haslinda: stephen engle joins us on the line. he thinks it is a good thing, that you have to assume some sort of risk, but the white house is also saying that they will be listening to medical professionals, as well as the state governors. health expertsse on the task force is also saying that the state governors will have the leeway to decide how quickly to proceed. that is pretty much an about-face of what trump claimed earlier today when he claimed he had total authority to order states to reopen the nation's economy. there has been a bit of a push back saying he was overstepping his powers. trump was saying that they would be a phased in approach to reopening states. there are about 29 of the 50 states that are in the ballpark of opening relatively soon. those states, if they do open in the coming weeks would need to document a downward trajectory in cases. what about japan? we had them announcing a lockdown that was not a lockdown , argued many people. he has gone a bit drastic with all of this. is he playing catch-up? what

thank you so much, stephen engle in north asia.e any other monday, and then we saw the oil price go negative. we will spend a good amount of time today to try to figure out exactly what happened, whether this can be reproduced in other markets. this is currently what we are seeing on the wti contract for may and june, so we did see a headline saying the june contract was below $20 a barrel. the may 1 remains in negative territory. now, screwed features plunged low zero for the first time ever. the move was actually so violent and shocking for many, that traders initially struggled to explain it. we also have to look at what it means for a of these oil companies. shell, bp. a conversation on oil with tom keene. this is bloomberg. ♪ nowadays you do more from home than ever before. the xfinity my account app puts you in control with digital tools to give you the help you need when you need it. get fast and easy answers with personalized help 24 hours a day, 7 days a week. change your wifi password to a phrase that's easy to remember.

stephen engle has been tracking all of the developments. ore speculation this is said to be on well. others said he was in a vegetative state and he was also seeing fidgeting -- seeing visiting chinese medical teams. i don't want to give individual cretins to any report because there is so many contradictory reports. the health of any senior leader in north korea is a closely guarded secret. you can't call up the office and get an update. you also see where there is smoke, there may be fire. you have to see what holds water and what does not. kim has not been seen in state media in two weeks. he missed his grandfather's birthday celebration, which is a big star on the calendar. that caused speculation like in 2014 when he was absent for six weeks and showed up later with a limp. he had speculative ankle surgery or doubt -- or gout. there is so much speculation but we have to take these reports with a grain of salt. a representative from the south korean government says he is alive and well and staying in a coastal compound since april 13 noh

for a preview let's cross over to stephen engle. how bad is bad? stephen: it is going to be bad.nomics say it will likely be worse, predicting a contraction of 2.4% year-over-year. that would equate to a contraction quarter over quarter of upwards of 5%. that of course reversing the 1.3% rise we saw in the fourth quarter. there are prolonged lockdowns in major trading partners with south korea. we had that chinese gdp shock as well. so that really spills over to export-driven economies like south korea. bloomberg economics saying the continued lockdowns in europe, the u.s. and elsewhere, will likely push south korea into recession, at least in the first half of this year, and possibly 0.3% forn expansion of the full year, assuming continued fiscal and monetary stimulus. the president ordering a third extra budget yesterday to shield the economy. he is calling it a korean-style new deal to create jobs, but really risks are firmly downward on the south korean economy. haidi: we are also getting updates from corporate korea as well. what are you expecting? stephen: sk hynix of cours

shery: stephen engle, thank you for that.ave more on the samsung earnings with the korea head of global investment daniel yu and mark yuman a little later. for now, a quick check of the latest business flash headlines. the ceo of videoconferencing up zoom is embarking on an apology tour to reassure users they are working on security issues. zoom has seen a 24 increased to allow millions of users since the start of year. the app has been hijacked by internet trolls, leading into forecast's will be short-lived. airbus is causing production as itssites in germany and factory in alabama as it looks to adjust to the slowdown in demand. the playmaker says operations will shut down for part of this month while production at mobile, alabama where a-220's will-320's are made, they close until at least the end of april. boeing is suspending work at its plant in south carolina, shutting down the last of its commercial jet factories. production will stop on april 8. the company closed its seattle and it willmarch 23 remain closed indefin

stephen engle is looking at the numbers. t of rival samsung as well, what stands out today? stephen: allll -- giving stronger-than-expected numbers, beating the consensus estimates and giving a fairly good outlook. -- more about memory chip player than samsung. what is really happening, the trend is major cloud operators like amazon, microsoft and others are expanding their data center spot rapidly. invest 28id it will billion dollars in cloud services over the next three years. ast has fueled the rebound well as memory chip and stock prices over the last couple of months. first quarter operating profit handily beat estimates, 800,000,000,001 against 487 revenue rising 6%. the ram selling prices up 3% quarter over quarter. basically the slowdown of mobile as demand was offset by the server growth. it has sunk a little bit on weakening consumer demand. and despite the virus volatility sales did rise. what about guidance, is there much clarity in the memory isce, given how guidance lacking for most companies with regard to what

joining us on the phone to talk all things currency related, stephen engle. stephen, are the hardest days behind us when it comes to the funding part of this crisis? stephen: i think the funding part in the u.s. banking system, yes. the further away you get from short-term funding and the banking system, the less the impact. has been some improvement for some corporate's, and there has been some improvement -- a lot of improvement for u.s. scholar japang a rod, for -- only and europe, but -- is still a problem. vonnie: who can step into help, or is it a matter of time, ven? the fed has full programs from throwright, and center to money at these problems of liquidity, but what can it do for those institutions you just named? steven: when we get to the end of the day, it is partly a question of how they deal with credit risk. the fed usually only likes to talk to institutions, so the creative risk is minimal. the federal government taking on credit risk for those institutions, and they will probably take on the credit risk for lower rated institutions. vonnie: a

haslinda: stephen engle.he show, the ceo of a pakistan based e-commerce company discusses how the pandemic is helping to drive online deliveries across south asia. more to come. this is bloomberg. ♪ haslinda: welcome back. facebook is to invest $5.7 billion in jio platforms, the company that serves the digital needs of india's reliance industries. facebook will tie up the technology of whatsapp with an online grocery store which aims to sell sme's across asia. the investment would give facebook 10% of jio at $66 billion. mukesh ambani says the deal will empower up to 30 million businesses. movead: we are going to across various indian borders to a company which operates in bangladesh, nepal, and pakistan. we are looking at a company called daraz in the context of the coronavirus pandemic as it could be a catalyst for the growth of e-commerce in those countries. pakistan surging since i looked out came into effect a month ago. -- since a lockdown came into effect a month ago. daraz bought by alibaba two years

that was stephen engle in hong kong for us.ext, we will have more coverage of the virus still ahead with danny alexander. monday founder and ceo, david yeung. this is bloomberg. ♪ .> so far the risk of triple b companies becoming high-yield companies is really high. at that point, the fed i think will be very hesitant to increase its own credit. >> as the virus spreads, workers are demanding greater protection and paid sick leave. those demands are expected to increase this week. workers are now finding new leverage. is impactful on a number of different levels. first of all, the threats and strikes by workers at amazon couldouses -- workhouses hike prices worldwide. you have anntly, army of workers right now. about 400,000 strong taking on new importance. they are the workers that mandy's warehouses at a time when the coronavirus and all of the stay-at-home orders have millions of americans ordering more than ever from places like amazon.com. -- may haveou have recalled that there was a whistleblower in the middle of the strik

--thank you stevan engel stephen engle.y thursday before that easter holiday on friday. we are seeing the likes of the indian markets just open up come up, morehan 2% -- open than -- up more than 2%. we are watching the korean story when it comes to qe. they are embarking on this. they see some strength in the yuan, as we look ahead to opec-plus and that g20 ministers meeting. this is bloomberg. ♪ you doing okay? yeah. this moving thing never gets any easier. well, xfinity makes moving super easy. i can transfer my internet and tv service in about a minute. wow, that is easy. almost as easy as having those guys help you move. we are those guys. that's you? the truck adds 10 pounds. in the arms. -okay... transfer your service online in a few easy steps. now that's simple, easy, awesome. transfer your service in minutes, making moving with xfinity a breeze. visit xfinity.com/moving today. >> the following is a paid program. the opinions and views expressed do not reflect those of bloomberg lp, its affiliates, or its employees

let's get to stephen engle. we just got news of this fiscal stimulus. what could this mean for japan? >> we are getting a second news outlet in japan saying the emergency declaration will be andared tomorrow, april 7, would be enacted the following day on wednesday. ofp in mind, this is more giving power to the municipal governments to request, urge people to stay at home. there is no legal power to enforce requests to stay home due to civil liberties under japanese law. it gives a lot more teeth to the efforts like the governor of tokyo, who has urged people to stay at home. the tone has shifted after the olympics were postponed by year. japanese officials are looking at the numbers and sing 143 -- seeing 143 new cases in tokyo. the city has more than a thousand cases. no doubt, the government is taking seriously the amount of stimulus that is needed. this big package, this new package totaling 550 billion u.s. dollars, on top of the 235 billion u.s. dollars the government announced in december to take the issues that were stemming from the fourth quar

stephen engle is joining us on the line from hong kong. this is a bleak milestone.m terms of the human toll and economic toll. a projection came out that this epidemic could globally cost upwards of $4.1 trillion. it is hard to predict since we have not seen the apex in the number of cases or deaths has the curve continues to go higher. when million and counting -- one million and counting according to the johns hopkins coronavirus resource website. 24% of global cases are in the united states, of those cases that have been reported. 245,000 of those one million plus in the united states. the epicenter there, new york state. 9000 new infections in the last two to four hours, 400 -- last 24 hours, 400 increased deaths. new york has more cases than germany, more than china reported during its epidemic. it is having a problem with supplies. at the current rate, the state is six days away from exhausting its supply of ventilators. 150 patients per day need ventilation. the state says it has about 2200 ventilators stockpiled. it is one reason why president trump issued a

our chief north asia correspondent stephen engle joins us out of hong kong. ave hit four months after the virus first made itself known in china. stephen: that's right. it is such a quick spreading of this coronavirus. we are seeing now, the united states continues to be the biggest source of infection, the epicenter. nearly 23.6% of all those cases are in the united states. u.s. has 238,820, three times china's reported numbers. nearly a quarter of all the world cases. the numbers are grim. italy, 115,000 cases now. spain, 112,000 cases. germany, 84000 and counting. all of those countries have more cases than what china has reported at 82,000. new york state has more cases the china has reported. reported inections the state of new york in the last 24 hours. at this current rate, the state says it has about six days left before running out of its stockpile of ventilators. about 350 cases per night need ventilation. the state says it has 2200 ventilators stockpiles. that is becoming a very critical time frame, six days. speaking of which, the president has iss

shery: let's stephen engle. atwill speak to hsbc cfo 1:15 p.m. hong kong time.ch it from sydney at 3:15 p.m. westpac now taking a 2.2 million aussie dollar first half impairment chart. covid-19 impact on banks remains highly uncertain. they are also saying capital inspectedmarch 31 are to be 10.8% again. westpac taking a 2.2 billion aussie dollar first half impairment charge. we will have plenty more on "daybreak asia." this is bloomberg. ♪ these days staying connected is more important than ever. so we're working 24/7 to maintain a reliable network, to meet your growing internet needs. we're helping customers who are experiencing financial difficulties stay connected. we're increasing internet speeds for low income families in our internet essentials program. and delivering self-install kits to your door. nos comprometemos a mantenerte conectado. we're committed to keeping you connected. for more information on how you can stay connected, visit xfinity.com/prepare. there are times when our need to connect really matters. to keep customers and employees in the k

stephen engle tracks the development and joins us on the line from hong kong.ift the blame of her why the --. was so late to respond blame over why the u.s. was so the to respond, blaming world health organization. what did they say? >> trump doubling down on his criticism on the world health organization, basically saying the u.s. has given millions in funding last year compared to china's amount and they've been treating unfairly and he is threatening an investigation. but the world health fired back, giving a stern rebuke of not only trump and the u.s., but also china. he accuses them of trying to politicize this and that they need to work together and show honest leadership. he urged all nations and the media to stop trying to divide people. he says if you do not want any more body bags, you will refrain from politicizing it. no using covid-19 to score political points. donald trump earlier this week blasted them, saying they blew it and gave bad advice on travel restrictions and he threatened to cut funding and claims they favor china. let's look at the ti

we go to stephen engle, tracking all the developments for us. a lot of claims out there. hen: you have to sift through it and see what holds water and what doesn't. more speculation after those reports earlier last week were also dismissed that he was not in terrible shape. south korean officials have already maintained that there are no indications from their intelligence sources that there is anything abnormal in north korea. however, there were new reports over the weekend, some saying there have been visiting medical teams from beijing, also visits by chinese diplomats. there was a report in a japanese magazine saying that kim was perhaps in a vegetative state because of cardiovascular surgery that went bad. again, it is all being speculated because kim jong-un has not been seen in state media for more than two weeks now. he missed his grandfather's birthday celebration on april 15, and some are speculating from these various reports, some are very contradictory, that he may be incapacitated, if not dead. but we have this foreign policy advisor to the south korean gove

stephen engle with the latest out of hong kong.ing up on daybreak asia, we will be discussing the outlook for health care and the coronavirus pandemic with a global research analyst. this is bloomberg. ♪ >> a quick check of the latest business flash headlines this hour. rio tinto has released first quarter production results, calling the performance robust with all assets continuing to operate despite the coronavirus. the world's second-largest metals and mining company reported an increase in shipments and iron ore with a slight decline in the production of aluminum and copper. rio tinto says commodity demand in china is continuing to recover. outflows fromat its long-term investment products for the first time in five years, this as investors look to avoid the virus due to the market turmoil. institutional investors withdrew around $30 billion from mutual and exchange traded funds. blackrock says total net outflows for products hit 19 billion for the first quarter. planning to gradually reopen some stores in the u.s. but will not

taylor: thank you to our chief north asia correspondent stephen engle.eaking news we are getting. the flagship fund is facing 30% drop in the quarter, the $3 billion hedge fund reporting their worst ever start to the year. this is after their structured credit waivers have soured along with the broader market. we have preliminary estimates coming in for the directional opportunities fund that is this flagship fund. the fund was headed for a decline of about 30% or so. again, this is not new. we are continuing to see a lot of these big bets not turning out the way the people want them. we want to get an update on the first word headlines. that's with ritika gupta. riddick: orders and employment at u.s. factories contracted in march at the cook is paid in 11 years. by sm says bookings tumble to their lowest level since march 2009 when the employment is at its close -- weakest. record monthly manufacturing declines in dallas, new york, philadelphia. president trump intends to meet top on how to stabilize the market. these potential talks between saudi arabi

our chief northeast asia correspondent stephen engle joins us. riding a surge of online activity. can at home and working from home, learning from home, playing games at home. rival memory chip maker micron a week or so ago gave strong outlook because of datacenter demand. data centers and cloud services need samsung's memory chips and the chip division at samsung accounts for more than half of operating profit and they have been churning out chips as fast as they can in what has been a memory chip up cycle. first-quarter operating profit beat estimates by about 3.6% at 6.4 trillion won. the estimate was 6.8 trillion won. in this environment, that is a good result. not the -- not unexpected because the chips were on an up cycle. going forward is the question. first quarter sales broadly in line, however samsung didn't provide net income or divisional performance outbreaks which will be due out later this month. one thing i might add, one thing that boosted the results in the outbreak, the won weakened against the dollar in the first quarter and that helped samsung boost its repatr

shery: stephen engle in hong kong, thank you very much for the latest on korean politics paid we willou more perspective on the election. we are joined by the bank of america securities. that's get you a quick check of the markets right now. we are seeing kiwi stocks gaining ground at the highest level in over a month. sydney futures unchanged at the moment. of course, we do continue to watch the aussie dollar. we are getting westpac april consumer confidence numbers out of australia as well. a little bit of pressure for nikkei futures in u.s. futures at the moment. this is by the fact we saw the s&p 500 jumping to one month highs. plenty more to come on "daybreak asia." this is bloomberg. ♪ >> good evening from bloomberg's global headquarters in new york. i'm shery ahn. haidi: australia and japan have just opened for trade. welcome to "bloomberg daybreak: asia." our top stories this hour -- president trump steps up his fight with the world health organization. he is holding u.s. funding. u.s. airlines take off in late trade after aging agreement on the liens of aid -- on billions of

stephen engle joins us on the line. some have said japan acted too late.rime minister abe now playing catch-up? >> his voter support numbers have definitely fallen over the last three months over this could -- with this epidemic. with his step seen as inadequate or slow. with that because he wanted to save the olympic games which are now postponed by a year or because they honestly felt they had it contained to various customers? polls have indicated that people feel the national emergency he is going to expand nationwide should have been made earlier. the latest poll from earlier this week indicates support for his cabinet has fallen to 42%. cases, more than 8600 170 eight deaths. that is fewest among the g7 nations, but the worry is we could see an explosion of cases. japan has under-tested and they have not been locking down cities harder. that has been the criticism. the more stringent measures you just mentioned, they are going to take that existing state of emergency of seven prefectures and going to expand it nationwide to may 6. the concern is they

joining us on the phone is chief north asia correspondent stephen engle. g us up to speed on what we know, what the supreme leader's condition is. stephen: we don't have a direct pipeline into north korea so there is a lot of speculation out there. that has sent markets into a tizzy in asia today. cnn reporting the u.s. was monitoring intelligence reports "extrememay be in danger," after the surgery you mentioned. saysouth korean government kim jong-un is conducting normal activities. it does not necessarily cite how it knows that. the government says no unusual activity has been detected in north korea and the presidential blue house, the presidential office equivalent to the white house in seoul says it will have -- has no information on the rumors that have been surfacing by -- that were corroborated by an unnamed u.s. official speaking on condition of anonymity to bloomberg news that kim jong-un was possibly in a critical state. all of the speculation really fired up last week with kim jong-un not appearing at one of the most important events on the cal

stephen engle is tracking the developments and joins us on the line.'s start with indonesia and india. both have imposed lockdowns, but one is tightening the restrictions while other is considering relaxing. >> in these two countries, these , ass of lockdowns have president of indonesia said, they diss proportionately affect the poor. in indonesia, there's been pretty much a lockdown in the capital of jakarta and it is announcing tighter restrictions as well as the other neighboring cities around the capital. they are going to be closing offices and they are going to ban gatherings of more than five people. that is pretty tough in a city of 10.5 million. transport hours will be limited and people need to follow strict social distancing rules. jakarta is the epicenter here. 221 deaths, the most in asia after china. in india, they had that nationwide lockdown for three weeks. a panel of indian government ministers is now advising prime minister modi to partially lift the nationwide lockdown. areas of large clusters of cases would remain closed. this pane

we are joined by our chief north asia correspondent, stephen engle in hong kong.e now have this intelligence report saying the same thing. hen: that is right. allegedlycluded china concealed the extent of the up break, underreporting cases and death tolls. this according to three u.s. officials who spoke on condition of anonymity, telling bloomberg news two of the officials report that the chinese numbers are fake allegedly. italy and spain combined have five times more cases than what china has reported and eight times more deaths than -- more deaths. have china reporting 82,000. the u.s., 209,000. yvonne: how dire is the situation getting in the u.s., in particular of the hardest hit state new york? stephen: new york has more confirmed cases than anywhere else in the united states. from8 is the latest tally the johns hopkins coronavirus resource website. that is more than china has reported for the whole country. new york city, 47,000 and counting cases. deaths in new york city alone are 1139. one in five of the hospitalizations in new york are under 44 years of

let's bring in stephen engle for more.meaningfully changed for samsung since they announced their earnings? rest of the world, there is more uncertainty. two pictures of the giant. store demand for server chips due to increased work from home and cloud computing surge has lifted memory chip prices and prospects short-term for the chip business. but that is offset by weakness in displays, mobile phones, consumer electronics and appliances. samsung is the largest maker of memory chips, phones, displays, appliances and is probably exposed to the shock around the world. are getting uncertainty for the first quarter. that is what they have maintained throughout businesses and will continue to persist into the second half and essay second-quarter earnings may decline as a result of the lower profit in the second quarter. they warn these uncertainties will likely persist through 2020. one of the worst divisions was the display business that posted a loss of 290,000,000,001. we got initial results at a similar picture was painted

let's bring in stephen engle for more on that. same tone as the preliminary results. stephen:. again, there was signals of increased weakness in the other main divisions, the memory chips, in particular, which have offset weakness in mobile own, in displays. tv's, appliances, you name it, given the covid-19 pandemic around the world sapping demand for such items while the chip vision has been gaining because more big companies and servers and cloud computing investments have been leading to dram and flash memory increases, which we have seen in the first quarter. those prices higher. that has been the saving grace for samsung. now that we have the breakdown in the various other divisions outside of chip in these final numbers, we are seeing much more uncertainty samsung electronics. uncertainties, according to samsung, due to the virus, will persist into the second half and perhaps as well not only through the second quarter but throughout 2020. in particular, we can break out other areas aside from that strength in ships. we are s

yvonne: stephen engle joining us from hong kong.at chinese markets as they get to that lunch break right now. still in positive territory. we are off some of the highs of the session. we are seeing the csi 300 points higher by .75%. on the encouraging print recovery that we have seen so far, but we see the likes of the shanghai composite up .3%. shenzhen seeing decent gains today. keep in mind, today is when china opens up the financial world to foreigners as well, so we will see what kind of demand we see given the volatility. growth taking a big hit from this virus in the first quarter. 20 more to come. -- plenty more to come. this is bloomberg. we will keep going. taking a look at markets, broadly speaking, seems like a mixed picture given the pmi we saw here in the region. you see almost every country earlier this morning except for taiwan in contraction and in fact, some contracting by the most on record. wellikes of indonesia as slashing their growth forecast to two point 3%. the worst case scenario, they are saying watch the

we are joined by our chief north asian correspondent stephen engle.ummet in hong kong -- how that is unemployment in hong kong? has relatively few cases of coronavirus, just 1000 cases and four deaths. on top of seven months of protests and that u.s. china trade work, the jobs picture in hong kong is fairly bleak. we have the headline number of 4.2% which is more than the consensus estimate we expect from march of 4%. but the outlook is more grim. number economics saying the jobless rate could hit 5% by midyear. that, by their own estimation is an optimistic outlook. in the months following the peak of the sars outbreak in 2003, in june of that year, we had 8.5% unemployment and that is where we are getting some of these subsectors in that range. construction on a plummet reaching 8.5% in march. -- construction unemployment reaching it .5% in march. -- 8.5% in march. food and beverage with social distancing rules, that on a plummet rate has risen to 8.6%. -- that unemployment rate. the trade and logistics sector makes up 18.6% of hong kong's jobs at t