Deb. I want to talk very briefly about two or three things. First, the issue of testing and how that has changed the complexion of the approach we are going to be able to take. Testing was an issue, many questions of testing in this room for number of times. Now that we literally have hundreds and hundreds of thousands of testing out there, there are a few things we could do with that. One of the things is when we make policy of what we are going to be doing with the rest of the country, particularly those areas that are not hotspots, we need to know what the infection is there. We need to put a light on those dark spots that we dont know. We have to act policy wise on data. We are going to be getting more data, a lot more data. The other thing is the areas of the country that are not hotspots, that are not going through the terrible ordeal that new york and california and Washington State are going through, they still have a window of significant degree of being able to contain. In other words, when you test, you find somebody, you isolate them, you get them out of circulation under the contact tracing. When you have a big operate, it is tough to do anything but mitigation. We have an opportunity that we have the availability of testing to do that. It will be hearing more about how we can form where we are going because we have the ability to test. The second thing, i want to reiterate what the doctor said about new york. It is a very serious situation. They have suffered terribly through no fault of their own, but what we are seeing now is understandably, people want to get out of new york. They are going to florida, they are going to one island, they are going to different places. The idea is you look at the statistics is disturbing about one per thousand of these in vigils are infected. That is about a twotime desk eight to 10 times more than other areas. When they go to another case, for their own safety, they have to be careful, monitor themselves. If they get sick, bring it to the attention of a physician. Also, the idea about self isolating for two weeks will be very important because we dont want that to be another feeding point for the rest of the country wherever they go. Thirdly, just one comment about drugs and the testing of drugs. You heard yesterday about drugs isng out there that prescribed to give people hope of something that has not been definitively proven to work but have some hope. I dont want anybody to forget that simultaneously with are doing that, we are also doing randomized Clinical Trials on a number of candidates. Who have heard about candidates, but there are others in the pipeline. We will be able to design the study and over a period of time, particularly as we have so many infections, we will be able to determine definitively are these a and are these effective . Serum. Rugs, all of these are in the pipeline up to go into clinical trial. I will stop there. In listening to the White House Press briefing on all things coronavirus. Want to recap some of the headlines we have been getting. Not only have you been hearing from dr. Fauci, you also heard from President Trump as well. Trump sing the ultimate goal is to ease the economic guidelines, start to open things up. He would like to see things open up by easter but he will continuing to be evaluating the data and he will not hesitate to invoke the defense production act. Moving on from some of the human toll and tragedy we have seen onto some of the economic stimulus, trump saying senators are hopeful they will get a vote soon on stimulus, that they are close to getting a fair deal. Saying it is a health crisis, not a financial crisis, but every decision being made will be grounded in the health of citizens. Finally, for anyone here in my home city of new york, we are getting an interesting headline that anyone who left new york city should selfquarantine for 14 days. Some of the doctors said you are seeing increasing cases in long island, which is strong evidence people are leaving new york to get up the hotspot. Again, we want to fold in how all of these headlines, what that means for your market. We had a phenomenal day in the equity markets on tuesday. The dow posting its best day since 1933. The russell posting its best day since 2009. Again, nine, 10 gains. Futures as we head into tuesday evening trading in new york city, just slightly positive. All of the hopes within the market waiting on that stimulus deal, fluctuating between positive and negative. I want to take a look at the oil market, because the Energy Sector did have its best day since 2008 as the Energy Sector was up 13 on tuesday. Crude continuing to advance just above 24 a barrel. I do want to see how things are shaping up over in asian trading as we have started to get some of those markets to come online. Sophie kamaruddin, how is it looking . Sophie asian futures are hinting against in advance of more than 5 for sydney stocks even as australia widens its lockdown. Kiwi shares extending tuesdays rally with february traded out this morning, bigger than forecast. On the forecast from new zealand, the Central Banks first bond buying as part of its qe program due later this morning. On the central bank front, thailand excited to ease again after fridays emergency rate cut. Asian stocks set to extend gains after the best session after kospi2009, led by the with a list. With that coming through for credit markets, that is relieving stress. We are seeing wrist gauges easing with dollar notes taking in asia as well. An eightyear high, lingering caution of rates picking up in default while companies are seeking lifelines. Gonewide, borrowers have billions of dollars of new loans. The corporate cartage, more fallen angels are likely with players like Apollo Global ready to scoop up distressed assets. Haidi Sophie Kamaruddin in hong kong with a set up the asian trade today. We have been hearing from President Trump holding the News Conference with his virus task force. Also hearing from the doctors on the task force as well as fauci and deborah birx about where we are in terms of the u. S. Infections. President trump choosing to reiterate he thinks an easter reopening is still possible. Our Congress Editor joe has the very latest out of d. C. It is interesting as we continue to wait for progress on whether this spending bill gets passed. President trump saying it will be very soon. You are continuing to hear this divergence between when the president and his team want the economy to come back online. And you listen to the likes of dr. Birx and dr. Facui saying fauci saying they are still try to get on top of testing. Joe that is one of the points that dr. Fauci made. They have to catch up on the backlog of testing. That will inevitably spike the number of cases. Very interesting comments about new york city. Saying they are deeply concerned about the spread of the virus in new york city and all the cases that have been coming out of there. And encouraging anyone who has been new york city to selfquarantine. So, all this is leading up to some sort of spike. The president remains hopeful that there can be at least some isolation or selective isolation so that the economy can start moving again sometime around easter holiday. But, it remains to be seen whether they will take any formal steps to that end. Taylor we did hear from Chuck Schumer saying earlier today we are at the two yard goal line in terms of getting this deal done. That has been multiple hours now. We are heading into 6 00 p. M. On the east coast. I have to ask where is the stimulus deal . Joe it has been fairly quiet right now out of the capital. That is possibly a good sign. We understand that are a few issues that they are putting together. They are trying to get everyones agreement. They are still hopeful that they are able to do it by this evening, possibly release legislative text, and potentially vote in the senate on it. That would be a very ambitious schedule, but it is possible. The question has to go to the house. Nancy pelosi has been trying to there toer democrats be able to get this past with unanimous consent. That may be difficult. She has some dissenters within the democrats and it is not clear whether all republicans will be on board with that. It would have to be essentially a unanimous approval for it. This could move very rapidly once it comes out, but there are feet,a couple of six appropriately socially distance from the end. Taylor joe in washington. Even with todays surgeon u. S. Stocks, some investors are saying it is not time to dive back into the markets. Carol pepper is the ceo of Pepper International and has a game plan. The first thing that stuck out to me in your note is that you have gone to cash. Im curious, going to cash means you realize some of the losses we have seen in the last month. How do you feel of being in cash at this point . Carol i feel very good being in cash at this point because they are going to be phenomenal opportunities for stimulus finalized. If we look forward a month or two, even three weeks, think things look a lot more positive. Quite frankly, for a lot of people, this was a very rocky ride. We got out several weeks ago so we were cushioned from a lot of the worst of it when the coronavirus information for started to come out. We moved to cash before the very bloody losses that occurred in the last week or so. These were some portfolios. For other portfolios that are longterm, we let it ride because we have been through this before. There has been lots of historical precedence. The crash of 1987 was my first crash. Certainly the crash of 2008. If you are willing to sit through it, you will do very well when you come out. Taylor what did you need to see to get excited about dipping your toes back in . Carol i think we need to see a slowing of the virus peaking. A slowing of the virus cases and a peaking in the United States until then, we will have these huge relief rally days and then we will get is carried in the market plunging down again. I dont think we have at the bottom in the market, but i have a lot of wonderful names that i am watching and i certainly think that our names come even from last night to today, i am laughing at the notes i sent you. Stocks like jp morgan were up tremendously today but that is a very solid bank that will benefit from the stimulus activity and will do very well. Tech has held up the best. That does not surprise me at all because, again, the world has gone virtual and we are all watching netflix. Not surprised there. Haidi i want to talk about this chart which you may or may not be able to see but for the benefit of our viewers, it takes a look at the lag when it comes to this selloff for hang sox. This is the ny saying index. Not taking a long time to climb above the 200 day moving average. Largely because it was 40 above it as of last month. Does this kind of recovery and the pace we are seeing suggest there is greater momentum to come not just for the likes of netflix, but protect overall . Carol definitely. Tech is interesting. Tech is not are most able sector. It is the sector that will be the least effective as we are seeing because even during a virus pandemic, people are using their technology. It is the new, most a steady sector to look at ironically. It will perform the best in driving markets and cushioning in dropping markets. I have been in amazon since it came out. I remember the ipo. I think amazon will continue to dominate and will continue to do extreme he well in this market. If you look at amazon alone, it barely blinked during some of the big falls. That will be one of the stocks to recover most strongly and take advantage of this as we move forward. Taylor is there anything upper district that you are opportunistic about with the coronavirus related space . Haidi a great deal of excitement over biotech, pharmaceuticals, even the likes of companies that manufacture cleaning agents. Is there anything there that interest you at this point . Carol i think it is too early to tell how we are going to defeat this virus. I have a feeling that in the end , it will become a generic drug so you could say, ok, this will eventually become a generic so get excited about the generics. I think it is a little bit early. Again, i am much more interested in Airline Stocks. Buy delta while it is down. That will come back. Things you know that will come back. Microsoft. Companies that are very strong and it is not hard to see where the winter or loser will be. The market leaders because the home market went down are great places if you want to dip your toes back in or you think this is a great day not today, but the next panic day you want to buy something. Whos is going to win in terms of fixing this . Maybe you want to buy pge for some cleaning products or some thing like that. That is a shortterm thing. I think the market leaders overall remain the market leaders. When the economy recovers and we go through, get back to where we were and start climbing again, those leaders will do extremely well and you will be happy when you got in when you did. Haidi lots of opportunities, no doubt, given we know bear markets to produce sensational rallies. Great to have you, carol pepper. We do have a big interview coming up in the next few hours. We will be speaking to bank of singapore ceo about the impact of the coronavirus on the city. That will be at 10 a. M. Hong kong time, 1 p. M. In sydney. Still ahead, we will take a look at the current state when it comes to the coronavirus testing situation in australia with john kelly. His company is working towards mass production of rapid self tests. Taylor first, it is all about the olympics. They are off. After weeks of debate, the ioc and tokyo organizers agreed to postpone. The details ahead. This is bloomberg. Taylor after weeks of debate, the olympics have finally been postponed. The ioc and tokyo organizers have agreed to delay the games for a year, although thy insist they insisted is not a cancellation. We all knew it was coming. It was just a matter of waiting for the official word. What is your take on the ground . My take all along is there is no way they can hold these games. The only two groups that were pushing for it to continue where the japanese, of course, the governor of tokyo and shinzo abe. They had a lot of little capital on holding these olympics in 2020. The ioc want to keep the momentum of the summer games going, but everything was lining up against them obviously. This is not a cancellation. It is going to be a postponement until sometime in 2021. Shinzo abe telling reporters after he hung up on the phone call with the head of the ioc that it will likely be in the summer. 365 days there about delay. It means a lot of logistical headaches and pain for sponsors and the billions and billions of dollars that have been spent for 2020 marketing. This is the Worlds Largest marketing event. Given the dire situation around the world, now 417,000 confirmed cases. 18,614 worldwide deaths and counting. Keep in mind, the World Health Organization say we went from zero infections to 100000 and 64 days. The next 100,000 in 11 days. The next 100000 and four days. And counting,000 accelerating still. Japan is not a big problem. S, butave 1100 or so case worldwide, it is a big problem. You cannot hold the games four months from now. Haidi this looking at those staggering numbers, an impossibility. Member, from the ioc talking about really the waves of Economic Impact. Lets take a listen. Very big. Very big. Damage, of course, for the bomb. S is like a it shows how much it has damaged on the water. It is 10 the water, times more damage. Year. Ly this haidi we know that the Tokyo Olympics was a great part of the japanese economy which has struggled to make much progress on the economic recovery despite monetary and fiscal policies. He is right in terms of it is really hard to gauge at the moment, the various industries and the Economic Impact we are going to see from this delay. Stephen the japanese by most accounts have spent 26 billion plus to host these games. Goldman sachs says that the games are canceled, it could have indirect and direct consequences on everyone expecting some sort of windfall. Upwards of 60 billion of the games are canceled. Now the estimates are coming up from goldman and University Preference in japan, 6 billion damage for the delay of the game. Of course, japan was looking at seeing the games, just like beijing was looking at 2008 as a coming up already. Japan was seeing this as their reemergence as an economic power from basically two to three decades of malaise. Also, rebounding from the 2011 Nuclear Fiasco and earthquake. Now, 2021, they are still going to call it tokyo 2020 as a branding exercise. Tokyo 2020 one is more about the world coming up and showing resilience. Haidi i thought that was interesting, keeping that branding. Stephen engle there on the delayed tokyo 2020 olympics. The coronavirus continues in europe with deaths climbing in italy and spain, while on the economic front, finance ministers are inching closer to a financial package. Ros mathieson in london. This is a lesson in how unpredictable and how powerful this virus is. We had a couple of good days when it comes to the data out of italy and then we were hit by the secondmost deadly day when it comes to the italian case situation. Rosalind thats right. What it is showing his governments are still grappling with how to contain this thing. We saw the death toll rise again after the brief slowdown that you mentioned. The death toll at 743 today, with nearly 72,000 infections in total and 514 in spain. The government now, as horrible as it sounds, they may need to wait for the containment measures to have the desired effect, for the virus to catch up to the fact it is being boxed in. Or the countries need to do more. For example, the italy cabinet has increased fines for those breaking the rules on the lockdown. They may extend that. While here in the u. K. , Boris Johnson has set even more lockdown measures could happen if people do not comply with what is already in place. We expect that to start picking up. In terms of enforcement after another day today of many people being out and about in london parks, relaxing and reading in the parks. There has been warnings that those lockdowns could be extended. That is obviously a key contrast to the u. S. Where President D