Transcripts For BLOOMBERG Bloomberg Markets Asia 20240713 :

Payments to lower income households. Aid to households households with children. One year tax referral. Cuts, money handouts for businesses and households it seems like officials in tokyo are stepping up to try to support the economy as they look to implement an emergency lockdown as early as tomorrow. That is likely when it will be announced. It will be starting on april 8. We will continue to digest the details from that package. They did see a thousand cases in japan and we are waiting for more announcements from shinzo abe, planning to declare a state of emergency. We are still seeing equities heading higher. U. S. Futures falling. The press briefing from President Trump, perhaps there is light at the end of the tunnel. They are seeing some signs of stabilization when it comes to new infections. Europe is also seeing a peak in cases. Asia, we are up about 1 . It is still very much the oil story. Doubts about what a deal could look like, is the u. S. Going to be involved, is it conditional . Wti down toto 26 26. Jakarta coming online. It is a holiday shortened week for china, india, and thailand, and macau. About 1. 5 . Ng gains the hang seng up by 171 point. Yields, selloff in the face of this risk on. Watch currencies as well. The pound has been in focus given the likes of the Prime Minister Boris Johnson being admitted to the hospital. He is seeing persistent symptoms from covid19. We are seeing the japanese yen pretty much selling off. Your offshore womermb. Lets take a look at the surge in coronavirus cases in japan over the weekend. They will declare a National State of emergency. Prime minister abe may announce the move as early as tuesday. Lets get to stephen engle. We just got news of this fiscal stimulus. What could this mean for japan . We are getting a second news outlet in japan saying the Emergency Declaration will be andared tomorrow, april 7, would be enacted the following day on wednesday. Ofp in mind, this is more giving power to the municipal governments to request, urge people to stay at home. There is no legal power to enforce requests to stay home due to Civil Liberties under japanese law. It gives a lot more teeth to the efforts like the governor of tokyo, who has urged people to stay at home. The tone has shifted after the olympics were postponed by year. Japanese officials are looking at the numbers and sing 143 seeing 143 new cases in tokyo. The city has more than a thousand cases. No doubt, the government is taking seriously the amount of stimulus that is needed. This big package, this new package totaling 550 billion u. S. Dollars, on top of the 235 billion u. S. Dollars the government announced in december to take the issues that were stemming from the Fourth Quarter slowdown into effect. Now with the coronavirus, they need more stimulus. If there are requested tokyowns and places like requested lockdowns in places like tokyo, this is the 11th biggest economy in the world. Singaporekong and were being held up as poster children on how to contain this virus. Now we are seeing the numbers flareup again. There have been important cases, the number of various restrictions in singapore imposed, including the Prime Minister announcing they will be shutting down all nonessential businesses as of tomorrow. Schools will be closed. 195apore got an additional confirmed cases over the weekend. Singapore is not that large. Sinces an 18 increase friday. New clusters have emerged, including in two dormitories of migrant workers. Prime minister is expected to speak in Parliament Today at 2 00 to perhaps unveil a third stimulus package. Hong kong, we might getting even stricter restrictions sometime soon. The top advisor to carrie lam, he says a strict lockdown, including an order for people to stay home, would be possible in this third wave of suspected infections. Yvonne over to europe now, we heard Boris Johnson was admitted to the hospital. Is this a sign in terms of europe, the u. K. Is remaining in the spotlight now . The u. K. Is in dire situation. 4934 deaths. That is a remarkable percentage of the number of cases and deaths. Boris johnson being admitted to hospital. He is still in charge of the government. Would be theretary next in line if mr. Johnson would be incapacitated. Europe, there is some encouraging signs coming out of europe. It is staggering, the effect the virus has on these countries. Sunday. 25 new deaths on it sounds a lot and it is terrible but it is the lowest number in two weeks. Same situation in spain and france. Fewer deaths for the last few days. Fewest amount of deaths since last tuesday. The outbreak maybe cresting. Maybe to soon to say that but the data is that suggesting is suggesting that it might be down in the near future. New york state, fatalities also fell for the first time and donald trump has said the u. S. Outbreak is beginning to level off. Trentom lets hope that continues. That lets hope that trend continues. Trump isresident sounding a more upbeat note on the coronavirus. He is saying he is seeing infection start to level off. Mike pence agrees, saying the administration is beginning to see a clamor of progress. A glimmer of progress. New york state reported a lower number of deaths on sunday. New york, the first time the deaths were less from the previous day. Navy that is a good sign. Maybe that is a good sign. The World Health Organization says face masks may be protection against the coronavirus. Executive director told the Daily Briefing that wearing a mask in public may not prevent catching covid19. Ns Hopkins University exports ofanned all the malaria drug touted by president drug as a cure for covid19. The government says shipments of hydroxychloroquine are prohibited. It as a gamecribed changer, although medical experts are not certain. Global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. I am Karina Mitchell. Ahead, green david young joins us from hong kong with more on the outlook. Nternet property and baby gear this is bloomberg. Yvonne looking past the economic pain evident in fridays u. S. Payroll. Lets look ahead at the new trading week with andrew sullivan. He joins us on the line from hong kong. It seems like we are dealing with less bad news these days. Would you think this is a turning point for markets . Andrew if you missed the first bottom, there is usually another opportunity. Investors should remain cautious. Ok. Ne in terms of the unprecedented amount of fiscal and monetary easing we have seen, is there a sense we could be saying a massive rally in the second half . Are there stocks that have become so cheap for longerterm investors, they stand to make potential profits . Substantial profits . Andrew they will be cautiously looking at buying those. Certainly the ones with the strong Balance Sheets and good lines of credit. A lot of them are looking at infrastructure. Some of the materials like iron ore are likely to do better. We have seen some of the futures lifting stronger. I think there will be a lot of opportunity in the second half. Tom is there anything you have seen in terms of the economic support measures from officials in tokyo that would entice you into that market . Tokyo is in a difficult situation. It is likely that they will declare a state of emergency. The problem with japanese stocks is the amount of shut down. They are going to cut production and shut a number of factories. That is a concern for investors. This is probably going to mean this small recovery is put on the back foot again. Meanslay of the olympics 2021, you will start seeing people take a more active position and some of those tourism stocks. Wise, we have the increased work at home and japan. In japan. There will be increased spending. Market, it is more than stock picking rather going back into markets on a general basis. Tom lets get to some of your stock picks. Tencent alibaba, some of the tech stocks that you like. 100 hong kongll dollars off of its highs. Peopleis making a lot of money using those platforms. Onlinenline services and facilities, the work at home, food ordering, or education. Other ones, lenovo looking at upgrading computers. Yvonne when it comes to names in hong kong, you are staying broadly when it comes to airline stocks, travel groups. When it comes to hotels, you are seeing a little bit of a differentiation. What else are you looking at . The hotel groups , once them wise over. Restrictions are another one that is a little bit of an outlier, they are expecting a baby boom because of all of these people staying at home. Tom andrew sullivan, thank you very much. Looking at a baby boom toward the end of the month. Also favors tencent and alibaba. Talks, fresh debates emerge. We will look at what is behind oils renewed slump. This is bloomberg. We think it is highly unlikely but we are planning for the worst case. Opec and its independent allies have delayed talks on the oil price. Fresh divisions emerged. Saudi arabia and russia indicated they want the u. S. To join any agreement on curbing production. But President Trump had harsh words over the weekend. Again. On againoff a little optimism but now little more negative on the story. At least they are talking about talks. That is a good way of putting it. The optimism was really strong at the end of last week. You saw oil prices surge. We are back down today. Saudi arabia and russia were trading barbs over who started this. Donald trump said he does not care for the cartel and threatened tariffs. They are still planning on meeting later this week. There is still a chance countries like iraq and norway say there is a chance for making a deal. We will have to sit tight this week. The market will wait for some clarity. Deal whatwould would a deal look like . With the u. S. Have to be involved . Saudi arabia and russia are very concerned about cutting production and letting the u. S. Ramp up output again, which is what has been happening for the last three or four years. They want the u. S. To be involved. It is difficult to understand how the u. S. Would agree. They do not have control over the oil industry the way that russia and saudi arabia do. Texas does have some control they can use to prorate production. It is not enough to offset the demand destruction from the virus but enough to slow down the build so they do not have overflowing tanks. Our energy reporter. Companies around the world are being encouraged to switch strategy to fight the virus. Airbus has delivered to the european union. Airbus said most of the masks will be donated to france, spain, germany, and the u. K. Airbus has made three such flights. Airlines have been hardest hit by the virus is demand for tickets plummets. Many have ground their fleets and united is slashing services to airports who serve new york. Lagarde it will see just two flights compared to the normal 80. Emirates is said to be seeking urgent loans after the virus force the grounding of its fleet. It is speaking to local and international banks. Last week, the government in emirates,d to support saying it was it would be given unspecified help. Take a look at markets right now. We are still seeing a little bit about risk on. U. S. Futures, we are punching higher by 3 . Given the less bad news from the u. S. New zealand is the exception. Australia, japan seeing gains north of 2 . Japan, we just learned, we are expecting some big fiscal stimulus on its way and we are waiting for that decision from Prime Minister abe to declare a state of emergency. He could be doing at as early as tuesday. Taking a look at currencies, pretty stable. We do see the dollar on the stronger side. Money coming out of the japanese yen, we continue to extend those down 6 . R wti, futures around 33 holding at the moment. That opec meeting is delayed until thursday. There is still a lot of uncertainty about what kind of deal we could be seeing. Were are counting down to more markets, coming up. This is bloomberg. Theres no place like home. Especially when xfinity has you covered with fast, reliable internet. With advanced security to help keep you secure online. And with the most tv shows, movies and streaming apps all in one place. With simple Digital Tools you can get the help you need or even trouble shoot your services on your own. Download the xfinity my account app or just say help into your xfinity voice remote. We are working to make things a little easier on everyone. Download the xfinity my account app today. Yvonne 10 29 p. M. In new york. Reports from japan say the government made it clear a state of National Emergency as virus cases jump. And a documenting by bloomberg outlines the new stimulus, including tax concessions and higher subsidies for businesses. Households suffering income ses, with around 200 and around 1200 for each. Thetries worst hit by coronavirus have reported death rates falling, with italy saying the worst may be over. Latest figures suggest tight restrictions on movement are having a positive effect. Between italy and spain, they have the most infections in europe. The Public Health institute in rome says they are seeing a significant slowdown of the spread. The u. K. Government is threatening even tighter virus restrictions among signs people are ignoring the rules. Fine weather over the weekend sent thousands to local parks despite police warnings. The Health Secretary says the government will not hesitate to ban all Outdoor Activity if people continue to flout the rules. And at the irish Prime Minister is doing his bid for the coronavirus spike, temporarily returning his first job as a doctor. He left the medical profession seven years ago, but has reregistered and will work one day a week assessing patients by phone if they think they have been exposed to the virus. Ireland reported 21 new debts on sunday, and now has almost 5000 infections. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. Im Karina Mitchell. This is bloomberg. Yvonne . Thank you. Ina, taking a look at markets here. We mentioned the dollar story playing out as the big theme. E. M. Currency seeing quite a hit, if you look at the likes of the south korean won. We are inching to the record highs for the dollar against the rand. The rupiah still on the weak side, the ringgit as well. Somes a big focus on why of these em currencies are perhaps being a bit of a selling point today. Take a look at the rest of the markets. We are looking at u. S. Futures, which continue to see a slight off, but still north of 3 . Wti is the big focus here today, but you see the nikkei getting close to that lunch break. We are still higher by 2. 5 on news of some type of stimulus, and will wait for more signs of the declaration of an emergency in japan. Local reports say we could be seen that in the next coming days. The dollar fund stress seems to be going away, much of the currency going back to normal. But it does not really say that dollar could start to lose steam. Perhaps things are looking a little better. We do see that haven when it comes to dollar today, at least for the monday session. Lets take a look at hong kong. The retail, food and Beverage Industries are the hardest hit by coronavirus as the city bans gatherings of more than four people. It is a hit to the sector. David, always great to have you. The financial secretary of hong kong wrote on a blog over the weekend that it will take about six months to reverse the Economic Impact from this coronavirus pandemic. Can businesses like you survive in the next six months . Guest wow. I mean, i think many may not survive six weeks, to be honest. This is unprecedented difficult times. As we know, this obviously started more than two months ago. We are seeing a lot of empty stores, not just restaurants, but any type of retail. We saw a drop in at retail value of around 44 . It is going to be extremely difficult. It is severely affected by the latest relations. Yvonne how will hong kong look look when all is said and done . Will there be changes . Andt people from a health food standpoint, people will be a lot more conscious. People are already becoming more conscious about food and about lifestyle, about wellness. I think for sustainability, it will be a big topic across the holistic lifestyle. And also a broader spectrum of the economy. People will examine businesses and people in general, and also governments will examine what are the loopholes, what are the potential risks . Where are the vulnerable spots . In terms of what we do, we have been saying about the risk of our animal or meat heavy supply chain for a long time. It clearly has a negative impact on climate change, on food security. A lot of people now realize that many of these diseases coronavirus is not the first one. There have been so many examples of diseases transmitted from animals to human beings. Type ofe that consciousness rising dramatically. Tom i know you have eight stores and cafes in the city. What states have you had to take to mitigate the impact . Have you had to shut any stores . Are you having to cut headcounts . Are you extracting any counts . Finally the of all, last month or two, there are some landlords who have been rejecting the idea of any type of reduction. Still not all of them, and i am still very disappointed in that. We happen to have. A very diversified model o we happen have a very diversified model. We have the restaurant side, which is hit hard like most of the dining services, not just in the city, but around the world. But we have our grocery side of business, not just in our stores, but also distribution to the supermarkets and grocery channels. Obviously people are staying home, working from home, and the demand for groceries have gone much higher. And online shopping, we have doubled actually, our online sales have more than doubled compared to before and after the virus outbreak. Again, same rationale, which is people are clearly staying home. We are a little bit more fortunate in the sense that we set out to be a more diversified approach in our business, but there is no doubt it is affected. Restaurants may not be able to survive this unprecedented crisis. Tom what does the roadmap to recovery look like for the fnb business, for the President Trump<\/a>, perhaps there is light at the end of the tunnel. They are seeing some signs of stabilization when it comes to new infections. Europe is also seeing a peak in cases. Asia, we are up about 1 . It is still very much the oil story. Doubts about what a deal could look like, is the u. S. Going to be involved, is it conditional . Wti down toto 26 26. Jakarta coming online. It is a holiday shortened week for china, india, and thailand, and macau. About 1. 5 . Ng gains the hang seng up by 171 point. Yields, selloff in the face of this risk on. Watch currencies as well. The pound has been in focus given the likes of the Prime Minister<\/a> Boris Johnson<\/a> being admitted to the hospital. He is seeing persistent symptoms from covid19. We are seeing the japanese yen pretty much selling off. Your offshore womermb. Lets take a look at the surge in coronavirus cases in japan over the weekend. They will declare a National State<\/a> of emergency. Prime minister abe may announce the move as early as tuesday. Lets get to stephen engle. We just got news of this fiscal stimulus. What could this mean for japan . We are getting a second news outlet in japan saying the Emergency Declaration<\/a> will be andared tomorrow, april 7, would be enacted the following day on wednesday. Ofp in mind, this is more giving power to the municipal governments to request, urge people to stay at home. There is no legal power to enforce requests to stay home due to Civil Liberties<\/a> under japanese law. It gives a lot more teeth to the efforts like the governor of tokyo, who has urged people to stay at home. The tone has shifted after the olympics were postponed by year. Japanese officials are looking at the numbers and sing 143 seeing 143 new cases in tokyo. The city has more than a thousand cases. No doubt, the government is taking seriously the amount of stimulus that is needed. This big package, this new package totaling 550 billion u. S. Dollars, on top of the 235 billion u. S. Dollars the government announced in december to take the issues that were stemming from the Fourth Quarter<\/a> slowdown into effect. Now with the coronavirus, they need more stimulus. If there are requested tokyowns and places like requested lockdowns in places like tokyo, this is the 11th biggest economy in the world. Singaporekong and were being held up as poster children on how to contain this virus. Now we are seeing the numbers flareup again. There have been important cases, the number of various restrictions in singapore imposed, including the Prime Minister<\/a> announcing they will be shutting down all nonessential businesses as of tomorrow. Schools will be closed. 195apore got an additional confirmed cases over the weekend. Singapore is not that large. Sinces an 18 increase friday. New clusters have emerged, including in two dormitories of migrant workers. Prime minister is expected to speak in Parliament Today<\/a> at 2 00 to perhaps unveil a third stimulus package. Hong kong, we might getting even stricter restrictions sometime soon. The top advisor to carrie lam, he says a strict lockdown, including an order for people to stay home, would be possible in this third wave of suspected infections. Yvonne over to europe now, we heard Boris Johnson<\/a> was admitted to the hospital. Is this a sign in terms of europe, the u. K. Is remaining in the spotlight now . The u. K. Is in dire situation. 4934 deaths. That is a remarkable percentage of the number of cases and deaths. Boris johnson being admitted to hospital. He is still in charge of the government. Would be theretary next in line if mr. Johnson would be incapacitated. Europe, there is some encouraging signs coming out of europe. It is staggering, the effect the virus has on these countries. Sunday. 25 new deaths on it sounds a lot and it is terrible but it is the lowest number in two weeks. Same situation in spain and france. Fewer deaths for the last few days. Fewest amount of deaths since last tuesday. The outbreak maybe cresting. Maybe to soon to say that but the data is that suggesting is suggesting that it might be down in the near future. New york state, fatalities also fell for the first time and donald trump has said the u. S. Outbreak is beginning to level off. Trentom lets hope that continues. That lets hope that trend continues. Trump isresident sounding a more upbeat note on the coronavirus. He is saying he is seeing infection start to level off. Mike pence agrees, saying the administration is beginning to see a clamor of progress. A glimmer of progress. New york state reported a lower number of deaths on sunday. New york, the first time the deaths were less from the previous day. Navy that is a good sign. Maybe that is a good sign. The World Health Organization<\/a> says face masks may be protection against the coronavirus. Executive director told the Daily Briefing<\/a> that wearing a mask in public may not prevent catching covid19. Ns Hopkins University<\/a> exports ofanned all the malaria drug touted by president drug as a cure for covid19. The government says shipments of hydroxychloroquine are prohibited. It as a gamecribed changer, although medical experts are not certain. Global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. I am Karina Mitchell<\/a>. Ahead, green david young joins us from hong kong with more on the outlook. Nternet property and baby gear this is bloomberg. Yvonne looking past the economic pain evident in fridays u. S. Payroll. Lets look ahead at the new trading week with andrew sullivan. He joins us on the line from hong kong. It seems like we are dealing with less bad news these days. Would you think this is a turning point for markets . Andrew if you missed the first bottom, there is usually another opportunity. Investors should remain cautious. Ok. Ne in terms of the unprecedented amount of fiscal and monetary easing we have seen, is there a sense we could be saying a massive rally in the second half . Are there stocks that have become so cheap for longerterm investors, they stand to make potential profits . Substantial profits . Andrew they will be cautiously looking at buying those. Certainly the ones with the strong Balance Sheets<\/a> and good lines of credit. A lot of them are looking at infrastructure. Some of the materials like iron ore are likely to do better. We have seen some of the futures lifting stronger. I think there will be a lot of opportunity in the second half. Tom is there anything you have seen in terms of the economic support measures from officials in tokyo that would entice you into that market . Tokyo is in a difficult situation. It is likely that they will declare a state of emergency. The problem with japanese stocks is the amount of shut down. They are going to cut production and shut a number of factories. That is a concern for investors. This is probably going to mean this small recovery is put on the back foot again. Meanslay of the olympics 2021, you will start seeing people take a more active position and some of those tourism stocks. Wise, we have the increased work at home and japan. In japan. There will be increased spending. Market, it is more than stock picking rather going back into markets on a general basis. Tom lets get to some of your stock picks. Tencent alibaba, some of the tech stocks that you like. 100 hong kongll dollars off of its highs. Peopleis making a lot of money using those platforms. Onlinenline services and facilities, the work at home, food ordering, or education. Other ones, lenovo looking at upgrading computers. Yvonne when it comes to names in hong kong, you are staying broadly when it comes to airline stocks, travel groups. When it comes to hotels, you are seeing a little bit of a differentiation. What else are you looking at . The hotel groups , once them wise over. Restrictions are another one that is a little bit of an outlier, they are expecting a baby boom because of all of these people staying at home. Tom andrew sullivan, thank you very much. Looking at a baby boom toward the end of the month. Also favors tencent and alibaba. Talks, fresh debates emerge. We will look at what is behind oils renewed slump. This is bloomberg. We think it is highly unlikely but we are planning for the worst case. Opec and its independent allies have delayed talks on the oil price. Fresh divisions emerged. Saudi arabia and russia indicated they want the u. S. To join any agreement on curbing production. But President Trump<\/a> had harsh words over the weekend. Again. On againoff a little optimism but now little more negative on the story. At least they are talking about talks. That is a good way of putting it. The optimism was really strong at the end of last week. You saw oil prices surge. We are back down today. Saudi arabia and russia were trading barbs over who started this. Donald trump said he does not care for the cartel and threatened tariffs. They are still planning on meeting later this week. There is still a chance countries like iraq and norway say there is a chance for making a deal. We will have to sit tight this week. The market will wait for some clarity. Deal whatwould would a deal look like . With the u. S. Have to be involved . Saudi arabia and russia are very concerned about cutting production and letting the u. S. Ramp up output again, which is what has been happening for the last three or four years. They want the u. S. To be involved. It is difficult to understand how the u. S. Would agree. They do not have control over the oil industry the way that russia and saudi arabia do. Texas does have some control they can use to prorate production. It is not enough to offset the demand destruction from the virus but enough to slow down the build so they do not have overflowing tanks. Our energy reporter. Companies around the world are being encouraged to switch strategy to fight the virus. Airbus has delivered to the european union. Airbus said most of the masks will be donated to france, spain, germany, and the u. K. Airbus has made three such flights. Airlines have been hardest hit by the virus is demand for tickets plummets. Many have ground their fleets and united is slashing services to airports who serve new york. Lagarde it will see just two flights compared to the normal 80. Emirates is said to be seeking urgent loans after the virus force the grounding of its fleet. It is speaking to local and international banks. Last week, the government in emirates,d to support saying it was it would be given unspecified help. Take a look at markets right now. We are still seeing a little bit about risk on. U. S. Futures, we are punching higher by 3 . Given the less bad news from the u. S. New zealand is the exception. Australia, japan seeing gains north of 2 . Japan, we just learned, we are expecting some big fiscal stimulus on its way and we are waiting for that decision from Prime Minister<\/a> abe to declare a state of emergency. He could be doing at as early as tuesday. Taking a look at currencies, pretty stable. We do see the dollar on the stronger side. Money coming out of the japanese yen, we continue to extend those down 6 . R wti, futures around 33 holding at the moment. That opec meeting is delayed until thursday. There is still a lot of uncertainty about what kind of deal we could be seeing. Were are counting down to more markets, coming up. This is bloomberg. Theres no place like home. Especially when xfinity has you covered with fast, reliable internet. With advanced security to help keep you secure online. And with the most tv shows, movies and streaming apps all in one place. With simple Digital Tools<\/a> you can get the help you need or even trouble shoot your services on your own. Download the xfinity my account app or just say help into your xfinity voice remote. We are working to make things a little easier on everyone. Download the xfinity my account app today. Yvonne 10 29 p. M. In new york. Reports from japan say the government made it clear a state of National Emergency<\/a> as virus cases jump. And a documenting by bloomberg outlines the new stimulus, including tax concessions and higher subsidies for businesses. Households suffering income ses, with around 200 and around 1200 for each. Thetries worst hit by coronavirus have reported death rates falling, with italy saying the worst may be over. Latest figures suggest tight restrictions on movement are having a positive effect. Between italy and spain, they have the most infections in europe. The Public Health<\/a> institute in rome says they are seeing a significant slowdown of the spread. The u. K. Government is threatening even tighter virus restrictions among signs people are ignoring the rules. Fine weather over the weekend sent thousands to local parks despite police warnings. The Health Secretary<\/a> says the government will not hesitate to ban all Outdoor Activity<\/a> if people continue to flout the rules. And at the irish Prime Minister<\/a> is doing his bid for the coronavirus spike, temporarily returning his first job as a doctor. He left the medical profession seven years ago, but has reregistered and will work one day a week assessing patients by phone if they think they have been exposed to the virus. Ireland reported 21 new debts on sunday, and now has almost 5000 infections. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. Im Karina Mitchell<\/a>. This is bloomberg. Yvonne . Thank you. Ina, taking a look at markets here. We mentioned the dollar story playing out as the big theme. E. M. Currency seeing quite a hit, if you look at the likes of the south korean won. We are inching to the record highs for the dollar against the rand. The rupiah still on the weak side, the ringgit as well. Somes a big focus on why of these em currencies are perhaps being a bit of a selling point today. Take a look at the rest of the markets. We are looking at u. S. Futures, which continue to see a slight off, but still north of 3 . Wti is the big focus here today, but you see the nikkei getting close to that lunch break. We are still higher by 2. 5 on news of some type of stimulus, and will wait for more signs of the declaration of an emergency in japan. Local reports say we could be seen that in the next coming days. The dollar fund stress seems to be going away, much of the currency going back to normal. But it does not really say that dollar could start to lose steam. Perhaps things are looking a little better. We do see that haven when it comes to dollar today, at least for the monday session. Lets take a look at hong kong. The retail, food and Beverage Industries<\/a> are the hardest hit by coronavirus as the city bans gatherings of more than four people. It is a hit to the sector. David, always great to have you. The financial secretary of hong kong wrote on a blog over the weekend that it will take about six months to reverse the Economic Impact<\/a> from this coronavirus pandemic. Can businesses like you survive in the next six months . Guest wow. I mean, i think many may not survive six weeks, to be honest. This is unprecedented difficult times. As we know, this obviously started more than two months ago. We are seeing a lot of empty stores, not just restaurants, but any type of retail. We saw a drop in at retail value of around 44 . It is going to be extremely difficult. It is severely affected by the latest relations. Yvonne how will hong kong look look when all is said and done . Will there be changes . Andt people from a health food standpoint, people will be a lot more conscious. People are already becoming more conscious about food and about lifestyle, about wellness. I think for sustainability, it will be a big topic across the holistic lifestyle. And also a broader spectrum of the economy. People will examine businesses and people in general, and also governments will examine what are the loopholes, what are the potential risks . Where are the vulnerable spots . In terms of what we do, we have been saying about the risk of our animal or meat heavy supply chain for a long time. It clearly has a negative impact on climate change, on food security. A lot of people now realize that many of these diseases coronavirus is not the first one. There have been so many examples of diseases transmitted from animals to human beings. Type ofe that consciousness rising dramatically. Tom i know you have eight stores and cafes in the city. What states have you had to take to mitigate the impact . Have you had to shut any stores . Are you having to cut headcounts . Are you extracting any counts . Finally the of all, last month or two, there are some landlords who have been rejecting the idea of any type of reduction. Still not all of them, and i am still very disappointed in that. We happen to have. A very diversified model o we happen have a very diversified model. We have the restaurant side, which is hit hard like most of the dining services, not just in the city, but around the world. But we have our grocery side of business, not just in our stores, but also distribution to the supermarkets and grocery channels. Obviously people are staying home, working from home, and the demand for groceries have gone much higher. And online shopping, we have doubled actually, our online sales have more than doubled compared to before and after the virus outbreak. Again, same rationale, which is people are clearly staying home. We are a little bit more fortunate in the sense that we set out to be a more diversified approach in our business, but there is no doubt it is affected. Restaurants may not be able to survive this unprecedented crisis. Tom what does the roadmap to recovery look like for the fnb business, for the Retail Business<\/a> in hong kong the f and b business, the Retail Business<\/a> in hong kong . Guest delivery, takeaway, online sales and grocery, delivery services. With the coronavirus is people will continue to be afraid because this is happening globally. Even if the cases and hong kong come down in the next couple of weeks, for example, the cases around the world are not stopping. Limited, will be tourism will be minimal. Going tohis year it is be an extremely difficult year until q3 or q4, because there will be less tourism and business travel, even when it recovers, it will be minimal. Focusing on necessities, focusing on daily needs, and of course the local audience, and adapting to this new normal. These will be the crucial steps for business to survive. Yvonne david, has the government done enough for businesses like you that need to keep the lights on, that need to keep their staff at work . We were talking about the 1300 cash handouts. They are facing some delays now. Will it be too late to undo the damage, do you think . Damage is atk the a level we have not seen before. Certainly it is better than nothing, but with the latest restriction on f b and bars, it definitely would need to be a second installment, a second round of Government Support<\/a> or subsidies. Otherwise, definitely a lot of businesses cannot survive. We are talking about a sudden drop, a complete drop of income and cash flow. And we all know that is the recipe for disaster and any business. How to bring the economy back to get normal consumption back . That will be a huge challenge. Governments around the world, and hong kong included, will have to be proactive and very aggressive in terms of giving lifelines to businesses in general, particularly Small Business<\/a>es. Yvonne and david, when it comes to the meatless revolution, you early on had holdings of beyond meat. The stock is down close to 40 in a month. Have you had to adjust your holdings in any way from beyond meat . Guest that is not something we openly discuss, although i do think this has happened to all stocks. There are many sectors that are hit much worse. What we are seeing in our own business, i was mentioning how our grocery side of business has surged close to 80 because people are staying home. Retail through our channels of supermarkets and our online sales have doubled. That nondairynd items and meet alternative items actually are even more in demand as people read more, study more, and now everyone has more time to read and learn from a health aspect and an environmental aspect of everything, and food certainly is a big part of that. Thenow in the u. S. Over last few weeks when everyone is rushing to the supermarkets to sales, or, none milk nondairy sales, it is up, which are phenomenal figures. And what we asg a sector as plantbased and alternative meet are seeing alternative meat are seeing is a promising sign that this could be a catalyst to accelerate growth, particularly in asia, when previously it was not as high. Green mondayung, founder and ceo. Thank you for your update. To be underntinues pressure. Coming up, virus cases overtake italy and france. The latest outbreak news next. This is bloomberg. Tom welcome back. Europes four worst hit countries report declines in the kronos virus debts. Italian Health Officials<\/a> say the i break may be cresting. Italian Health Officials<\/a> say the outbreak may be cresting. In spain,it is france, and the u. K. Having lower death tolls. The lowest of italy, new deaths in two weeks. Weeksan early sign that of strict confinement measures to contain this outbreak are finally starting to bear fruit. It does remain on strict lockdown. The hardest hit region. Now they have restrictions coming in requiring citizens who leave their homes shield their masks, anduth with insisting residents stay inside other than essential tasks. 75,000 people have been fined for violations, in the country is preparing for a fifth week of lockdown measures. At the same time, we have crushing number of people being infected, the Opposition Leader<\/a> reports he has called on the government to open churches for the coming or easter holiday. The fact that churches were open for three weeks as this virus took hold has been blamed for how it spread there as well. The biggest epicenter of the virus in europe, surpassing that of italy. The Prime Minister<\/a> there enforcing a lockdown until the 26th of april. Inference, the total number of thelities in france, total number of fatalities rising. Virus crippling europe at a time when most countries are in some form of lockdown. We have these economies heading into a deep recession, some say a depression. How are they finding ways to mitigate the damage . This is the pressing question. We have spain, italy, and france calling for corona bonds, something the germans in the dutch are against. At the same time, they are measures other than money, something italy, spain, and france have rejected. Back to you guys. Yvonne lets see what is happening in india. The country is now banning exports of a drug that President Trump<\/a> has touted as maybe being a game changer in this five. Reporter it is called hydrochloric queen, it is a hydrochloroquine. It is a malaria drug. Stories about treatment are helping. Drug and itsis formulation have been prohibited, without any exceptions, with immediate effect. That is what is said on the website. On saturday, donald trump did speak to the indian Prime Minister<\/a> to appeal to the release of shipments. He said he was giving the request consideration. This came about shortly after that statement was made here. It is a situation in india, where we have 1 10 the number of cases in mumbai. 3370 of them at the moment. Manyis a concern is how slums there are in mumbai itself. It is about three miles away from the key business district, and home to indias biggest Stock Exchange<\/a>. It is the Financial Capital<\/a> of the country with about one Million People<\/a> all crammed together. Many of these are migrant laborers who came from hundreds of miles away, and keeping that contagion from spreading in a slum like that could help prevent hospitals in mumbai and across india from being overwhelmed. Yvonne thank you. Rishaad salamat joining us on the phone. We have plenty more ahead. This is bloomberg. Tom welcome back. 3m is pushing back against requests from the Trump Administration<\/a> to hold exports of protective face masks. Ceo mike roman told bloomberg the move would cut off critical supplies for neighboring countries. We continue to do everything we can to fight covid19 and support Health Care Workers<\/a> here at home. We have ramped up our production in the u. S. As quickly as possible. We saw this early in january and ramped up Production Capacity<\/a> that we keep vital for these situations that we keep idle for these situations. We are focused on delivering as much as we can in april. The narrative overnight that we are not doing everything to maximize the delivery of masks in our home country is false. The idea that 3m is not doing all it can to fight price gouging and unauthorized reselling is absurd. We have been at the frontlines of really leading this. For everyone who has dedicated so much time and effort to lead the fight, it was disappointing to hear that narrative overnight. Reporter it is always hard to know exactly what the white house is talking about, but in this case it seems the president heard a report that you are selling some of these masks to canada and to latin america, which as i understand it has been a common business practice for you. Under normal circumstances, we produce about 19 million respirators a month in the u. S. 90 of that goes to industrial customers, and a portion goes to canada and latin america to serve customers there. In a crisis like this, we double that output and we shift to 90 plus to health care, only supporting Key Industries<\/a> like pharmaceutical, manufacturing, or food production. We continue to support canada and latin america. We have excess capacity to bring online. This covid fight is like nothing we have seen. The demand is so much greater. We are trying to do everything we can to bring capacity to the u. S. While we still serve canada and latin america, where we are often the sole supplier of healthcare care workers in those countries. We have expanded our capacity. We can always ramp up another 5 million respirators in april. We just got agreement to export 10 million n95 respirators into the u. S. We are stepping up and bringing more production online in june. We will get up to 50 million, plus what we can bring from china. We are a net importer, even though we continue to serve latin america and canada with a small production. Becomes a humanitarian issue that we have to try to balance, and we are at the same time maximizing everything we can bring to u. S. Health care workers. Reporter is there price gouging and some of these . You able to are control prices . Price gouging, it is good to be clear, we are manufacturing respirators. We sell those to distributors. In the health care crisis, we distributors. Zen the comment about triage, that is exactly what we are doing. Fema, alsoing with working with our distributors to get there. Weor to covid outbreaks, were selling 90 to industrial distributors, and they are selling to a broad range of customers. Some of that inventory has ended up in resellers, and those resellers are where this despicable behavior of price gouging is taking place. Would never increase prices for our respirators during this we would never increase prices for our respirators during this crisis. We sell through authorized disturbed ors or straight to the government or straight through the government. Ags to to the state pursue these perpetrators. We bring our data online, we help with counterfeits, we work to make sure we call out those who are price gouging. We are doing everything we can to help Law Enforcement<\/a> take that on, and we have a supply chain that ensures in this crisis, and we monitor this every day, it is a strong and effective way to get the product to the customers. It is disappointing and unfortunate that resellers are out there taking advantage of the situation the way they are. 3m ceor that was the mike roman speaking to bloomberg. Lets do a market check to see how things are going. We are edging higher as this melt off inequities continues. U. S. Futures continuing to head higher. It iskes of the kospi, helping the stock ahead of its earnings that come out tomorrow. Hintsld have a glimmer of about how the tech sector is dealing with the coronavirus. You take a look at manila, we are up more than 1 . We are seeing this out of japan as well. The tokyo governor is expected to speak to the press this afternoon. You are seeing a decent session here on this shortened holiday week. Tom and we have an exclusive interview with nestles ceo coming up. Dont miss it. This is bloomberg. Because you cant get to the theater, were bringing the theater home to you with xfinity movie premiere. Such news. I know what this is. This is a real thing. Our Brand New Service<\/a> that lets you watch movies at home, while theyre still in the theater. Oh, mister elton. Ahh he has figured out a way to be invisible. They picked the wrong woman. Just say xfinity movie premiere into your voice remote to bring the theater to you. Reporter at is almost 11 00 in singapore, 8 30 in singapore. Yvonne we are entering the last hour of the morning session in hong kong. Japan is reported to be about to declare a state of emergency, and new stimulus measures as coronavirus cases soa r. There is a among top oil producers. Saudi arabia and russia blame each other for the price crash. And the alleged sales fraud rises new questions about chinese commerce. We are joined by the Asian Corporate<\/a> governance association. This is Bloomberg Markets<\/a> asia. Haslinda lets take a look at where the markets are right now. All in theorea money. We are seeing some stability in the fight against the virus, even though global virus cases are at 1. 2 million fewer. In new york, italy, spain. The markets are brushing off the horrendous u. S. Payroll number on monday. As far as the nikkei is concerned, it has been boosted by gains. The japan governor is due to speak today. They are saying the state of emergency, which could be called as early as tomorrow, saying tokyo could be affected. Fti is read right now, the fti right now, up 2 . We are keeping a watch on the third stimulus package to be announced this afternoon by the finance minister. That is adding to the fiscal stimulus, 11 of gdp. Singapore grappling with the virus spread. It reported the number of new cases of nonessential workers operating from home from tomorrow, schools shut from wednesday. Lets take a look at where we are in dollar currency. The dollar had given up some gains, but remains relatively strong. Some reprieve for em currencies. We are keeping track on the rupiah, inching closer to 17,000. We will be interested to see the assets when several banks including the philippines report. We will see how much is left in the coffers to continue to boost this. Yvonne what seems to be supporting this rally today is what we are seeing in u. S. Futures, which are pointing north of we percent right now. North of 3 right now. This morning, President Trump<\/a> said we see the light at the end of the tunnel, more optimistic from his warnings about a horrendous period ahead. We also see this from countries like italy, france, spain. The u. K. Still a problem spot. You have the Prime Minister<\/a> admitted to a hospital after showing persistent coronavirus symptoms. You are seeing pressure on the pound at 122. 36. Health, one of the biggest sectors. The likes of Fujifilm Holdings<\/a> after drugs are planned to be given to other countries. Of perhaps an antiviral coming into play. The hang seng, we are up 2. 5 points. Thailand is closed for holidays, easter holidays on friday as well, so it is a shortened week. We just heard from the secretary, it will take at least six months for a reversal in this Economic Impact<\/a> from this pandemic. We will see how that plays out. About thell talking cash handouts in hong kong being delayed. Lets take a look at the surge of coronavirus cases in tokyo over the weekend. It may cause japanese leaders to alter course and declare a National State<\/a> of emergency. Prime minister shinzo abe may announce a move as early as tuesday. Lets go over to stephen engle. He has been watching all the developments. What does this mean for japan . Stephen two major developments coming out of japan today. There could be more lockdowns coming and there could be more handouts coming. First of all on the lockdowns, we have been hearing from the News Services<\/a> that the national Emergency Declaration<\/a> could come as early as tomorrow. The announcement could be made tomorrow and imposed on wednesday. That would give the National Government<\/a> permission to local and provincial governments to impose lockdowns if they desire. The media reports are indicating tokyo and the surrounding areas would be locked down, as well as osaka. We are hearing from kyoto that it could be a okaido. We are waiting to hear from shinzo abe to make an announcement as early as today or tomorrow. We are also hearing the government of tokyo will be speaking to the media sometime this afternoon. There will also be a Coronavirus Task<\/a> force convened later today. There is so much going on. Now that the olympics have been postponed by a year, the japanese taking it quite seriously. Despite the economic pain they have been feeling, the tokyo area is the 11th biggest economy in the world with one third of japanese gdp. Getting a second stimulus package likely to be released or announced soon. It could be released in a couple phases. The first would be emergency measures to prevent job losses, the second phase would be once the epidemic is contained to support patient recovery in the Fourth Quarter<\/a> gdp is sinking. That was before the coronavirus. Japanese economy in serious trouble, but now they are worried about more cases of the coronavirus making rings even worse making things even worse. Haslinda President Trump<\/a> talked but wehe markets rising, are seeing increased cases in the likes of singapore and hong kong. What is the plan there . Having a second wave of infections in both places. In singapore, they have seen an cases over the weekend, a rise of 18 from friday. They have 1309 cases, six deaths. They announced all businesses will be shut down. They have to work from home. Schools will be closed from wednesday. A third about to unveil stimulus package, the third in less than two months. Singapore obviously taking this quite seriously. Hong kong, we are hearing from carrie lams chief advisor and counsel saying a stricter lockdown could be possible or warranted. 28 cases on sunday. They now have 890 in hong kong, four deaths. The stricter measures could include closing of all nonessential businesses and confining people to homes. Right now, worldwide confirmed cases, 1,272,115. In the United States<\/a>, 337,000. That is one in every 1000 people in america who have been infected. Our chiefephen engle, Asian Correspondent<\/a> joining us from hong kong. Lets get the first word news with Karina Mitchell<\/a> in new york. Karina in the u. S. , President Trump<\/a> is sounding a more upbeat note on the coronavirus, dropping his note about horrendous times to come, saying he is seeing infections level off. Vice president mike pence agrees, saying the inmost ration is beginning to see a glimmer of progress. New york state reported a lower rate of deaths, prompting optimism from the white house. President trump this is the first time when the dots were less from the previous day when the deaths were less from the previous day. We are seeing a leveling off in the hottest spots of them all. Karina the World Health Organization<\/a> says face masks may not be protection against the coronavirus. The executive director told a Daily Briefing<\/a> that wearing a mask in public may not prevent the catching of covid19, but can help stop an. Infected person from passing it on. Johns Hopkins University<\/a> says that cases have topped one. 2 million worldwide, with dots approaching 70,000. India has and all india has banned all exports of an antimalaria drug. Shipments of hydroxychloroquine are prohibited without exception. Last month, india restricted shipments. President trump has described hydroxychloroquine as a game changer, though medical experts are less certain. Police in New South Wales<\/a> are launching a criminal investigation into how a cruise ship carrying passengers with reported viruses were able to disembark people in sydney. The incident happened last month, and 10 of the passengers have since died of covid19. 2700 people were allowed to leave the vessel. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. Im Karina Mitchell<\/a>. This is bloomberg. Yvonne . This hour,ll ahead trouble is brewing for ascutives at luck and tommy, they issue a public apology for alleged fraud. We speak to an expert later in the show. Haslinda up next yvonne up next, paul gamble says it is hard to say how advisory policy can do anything. This is bloomberg. Markets are seeing a risk on session today. Our next guest leaves the longterm outlook for markets boils down to the structural efficiency of stimulus. Lets bring in paul gambles. He joins us on the line from bangkok. Great to have you. I was reading a couple days ago that you were saying cash is the Biggest Holding<\/a> across many of your portfolios for the First Time Since<\/a> the financial crisis. Has anything happened in the last week to alter that kind of allocation . We have anything, increased the amount of Cash Holdings<\/a> in the last week or so because we have been cashing in traditional treasury holdings. We have been replacing those with longterm zeros instead. Smallerally need a holding of those to get the same apex. To get the same effect. Is [no that cash audio] naturally you should be holding cash. That is a pretty extreme level for us. We are seeing when it comes to dollar funding, that seems to be easing up. Volatility has come down a bit, and you are seeing the cheapest valuations we have seen in years. Is there a sense that you are missing out on some bargains now . Paul i dont think so because i dont think we can know for sure. Our toes in the equity waters, but more carefully, more selective in terms of strategy. We use some quantitive Ai Technologies<\/a> to buy stocks or cover stocks. Aregoing out long, we having a good day in the markets so far today. It is interesting. Even across asia, there is significant distance of 3 up in tokyo and sydney versus just over half a percent in hong kong. Hansingapore is somewhere in the middle. The of town bank of thailand downplayed it. It is still completely hostage in the shortterm. I dont think you are getting the right answer, even if it is pricing. Because to watch that we get solid news about the virus, and maybe that is an argument in the shortterm. But we still have longterm structural problems to face as well. It is not an absolute bargain that people are saying it is, but it could go either way. To your point, the s p is up 15 from its lows. You say we could see a possible 40 downside from here, even though that is not your base case scenario. What will take us there . What will be the catalyst . Paul in the shortterm, it is purely about news flow. It is about corona, it is about news out of the white house about it. It is really hostage entirely to the news flow in the shortterm. We aree to remember, hadt 6 off the peak we last tuesday. Even in the space of a week, the volatility we are getting is slow day today. We still have decades where nothing happens and decades where every single day there are major moves in the market. For people to guess where that is, if you are buying at this level, it says that things are ok, that there will not be higher levels in the future, then that is just guessing. We are responsible for getting out there and guessing with peoples money. Andave to have a strategy, also wait until we have parity. This could very easily be a bear market bounce. Make of what do you Balance Sheet<\/a> risk in asia . How big of a risk is that to you . Paul i think we are looking at all kinds of risk globally right now. The balanceng at sheet risk not just in asia, but everywhere. One aspect of that is we are seeing dividend cuts. Hsbc and standard chartered. Risk, that is more of a risk because the credit market is so extreme. In china, we have seen the latest reaction with the action and the reserves. That is trying to force money into the economy. What we are saying is maybe slightly ahead of the curve. They have been more corrective about getting money. The Balance Sheets<\/a> are and are incountries a better space than in the west. The Balance Sheets<\/a> are one of many arrests, but it is a bigger risk in the states than in asia. Have also mentioned that the cost of hedging is getting more expensive. How does that change your view on gold and treasuries . Paul that is a great call. We have done really well this treasuries. Long we have been biased toward goal. That has changed. It is difficult to see the upside in treasuries anymore. It is also hard to see as much upside in gold. We have done a couple things. With gold, we have gone into gold miners. We are having our midlife crisis. Longterm,en up our passive partner, which was treasury and the ups. Which strip zeros, out the funds, and it makes it more sensitive on treasuries. Still trying to find those fragile assets, but they are getting harder and we are getting more creative to get that into the portfolio. Great to have you. Paul gambles joining us from bangkok. I want to mark the lines coming through from indonesia. The jakarta composite on fire, rising 20 since march 24. It has now entered a bull market. Just a matter of two weeks, it has been able to recover some of the losses we have seen. But we are not close to the peaks we saw at the start of the year when it comes to indonesia. We learned the minister saying indonesia is adding 85 billion of stimulus and increasing bank powers to handle the crisis. But you do see quite a comeback. Jacquard are coming back entering able market. Coming up, delayed opecplus. Talk about a price steel. We will talk about what is behind the renewed slump. This is bloomberg. Haslinda welcome back. Brent crude has stopped some of its losses. Futures fell after a meeting of opecplus was postponed. Get are also attempting to the u. S. Involved in production cuts. Lets bring in sharon chou. Lets start with the opecplus meeting and its impact on prices. Been the oil prices have really volatile since last week. It has lost some of its declines earlier today, but it is still down. It is because the opecplus meeting, which was scheduled to be taking place today, is now tentatively scheduled for thursday. It comes as saudi arabia and russia want the u. S. To join in, but President Trump<\/a> has not given any response on it yet. Made aaudi arabia diplomatic attack on the russian president that jeopardized the deal to slash production. The Saudi Foreign<\/a> minister said that the russian president has been laying the blame on saudi arabia for the end of opecplus pact in march, and it was fully devoid of the truth. Now the socalled oil diplomats are working to bring together a meeting of g20 in her Energy Ministers<\/a> to bring the u. S. Into the negotiation. Amidst a call for action, saying there is a huge oversupply of the oil market, which is estimated to be 35 Million Barrels<\/a> a day. After opecs meeting was postponed, saudi arabia rather, saudi aramco said it is delaying the announcement of its cut to customers. How significant is that . Aramco isht, so saudi the biggest oil exporter in the world. They usually announced their official selling prices to their Oil Customers<\/a> by the fifth of the month. They did announce after the delay of the opecplus meeting that it will defer its release to later this week, and prices are expected to come sometime on thursday. Of additional selling prices from saudi arabia is important to the market because most of the middle eastern producers will follow suit and also set prices in line with saudi arabias pricing. This month will be a very difficult month for aramco. They are setting the prices for may. It is because of the global and domestic demand being totally wiped out because of the spread of the coronavirus. Some of their customers are now waiting to see how much oil they would attempt to buy in their longterm contracts, depending on aramcos pricing. There is a lot of wait and see. Yvonne if they are ready to escalate this price were even further. Sharon cho, our oil reporter joining us. Take a look at this function. You see a risk rally. We did here paul gambles saying it could be a bear market rally. Composite the jakarta ite entering a bull market. One thing that has not taken part in this today is the em currency. We still see dollar strength, though the likes of the rupiah seeing some weakness. This is bloomberg. A gloomy day today. We are in the more middle of the trading day. We are adding to gains. Retail investors using cheap money to load up on soap. Says the individuals pumped 2 billion into the soap market in march, a 20 percent increase from february. Rights are tempting people to load up on debt to buy. They are up about 2 . Lets get first word headlines with Karina Mitchell<\/a> in new york. Karina reports from japan say the government may declare a state of emergency as virus cases jump. And a document by bloomberg outlines the twostate stimulus, including tax concessions and higher subsidies for businesses. Households suffering income losses would receive around 2000 u. S. In cash, without an extra 90 for each child. The announcement may come on tuesday. Europes countrys worst hit by the coronavirus have reported death rates falling. Italy saying the worst may be over. Tight restrictions on movement are having a positive effect. Between them, italy and spain have the most infections in europe. The Public Health<\/a> institute in rome is seeing a significant slowdown in the spread. Meanwhile, the u. K. Government is threatening tighter virus restrictions amid signs people are ignoring the rules. Fine weather over the weekend sent thousands to beauty spots and local parks in defiance of police warnings. The Health Secretary<\/a> says the government will not hesitate to ban all Outdoor Activities<\/a> if people continue to flout the roles. In the u. K. , Prime Minister<\/a> Boris Johnson<\/a> is in hospital for coronavirus tests after suffering the effects and remaining in selfisolation for 10 days. Downing street says it is just a precaution and he remains in control of the government. Johnsons partner is also showing symptoms, but has yet to be tested. The u. K. Has seen its deadliest day yet, with over 700 new fatalities, taking the total to about 4300. Economies around the world are reeling from the fallout of the coronavirus, with businesses closing and unemployment soaring. Hong kong says the recovery could take at least six months. The financial secretary says the government will continue to offer financial help with the effect of spreading from tourism and retail to virtually all industries in the city. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. I am Karina Mitchell<\/a>. This is bloomberg. Haslinda karina, thank you. Lets take a look at where markets are. It is risk on across asia. China on holiday, along with india and thailand. Lets take a look at where the index is, higher. China mobile driving gains. Hong kong may be looking at more measures to control the virus. We heard from the finance chief, saying he expects the recovery to take about six months. Already, there has been a setback on the cash handout for residents. That would not be arriving until the third quarter. Taking a look at where the kospi is, up about 2. 5 . Electronics among the biggest gainers. Flipping the page, take a look at oil. Down on news that the planned meeting of opecplus including russia would be delayed on new disagreements. Wantingabia and russia cuts. President trump implying he will impose tariffs if necessary. So you on trading the yuan currently13. 0. There are concerns about chinese Corporate Governance<\/a> and threatening overseas ipos. The coffee chain Luckin Coffee<\/a> says they may have fabricated billions of dollars in sales, beening what would have chinas best growth story. Lets bring in our guest. She joins us on the line from hong kong. Thank you so much for joining us. We mention this is one of the biggest growth stories in china in recent years, and less than a year after its ipo, it has fallen from grace. What ultimately went wrong in luckin . Guest i think this case is straightforward. After its ipo, we saw the share price plunge 18 . Ny [indiscernible] big investors like gic, blackrock that invested in this company, what do you think they were missing . What red flags did they miss . I think they are picking up a huge loss at the company. Haslinda how damaging is this for china inc. , given that Chinese Companies<\/a> listed in the y are questionable right now. Guest i think it could do a lot of damage due to china inc. Also to the ones who are getting prepared for this year in the overseas markets. As you said, the image of china inc. Is already vulnerable. There are still 13 Chinese Companies<\/a> listed in the u. S. As we saw, the share price has plunged. Investors are starting to question their approach as well. Is a probability of Chinese Companies<\/a> [indiscernible] they are saying them as a role model for the economy. With the highprofile campaign and the share price, it is [indiscernible] it is very important that the investors pay more attention. Yvonne thank you. Nana li from the Asian Corporate<\/a> governance association. The u. S. Labor market cratered in march and what could be further weakness ahead. The president spoke exclusively to bloomberg about emergency lending facilities, and emotional reaction to the job loss. It is a sad day. We had job growth for well over a decade, and it is hard to see the numbers turn negative. Expectsink everyone very serious downward tilts on the job side, and this is just the first indicator. If you look at initial unemployment claims for the last two weeks, the highest ever had been 700,000 in 1982. Last week was 3. 3 million, this week was 6. 6 million. I think the numbers will get worse before they get better. Reporter i am getting forecasts in from some economists suggesting we could see 10 to 20 million jobs lost. Does that seem crazy to you . Does the bank of richmond have any forecast at this point . Unprecedented. L try to do is look at the numbers just to get some perspective on it. Bars employ about 12 Million People<\/a>. Physical retail including food and drug are another 11 million. Travel and entertainment another 5 million. Those sectors have been hit unbelievably hard. We could get to 30 million easily. I dont think that numbers like 20 million or 30 million are out of the question. Reporter at this point, what are ceos, what are mom and pop stores telling you about the conditions they see . I divide the companies into three buckets. There are service industries, like the ones i was just talking about. There is a lot of emotion there. Viablet of cases, good businesses have been shut down in the pursuit of a Public Health<\/a> solution. In particular, a number of them are in the process of applying to this new Small Business<\/a> loan program. But they dont know for sure if they will get the money, and they dont know how long this will last, whether the money will bridge it. There are a lot of emotions. Then i would say there are a bunch of industries where we place,. Ocess in they are proud that they are essential to making this country operate, but they are nervous. They are nervous about their health. We see increased absenteeism. They know they need to deliver, but they are nervous. Then there is a wide swath of other businesses in this country, construction, manufacturing. Many of them are down, but they are still helpful. They are seeing drops in demand, but they are making the best efforts to whether through it. They have to hope there is light at the end of the tunnel here. Reporter this all adds new urgency to the effort to get loans, to get operating capital, to companies. How fast will the fed be able to stand up the main Street Lending<\/a> program . When can you start lending to people who need the money . Goalswant to achieve the of this legislation, which has put a lot of money behind supporting the economy. It will take time to work the details out with treasury, who is our close sponsor on this. But as you can see with the Small Loan Program<\/a> that just got announced, a lot of the devil is in the details. To get moneyated to the people who are truly in need. Hard and trying to get that out as fast as we can. Reporter i am glad you brought up the risk question, because there are people who say that the federal legislation says no buybacks, no dividends, no big raises for ceos, but there are reports that the fed does not think that will necessarily apply to them. Restriction on, Companies May<\/a> not apply, which would make it hard for them to keep people on payrolls. I just say all this stuff is being worked together with treasury, and gives us time to land the parameters of this. The richmond fed president tom barton speaking to bloomberg. Plenty more to come. Up ahead, we have the latest in the situation of the virus. Signs the u. K. May be emerging hotspot. Xt outbreak and Boris Johnson<\/a> is taken to hospital, unable to shake off the virus. This is bloomberg. This is Bloomberg Markets<\/a> asia. Europes four worst hit countries have reported a decline in coronavirus deaths. That as Boris Johnson<\/a>s hospitalization shifts focus to the u. K. Rishaad salamat has the latest developments. The Prime Minister<\/a> has been amended to hospital. He has been struggling to recover from covid19. This is dealing a serious blow to the u. K. As it prepares, and perhaps arguably, the worst of the cases. 5000 people have died in the u. K. So far. Is peak of the outbreak likely to hit in the next seven to 10 days. We saw Queen Elizabeth<\/a> come out and make a rare televised request to the country, appealing for unity, evoking the image of a wartime sacrifice. Johnson remains in charge, he will not be able to attend critical meetings to coordinate response to the spread. Ofs is against the backdrop the u. K. Wrapping up the number of people being affected and a number of people dying, while europes worst hit countries shifts, suggesting that orders to keep people at home are having an effect. Is the country on a strict lockdown. The hardest hit region requires citizens leaving their homes to shield their mouths and noses with masks or other coverings, insisting the residents remain inside for all but essential activities. We have that lockdown in italy, on top of that we have the country preparing for a fifth week of these measures. On finance minister calling the government and economy to open churches for the upcoming easter holiday. Churches were kept open for about three weeks, and that may have made this much worse in save than any where else, the United States<\/a> and china. We have a number of fatalities on the way up, but we perhaps see it cresting as well. On top of that, we have spain overtaking italy as the main epicenter in europe. They have a struggle to contain the virus, and the prime is extending his lockdown until the 25th of april. Spains confirmed cases increased to 124,000 over the past 24 hours. Twoave deaths rising by 809 over 11,000. That is where we are in europe. Home in india,to the country has banned the import of the antimalarial drug. Can you tell us what is happening in that country . Rishaad donald trump has repeatedly touted this drug, hydroxychloroquine. It was cited as a game changer in the fight against this pathogen. India says they will prohibit without any exceptions exports of it. Oversawe regulator exports of the drug. This is a move to totally ban the export of it. This is against a backdrop of a country which has a mass migration taking place. We have seen Television Images<\/a> of that. There are outbreaks in settlement slums, one of which is three miles from district,inancial home to the biggest Stock Exchange<\/a> and the biggest banks. We have thousands of people who are trying to get home, and the thing to bear in mind is the close proximity of slums could make this contagion spread like wildfire, and that would mean that hospitals across the country right across the region could be overwhelmed by this as well. This is the real challenge that india is fighting in its fight against the coronavirus, which now has second 1. 2 million around the world and killed more than 64,000 people. Salamatthat was rishaad on the line. In a moment, we will review how bad it could get, with fourthquarter results affected by the coronavirus. We will preview it coming up for the results come out on tuesday. This is bloomberg. Haslinda lets do a quick check of the business flash headlines. Rollsroyce will reportedly toap targets this week extend evidence for the first time to suspend evidence for the First Time Since<\/a> the 80s. Stocksy the company slumped last week to its lowest since 2008. 7500 workers may be furloughed. Credit suisse is said to have pulled out from hong kong. The bank was picked alongside jenny biggeste of Chinas Health<\/a> care start ups, and aims to raise up to one billion u. S. Dollars but Credit Suisse<\/a> is no longer working on the deal. Tencent is looking to take its paid music app to africa after it was a hit in southwest asia. It has become onof the most popular music apps in emerging markets since launching in 2018. Spotify it rivals spotify. A look atts take markets right now. We have a turnaround when it comes to risk assets. This monday morning, kicking of the week, but some big markets are closed. India thailand, macau, are closed for holidays. We are seeing basic gains in australia, singapore, indonesia entering a bull market after what we have seen the last two weeks or so. Seeing some momentum. The dollar quite strong. We are seeing a nice picture when it comes to fixed income. Wpi still heading lower. At the opecplus meeting, still uncertainty about what could come out of that. The saudis not releasing oil prices until the day after the meeting, signaling they may be ready to ratchet up the price war if no deal is reached. Ahead, samsung will give insight into the global chip industry with the preliminary firstquarter earnings. They have had a surge in Online Activity<\/a> with millions of people working from home. Lets bring in Peter Elstrom<\/a> on the line. Iss go through what expected from samsung tomorrow morning. Samsung of course is best known for its own phones. It is the largest seller of mobile phones. But it also supplies components for many other players in the Tech Industry<\/a>, including apple and huawei. It acts as a bellwether for what is going on intact. They also report early in the quarter, so we will get preliminary earnings tomorrow and final earnings later on. We are able to see a little bit it has gone over this First Quarter<\/a> of the year and the impact of the virus. Samsungree months ago, was optimistic that the Tech Industry<\/a> was turning the quarter and the demand for memory chips would pick back up and prices would stabilize. That has not been the case in the end because of the virus and a slowdown in demand. We will get the specifics tomorrow morning. Changea some forecasts dramatically, depending on how long this outbreak lasts. Peter thats right. What our sources have been telling us is samsung is trying to figure out how dramatic and how deep the effects of the virus are going to be on the customers they supply for memory chips and displays and other components. Samsung itself has had to shut down some of its own operations temporarily, which has affected a bit their ability to operate. But they are also making contingency plans for later on in the year. Sources tell us that under the worstcase scenario, they feel if they missed their own forecast by double digits if things go bad, they are trying to figure out how their customers are going to fair, the consumers who are going to fare, the consumers who are buying components and the Companies Buying<\/a> components from them. Yvonne Peter Elstrom<\/a>, our executive better for asia tech joining us with what to expect from samsung tomorrow. Could be offering a glimpse of how these tech giants are dealing with this coronavirus right now. Of course, we will not be able to see the different segments of the business, but we will get the fresh top and bottom lines for the preliminary results. Looking at markets, we are looking ahead to the opecplus meeting. That is a lot of question marks as to what could happen, but u. S. Futures continue to support this rally. We are expecting when it comes to this week that the weekly jobless minutes will go up. The rbl k is expected to meet this week. It is unlikely they will do anything, given they already had their emergency meetings last month. We already saw cuts when it comes to interest rates. Still seeing a decent session in india. This is bloomberg. Shouldnt you pay less when you use less data . Now you can. Because Xfinity Mobile<\/a> gives you more flexible data. You can choose to share data between lines, mix with unlimited, or switch it up at any time. All on the most reliable wireless network. Which means you can save money without compromising on coverage. Get more flexible data, the most reliable network, and more savings. Plus, get 300 off when you buy a new Samsung Galaxy<\/a> s20 ultra. Thats simple. Easy. Awesome. Go to xfinitymobile. Com today. Paide following is a presentation brought to you by rare collectibles tv. 15 seconds, guidance is internal. 12, 11, 10, 9, ignition sequence starts. 1, zero. 3, 2, we have a left","publisher":{"@type":"Organization","name":"archive.org","logo":{"@type":"ImageObject","width":"800","height":"600","url":"\/\/ia802905.us.archive.org\/3\/items\/BLOOMBERG_20200406_020000_Bloomberg_Markets_Asia\/BLOOMBERG_20200406_020000_Bloomberg_Markets_Asia.thumbs\/BLOOMBERG_20200406_020000_Bloomberg_Markets_Asia_000001.jpg"}},"autauthor":{"@type":"Organization"},"author":{"sameAs":"archive.org","name":"archive.org"}}],"coverageEndTime":"20240716T12:35:10+00:00"}