Exception of the new zealand dollar. We see the japanese yen weakening a bit and the renminbi was in focus. To 1714. Nching closer 711 93 for your onshore. Bonds are mixed across the board. Australian 10 we are watching it was the rba announced not a smaller amount than expected. Seeing a little bit of a selloff when it comes to your aussie bones. Up eight basis points. Areomes to brent, we getting a little bit of a breather. Higher. A half percent we are hovering around 21 for wti. There is optimism President Trump is going to be meeting. Ith oil execs that is leading to some of the oil bulls to come back out again. Lets get the first word news. U. S. Intelligence is accusing china of concealing the true extent of the coronavirus outbreak. Underreporting total cases and deaths. We are told the public statements about the infection have been intentionally incomplete and the numbers are fake. Beijing has changed its reporting of people and added hundred 30 extra cases in the first day. As many as seeking 100,000 military style body bags as authorities worn coronavirus deaths may soar in the coming weeks. The pentagon may withdraw the bags from its stockpile. Trump administration saying as many as 200,000 people could die. President trump says the next 30 days are critical for the u. S. As cases continue to rise around the world. More than doubled in the past week. In the next few days, we will reach one million confirmed deaths. D 50,000 u. S. Factories contracted in march at the click a space 11 years. The ism says bookings tumbled to their lowest levels since march 2009 while the Employment Index fell to the weakest since may of that year. Declines inacturing dallas, new york, philadelphia and kansas city. Italy is extending its lockdown for another two weeks even as reported deaths slow. Restaurants, bars and public venues are closed. All nonessential Economic Activity has stopped. Report 727 new fatalities in the last day. That is the lowest number of deaths in six days. Than cases are now more 110,000. Global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. This is bloomberg. Businesses around the world are shifting into overdrive to fight the coronavirus. Providing everything from facemask to rubber gloves and hopefully soon, vaccines. The next guest runs chinas pharmaceutical company, which initiated trials. Us on thefor joining program. Ascletic specializes in treatments. You have a pipeline for an hiv drug. Do you make of the research that is going on for this coronavirus outbreak . Are we getting closer to finding some type of antiviral to fight this disease . Thank you much for having me. Antiviral start is two fold. One is to repurpose existing drugs which demonstrate the safety. [indiscernible] second is to Research New Drugs against coronavirus. So our first Clinical Trials all based on repurpose any theting drugs, especially hepatitis c drug. Moment, first, more simple studies of 11 patients moderate coronavirus patients. All 11 patients are discharged from the hospital because they met discharge conditions including occupants in the law, [indiscernible] thank you. Yvonne lets talk a little more about the Clinical Trial. I presume that is what youre talking about. It appears this small Clinical Trial has proven to be effective. Are there any plans to expand it to a bigger control group . Withs, we are working different doctors. In china and outside china. There are not too many cases of coronavirus in china. We need to expand to Clinical Trials outside of china. Any government our companies expressed interest in our antiviral drug . In your antiviral drugs . Yes, we have received interest overseas from italy, from luxembourg, from usa. We are talking to them right now because our goal is to help patients on a global basis as soon as possible. Haslinda are you confident that perhaps they will be recommended as a possible way of treating the virus . So. Ell, we hope as we mentioned, the trial is more simple. Only 11 patients. We need more data to demonstrate efficacy. Against the coronavirus. What about your therapy of antiviral x co nine . That has showed some encouraging signs. Do you see this type of combo therapy as a growth driver to be approved by regulators . Could bethis covid19 a bigger growth driver for your company. You are right because we focus on antiviral including hep c and hivaids. Coronavirus is urgent. Combination, both of them are hiv inhibitors. We definitely have [indiscernible] one for hivaids. One for coronavirus. Yvonne how do you view your does itdidates how differ from what other Pharma Companies are testing right now . Or thees of remdesivir antimalaria drug, hydrochloric one. Hydrochloric how do you compare those at the moment . Our targets are different from the drugs you mentioned such as remdesivir. Our [indiscernible] demonstrates the hiv and the hep c are very effective targets against the virus. There are two important targets for coronavirus. We are happy to see Different Companies working out different targets. Targeting in [indiscernible] give us a sense of your companys plan on developing therapies for this pandemic. So, as i mentioned, the two different approaches. One for vaccine and one for medicines. Take some time. Same thing for Drug Development of medicines. First, to repurpose existing because we have to demonstrate efficacy during Clinical Trials. Second, all these drugs are notg our drugs designed for coronavirus. They designed for ebola or hpv. Drugsd to Research Better hopefully to coronavirus because pandemic may last for longer than expected, may come back at some point. We do not know. Whennda when we came we come out of this pandemic, do you think there will be permanent changes to the way we do business . Do you think there will be changes to the pharmaceutical industry . I think you are right. In my personal view, i think we already changed the way of our normal life. In the pharmaceutical scene, same thing. Started Research Based on things helpl these us to quickly identify it may be an interesting candidate for coronavirus. Trials. Into clinical we start Clinical Trials. You can see [indiscernible] yvonne that is good to hear. There has been so much blame games that are being pointed at between the u. S. And china on what prompted the spread of this virus. We just saw a recently the u. S. Criticize and u. S. Intelligence Officials Saying that china was concealing the extent of this coronavirus outbreak. What do you make of the governments response since the outbreak began . Scientist my a goal is help patients as much as we can with existing drugs and Research New Drugs. Emergency,nder such every government should be responsible for their part just ake we as a scientist, as company, we do our job. Yvonne appreciate your insights. Hat was jinzi wu seeking toxchange scrap samsung stock waiting cap a role. Coming through when it comes to the exchange. The big tech company, they are one of the most heavily rated stocks on the kospi right now. Up. O see shares the Great Exchange saying they are seeking to scrap the stock rating cap role. Haslinda we have more Business Leaders coming up. Do not miss our exclusive interview with Tony Fernandez later this hour. Plus, we will hear from bank of america and the qualcomm ceo. This is bloomberg. Haslinda the u. S. Intelligence community has accused china of concealing the extent of its coronavirus outbreak. That according to three u. S. Officials. We are joined by our chief north asia correspondent, Stephen Engle in hong kong. We now have this Intelligence Report saying the same thing. Hen that is right. Allegedlycluded china concealed the extent of the up break, underreporting cases and death tolls. This according to three u. S. Officials who spoke on condition of anonymity, telling Bloomberg News two of the officials report that the chinese numbers are fake allegedly. Italy and spain combined have five times more cases than what china has reported and eight times more deaths than more deaths. Have china reporting 82,000. The u. S. , 209,000. Yvonne how dire is the situation getting in the u. S. , in particular of the hardest hit state new york . Stephen new york has more confirmed cases than anywhere else in the United States. From8 is the latest tally the Johns Hopkins coronavirus resource website. That is more than china has reported for the whole country. New york city, 47,000 and counting cases. Deaths in new york city alone are 1139. One in five of the hospitalizations in new york are under 44 years of age. And is quite surprising surprising epidemiologist as to why that is. Here is a morbid stat as well. Isyesterday the white house protecting upwards of 240,000 potential deaths. The pentagon aiming to provide as many as 100,000 villa terry style body bags for civilian use. This is an indication of how bad the situation has come. On that stat about the young people being infected, Governor Cuomo of new york says too many young people continue to not get the message they can be infected. Yvonne thank you. Correspondent our with an update on the situation in the u. S. Coming up, and of a 3 million americans are filing tablas claims. We look ahead for what could be a record rise. This is bloomberg. It is a big country. We can carry 10 more debt. If there was ever a time where you wanted to do Something Like this, now is that time. Yvonne lets get more on the markets, which have lost some of last weeks luster. Our coanchor joining us from hong kong. It just comes down to the virus. David and it is not just that the story is still here. It is getting worse in some parts of asia. These are some of the parts of asia where there already have been questions lingering if we did see an outbreak in those places. Can authorities handle it and to a larger extent, what would be the impact on those economies as well . Seen two days has have seen the group of second rate countries. Philippines, 230. Fairly pronounced moves again in those specific markets. Futures are pointing lower as well. On the backdrop of this, you have equity volumes continuing to move lower. The luster you mentioned that has gone away, volumes are 30, 40 . Analysts are putting our earnest are putting earnings estimates when is no end in sight those changes and expectations are going to broaden. Yvonne looking ahead to some important neighbor data, give us a quick sense of what we are looking at. Weekly jobless claim. Last week saw a massive spike to 3. 3 million. Last weeks report was for the year before that. Thatwe are getting today, it is expected to be 3. 7 million. Ifwill be interesting to see economists are able to recalibrate their forecasts based on how bad if last weeks mess was any indication, the 3. 7 million we are going to get today will be even five my impaired that is all speculation. Even 5 million. That is all speculation. Million americans have likely filed for unemployment benefits. That is due out today. Just to give and extent of the economic damage. There is a great piece on bloomberg today that talks about economists are giving up on the v shape recovery. U or a nike swoosh. Haslinda david ingles, our bloomberg coanchor. Qualcomm says it has seen the return of chip demand in china. The ceo says the market is improving activity after weeks of virus shutdowns. His comments mirror those of other executives who say demand in china is beginning to plunge back to previous levels. The tech supply chain has remained fairly strong during the crisis. New analysis from Jp Morgan Says gaming revenue in macau could fall to near zero as restrictions hit arrivals. April could be the worst month since 2004. Ave rose toshow revenues 664 million. One of las vegas is most famous casinos is a victim of the coronavirus shutdown. The tropicana was a favorite haunt of Frank Sinatra and was featured in the godfather. It also pioneered the swim up like check table. 52 million less then it caused five years ago. Plenty more ahead. We discussed the Coronavirus Impact on aviation with Tony Fernandez. Do not miss the interview. Coming to you exclusively on bloomberg tv. More to come. This is bloomberg. To help you stay informed of the latest news just say coronavirus into your xfinity voice remote to access Important Information and special reports from around the world. And to keep your kids learning at home, say education to discover learning collections for all ages from our partners at common sense media, curiosity stream, history vault, reading corner and many others. For more information on how you can stay connected, visit xfinity. Com prepare. Yorknda 10 29 p. M. In new. These are your first word headlines. Employment at u. S. Factories contracted in march at the quickest pace in 11 years as coronavirus hits demand. The isms has they are at the lowest levels since 2009 while the Employment Index fell to its weakest. Record monthly manufacturing declines in dallas, new york, philadelphia and more. News President Trump intends to meet Top Producers on how to stabilize the oil market. Fridays potential talk between saudi arabia and russia comes after a white house effort to rubber a solution to the price war. Moscow says it has no firm plans to speak to opecs leading member. While it reeling from the worst quarter ever as producers flood the market. Car sales in japan slumped in the year ending in march. Toyota and nissan and other build 5 million vehicles that year with sales for march falling more than 9 . Automakers have suspended production at plants at home and abroad as demand plummets and workers seek safety. China is considering lowering subsidies for electric vehicles as it commits to extending the program for another two years. The state council says rebates the continue until 2022 as coronavirus hits demand. Government agencies are discussing whether to cut incentives by 10 this year. The range of cars covered by the subsidy may be narrowed. Check, thoset negative headlines coming through from the coronavirus. That continues to make the markets heavy. The asiapacific region, down close to 1 , e. M. Ending hit again and getting hit again and msg i china lower by 0. 25 . When it comes to msci china, looking decent when it comes to , and the, philippines hang seng, you continue to watch the outfall or the followup i should say from the macau casinos where revenue dropped 80 in march from a year ago. And other banks continue to follow your regulators told them to scrap dividends and buyouts. Watching the nikkei 225, lower by 0. 8 in the lunch break. The coronavirus pandemic has disrupted global slashingith airlines costs and implementing costcutting measures to survive. And reducedpended capacity for most of its fleet. Joining us by phone for an the air asiat is group ceo. Tony, good to have you with us. Lots of doom and gloom in aviation. Singapore Airlines Cutting 96 of capacity. How is it looking at airasia . Tony hello . Haslinda tony . How is it looking at airasia amid all the doom and gloom in aviation . Tony it is tough. I dont think we can say anything else but that. It is up and down. Closed down operations from month. We hope to start resuming sales in the middle of april and we have lots of ideas to get going again. But it will be an uphill slog. We remain optimistic. We are lucky that we have a lot of our business in a conditional format as more people transact online and we can capitalize on that. Haslinda a lot of questions about the future for airasia. The longhaul carrier that has paindy been reeling from and losses even before the pandemic struck. What is the plan for airasia x now . Tony we were rationalizing the fleet anyway. Most of our flight has become involved. It is an extension of airasia. Airasia has been doing well over the last quarter and the beginning of january. E are changing the fleet routes are shorter. We think there will be beneficiaries, and people want to save money. We will return a lowcost product that is viable. In the immediate future, travel will be very reachable and wont be cross continental. Air asia is in a good spot to broker those, both airasia and airasiax. Yvonne we mentioned the gloom and doom in the industry. We will look to you for a Silver Lining. Our oil prices the Silver Lining . Is that going to help you will the collapse in oil offset the drop in air travel . And we are Restructuring Oil is less of an issue right now. And ifld be five dollars there is no demand it makes no difference but oil being where does, that helps. , thisreturn to flying will offset some of the drop in demand. Travel, and i have been through many crises and this is obviously the worst. Doubt the most difficult. Travel will remain and i think at every crisis, we at airasia have benefited. Competition will drop a little. Capacity will drop. It will balance out. Our cost structures, we are restructuring more. The business is very viable. Year, yourof last net cash position at airasia was 2. 2 billion ringgit. Do you think this is enough to weather the current challenging environment or will you be seeking a bailout . Tony no bailout, we dont need a bailout. Obviously Many Airlines are looking at loans. We think the cash market for the most part of this year, if sales return we are ok but it would be great to get a loan, as well. We think liquidity is available in asia and thailand. We had enough cash to last us quite a while at the moment. Long ago people talked about the possibility of a merger between airasia and malaysian airlines. Given current circumstances, is that possibility . I