Clearly, coronavirus is not impacting future sales all that much at the moment. , data as well, storage center, those kind of chips doing well. That is having a halo effect on some other chips. A couple of them are lower as well. There is some treasury buying along with the equities bounce, so we have to take note of that. 7 . 10 year yield at 1. 5 we got Consumer Confidence data above 100 today from the university of michigan. Preliminary february data increasing, and revisions to december. That said, retail sales didnt exactly reflect increased confidence. They were pretty stagnant, if not a little disappointing. Guy here in europe, stocks heading back to flat. We bounced off session lows. Volume is ok. We are going into a long weekend in the United States. Do you want to carry positions over that weekend . Eurodollar positive, but only just. Data out of germany pretty weak today. While we are seeing some commodities trading higher today, you always want to Pay Attention to what is happening with copper, trading down another 0. 6 . Lets focus on the coronavirus and the impact it is having on the auto sector. Fiat chrysler plans to Halt Operations at a plant in serbia due to a lack of parts from china. Renaults interim ceo told bloomberg they may be forced to close additional plants. We had to close our plant in bussan, korea. Damphere with insight is locations on the Global Economy, joining us from hong kong is Sophie Kamaruddin, and matt security at the munich conference with more on germanys stagnating economy. Sophie, what is happening in china . We are increasingly seeing higher and higher numbers. We are also learning that beijing is now telling people returning home that they need to stay in their homes for 14 days. The chinese dont see any let up in this story. Sophie china will want to ramp up quarantine measures, and as you pointed out, we got the latest reports regarding cases on the mainland, and there were some inconsistencies in the data , which has sparked some confusion. The big jump we saw in hubei today,as a oneoff, but china did lower the hubei reported cases by more than 1000, why also while also trimming the nationwide death told by more than 100, citing double counting and those numbers. Aside from wuhan, there is a call for other cities and will bake for other cities in Hubei Province to step up measures. Medical staff have been affected , more than 1700 medical workers on the mainland have been infected by the coronavirus as of february 11. As you point out, beijing looking to quarantine people returning to the city for two weeks, according to local media reports. Vonnie phase one goes into effect today as well. Obviously, china is relying on its own economic data. What is the amount of stimulus that will be needed to offset any Coronavirus Impact . Sophie weve already had much expectation regarding what the pboc may do to pump liquidity into the system. Expectations for further rrr cuts. We had the politburo citing the emphasis on stimulating the economy, boosting domestic demand. Theres going to be a lot of emphasis around this, especially when there are signs that factories on the mainland may be slow to restart. Power demand in coastal regions hasnt quite picked up yet, but we may see a boost for output after the first quarter, so we will be looking out for that. Thank youndeed very much, indeed. Vonnie the latest out of germany shows the country enter 2020 with a declining thisacturing, and coronavirus threat. Joining us from the Munich Security Conference is bloombergs matt miller. At least the conference went ahead, unlike the conference that is not going to go ahead. What are investors saying . Matt a much bigger event has been canceled and the world conference. You have rugby being postponed, the formula one race that has been postponed in shanghai. That really is affecting a lot of things, especially closer to asia. , evenjust heard from guy carmakers in europe are having to shut down plants because their supply chains have been because of stopped this coronavirus. In terms of the German Economy, we heard from the Economic Ministry today that risks to the German Economy are even greater due to the coronavirus, and he German Economy ground basically to a halt in the last quarter. It flatlined quarter over quarter, although yearoveryear, there was still a little bit of growth. Youve got this coronavirus, youve got a slowdown in the auto industry, youve got the brexit issue, as well as a possible trade issue with the u. S. If President Trump turns against the eu in terms of the trade war. Oft is kind of the theme this Munich Security Conference this year. Westre using the term the u. S. Because of turning its back on nato, on its european allies, acting more isolationist and protectionist. The talk here is about what europe would do, what the rest of the world would do if the u. S. Retreats further. For example, germany supposed to pay 2 of gdp into nato. It doesnt really get very close to that. One of the points brought up here is if nato and europe split, that 2 is going to seem like a very small number in hindsight. Guy back to the economy, any sense at this point that things arent going to improve . This was meant to be the year that europe saw some better data , but the data we saw today was precoronavirus. What are economists saying about how big a hit the coronavirus could mean for the German Economy . Matt the concern about coronavirus is a serious one, and economists and government ministers really arent saying much. As you know, they want to take a wait and see approach. They think there is too much uncertainty to make an assessment right now. The one bright spot i noted in this mornings report is one of the reasons for the weaker growth in the last quarter was that the government was at spending as much. As you know, the ecb has been trying to get berlin to spend more for some time now. There is optimism that christine lagarde, as the new head, is going to have a little bit more success. German attitudes are changing a little bit about that, possibly getting a little more relaxed in terms of spending, and they do need to beef up the military, especially if they can count on the u. S. A lot less than they were able to previously. Vonnie matt miller in munich for that security conference for us, thank you. You can see he has wrapped up. It is a cool 44 degrees there right now. Guy for more on these markets, we are joined now by ubs global head of Debt Syndicate armin peter. If they actually put it on the screen, i might be able to read it. Let me talk about where these markets are at the moment. We are in the situation where debt markets, equity markets, pretty much every market is on a tear at the moment. There seems to be disbelief that if coronavirus is a problem, then the pboc, the ecb, the boe, the fed, premuch every central bank around the world is going to step up. Is that a step too far . I think it is exactly with the market is currently thinking. Have been looking through all of the challenges we just heard from a market perspective. All markets are rallying. If the Central Banks step in once the data is coming through, it would confirm all of the fear it is discounting right now. For now it is speculation, so lets wait for the data. I am pretty sure the Central Banks will be there, but that means right now, liquidity goes into the market. Guy it is amazing. If you look at the funds, you wouldnt have expected the start of the year that we are having right now. In any of these Asset Classes. You specialize in debt. You must be trying to figure out how sustainable this is. The credit market cant keep going like this. Armin you are absolutely right. At christmas time when you are pitching for the business to come in the first quarter, the first question was it has been such a fantastic year in 2019. What is to come in 2020 . The first question everyone asks is more about where yields are going. Now you are sitting on record issuance volume. Investors are investing the cash they had, 25 billion this week only, and we are at 750 billion of issuance your to date. This is a Record Number across all Asset Classes you can think of. It is too good to be true. Come . when did the turn it felt like we were looking for for many of our guests, and it hasnt come. Where is the wave of fallen angels we will rating for . Armin honestly, those fallen angels i think is probably right now exactly what investors are looking for. Hunting more or less where the yield is remaining. It is why you see global government yields continue to be record lows out of that asian investors. You see european investors buying em debt. Scramblingryone is to find that last reach for opportunity in the market and yield. Vonnie how do you do that when 10 year yield is below 2 right greeces 10 year yield is below 1 right now . Money we continue to make with a negative yields. The concern has been how to make ,oney with a negative yields yet returns we havent dreamed of for type sometime that for quite some time. Greece might be a buy. Guy we have some fantastic charts on that one. Thank you very much for sticking with us. Armin peter, ubs global head of Debt Syndicate, is going to stick with us. Vonnie lets get a check on Global Markets more broadly now with kailey leinz. We are looking at a very mixed picture today. You have the continued overhang of the coronavirus into potential growth implications. Some uninspiring retail sales data in the u. S. And some stronger corporate earnings. The net result is emerging markets flat, the s p 500 the ftse 100 still the under performer, down by about 0. 6 . I want to focus on the s p 500 and whether or not it may roll over as we continue on in the session. In 2020 havear been not very kind to equity investors. On average, on friday we have fallen 0. 6 , by far the worst performance of any day of the week. We have been down three fridays in a row, five of six this year. An interesting pattern to watch. We will see if the s p can hold onto the gains we are seeing so far. Wti is higher by the better part of 1 today, and is actually its fourth consecutive day of gains. That is the longest winning streak this year and the best week since back in december. We are back near 52 a barrel. Oil bore the brunt of selling amid coronavirus fears because of the impact it could have on demand, but investors are rolling back those trades a little bit. As for what that means for the broader commodity complex, we are seeing a bit of a rebound. The bloomberg commodity spot index is off the lows of about two weeks ago, the low for a year. Vonnie kailey leinz, thank you for that. Much appreciated. Is at 5949 in your bloomberg chart library. Remover, the function remember, the function gtv allows you to browse all of the charts featured on bloomberg tv. Catch up on analysis and save your favorites for future reference. This is bloomberg. Vonnie live from new york, im vonnie quinn. Guy from london, im guy johnson. This is the european close on bloomberg markets. Lets check in on the bloomberg first word news. Here with the details come according to the ho. Courtney details, courtney donohoe. Rose in retail sales the fourth quarter. President trump maintains he has the legal right to intervene in criminal cases, but so far, he says he hasnt done so. That is a response to attorney general William Barrs criticism. He said that the president s tweeting about Justice Department cases has made his job impossible. Theie sanders status as democratic residual frontrunner has caused some jitters and congress. There are fears that it could turn off moderate voters that some Democratic Candidates need to be reelected. U. K. Prime minister Boris Johnson has taken more control of the treasury, and that could lead to more generous, trumpstyle stimulus. Chancellor quit as of the exchequer rather than give into johnsons demand that he fire his top advisers. 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. Im courtney donohoe. This is bloomberg. Vonnie thank you. We are back now with armin peter, ubs global head of Debt Syndicate. What is the next centralbank action that will have a significant market impact, and where does it come from . Armin did next centralbank that has a meeting that really relates to the european markets is the ecb, but i think they will wait and see, as we heard earlier on. Afterwards, we have the fomc again. I think the next change in the ubs, wef strategies at believe we see a cut in the u. S. I think that would be material for the market. Vonnie that would be against consensus at the moment for the next fomc meeting to produce a cut. What would make you say that . Do you also believe that, given the data we had come a preliminary confidence above 100 and retail sales that were in terrible . Armin you are right. The latest data from this week are probably somewhat contradicting argue for the time being. s tangiblevirus proof that this will be a challenge. It can come to the fact that the slowdown wil come through finally. We are looking at a world that is talking about negative rates, so why not the u. S. Following lower . Notnecessarily like it necessarily negative, but lower. It is a sign for the Global Market that yields are not rising. Guy lets talk a little more about the ecb. Bips. I hear is 30 that would take the ecb down about as far as it can go. Do you think [no audio] armin i think again, data coming through first before we are actually going to do something. I dont the qui are going to see a cut in march. Probably more april. Guy a hear what you say about the effect. We are now pushing on a piece of string and it come to the liquidity story, to a certain extent when it comes to rates. Our people talking in the credit markets in your world about the fact that the ecb has come back into the market, or increased its size in the market by a significant order of magnitude. Is the ecb going to step up by significantly more credit . Armin they could. They already do. This rally is carried by technical factors, so if they would do even more, it can only actually accelerate the rally. End, thisthink in the is why investors continue to all comfortable across Asset Classes, including debt, where we have the types of credit indices and spreads to continue buying. Clearly, there is appetite still, and the freds are still attractive enough. What kind of and the spreads still attractive enough. Armin we see the m a activity coming back. We see issuance coming to the market. See the tech sector very active, yet we have seen the car industry as well with successful transactions in the european markets. I wouldnt pick out one particular sector or one particular area. It is really, for the time being, everyone. What is true, i think issuers see the attractiveness of the current levels and are bringing planes forward. Guy the lvmh story was up till he sensational the other day. Thank you for stopping by. Armin peter, ubs global head of Debt Syndicate. This is bloomberg. Guy from london, im guy johnson. Vonnie from new york, im vonnie quinn. This is the european close on. Loomberg markets it is time for a look at some of the biggest business stories in the news right now. Google may be on the verge of a major change in its relationship with news organizations. According to dow jones, google is negotiating about paying for content that would be used in a premium news product. Dividendas slashed its and posted its first net loss in a decade. French automaker sales declined, plus income from its japanese partner nissan plunged. Renaults full year operating in palm operating income dropped at a worse rate than expected at 30 . That is your Bloomberg Business flash. Guy as we come into the close, the ftse 100 for most of the afternoon has gone down. The dax envy the dax and the cac were in positive territory, but we are now beginning to fade. Ftse down, cac down by 0. 3 . The european close is coming up very shortly. We will run through all the details, not only today, but of the week. This is bloomberg. Guy 30 seconds until the end of regular trading in europe. Most of the markets have bounced off of their earlier lows they are still down. The dax is flat, the cac 40 down. 3 . Real laggard has been the ftse 100. Names like hsbc and at row seneca and astrazeneca are knocking the market. We faded midafternoon. We tried to climb off of the earlier low. We have not done it that successfully. Volume is low but it is a long weekend. , monday, youle want to hold the risk with the coronavirus . I was fascinated by the travel and leisure. The airline sector, even the crew sector has done reasonably well. Look at what is happening with this statement, particularly the airlines. Technology has done ok. Only one sector over last five days. That is oil and gas. Today a little bit more rosy. Defensives are not doing well. These are names like nestle. The utility sector continues to be a standout performer. The bond like proxy story, rollbacks rbs the royal bank of scotland, changing its name. Is it a game change . A lot of us are jolted by the association of rbs with the financial crisis. Does changing it in that way change things . The new boss will slim the business down and she will refocus it and turned it away from some of the Capital Markets operation. The stock down hard. The coronavirus is having an impact on astrazeneca. Trade is down 4. 35 . There the recovery people are hoping for will be deferred by the coronavirus. Astra a big drag on the ftse 100. That is european close. Vonnie we are seeing buying inequities and that will give you an idea of the flips in the market. There are continued jitters over the coronavirus. Is offering, u. S. What china will accept. We do not know yet what kind of response will come from the chinese authorities. The monetary authorities and the fiscal authority. He would even go so far to say excellent economic numbers when it comes to the u. S. Consumer. Datad preliminary february that shows another gain an even higher expectations, which are already at a six month high and the retail sales did not quite disappoint, although it may not have been gangbusters. That said, the s p 500 is up. 1 . S p earnings are chasing the street. We are getting upgrades on the likes of tesla and comments on the coronavirus that may not have been as bad as some were expecting. That is helping equities and helping treasuries. There is no contradiction in terms. The dollar index starts to rise again. We are above 99 and staying there. To 52. 07. A little bit of a bounce. Fears demand will be lower and china will not be able to its pledge on the 200 million figure. That is a quick look at the stops doing the best. Expedia up 12 on the forecast for doubledigit growth. We have nvidia with great data storage and ship sales. Newell brands also doing well although it did not knock it out of the park on every single metric. As for those stocks on the kraft heinz got downgraded to junk. Not great for that consumer company. That is an idiosyncratic story. Annualsolutely, the security Conference Meeting now underway. One of the conference one of the topics on the agenda is the coronavirus. Conferencefrom the is the Eurasia Group founder. How does the coronavirus change the geopolitical landscape . That china is such a large piece of the Global Economy and an even bigger piece of Global Growth means that when china sneezes, the rest of the world catches a cold. That is absolutely what is happening. The ability of the Chinese Government to have a Strong Political hold on top of the virus make sure this does not embarrass or damage xi jinping domestically means much more of a quarantine, a harder line response and much more business disruption. I think the market level of concern, what is going to happen with travel longterm, supply chain shipments, all of the last, i think have been underestimated for what we are likely to experience. Im not worried about a pandemic that will kill hundreds of thousands of people, but im concerned this will have a bigger economic disruption this year than people think. Be theresense seems to will be a huge policy response, that a lot of this can be compensated by centralbank action, be it in china or the United States or europe. Do you believe that . I certainly think the Chinese Government is prepared to put a lot of cash in to ensure the consumers are not going to be any angrier or more fearful than they already are. That is very different from saying the chinese economy is going to be robust. These companies will be working the way they need to. Lets keep in mind Interest Rates are already comparatively low right now. It is not clear you will see coordinated action by the americans like you did coming out of the 2008 financial crisis. Our geopolitics are radically different. One of the biggest concerns is if the coronavirus gets to the point it becomes a proximate drag on the American Economy before the election and therefore trump suddenly believes he has a problem with the chinese, the geopolitical implications of that are significant. Trump as president is the one guy who is saying xi jinping is great. I got the phase one trade deal done and we are engaged together, he will get this fixed. Underneath trump you have people complaining about the chinese on every front, and you feel that in munich today. Whether it is on 5g or on hong kong, whether it is on intellectual property, whether it is on the south china sea. You name it, there americans with a serious problem with china. If trump changes his tune on china in a significant way, it is very different environment in 2020. Vonnie how much is the split between what is being said publicly and what is actually the bowl . Of thed seem the goal u. S. And china would be the same thing. Ian the goal of the United States and china is the same thing in the sense they both want the economy to grow as quickly as possible. What i am saying is if it suddenly looks like the bowl will not be met and suddenly the goal istates trumps very much organized around november. It is around these elections and choosing the economy to make the election look good. There were people concerned the trade war would grow in the u. S. Economy would dive. They got a lot happier when trump decided he was not going to be on the european so much because the markets looked better. That is a big piece of why he is favored to win in november, though not by much. If suddenly the u. S. Economy looks worse because the coronavirus is not as manageable by xi jinping, i expect trumps ability to pivot, you saw how quickly he pivoted on north korea. Watch how much that could flip in the other direction and away markets are not going to like. Absolutely plausible if the coronavirus becomes a significant knock on Economic Impact the United States in the runup to the election. That is what you need to watch. Vonnie how much are you hearing ceos do a double take. They were just given a gift. They finally got phase one which means confidence comes back, and now the coronavirus beers are hitting and it is becoming increasingly difficult. What are the priority concerns for ceos and executives you are meeting around munich . They want to know how much of a shock this will be. Wilbur ross actually said coronavirus could be good in the sense it would make more americans bring jobs back to the United States. Not the most politic thing for him to say, lets be clear, but there are a lot of ceos that have had problems with their supply chain footprint. Labor in china is a lot more expensive. They do not need as much. Most services and manufacturing ceos believe they can make more money in the next 10 years with less labor. They are not going to make a sudden change unless there is a shock. A shop could be a recession or could be the coronavirus. I think it will be interesting to talk to the ceo about that. Guy how much does this undermine the regime in beijing. We have seen very little of xi jinping. This is a major threat to beijing. What is your assessment of how big that threat is . Ian not much. There is no question the fact that you now have the head of wuhan removed and replaced by xi jinping, in one case by the former head of shanghai who is a strong a strong enclosed confederate of xi jinping, he has full ownership of this. As long as they are able to show they now have the masks for people, they now have a hard line, but they actually get it done for the country. I do not think there is significant instability inside china. The impact of ensuring there is stability inside china is a willingness to take greater economic pains for china itself this year, they could see a 5. 5 growth or lower, and what that means internationally. That is the trade that will be made. Lets be very clear. China is fundamentally a state capitalist economy. Their highest priority is political stability, not Economic Growth. The United States is driven by the private sector. The private sector cares more about Economic Growth than political stability. That leads to a lot more polarization in the United States. A lot of people say it is rigged, you do not care about us, we do not have American Dream anymore. In china the chinese dream is alive and well but Economic Growth may be a different story. Vonnie we have to leave it there. Thank you to ian bremmer, Eurasia Group president and founder coming to us from munich. Guy lets turn to another aspect of all of this. Is moving toault ensure investors after posting its first annual drop in a decade. The interim ceo says they have a costcutting plan and the companys alliances are not in jeopardy. The alliances fundamentals do renault and nissan and mitsubishi, there is no question. There have been rumors. It is untrue. We have good relations with the ceos. We need the alliance. There is no question about that. Without the alliance we would be tiny. Even if we have difficulty it does not mean the alliance is at stake. Guy scale matters. A reporter joins us for sense of what is happening at the company. What is happening with the coronavirus . We are starting to get an understanding that they could see factory closures. We have seen it from fiat chrysler. What are they saying about the impact of the coronavirus . They have had to close the factory and south korea for four days because of those supply issues with the coronavirus and because the supply chain issue. What renault is saying is there is no clarity on what the visibility of the impact is going to be. Carmakers are saying there may be impact or not be impact, it all depends on the visibility they get and when they can see supplies coming in. Do not respect the many parts that have been made in europe but may be from other places. It is a question of when they can get visibility on it. Volkswagen ceo will be starting as ceo in july. Will that help things . Has been talking about cutting costs and they said they cannot wait for the new ceo. As angeli, the new seat essentially, the new ceo will bring stability into the picture, as well as allowing them to look at how they can cut costs and essentially look at improving relations between the rest of the alliance. Guy thank you very much. Our auto reporter joining us in london. A quick look at european stocks. This is the final set of numbers. A little bit of dip in the auction process. Not a significant one. Very close to session lows for the ftse. Well carry on the coverage at the top of the hour on dab Digital Radio in the london area. The cable show taking to the air. Jonathan ferro in new york, i will be in london. This is bloomberg. Guy from london, im guy johnson. Vonnie from new york, i am vonnie quinn. Time for our stock of the hour with viviana hurtado. Atiana we are looking nvidia as our stock of the hour. Shares are surging, passing a record. 27. 4 . The largest maker of graphic chips reporting fourthquarter results that beat the that beat the street, plus a strong outlook. What is driving the strength . Higher demand for data center and gaming chips. Thats look at nvidia revenue growth. You can see data centers and video gaming leading this growth. Owners of data centers that Power Internet services are spending, and that includes graphic chips used to boost artificial calculations. Nvidia adapting the technology for the ai market. Looking at sales growth, you can see 3 billion in revenue in the Current Quarter. This coasted way past street estimates of 2. 84 billion and that is the different story from last week sales, making a strong comeback, going back to those ai investments. Ai market analysts are confident this is a segment of computing that is only expected to grow. Think of ai use of Technology Like self driving vehicles. We are talking about how shares hitting an alltime high. This year sales were up 24 . You can see that upward trajectory, bringing the oneyear gain to 89 . We will leave you with this, how it is that nvidia is edging out rival chipmakers in this. Each company gets a quarter of its sales from china. Now nvidia needs to win over chinese regulators and that may be a challenge with ongoing u. S. China trade tensions. That is your stock of the hour. Vonnie thank you, viviana. Guy time for our business flash. A look at the biggest business stories in the news. Lets kick things off with Mark Zuckerberg saying he backs of global tax that could raise facebooks tax bill. The ceo will address Global Leaders at the security conference in munich tomorrow. World Largest Cannabis Company are soaring. Canada cannabis beat expectations across the board. The company says it captured 22 of canadas recreational pot sales. That puts canopy and number one in terms of market share. That is your latest Bloomberg Business flash. Vonnie coming up, it is our global battle of the charts. I believe you are taking part. This is bloomberg. Hi were glad you came in, whats on your mind . Can you help keep these guys protected online . Easy, connect to the xfi gateway. What about internet speeds that keep up with my gaming . Lets hook you up with the Fastest Internet from xfinity. What about wireless data options for the family . Of course, you can customize and save. Can you save me from this conversation . That we cant do, but come in and see what we can do. Were here to make life simple. Easy. Awesome. Ask. Shop. Discover. At your local xfinity store today. Vonnie time for our global battle of the charts. You can see these charts on the bloomberg by running gtv. Kicking things off is jessica summers. Jessica as you know i tend to focus on oil. Today is valentines day so i need to focus on another commodity that has had quite a strong performance. That is sugar. We can see raw sugar futures have been rallying steadily, hit the highest since may of 2017 this week, trading volumes have surged as well as open interest. If you look at the bottom panel, that is Hedge Fund Positioning. Bloomberg intelligence saying Hedge Fund Positioning showing this rally may have gone too sweet. You see the loss rising for the last few weeks. Now it looks like they are overextended and we may see a decline in sugar, even though it has been such a bullish streak. Pay attention to any sort of reversal. You can find my chart on the bloomberg at gtv. Vonnie i guess it is suites for my sweet, sugar for my honey. We are staying on the theme of the day, which does seem to be valentines day. Guy, what you have to go up against that the medic chart . Guy i have a lot of red but i do not have anything valentines related. This will be a little bit of a blow through the heart when it comes to the German Economy. Today we saw german data coming out. The gdp figures are related to last quarter. It was not pretty. We saw germany coming through with a number of absolute zero, null in german. This is without the coronavirus. What i am trying to understand is what effect will the coronavirus have and how quickly will it translate into the German Economy. A lot of economists are trying to figure that out. Have is a top panel, i have Producer Price inflation out of china and in the bottom panel i have producer license Producer Price inflation out of germany. The two do have a strong relationship. What you can see is the chinese data front runs the german data. By two or three months, and other cases it is longer. You can see that for the 2015 and 2016. As of late, you can see the downturn in chinese Producer Prices start to be reflected in german Producer Prices. These are very close in terms of their industrial base. One feeding into the other. What we are now finding out is lagget a two or three month between a downdraft in chinese produced prices in the next times out, it is likely to be fairly substantial. How quickly that feeds through into the german data. Certainly by the end of the Current Quarter you are likely to see that affect coming through into the German Economy and that is certainly something the ecb will be paying a great deal of attention to. That is the chart. Bonnie . Vonnie . Vonnie an excellent chart. I much appreciate the information. I will say that on valentines day i will award the winning chart to jessica summers. I am sure there will be flowers and chocolates and all sorts of nice things on your desk. Jessica thanks. Vonnie the producers will get them right now. Coming up in the United States, balance of power on the United States on Bloomberg Television and bloomberg radio. Will be speaking with Michael Mckee at an event in florida. Coming on the heels of the fed chairs two day testimony. Aheadi plenty of look to the nevada primary from david westin, host of the show. There is a picture of where we are at with u. S. Markets. This is bloomberg. David from bloomberg World Headquarters in new york to our tv and radio audiences worldwide, i am david westin. Welcome to balance of power, where the world of politics meets the world of business. On the brief today, from hong kong, Sophie Kamaruddin on the latest on the coronavirus. Michael mckee from sarasota, florida, and from london, jamie rush on more week numbers out of germany. Sophie, thank you for your great reporting in hong kong. Give us a sense of where we are. The first thing is the count. How many people infected . Sophie the numbers did offer some inconsistencies around the data. We had china confirming the big jump we saw on thursday are a oneoff, but today it did lower citing doublet, counting due to the new methods, including a diagnosis of critical systems. We saw a drop in the total number of reported cases to 1000, giving the tally to 64,000, while the fatality