Transcripts For BLOOMBERG The David Rubenstein Show Peer To

Everything from the bank of england, we are looking at the ecb as well later tonight. Lets briefly have a look at where we are on the state of risk assets right now. We are down 2. 5 under zealand, so down across the board equitywise. U. S. Futures pushing lower. Stocks and bonds were both hit, combined was the worst that we saw since at least 2002. The dow now in a bear market and ending that 11year bull run and the s p just within 1 of entering a bear market as well, that 19 drop, so you see that selloff continue during the asian session. Further intoking bear market territory after it did enter one yesterday as well. Japan also down more than 1. 5 . Also, we are taking a look at bonds, seeing that yield pickup across the board in asia. We are hearing President Trump is heading for the podium. He is there now. Lets listen in. And istarted in china now spreading throughout the world. Today, the World Health Organization officially announced that this is a global pandemic. We have been in frequent contact with our allies, and we are marshaling the full power of the federal government and the private sector to protect the american people. This is the most aggressive and comprehensive effort to confront a foreign virus in modern history. Bym confident that continuing to take these tough measures, we will significantly reduce the threat to our citizens, and we will ultimately and expeditiously effete this virus. From the beginning of time, nations and people have faced unforeseen challenges, including largescale and very Dangerous Health threats. This is the way it always was and always will be. It only matters how you respond, and we are responding with great speed and professionalism. Our team is the best anywhere in the world. At the very start of the outbreak, we instituted sweeping travel restrictions on china and put in place the first federally mandated quarantine in over 50 years. We declared a Public Health emergency and issued the highest level of travel warning on other countries as the virus spread is horrible infection. Taking a really intense action, we have seen dramatically fewer cases of the virus in the United States that are now present in europe. The European Union failed to take the same precautions and restrict travel from china and other hotspots. As a result, a large number of new clusters in the united were seated by travelers in europe. After consulting with our top Government Health professionals, ive decided to take some strong but necessary actions to protect the health and wellbeing of all americans, to keep new cases from entering our shores. We will be suspending travel from europe to the United States for the next 30 days. The new rules will go into effect friday at midnight. These restrictions will be adjusted subject to conditions on the ground. There will be exemptions for americans who have undergone appropriate screenings, and these prohibitions will not only apply to the tremendous amount of trade and cargo, but various other things as we get approval. Anything coming from europe to the United States is what we are discussing. These restrictions will also not apply to the united kingdom. At the same time, we are monitoring the situation in china and south korea, and as their situation improves, we will reevaluate the restrictions and warnings that are currently in place for a possible early opening. Earlier this week, i met with the leaders of Health Insurance industry, who have agreed to waive all copayments for coronavirus treatments, extend Insurance Coverage to these treatments, and to prevent surprise medical billing. We are cutting massive amounts of red tape to make antiviral therapies available in record time. These treatments will significantly reduce the impact and reach of the virus. Additionally, last week i signed into law and 8. 3 billion funding bill to help cdc and other Government Agencies fight the virus and support vaccines, treatments, and distribution of medical supplies. Testing capabilities are expanding rapidly, day by day. We are moving very quickly. The vast majority of americans, the risk is very, very low. Young and Healthy People can expect to recover fully and quickly if they should get the virus. The highest risk is for Elderly Population with Underlying Health conditions. The Elderly Population must be very, very careful. In particular, we are strongly advising that Nursing Homes for the elderly suspend all unnecessary visits. In general, Older Americans should also avoid nonessential travel in crowded areas. My administration is coordinating directly with communities with the largest outbreaks, and we have issued guidance on school closures, social distancing, and reducing large gatherings. Will preventtoday the spread of the virus tomorrow. Every Community Faces different risks, and it is critical for you to follow the guidelines of your local officials who are working closely with our federal health experts, and they are the best. For all americans, it is essential everyone take extra precautions and practice good hygiene. Each of us has a role to play in defeating this virus. Wash your hands, clean often used surfaces, cover your face and mouth if you sneeze or cough, and most of all, if you are sick or not feeling well, stay home. To ensure that working americans impacted by the virus can stay home without fear of financial hardship, i will soon be taking emergency action, which is unprecedented, to provide financial relief. This will be targeted for workers who are ill, quarantined, or caring for others due to coronavirus. I will be asking congress to take legislative action to extend this relief. Because of the economic policies that we have put into place over the last three years, we have the greatest economy anywhere in the world by far. Our banks and Financial Institutions are fully capitalized and incredibly strong. Our unemployment is at a historic low. This vast Economic Prosperity gives us flexibility, reserves, and resources to handle any threat that comes our way. This is not a financial crisis. Moment just a temporary in time that we will overcome together as a nation and as a world. However, to provide extra support for american workers, families, and businesses, tonight, i am announcing the following additional actions. Im instructing the Small Business administration to exercise available authority to provide capital and liquidity to firms affected by the coronavirus. Effective immediately, the sba economicn providing loans in affected states and territories. These low interest loans will help Small Businesses overcome temporary economic disruptions caused by the virus. To this end, im asking congress to increase funding for this program by an additional 50 billion, using the emergency authority, i will be instructing the Treasury Department to defer tax payments without interest or penalties for certain individuals and businesses negatively impacted. This action will provide more than 200 of additional liquidity to the economy. Finally, im calling on congress to provide americans with immediate payroll tax relief. Hopefully, they will consider this very strongly. We are at a critical time in the fight against the virus. Serving move with early action in china. Now we must take the same action with europe. We will not delay. I will never hesitate to take any necessary steps to protect the lives, health, and safety of the american people. I will always put the wellbeing of america first. And cane vigilant reduce the chance of infection, which we will, we will significantly impede the transmission of the virus. The virus will not have a chance against us. No nation is more prepared or more resilient than the United States. We have the best economy, the most advanced health care, and the most talented doctors, scientists, and researchers anywhere in the world. We are all in this together. Stopst put politics aside, the partisanship, and unified together as one nation and one family. As history has proven time and time again, americans always rise to the challenge and overcome adversity. Our future remains brighter than anyone can imagine. Acting with compassion and love, we will heal the sick, care for those in need, help our fellow citizens, and emerge from this challenge stronger and more unified than ever before. God bless you and god bless america. Thank you. Ok, there we go. That was the u. S. President speaking at a primetime address out of the oval office. Youuple of lines to take through which we will get to an a second, but risk assets selling off very badly. To point out,just we are not trading at 2700. A couple of seconds ago, we were trading below 2700. In fact, there we go. 2619 right now, so we are in bad shape across the region this thursday morning. Alexia, u. S. Futures heading lower, oil reversing its gains as well. Lets cross over to our reporter in new york, bloombergs Laura Davison is standing by here. Give us the take away from the address from the president. It seems like markets particularly not liking this decision to suspend all travel from europe. Yes, that was the big take away from this. No travel from europe from 30 days. He also mentioned that cargo and trade would be affected. He mentioned there would be exceptions for things that had been screened but did not get into details there. He also said they were looking at extending that travel ban to other various things, but again did not get into details. He also again reiterated his hope for a payroll tax cut. It was acknowledged he would need congress to do that. He also called for more Health Precautions the handwashing, from Nursing Homes to restrict nonmedically necessary visits. Thats i mean, part of what he basically mentioned was the infection curb of the virus. Anything that stood out to you as far as economic stimulus was concerned . The issue was that there was not much that was not expected. He mentioned there would be some loans for Small Businesses available. This is something democrats and republicans have supported, but for the big stimulus measures, particularly that payroll tax cut, he mentioned it. Earlier in the day, we got a sense from his advisers that they wanted to suspend all over the course of a year. He did not set a target level there. You are seeing him kinda back away from that a little bit, particularly as republican members of congress have expressed hesitation about doing a tax cut that large this quickly. Thank you, laura, wrapping up what we just heard from President Trump, restricting travel from europe the next 30 days. The u. K. , though, has been spared from these travel restrictions. 114 newrea saying now coronavirus cases in the last 24 hours, bringing the total to 7860 nine, so this was another decline from what we saw yesterday, another 200 or so cases, which did snap four days of declines, so we are getting back to that slower trend i guess in south korea. Death toll still rising to 66 right now. Lets get to our guest joining us on the line from hong kong. Aipac equityef strategist. Lets get to the latest lines from President Trump right now. Why do you think the market was not satisfied . Im sorry i did not get that last why was the market not what . Not satisfied. I think what we are seeing here is the tension between the likely immediate negative economic effect of containment measures versus efforts to be supportive from a fiscal perspective. We have already seen the fed cut 50 basis points. You may be aware that our u. S. Economists have been putting in another expectation for another 50 basis point cut at the next fed meeting in march and another in april, so we think we will see some pretty significant further monetary support. Obviously, the news just now corroborates that there will be some fiscal support with obviously the timing and magnitude still being worked out. Those are the encouraging signs of policy support, but as weve seen in china, the efforts to are really outbreak what affects the economy, when you constrict travel or curb social distancing, and you effectively curtail a great deal of economic activity, as we have seen in china and we are seeing to cite two, just instances. If more of that comes to the u. S. , you get nearterm concerns about downturn to the economy in the short term. Indeed, as you may have seen, our u. S. Equity strategist has further cut our expectations for earnings and for the s p, and that really reflects the nearterm pressures on the economy and therefore the equity markets. All that together, that explains why the market is not fully satisfied with what they just heard. Dollarhe and back below 104 here right now. Is this the time to build a longterm portfolio, or would you give this a few weeks to simmer . What are you telling clients . Lectively tell clients we tell clients you still need to give it time to simmer, but as he looked with the end of the gear, the prospects look brighter. David just mentioned a nearterm downside, but we think as the virus fades and you have the continuing positive effects of lower Interest Rates as well as lower oil prices, that can drive toward your end. We have a similar view in asia and we published that in a report a couple of days ago where we cut our earnings estimates for the fourth time, and we now stand at 4 Earnings Growth for the year compared to 13 for consensus, so we think the consensus numbers do have to come down quite a bit, and i would say relative to the numbers weve got, that the risk still looks like it is more to the downside than the upside. That being said, there are some supportive aspects for asia and why our earnings are somewhat above those for either the u. S. , europe, or japan, for my strategy colleagues in those areas, and that is why it looks like china is coming through the virus issue. We are sort of passed the trough and are kind of funny upswing, timing and magnitude of that still to be seen, but it looks as though there is a greater potential for china to recover sooner, and as i just said, if youve got the supportive effects of coordinated global Monetary Policy ease, which is certainly being rolled out, along with continuing fiscal support as the effect of the attenuates, as we think will happen, as we look forward, say, two or three months, than the second half looks as though we will have some very supportive policy and growth conditions, especially recognizing asia, with the exception of malaysia, is an importer of oil. Low Interest Rates, low oil prices, ending of the virus impact, hopefully, looking ahead several months, i think sets us up for a pretty good outlook of the second half, but i think we have to get through probably some further volatility here and more downside risk, so bottom line is we have about 13 downside to a risk case. Theres not a forecast we will get there, but we are articulating if we have a combination of further cuts to earnings and further pressure on valuations, that is a level we think the annex can get to, but to our 12month forecast, we now have about 11 upside with dividend yield at 14 , that is going to become quite attractive, especially in a world where u. S. 10year treasury yields are below 1 . Thanks so much, Goldman Sachs chief aipac equity strategist joining us on the phone. They cut their earnings estimates. A moving target. A lot of these strategists are finetuning some of their forecasts as well. 3 , down 4 or 5 of the coming days. Your mark you are watching Bloomberg Markets china open. All right, we are not going to sugarcoat it. Eight minutes to the open, we are down very sharply. Down 2 , 3 across major benchmarks. Dollarin back at 104. 13. Gold relatively steady, 76 basis points. The who has declared the coronavirus outbreak a pandemic and urged the government to step up containment efforts. The number of worldwide cases top 120 thousand in china where the rate of infection is slowing. Officials are calling for more stimulus to support the economy. Lets bring in our china correspondent. We are thinking a rrr cut could be coming . Selina thats right. The Safety Council signaling a targeted inflation cut to boost lending for Small Companies that have been hit especially hard by the outbreak. The state council also said it would be taking steps to stabilize Foreign Trade and investment, including raising some of those tax rebates for qualifying firms. This is really art of a string of efforts the government has taken to cushion the blow of the virus outbreak. We already saw them cut the oneyear low prime rate. Economists are expecting more infrastructure spending, tax believe, and targeted support for the most affected areas, but really right now, the focus is on getting that economy back up and running. The economyt 80 of was back to normal and millions of migrants have returned to their place to their place of work. Even in the center of the outbreak, there are some efforts to get things back to normal. The province saying business will gradually get back to work with the most critical areas to peoples daily life being for firstd resumption. As we are talking about this, we are also getting news that tom hanks and his wife have tested positive for the coronavirus. That is in the New York Times here. It is a moving story, so many angles. Talk about the latest in global cases as well. U. S. St heard from the president earlier. It is hard to understand the significance and importance of a complete travel ban to europe in the next 30 days. What else do we know globally . Want to startt with who labeling, the President Trump<\/a> is heading for the podium. He is there now. Lets listen in. And istarted in china now spreading throughout the world. Today, the World Health Organization<\/a> officially announced that this is a global pandemic. We have been in frequent contact with our allies, and we are marshaling the full power of the federal government and the private sector to protect the american people. This is the most aggressive and comprehensive effort to confront a foreign virus in modern history. Bym confident that continuing to take these tough measures, we will significantly reduce the threat to our citizens, and we will ultimately and expeditiously effete this virus. From the beginning of time, nations and people have faced unforeseen challenges, including largescale and very Dangerous Health<\/a> threats. This is the way it always was and always will be. It only matters how you respond, and we are responding with great speed and professionalism. Our team is the best anywhere in the world. At the very start of the outbreak, we instituted sweeping travel restrictions on china and put in place the first federally mandated quarantine in over 50 years. We declared a Public Health<\/a> emergency and issued the highest level of travel warning on other countries as the virus spread is horrible infection. Taking a really intense action, we have seen dramatically fewer cases of the virus in the United States<\/a> that are now present in europe. The European Union<\/a> failed to take the same precautions and restrict travel from china and other hotspots. As a result, a large number of new clusters in the united were seated by travelers in europe. After consulting with our top Government Health<\/a> professionals, ive decided to take some strong but necessary actions to protect the health and wellbeing of all americans, to keep new cases from entering our shores. We will be suspending travel from europe to the United States<\/a> for the next 30 days. The new rules will go into effect friday at midnight. These restrictions will be adjusted subject to conditions on the ground. There will be exemptions for americans who have undergone appropriate screenings, and these prohibitions will not only apply to the tremendous amount of trade and cargo, but various other things as we get approval. Anything coming from europe to the United States<\/a> is what we are discussing. These restrictions will also not apply to the united kingdom. At the same time, we are monitoring the situation in china and south korea, and as their situation improves, we will reevaluate the restrictions and warnings that are currently in place for a possible early opening. Earlier this week, i met with the leaders of Health Insurance<\/a> industry, who have agreed to waive all copayments for coronavirus treatments, extend Insurance Coverage<\/a> to these treatments, and to prevent surprise medical billing. We are cutting massive amounts of red tape to make antiviral therapies available in record time. These treatments will significantly reduce the impact and reach of the virus. Additionally, last week i signed into law and 8. 3 billion funding bill to help cdc and other Government Agencies<\/a> fight the virus and support vaccines, treatments, and distribution of medical supplies. Testing capabilities are expanding rapidly, day by day. We are moving very quickly. The vast majority of americans, the risk is very, very low. Young and Healthy People<\/a> can expect to recover fully and quickly if they should get the virus. The highest risk is for Elderly Population<\/a> with Underlying Health<\/a> conditions. The Elderly Population<\/a> must be very, very careful. In particular, we are strongly advising that Nursing Homes<\/a> for the elderly suspend all unnecessary visits. In general, Older Americans<\/a> should also avoid nonessential travel in crowded areas. My administration is coordinating directly with communities with the largest outbreaks, and we have issued guidance on school closures, social distancing, and reducing large gatherings. Will preventtoday the spread of the virus tomorrow. Every Community Faces<\/a> different risks, and it is critical for you to follow the guidelines of your local officials who are working closely with our federal health experts, and they are the best. For all americans, it is essential everyone take extra precautions and practice good hygiene. Each of us has a role to play in defeating this virus. Wash your hands, clean often used surfaces, cover your face and mouth if you sneeze or cough, and most of all, if you are sick or not feeling well, stay home. To ensure that working americans impacted by the virus can stay home without fear of financial hardship, i will soon be taking emergency action, which is unprecedented, to provide financial relief. This will be targeted for workers who are ill, quarantined, or caring for others due to coronavirus. I will be asking congress to take legislative action to extend this relief. Because of the economic policies that we have put into place over the last three years, we have the greatest economy anywhere in the world by far. Our banks and Financial Institutions<\/a> are fully capitalized and incredibly strong. Our unemployment is at a historic low. This vast Economic Prosperity<\/a> gives us flexibility, reserves, and resources to handle any threat that comes our way. This is not a financial crisis. Moment just a temporary in time that we will overcome together as a nation and as a world. However, to provide extra support for american workers, families, and businesses, tonight, i am announcing the following additional actions. Im instructing the Small Business<\/a> administration to exercise available authority to provide capital and liquidity to firms affected by the coronavirus. Effective immediately, the sba economicn providing loans in affected states and territories. These low interest loans will help Small Business<\/a>es overcome temporary economic disruptions caused by the virus. To this end, im asking congress to increase funding for this program by an additional 50 billion, using the emergency authority, i will be instructing the Treasury Department<\/a> to defer tax payments without interest or penalties for certain individuals and businesses negatively impacted. This action will provide more than 200 of additional liquidity to the economy. Finally, im calling on congress to provide americans with immediate payroll tax relief. Hopefully, they will consider this very strongly. We are at a critical time in the fight against the virus. Serving move with early action in china. Now we must take the same action with europe. We will not delay. I will never hesitate to take any necessary steps to protect the lives, health, and safety of the american people. I will always put the wellbeing of america first. And cane vigilant reduce the chance of infection, which we will, we will significantly impede the transmission of the virus. The virus will not have a chance against us. No nation is more prepared or more resilient than the United States<\/a>. We have the best economy, the most advanced health care, and the most talented doctors, scientists, and researchers anywhere in the world. We are all in this together. Stopst put politics aside, the partisanship, and unified together as one nation and one family. As history has proven time and time again, americans always rise to the challenge and overcome adversity. Our future remains brighter than anyone can imagine. Acting with compassion and love, we will heal the sick, care for those in need, help our fellow citizens, and emerge from this challenge stronger and more unified than ever before. God bless you and god bless america. Thank you. Ok, there we go. That was the u. S. President speaking at a primetime address out of the oval office. Youuple of lines to take through which we will get to an a second, but risk assets selling off very badly. To point out,just we are not trading at 2700. A couple of seconds ago, we were trading below 2700. In fact, there we go. 2619 right now, so we are in bad shape across the region this thursday morning. Alexia, u. S. Futures heading lower, oil reversing its gains as well. Lets cross over to our reporter in new york, bloombergs Laura Davison<\/a> is standing by here. Give us the take away from the address from the president. It seems like markets particularly not liking this decision to suspend all travel from europe. Yes, that was the big take away from this. No travel from europe from 30 days. He also mentioned that cargo and trade would be affected. He mentioned there would be exceptions for things that had been screened but did not get into details there. He also said they were looking at extending that travel ban to other various things, but again did not get into details. He also again reiterated his hope for a payroll tax cut. It was acknowledged he would need congress to do that. He also called for more Health Precautions<\/a> the handwashing, from Nursing Homes<\/a> to restrict nonmedically necessary visits. Thats i mean, part of what he basically mentioned was the infection curb of the virus. Anything that stood out to you as far as economic stimulus was concerned . The issue was that there was not much that was not expected. He mentioned there would be some loans for Small Business<\/a>es available. This is something democrats and republicans have supported, but for the big stimulus measures, particularly that payroll tax cut, he mentioned it. Earlier in the day, we got a sense from his advisers that they wanted to suspend all over the course of a year. He did not set a target level there. You are seeing him kinda back away from that a little bit, particularly as republican members of congress have expressed hesitation about doing a tax cut that large this quickly. Thank you, laura, wrapping up what we just heard from President Trump<\/a>, restricting travel from europe the next 30 days. The u. K. , though, has been spared from these travel restrictions. 114 newrea saying now coronavirus cases in the last 24 hours, bringing the total to 7860 nine, so this was another decline from what we saw yesterday, another 200 or so cases, which did snap four days of declines, so we are getting back to that slower trend i guess in south korea. Death toll still rising to 66 right now. Lets get to our guest joining us on the line from hong kong. Aipac equityef strategist. Lets get to the latest lines from President Trump<\/a> right now. Why do you think the market was not satisfied . Im sorry i did not get that last why was the market not what . Not satisfied. I think what we are seeing here is the tension between the likely immediate negative economic effect of containment measures versus efforts to be supportive from a fiscal perspective. We have already seen the fed cut 50 basis points. You may be aware that our u. S. Economists have been putting in another expectation for another 50 basis point cut at the next fed meeting in march and another in april, so we think we will see some pretty significant further monetary support. Obviously, the news just now corroborates that there will be some fiscal support with obviously the timing and magnitude still being worked out. Those are the encouraging signs of policy support, but as weve seen in china, the efforts to are really outbreak what affects the economy, when you constrict travel or curb social distancing, and you effectively curtail a great deal of economic activity, as we have seen in china and we are seeing to cite two, just instances. If more of that comes to the u. S. , you get nearterm concerns about downturn to the economy in the short term. Indeed, as you may have seen, our u. S. Equity strategist has further cut our expectations for earnings and for the s p, and that really reflects the nearterm pressures on the economy and therefore the equity markets. All that together, that explains why the market is not fully satisfied with what they just heard. Dollarhe and back below 104 here right now. Is this the time to build a longterm portfolio, or would you give this a few weeks to simmer . What are you telling clients . Lectively tell clients we tell clients you still need to give it time to simmer, but as he looked with the end of the gear, the prospects look brighter. David just mentioned a nearterm downside, but we think as the virus fades and you have the continuing positive effects of lower Interest Rates<\/a> as well as lower oil prices, that can drive toward your end. We have a similar view in asia and we published that in a report a couple of days ago where we cut our earnings estimates for the fourth time, and we now stand at 4 Earnings Growth<\/a> for the year compared to 13 for consensus, so we think the consensus numbers do have to come down quite a bit, and i would say relative to the numbers weve got, that the risk still looks like it is more to the downside than the upside. That being said, there are some supportive aspects for asia and why our earnings are somewhat above those for either the u. S. , europe, or japan, for my strategy colleagues in those areas, and that is why it looks like china is coming through the virus issue. We are sort of passed the trough and are kind of funny upswing, timing and magnitude of that still to be seen, but it looks as though there is a greater potential for china to recover sooner, and as i just said, if youve got the supportive effects of coordinated global Monetary Policy<\/a> ease, which is certainly being rolled out, along with continuing fiscal support as the effect of the attenuates, as we think will happen, as we look forward, say, two or three months, than the second half looks as though we will have some very supportive policy and growth conditions, especially recognizing asia, with the exception of malaysia, is an importer of oil. Low Interest Rates<\/a>, low oil prices, ending of the virus impact, hopefully, looking ahead several months, i think sets us up for a pretty good outlook of the second half, but i think we have to get through probably some further volatility here and more downside risk, so bottom line is we have about 13 downside to a risk case. Theres not a forecast we will get there, but we are articulating if we have a combination of further cuts to earnings and further pressure on valuations, that is a level we think the annex can get to, but to our 12month forecast, we now have about 11 upside with dividend yield at 14 , that is going to become quite attractive, especially in a world where u. S. 10year treasury yields are below 1 . Thanks so much, Goldman Sachs<\/a> chief aipac equity strategist joining us on the phone. They cut their earnings estimates. A moving target. A lot of these strategists are finetuning some of their forecasts as well. 3 , down 4 or 5 of the coming days. Your mark you are watching Bloomberg Markets<\/a> china open. All right, we are not going to sugarcoat it. Eight minutes to the open, we are down very sharply. Down 2 , 3 across major benchmarks. Dollarin back at 104. 13. Gold relatively steady, 76 basis points. The who has declared the coronavirus outbreak a pandemic and urged the government to step up containment efforts. The number of worldwide cases top 120 thousand in china where the rate of infection is slowing. Officials are calling for more stimulus to support the economy. Lets bring in our china correspondent. We are thinking a rrr cut could be coming . Selina thats right. The Safety Council<\/a> signaling a targeted inflation cut to boost lending for Small Companies<\/a> that have been hit especially hard by the outbreak. The state council also said it would be taking steps to stabilize Foreign Trade<\/a> and investment, including raising some of those tax rebates for qualifying firms. This is really art of a string of efforts the government has taken to cushion the blow of the virus outbreak. We already saw them cut the oneyear low prime rate. Economists are expecting more infrastructure spending, tax believe, and targeted support for the most affected areas, but really right now, the focus is on getting that economy back up and running. The economyt 80 of was back to normal and millions of migrants have returned to their place to their place of work. Even in the center of the outbreak, there are some efforts to get things back to normal. The province saying business will gradually get back to work with the most critical areas to peoples daily life being for firstd resumption. As we are talking about this, we are also getting news that tom hanks and his wife have tested positive for the coronavirus. That is in the New York Times<\/a> here. It is a moving story, so many angles. Talk about the latest in global cases as well. U. S. St heard from the president earlier. It is hard to understand the significance and importance of a complete travel ban to europe in the next 30 days. What else do we know globally . Want to startt with who labeling, the World Health Organization<\/a> finally calling this a pandemic. This was longawaited. Some countries think the decision may have come too late. I want to point out that this designation is used very sparingly. Sars did not reach this highest level. The last time it was used was during the h1n1 swine into thousand nine, but the World Health Organization<\/a> director general saying in the past two weeks, the number of cases outside china has increased routine fold. The number of affected countries has tripled. Youre talking about this escalating picture outside china, but meanwhile, inside china, china just reporting 15 new cases on march 11. That is the lowest number since january 18, but of course, a very different picture around the world. Infections in the u. K. Jumping 22 . Fatalities in italy jumping more than 33 to 827. Italy has also ordered all shops in the country to close down except for Grocery Stores<\/a> and pharmacies until leader in the month. You are seeing this escalating containment around the rest of the world as china starts to loosen up. Of course, we just saw those breaking headlines about the Trump Administration<\/a> suspending travel from europe to the u. S. For the next 30 days except for the u. K. , but this is by far the of therreaching measure administration has taken yet. Thank you so much. Selina wang live for us out of beijing. Nikkei down 670 points right now. Your set up to the open. Hang seng index now properly below 25,000. As we head into the open of the cash markets. We are watching that stock moving quite a bit here. Slowing. Rted earnings we are hearing from the ceo speaking right now saying that covid19 is also changing how their business is operating. 40 , but theyg to mention when it comes to Mainland China<\/a> sales are now done online, about 60 , and that is happeningn china right now. More information when it comes. This is bloomberg. Businesses that are being affected by the coronavirus outbreak. We did not get quite that bazooka. David we didnt. Compared to what we had two mondays ago at this location, it feels somewhat different just looking at the price action since the speech of donald trump. I will give you a look under the hood quickly. We are down 1 each on the benchmark. Overseas, down about 2 or 3 on the hong kong benchmark, as well. Australia is down 4. 5 . Kospi down for percent. New zealand down three point 5 . U. S. 10 year yields at 73 basis points. 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