially exposed to the virus with its global presence focus on china. hong kong's cathay pacific is suspending flights to and from japan. , andces to tokyo's airport three other cities will shut down monday into march the 28th. flights to other rep

sophie kamaruddin, how are things? sophie: u.s. futures will fall limit down.sian futures pointing lower. check out kiwi stocks losing more than 6%, trading at october 2018 lows. more downside ahead after the benchmark wrapped up friday after the low for asian stocks. poor liquidity exacerbating this. theets likely to stay on defense. more government support prompted, including from germany. we will get more indicators on the virus impact. chinese profits are due, bringing us an early reading for march exports for south korea. now the outlook for korean corporate's. -- corporates. authorities seeking credit information to assess how at risk companies are for downgrade. let's check on the risk barometer. the dollar-yen is holding at 111, hinting at a potentially quiet start, but the kiwi dollar under pressure while yields are falling. 53 basisar off by points. that is the biggest drop ever, falling to a march 2011 low. this after the bond buying program this week and tighter financial conditions have made -- rates less impacted. another bank embracing qe. haidi:

sophie kamaruddin in hong kong. g20 leaders vowing to do whatever it takes to stem the virus. what?economy? measures with about 5 trillion dollars. >> in a virtual emergency meeting, saudi arabia is hosting , not meeting in person, they are trying to show a united front. of course, there has been bickering and blame game going on at least between china and the united states on the origin .f the virus there has been blame within the united states as well about the fed versus the states. it seems like everyone wants to blame everyone. the g20 leaders said in their joint statement that they will offer up a united front to combat this unprecedented outbreak. this is the statement or part of the snake as part of the statement they put out. the virus knows no borders as the top line. "we are strongly presented -- strongly committed to presenting a unified front against this common threat. g20 leaders say, as you just mentioned, they are injecting more than 5 trillion u.s. dollars. some countries, multiple stimulus packages either already out there or being mold. he goes on to say "we will

straight to the market action with sophie kamaruddin taking a look at the open in japan and korea. downside for japanese stocks. the nikkei 225 off to percent. the yen is gaining ground below the 111 handle against the dollar. which is set for the best month since 2011. that is for the greenback. let's check in on the open insole. the kospi under pressure. lower by .5%. the korean won edging higher by 2/10 of 1%. trading at the strongest level since february 19. this as we get more support from korean policymakers as was flagged earlier this week. south korea coverage ratio rule for banks to 70% by the end of the current 80% where it stands. waiting on the be ok monetary policy. not for a rate decision but to discuss managing the crisis conditions as well as financial markets. we do have what is going on in australia. we have the asx 200 extending gains. marginal advance for the asx 200. the aussie and kiwi dollars are under pressure, both falling as much as 1% against the dollar. key vstoxx gaining ground, nearly 3% higher. shery: thank you very much. news.get to breaking we are ge

sophie kamaruddin is taking a look at the trading session for us. on nikkei futures in singapore, pulling up the board as we are waiting to see whether the doj will provide more stimulus given the stress we are seeing in funding markets. nikkei futures in singapore opening higher while we have the yen staying above 108 in the face of that strong dollar. jgb futures indicating losses for cash trade. we wait on boj meeting minutes. jgbpening pressure for the curve. traders wait and see if we can see more unscheduled bond buying from the japanese central bank. let's switch out the board to check in on aussie stocks this morning. we are seeing the asx 200 trade higher by as much as 3%. around the 5000 level as the formation is in the making potentially. aussie and kiwi bonds extending the global selloff on rising kiwi bets from the rba and the rbnz. the kiwi dollar sliding against all g10 peers with grim economic forecasts. news of an economy detracting. limits said there was no to its commitment to the common currency, announcing a pandemic emergency bo

i sophie kamaruddin. we are counting down to the market open. haidi: here are the top stories we are covering in the next hour. the federal reserve sweeps into action, flushing the benchmark rates near zero to save the u.s. economy from the virus. president trump says he's very pleased. cases continue to rise in the countriesmore imposing a lockdown. beijing says mainland infection rates are falling rapidly. the virus continues to wreak economic havoc. data shows across-the-board slumping china for the first time on record. shery: let's take a quick check of the markets closed in the friday session and how u.s. futures are reacting to that emergency rate cut. we are seeing u.s. futures accelerating losses at the open, down more than 4% despite the fact we saw another emergency rate cut by the federal reserve and president trump expection -- x resting satisfaction -- expressing satisfaction. this comes on the cut friday and we saw the s&p 500 seeing its best day since 2008. we have every sector of the s&p 500 index in the green, rising at least 4

joining us from hong kong, sophie kamaruddin.7 statementr the other policymakers have taken action. the latestaysia, central bank to take action, 15 minutes ago cutting key rates for a second time this year by 25 basis points, as expected, following australia who eased as well, and canada this week expected to follow with easing, and the president of course calling for the fed to cut rates. even as more central banks pull the trigger there is more pressure building on governments to provide a coordinated fiscal effort as the oecd warns global growth may fall to levels last seen in 2009 due to the coronavirus outbreak as the case count around the world passes 90000 and the death toll passes 3000. indonesia is said to be working on a second tranche of budget support, and in south korea extra spending proposal will be tabled in parliament this week. australia's treasury is looking. has pledged additional support and saying the government is seeking to allow him to declare a state of emergency. this comes as the boj conducted back-to

with us now is sophie kamaruddin. is reporting an increasing number of recovery patients, roughly 62% of those who have been diagnosed who have been discharged from hospitals. the number of fatalities reported wednesday totaling 31, all of which were in hubei province. jinping's scheduled visit to tokyo has been delayed, and prime minister shinzo abe did reveal tighter border controls and japan, including two weeks of quarantine from visitors arriving from china and iran, as well as south korea, where cases have topped 6000, but the daily count has slowed has monday at the country been testing hundreds of thousands of people. italy closing cinemas and theaters, suspending schools, while the government is putting together a package that could amount to about $5.6 billion. iran also closing schools and universities as the infection spreads to all provinces. 3500.ts and iran topping bethlehem, the palestinian authority there closing mosques and churches for two weeks. the firstng, we have human to animal transmission as

sophie kamaruddin joins us in hong kong. bond rally is also taking a bit of a breather.10 year yields earlier jumping as much as 15 basis points, the most since november of 2016. reflect less pressure on the boj to ease next week. this, as fiscal stimulus is anticipated. this afternoon the japanese government is supposed to agree on a second round of emergency measures. overall the bond space could limit the rise in yields. when it comes to the central bank you cannot neglect the fed. basisn sachs seeing a 50 point got next. again at its april meeting, bringing the key rate to a record low. but the most important thing for market is keeping functioning. pulling up this chart on the determinant, financial conditions in the u.s. tightening to pre-crisis levels. the fed may also look to other tools to ease financial distress. could give the fed breathing room. haidi: all right. rooms also it seems when it comes to chinese authority. to tryedible lockdown and contain coronavirus infections. that seems to be paying off as we see the rate of new infections and deaths slow to a

. >> i am sophie kamaruddin in hong kong. welcome to daybreak asia.our top stories this wednesday, the coronavirus spreads with at least 10,000 cases in italy. u.s. health officials say containing it in some areas is beyond control. china says the infection rate on the mainland is slowing. oil rebounds. president trump has a plan. saudi arabia turns up the heat and plans to flood the market next month. >> breaking news out of south korea. we are getting the jobless rate for the month of february coming 3.3%. this is a lower unemployment rate than what we saw when we had a little spike right there. disruptionsted some to supply chains because of the coronavirus affecting employment rates. we were not expecting an uptick but we are getting the jobless rate for south korea coming in at 3.3%. that is lower than we expected, 4.1%. south korea is now pushing for that $9.8 billion budget. we know that job creation has been supported so far by government measures that have been implemented even before the coronavirus outbreak. the be ok this headed to hold of