Time. How much more can this market take before there is longterm effects on the economy . Thank you. Market does short run corrections. About 10 or 11 or something. Weve been through this many times before. I dont think, even though it is a frontpage story and no one likes to see their asset values go down, i just dont think, at this point, it will have much of an impact. , how longlify that this lasts,. How long this lasts, it depends on how deep it goes. I will remember i remember i was a reagan cub scout and i remember the 1987 market crash and president reagan saying the economy is fundamentally sound and the economy grew by 3 or 4 after the crash. I think President Trump said it in this room two nights ago, we just think the economy is sound. Therefore, i dont think this shortterm stock market plunge will have any longterm effect. [indiscernible] not at the moment. If you had a friend that was thinking about going to china, what would you tell them . Stay home. What effect do you think this will have on the president s Reelection Campaign . I think the way he is handling this will have a positive effect on his Reelection Campaign. I am a longtime trump friend and watcher, and now, the last couple years i have been working for him. I think this is one of his best news conferences he has ever given. This is a governmentwide effort. I think folks will look at that and say he is doing his job well. I think, therefore, at the end of the day, it will help that. What Emergency Powers is the ministration the administration have to ramp up creation of personal protection equipment. There are things to unclog logjams if they exist but i do not want to go into details on that. Can you help clear up confusion about the communications being funneled to the Vice President s office . Many Officials Say that is what has to happen, but the Vice President s Office Denies that. Can you clarify, do government owed into youth agencies need to clear the coronavirus cases through the Vice President s office . We always have coordinates in here coordination here. The president is the ultimate clearing authority, the Vice President is running his desk for us. We are just trying to convey his message,vey and no one is being stifled, no one is being told what to say. You have veterans, again, i come back to this point, you have veterans in the nia and cdc with immense knowledge of these things, they have been through these things before. We want to hear what they have to say and hear what they tell us. There is a big difference between stifling and coordinating. I think you have to coordinate. It is a big government. I dont see a problem at all, i dont see anything wrong. Officials on the record said there is no approval process. Youre telling us there is . And fastis no hard process, no. People have common sense. You have this task force, i am a member of the task force, and there is this coordination going on right now. Thing, this may not be what youre looking for, i want to tell you. This is such a serious matter that not only do we want all of the information we can possibly get, we would like to have coordinated messages just to stop any confusion with the public. It is a hard thing to do. Yous no hard and fast cant say this, you cant say that, that is not the case. We are sharing information across multiple number of agencies. We are doing it through that task force and we are trying to coordinate, so we are speaking with one voice as much as possible. Thats all im saying. You mentioned in the fox interview that the president has been on the phone quite a bit. Have you spoke to these companies . I have. Which companies did you get to speak with . I wont divulge that. It is across the board. We are always in touch with ceos. One of the great parts of my job, as ive gotten to work with a lot of these ceos, many of whom who are brilliant people. That is why i went to the tim cook interview. Businessman and knows a whole lot about china. He would not have said what he said if it werent true or at least on the ground of what he saw. That is very, very important. We are keeping an eye on everything. We understand it is difficult, but sometimes, sometimes the psychology is worse than the fact. I understand that. Its perfectly understandable, a human trait. You plan for the worst, but it does not necessarily mean the worst will happen. Sort of broadly, what have you done and what did you do back in the meetings weeks ago on this to try to deal with the supplychain problem . Know, the government doesnt run the economy. It. An learn and report on we cant control that. If china is taking tough steps and closed down factories or whole areas, we have to live with that. As you know, in this room, i have said several times that the president has, from day one, wanted to engage with china. China, send our experts over weeks ahead of when they went. We are working with the World Health Organization as well. We are only as good as the facts, and the facts may be harder to come by in some cases. We cant control that. My point about the supplychain, and i can understand the economics and investment world is worried because it could slow down growth. We just i was scanning the wall street journal today looking at various stories. North American Auto production is proceeding apace. There are problems overseas, especially china. Chinas auto sales and production are terrible. They will have poor firstquarter gdp. On the whole, looking at these regional federal reports, which is the best i can do right now, we dont see any evidence of major supplychain substance. Im not trying to say nothing is happening, and i think there will be impacts, but, to be honest with you, the moment, i dont see much. Next few weeks of march will be important, and we will get more information on that area so far, it looks ok that. So far, it looks ok. Ordinary families take comfort in that. We will take this one step at a time. Thank you very much. [indiscernible] the leader summit is in midjune. We finish up this today. Stay tuned for more. Thank you, larry. Thank you. 114. 86, that is the new low as larry kudlow spoke there. Two reporters from the white house saying, if anything, he thinks the coronavirus and response will help president Donald TrumpsReelection Campaign. He also says there are things he can do to unplug if they exist, i just dont want to go into details, kudlow saying there is a response that should be coordinated. He was responding to whether responding to whether some officials have been cycled. Its important for everybody to page in terms of page in terms of response. While that has happening, who has changed it forecast for coronavirus . We go to the risk for coronavirus now is very high, updated from high. Still no pandemic, but definitely a few very high from high. Guy in the last couple seconds, we saw the dax down 5 briefly. Off those levels, but down 5 on the day. Nap jp now is morgan Equity Management strategist, stephen. What does this market need to stabilize . What do we need to see in the selling of equity market and what fun he was just talking about in the bow markets. Two bull markets. The first thing would be stabilization in the spread of the virus, some kind of acting, cure, Something Like that. That is unlikely to happen. Instead, we need governmental policies around containing the pandemic. We need clear policies. W to handleow we note pandemics, cdc has done a lot of research onto how to deal with it. Many countries countries are on quarantine, but we need clarity on that. This is an issue or challenge. Thirdly, i also think if the central bank was to come in, which is what the markets are betting begging for, i thing that will provide some stabilization. Driver ise underlying the spread of the virus and we need confidence on how that is contained. Guy how do we stabilize . One of the issues in this new is form is that it the notion we need to have a response is right. The problem is where this plays out. If you look at how this works in economic terms, you have a supply chop supplyside stock and demand supply shock demandside shock. Further down the time further down the line, you would want to avoid companies avoiding hits to incomes and to avoid the situation in which Companies Start to face funding pressures because they are concerned in which their Funding Network capital they are Funding Network capital. The function we have seen is the function of all of those things. There are a lot of unknowns. I was interested, in january, when the coronavirus first hit in china, markets were 4. 5 of the week and then you had the bank of china and markets went up 5 to new highs. It started toen spread the china saw a greater decline. We have not seen broader monetary responses. I think the officials will see exactly what they are dealing with, demand stock, supply shock, before putting in countermeasures. Vonnie what channels by which do these impact the economy . There was the consumer element with the only stock higher being 3m because of the sale of masks, but you have been looking at tourism. It is not just tourism. If people stop traveling because they are worried about delays and getting tested at every opportunity, work wont get done. People wont be visiting other offices and so on, buying first or businessclass Business Class tickets, tickets through the channels. Share. As you said, tourism will take a big hit. This is a global phenomenon, not just tourism. This will be travel anywhere in the world from any part of the world, and that will be for personal reasons and business purposes as well. That will take big impacts on especially economies that are so inensitive to tourism, your, spain and italy, and france as well. There are numerous other countries around the world that will suffer from this. A clear also supplychain application as well , so what we have today is the Global Supply chain that is efficient, but also very fragile. For any given product, you have hundreds of components and multiple different countries. E country cannot produce a part, the whole thing wont get produced. We will see numerous products we took for granted wont be able to be produced. The relating point to that, many things people will demand in basic necessities whether it is gels and so on, many of those, people will start to stockpile. He will go to shelves and it will not be there either. Then, there is a financial owmponent around h Companies Fund themselves. They have the resources to fund themselves . Are there any support or grams in the government they could use or programs in the government they could use . Then, the markets seem to be increasingly driven by algorithms. There is question around the liquidity of the market, so we could enter a market with machines responding to the price action in a self refilling selffulfilling way and we end up in this neville and direct never ending cycle of decline, and that is a bigger challenge we have to face here. Stay with us and stephen is joining us from Asset Management j. P. Morgan Asset Management. The conversation will continue in a moment. This is bloomberg. Vonnie live from new york, im vonnie quinn. Guy from london, im guy johnson and this is the european close on bloomberg markets. Oil stocks hammer this week. Is trading at a dividend yield of percent. All of them are losing close to 20 of the value. Is it too early to buy some of the most beaten up stocks in the market . Guests, and steven, you have shell trading at 9 , that has to be incredibly attractive area downside looks enormous. Buy at point does the reasonably rice as id kick in . Bilal we have been talking about the software. Meaning and valuation of stock market probably not. Didnte some and they have the same impact. Its the number of cases that much lower. What you do know is that with bond yields, equity risk has risen relatively substantially. Produce our Capital Market assumptions in december. When we did, u. S. 10 was 1. 7 and now it is 1. 2 . Mediumterm expectations will be 5 and 5. 5 . That has not changed. We have an equity risk at 320 and that is about 4 . 3. 8 , and that is about 4 . As an will view this opportunity but it is too early to identify any particular level or day for that opportunity. Vonnie when we see the selling of safe havens in order to free up cash and in order for goals et, stephen, what does that mean to you . Are we talking about selling gold or are we talking about selling bonds . Vonnie selling gold and the fact the yen has not been bid as much as you might think. I think its interesting because there is little evidence that people were taking excessive amounts of risk for this correction in the stock market. As of cashooked level were rees cash levels were reasonably high. Normally, when you have a markets event, it comes from people buying in the beforehand and trying to scramble to raise money scramble to raise money. The second point, if youre looking at the u. S. Treasuries, it, whereall are its going to sell settle . If its higher than 1. 2, you are going to lose on your capital value. Bonds is doing exactly what you would expect in the shortterm, safe havens, yield coming down dramatically. In the median time, if your expectations is that the bond is higher, you are looking at points where you take off the tactical protection from the safe haven asset and think about taking more risk. Rationalwe seeing a response in the markets inasmuch as all assets are trading relative to each other in a rational way . Or do some Asset Classes look out of whack to others at this point . There are some markets out of whack. I would have expected credit markets to be weaker than they are. Guy why is that . Bilal part of that is to do with the rallying rates we have seen. , of any strike, will do well when treasurers rally, but the duration performing well has helped credit to some extent. I think people have focused on equities because of the speed of the move, and avista relative iserality of ev that move. This is more of a lagging indicator suggesting people might want to see more evidence in the hard data in the economic or default cycle. Staying with us is bilal of macro highs and Stephen Smith of jp morgan. Lets take a look at markets as we had to break. ,e are seeing another down day a seventh straight down day. This is bloomberg. Vonnie checking u. S. Markets. Off our lows equity wise. We are down big for a seventh day. 2. 9 , s pnes is down down 2. 5 , and nasdaq is only, and i put that only in quotation marks and i put that in quotation marks, down 1. 7 . The vix didnt quite reach 50 but it almost it. Guy the volatility is amazing, not just in equity but across a series of Asset Classes. Even exchange volatility is moving up. The markets are down by 6 , the german is down by 5 . The duchess down by 4. 6 . Stocks are down by 4. 51 . We are off our lows. The dax is down 1 . The closes next. T. She is next. Is next. Guy 30 seconds until the end of regular trading in europe. A familiar picture. Very bright red and it comes to the map. That me show you what the session chart looks like. 373. 33 is where we are on the stoxx 600, well below the 400 line. Down over 4 . The chart does not tell the story. There is a massive cap lower. Lower. Ssive gap we have stayed where we are. Not at our lowes but close to the lows of the sessions. In terms of the individual markets, these are the numbers. The ftse 100 down 3. 39 . The dax at one point was down 5 . We have rallied off of those lows, but we are still down over 500 points today on the dax. Paris down 3. 57. Wheres the damage from a sector point of view . Veryidual stocks having little bearing on what is going on. In terms of the bestperforming sector story in europe, it is retail, down 2. 4 . The car sector was down 3 . Goods down 3. 43 . Technology conceived as a safe haven, down 3. 5 . Those are the best performers. Let me show you the worst performers. This is on the day. I will show you later in the program where we would be on the week. Those numbers are truly frightening. Chemicals down 5 . Basic resources down 4. 7 . The insurance sector down for 4. 7 . I wonder whether or not we are. Tarting to get a situation we see the Geneva Motor Show being canceled. Switzerland does not want to have gatherings of more than 1000 people. I wonder whether that is priced in. Utilities off 4. 53 . Telecom, health care. Even the more defensive names are being shut out right now. The Health Care Sector down 4. 44 . Real pressure being felt on the downside. Oil and gas down 4. 3 . It is a tough day. Everything lower. The markets being pushed down and down. I will wrap up once we go through the settlement what it will look like on the week. Those numbers i watering. One that is feeling to me is the dowel has not this many points in a year as it lost just this week alone since 2008, back when everything was falling apart and the wall street titans were crumbling. That is to tell you have any points we have lost and how much momentum the selloff has gone through already. It is not done, although we are all power lows for the moment. We have had several points of decline for all of the major averages. Today the s p 500 was down nearly 4 at one point. It is down less than 2 now. Just 50 stocks in that index are higher and some of those have really been sold off. Possibly some buying there. The 10 year yield is off its lows, it was down to the 1. 14 handle today. The vix is at 46, just in the last little while. Crude oil down at 44. 62. Lets get into the s p 500 and have a look at a few of these stocks that are higher and lower. Again, these are a very small sampling of stocks that are higher, which number about 50. Not that many at all. Some have been extraordinarily badly sold off, including the cruise liners. Norwegian is the best performer, which will tell you the kind of health this market is in. Royal caribbean up three point 25 . Live nation had good earnings but people were wondering if events were starting to be canceled if live nation might be impacted. Today not so much, although it is true that during the week many Event Companies have been sold off. Discovery after the massive selloff yesterday is back above 3 . On the downside, pick your stock. Down 7 . Clorox has seen buying because of its detergent products and the fact that it is a onestop shop for hygiene. Right now it is down 6. 8 . That will give you one idea of the breath of the selloff. Guy lets carry on our conversation and talk about what we have seen throughout this week and get an understanding of where we go from here. As we were mentioning earlier, oil stocks under great deal of pressure. We are trying to work out whether or not this is a rational market and who is in charge of it. Wonder whether or not there is a significant danger we end up beating on ourselves. Us. Guests are still with let me start with you. We are trying to understand what is going to cause stabilization. Humans will have some impact in this process. Is this a market that is easy to stabilize given what is happening with the level of Algorithmic Trading we now have . Challengesone of the , the scale of Algorithmic Trading. It is fast. There will be a big challenge to stabilize this from active investors. Moreover, the nature of the crisis we are in is a pandemic and there is a human response to the pandemic, which is much more difficult to predict. Some much more human at level you need to contain the human fear. Only then could you stabilize markets. The human and this relates more to the response of the virus. Guy is it time for active to shine . Stephen it is always time for active to shine. We get paid according to the results we receive relative to the markets. We think the environment for active management is relatively good. Valuation spreads got unbelievably wide. That is on the sector neutral and industry neutral basis. As the market sells off and the baby gets thrown out with the bathwater, is now the moment where active has to step up . If it does not step up now, when does it step up . Stephen if you come back to what i was saying earlier, the way we think about the market, if you think about the financial ck, one of the things we are clearly interested in is checking we do not have any working capital vulnerabilities. People are not extended. Overall financially they are not extended and not close to reaching their banking. We are trying to make sure we are not exposed in any way. That kind of thing we can do is active managers. Guy apart vonnie what are you telling clients who call you up and tell you they want to withdrawal right now and go to cash . Our funds are traded every day. If people want to take cash out of our funds, we will provide that cash. The way we manage our funds as we ensure the liquidity available is sufficient to be more or less any kind of investor demand to withdraw cash. Only three weeks ago markets were making new alltime highs. Given what i said earlier about valuations, we will not stand in the way of our clients if that is what they want to do. Vonnie is there a liquidity squeeze . Are people calling up desperate to withdraw . Stephen it is not something i can talk about. Broadly speaking, if we think about the industry as a whole, im not aware there has been Major Pressure on withdrawal. Ive not seen the data from etf. As far as i can see, the market moves we have seen have been fairly orderly. Yes it has been dramatic in price terms, but if you think about the ways in which sectors are stacked up, but over last month, bond yields have come down and Interest Rates have done broadly speaking better than the market. People are concerned about the shortterm cycle and some of the more cyclical sectors have done worse. Within that energy basic and resources have suffered. It has been fairly logical. Guy lets talk about what happens next. This weekend we get chinese data. Ive heard people talking about the number being anywhere from 30, on the terminal it comes in for 45 for the composite number. How bad do you expect the chinese data to be . If it is bad, how does the market react . If it comes in mid40s, do you believe it, and how does the market react . Bilal if you look at some of the highfrequency numbers, if ,ou look at traffic via cars whether you look at train cinema, visits to the they have all cratered in the remain at their lows more than two months after the break of the broner virus. That suggests the pmi should be very weak. Market that should give confirmation to the market that this is a serious situation we are seeing. At the same time, as you said, if the number is strong the market will believe the numbers. I think it will be an Important Message to remind us that china has shut down at that has a significant implication for the Global Economy when one of the largest economies and a key part of the Global Supply chain shuts down. It is not something that could be written off so easily. Guy we will see how the authorities respond. I think we get that data saturday. Well see if we get anything over the weekend. Gentlemen, thank you for joining us this afternoon. Forget, we will be carrying on the market coverage at the hour. We will switch it over to Bloomberg Radio in the u. K. Jonathan ferro is a new york, i will be joining him in london for the cable show live on dab digital radio. This is bloomberg. Guy welcome back. We are through the settlement in europe. We are closed for the day and close for the week. This is an opportune moment to talk about what the price action looks like for this week to give your idea of the order of magnitude we have seen in europe. I want to kick things off with the stoxx 600 this week. On the week we are down 52 points. We started above the 400 mark, we are now well below the 400 mark. We started at the 420 level, now trading at 373. That is a huge drop. The rate of change his eye watering. Lets talk about where the damage has been done to peel the onion. This is the stoxx 600 breakdown from the grr point of view. These are the sectors ranked over the last five days. At the top, where you seen the more defensive bias . Utilities. Utilities are a bond proxy. The bonds have been aggressively bit, yet utilities have been sold off by 10 . There has been a baby in the bathwater phenomenon. Funds doing relatively well over the last few years. Weve seen bond yields going down and down. This week it has broken down. The car sector has had a relatively good week. Household goods have done well. Real estate, health care, these are the bond proxy, the more defensive ends of the markets. These are still down 9 , 10 , 11 , 12 . Lets show you where the real damage has been done. The travel sector has been where the real damage has been done. The travel stops are down aggressively. The insurancen, sector is down. There is a portfolio effect. As you start to see big cancellations around the world, there may be an insurance affect kicking in. Andbanking sector, the Oil Gas Sector under pressure. Lets move on and take a look at some of the individual names we are watching to show you what is happening there as well. Suspended, you can put that to one side. Elsewhere, over the week, pearson, l trend doing better. I want to go to the bottom end of the market and show you where the real damage has been done than the travel sector. The mrr function on your bloomberg. A similar Business Model thomas pope, thomas cook going out of business just recently. Easyjet down 27 . Galapagos down 24 . Iag includes British Airways and aer lingus down 24 . All of these travel stocks being absolutely pushed sharply lower. I want to finally wrap things up is theis board, which gmm function on your bloomberg. Do this. Take the gmm function back to the beginning of the week. You see greece down 19 , belgium down 14 , the yen up nearly 3 and the u. S. Two year down 42 basis points. Wti crude down 13 . An amazing week. Vonnie i am looking forward to this next interview. In 18. 9 billion elevator sale is the beginning of a breakup for one of germanys oldest conglomerates. Erik schatzker is here with one of the largest shareholders. With lars here foerberg. Germanys bigut industrial kalama grid conglomerate. Has been a Big Industrial you are the second largest shareholder. Selling the elevator business for 17 billion euros, is that the outcome you hope for . Lars yes. This puts the company on a solid financial footing. It is no longer financially week, it is strong. Sale, the after the company has a market value of only 5. 5 billion euros. What else is worth anything . Businesses a lot of within the group. Business, Solutions Automotive components businesses, and some other businesses. The group has been run in the past as an integrated conglomerate. Very possibly, very complicated. This marks the end of the integrated conglomerate. Management has said there will be a small head office instead of a big head office. The various Business Units will advance independently. That is a big shift from the past. The old group is no longer there. The companys new ceo said everything is on the table. Is she moving quickly enough, aggressively enough . Lars yes. I support martina. She has done a great job so far. I support the board. They have change the direction from the integrated strategy to a strategy that is going to be much more agile. What martina is saying is now look at isess should this the right owner for this business, is this the right strategy for the business, what is the right operation, what is the right leadership . This is done in a completely different way than in the past. In the past it was more of a topdown strategy. Nows a bottomup strategy, thinking about every business and improving it as much as possible. Financialave the strength from selling the elevator business to build operation strength. That will take a lot of hard work and speedy work. Erik what determines whether demands remains a shareholder or decides to sell . Lars we remain behind martina and think take and we think she is the right person. Erickson,s talk about one of few companies that makes essential quitman for 5g, the other being nokia and huawei. Market erickson have a cap of only 25 billion . Lars that is a good question. When we entered erickson, the margins were at the low single digits, they are now at about 10 . The targets of the group are 12 to 14 . I think it will go to 15 or higher. Think it will go to 15 or higher. If you take 15 , that would mean erickson now has an operating multiple of seven times and sales of one. This is for a leading technology in 5g. 5g will grow for the next 10 years. Erik youre talking about the financial analysis. Lets talk about it in strategic terms. Not only is it one of three providers, it has technology it is of critical interest to the United States government. Lars sure. In my book it has the leading technology. Better than huawei. That are the nokia. Erik earlier this month, the United States attorney general, william barr, proposed a u. S. Company buy a controlling interest in erickson, state signaling the Trump Administration wants to create a stronger competitor to huawei. Would you support such a sale . Lars anything that makes erickson stronger should be considered. We are the largest shareholder of erickson. We believe in the strategy of erickson. We believe in them a new Management Team that has been in place over the last years. They are doing a good job. They are taking erickson into growth, and that will come more. I think the board and management have to think about what the administration has said and think about can this be used to strengthen the position of erickson longterm . Erik they need to consider the sale of a controlling interest . Lars you need to consider everything in making a company stronger. This is one of the things to consider. Erik do you think they are considering that . The geopolitical issues are important for any company, any International Company at this time. We do not have any such plans. Erik even if a controlling stake is sold, you would want to remain a shareholder. Lars we are the largest shareholder and i do not see a change in that. Erik what about the interest behind erickson . Do you think they would support it . Lars i do not want to support about the family thinking about the issue. Higher rates you can see why it might be of political sensitivity in sweden . Erickson is a very Important Company for sweden. I think for sweden, it is important to think about how can erickson be made stronger . This is what the strategy of erickson has been over the last couple of years, to go from a flawed strategy in the past two focusing on the network business, which is now two thirds of the business and has been turned around. That focus has led to much better market position. What about the other alternative . Potentially combining erickson and nokia. Lars i do not think that will happen. We would look at too high of market shares. There are three players in this space. Erickson, huawei, and nokia. Erickson and huawei share the number one position. Nokia is also struggling with their technology at the moment. Erik one consequence of lip run irus scare and the impact one consequence of the scare is it has madeit has cheap stocks cheaper. Are you going to deploy capital in the selloff . Lars we are redirecting capital at this moment. There is an incredible bifurcation between high quality and low quality or growth and value that i have never seen over the last 20 years in terms of valuations. There are a lot of opportunities. In addition, i think europe is outoffavor. There is a lot of value in europe at this time. Erik you have the cash to spend . Lars we are typically always fully invested. We are 100 invested and circulating money into the situations. I am not prepared to tell you. Lars we will leave it erik we will leave it there. Thank you very much. Lars that is erik that is lars foerberg. Thank you very much. Back to you in london. Guy fascinating interview. Lots to digest. Worth paying attention to. Lets talk about what is happening in the markets right now. Joining us is kailey leinz. Kailey the good news is we are off the session lows, the bad news is we were off the highs. The s p 500 restraining from the strictly have seen in the last half hour. On pace for its worst week since 2008. That holds true for global equities. You stop you saw the stoxx 600 close the week lower. In the last five days, more than 5 trillion has been wiped out of global equities. That pain is not just in equities. You are seeing the commodity complex seriously under pressure like wti trading under 45 a barrel. Vonnie we are off our lows. For a split second we went positive on the nasdaq. What caused that . Kailey every session throughout the week we have seen some buying into u. S. Equities. We have retreated they are in the day for a number of those sessions. The one thing i will say is that in some equities, youre starting to see that, specifically in travel stocks like cruise lines, they are higher despite the fact that they have been lower by 30 throughout the past selloff. That may be enough for investors. Vonnie kailey leinz, thank you for all of the complex market coverage this week. She will continue to do that on Bloomberg Television. I will be back with you in an hour as well. Coming up in the u. S. , balance of power with david westin on Bloomberg Television and radio. Lets check the markets one last time as we hit the noon hour. The Dow Jones Industrial average down 2. 6 , the s p 500 down 2 , the vicks at 45. 1. 1568. Ear yield crude oil 44. 70 a barrel. 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 break today, max theissen on the growth of coronavirus inside and outside china. Michael mckee in new york on the pressure for emergency fed rate cuts, and we go to is temple on the airstrike in syria that left 33 turkish soldiers dead. We wake up every morning and wonder where are we on the growth. Lets start with china. Is it leveling off in china . That is what seems to be happening. You are seeing aggressive containment efforts, growing experience in dealing with the virus starting to have an effect. Over the last week youve seen the great of growth and the number of new cases degrees. The opposite is true outside of china, which is the thing i think markets have grown concerned with. We mosthat are