How these cuts will be disk it and how willing will russia be . Certainly some optimism today. Jakarta is coming online. A pretty steep fall off of stocks yesterday. We are rising. Ingapore is up the csi 300 is up. 3 . The dollar is looking pretty mixed across asia. The reaction from that meeting has been seen in the korean won. We are seeing that strength. Nine out of 17 economists respected the hole. Some were expecting for a cut. We are looking ahead to governor lees press conference. We will hear more clues about the trajectory of where rates go and whether they will embark on this qe theme that we have seen in many Central Banks. The dollar yen, we are seeing a little come off of the yen. Were advancing on the back of the oil prices in the euro, premuch flat. Lets stick to oil. Prices are rising again ahead of that opecplus. The worlds Top Producers may be moving closer to a deal on curbing output. Volatility remains a key theme. Wti has seen another 24 hours of wild springs with the price 26 despite much as that record high. Opecplus meets later today. Then we have that g20 Oil Ministers meeting. What are the expectations of a deal . Oil prices have been very volatile. It is extending its gaze for a second day today. Plus ministers are expected to meet later today. They are going to cut production i 1. 6 Million Barrels per day. That equates to 15 . Russia is still insisting that the u. S. Should do more than just let the market reduce record production. Trump is putting huge pressure on the oil superpowers. Cutas said that americas oil prices have fallen to 18 year lows. Do a survey of traders and analysts earlier yesterday. They said that they see an average of 8. 5 Million Barrels the day of cuts from the oil purchaser global producer meeting. The responses anywhere from 2 Million Barrels per day of cuts to 50 Million Barrels per day of cuts. If russia, opec and g20 can strike a deal of about 10 Million Barrels per day, it can bring us historic production of 10 of global spikes. The key question is to what extent these cuts come through if they do. Hether it will be enough Goldman Sachs amongst others seems to think that it will not be enough. What is the story on the demand side when it comes to this . Muche demand story looks weaker. Even though china is boosting oil refinery. Like you said, u. S. Oil demand has fallen to the lowest in data going back to 1990. Goldman sachs has warned that they global oil cuts of 10 Million Barrels per day will still not be enough and that price support may be shortlived because the demand junk is too large. I think theyre hoping for some kind of a deal. Hopefully 10 Million Barrels per day or more to get rid of the demand shock. We will have to see and wait for the results later this week. President trump has historically called for cheaper oil. Now he is calling for more expensive oil. What is going on . Is a lot about protecting the shale producers in the u. S. We have to know that none of the u. S. President s have tried to push up oil prices in the past three decades or more. It is a surprise that President Trump always took a hit on cheap crude. It comes from the fact that american shale jewelers and producers are really hurting from the fall in oil prices. The u. S. Has become the top producer of oil, making many of its own companies having difficulties coping with lower oil prices. That het trump has said has hated opec in the past. Now he is having to work with opec in the coming days. Thank you for that update. We will be monitoring for the next couple of days. More on the outlook of crude later with the director of asia oil. To the first word news with Karina Mitchell in new york. Global cases of the Coronavirus Infection have topped 1. 5 million just one week after passing the million mark. They reported their deadliest day so far. Governments continue to hammer and support programs. The World Health Organization continues to caution against any easing of virus restriction. Dont politicize this virus. It exploits the differences you have at the National Level. Exploited and be you want to have many more body bags, then you do it. Meanwhile, a new Study Reveals the Coronavirus Spread through china far faster than many previous thought, suggesting measures will be needed to take on the pandemic. They probably passed the virus on to more than five others, more than twice the forecast from authorities in february. More than 1. 5 Million People have tested positive around the world. President xi jinping says china is facing new economic and social challenges as a result of the virus with rising numbers of reported infection and increasing threats to growth. This is designed to resume work and boost domestic demand. They include the reopening of commercial operations and the speeding up of investments. Australia has approved a job rescue plan worth 80 billion u. S. Dollars. As part of a wider move to show the economy from the virus. The government said the fallout from the pandemic is unprecedented. The programming should protect 6 million workers. The government will subsidize wages to the tune of 1500 aussie dollars every week to help businesses key people at work. In the race for the white house seems to be down to the last two runners with senator Bernie Sanders pulling out of the democratic campaign. Former Vice President joe biden is now the per something nominee for novembers election. Sanders says he will remain on the ballot and continue to try to collect delegates in order to push the democrats closer to his vision for the u. S. Mobile news, 24 hours a day on air and on quick take by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. Name Karina Mitchell. This is bloomberg. We are going to speak to blackrock, later on, we are , this by emerging markets is bloomberg. Minutes from the fed meeting last month should show uncertainty about the severity of the coronavirus. It is creating downsize risk to the u. S. Economy. Thank you for holding out, thank you for joining us. Now is actually the time to be more offensive. Given the Current Asset violations we are seeing, he is less worried about losing money more worried about the gain. I think it is a time for imbalance. One is to look at the risk factor. Ambiguity around Economic Impact, i think it is in front of us. You dont know the shape of recovery. The aspect violations have opened up. It extends the quality of the markets. I would send the balance is the right word. What do you think ultimately changed the most . We see massive stimulus from the fed and other Central Banks in terms of liquidity. Has there been much credit support when it comes to balancing the sheets and income . Comes to Balance Sheets and income . I think there is more to be seen. It is to support the functionality of the markets. That is the foundation of the risk assets in the parts of the world. Then looking at the functionality of political markets. Risk of theroader corporate balance sheet, the default and the downgrading. I think there is some ambiguity given the fundamentals of the economy. That for cash in the u. S. Not exactly really translating in asia. We are not seeing that much debt issuance right now. Does that mean the spread could main well supported . In case of asia, what we have seen in the u. S. When it comes to the stabilization of id markets, i think it will follow through with the leg. What we have seen over the course of the last few weeks is new issuance has been a lot more selective. It has performed on the higher end of the credit spectrum. I think we will see that opening up in asia but it will come with a lag. The asian markets will benefit. You see the benchmark yield is down. You . Oes it break down for overall, we like china. We like some of those credited in china. We like how real estate was affected. There are more National Level players. It is quite interesting. The bills have started to come back as the economy is opening up and china. We like the policy. There is ample opportunity in the region. The key here in my view is pew have to focus on quality in terms is you have to focus on the quality in terms of your portfolio. Thesis you changed your at all on india given the locked down there . The invitations around the spread of the virus . You said you liked the Government Bonds in india. Do you stick to that . From a macro perspective, i behind from aill covid perspective. It has a lot of downside impacts from a growth standpoint. At a point where the fiscal room is limited. A lot of heavy lifting is getting done by the monetary policy. I would remain selective in the case of india. The Government Bonds still look attractive. Especially with the policy accommodations. In terms of credit, there are opportunities in india. About when it comes sector to sector . There is a resumption that it could get bailed out. Do you think that some of the names could avoid the full thing . Think it will i think it will vary by sector. Credit markets. A lot of these sectors that are affected by the coronavirus. They dont have a lot of names from the airline sector. You have a small composition of the commodity names and asian credit. They are much more supported find them. Impact isat overall by virtue of the composition of the markets. I think it will vary by country. It is going to be something you see. We saw those minutes about the fed so the need for more forceful policy action. Do you think we could have seen more from the fed when it comes to the highyield market . Would they ever support junk bonds . My base case is that it is difficult because of the amount of credit risk they are not getting in terms of the fed Balance Sheets. I think the direct support might be difficult. There are very decisive actions in terms of supporting the credit markets. Overall, the key point i would say that is important is had we gone through whatever it takes, i think they will stay accommodative for the rest to help the markets. Thank you. Have a great weekend. The head of asian credit at blackrock in singapore. Plenty more coming up. The career governor is due to speak and solve for the policy decision. Bloomberg subscribes can continue to watch that. This is blumberg. Cases of coronavirus have topped 1. 5 million. It is a grin figure but would peace are worried about is the speed of contagion. The one million mark was breached less than a week ago. Lets get to my colleague, rishaad salamat. That is an astonishing rate of infection. What is the situation in the u. S. And europe . Cases in the u. S. Are really growing at more than 420,000 wednesday. This is the deadliest day on record. 15 more than any previous day during this pandemic that started in the u. S. Five weeks ago. All of this data from Johns Hopkins university. The brakes are beginning to slow. Then and italy at are at two epicenters. The trend is down according to text. She has been urging governments to get over their differences. We had European Finance ministers failing to agree on half a trillion or 500 billion packages to mitigate the consequent as of the pandemic. She says you have to get over that difference. A second round of talks later on today. These governors might support one another and point at that there economic and policy differences we have also some things like andr it issuing some debt Boris Johnsons health is said to have been improving but the same cant be said about his country. Rishaad absolutely. Backgroundainst this of the latest data showing the British National picture has turned more bleak. A record amount of people dying from the virus on tuesday evening. Officials say it is highly likely that the restrictions will be kept for weeks longer when theyre up for review on monday. For infectionsg to peak. They should be picking between six and eight days from now. Situationbal economic is terrible. We have a clearer picture of how dire it is . Rishaad we have the wto coming out and saying it could cause a. Eeper collapse the unprecedented nature of the Health Crisis the Health Crisis could result in a variety of outcomes. It is set to rub the Global Economy of more than 5 trillion of growth over the next two years. In other words, that is greater than the annual output of japan. Downturn is likely to be shortlived and it will take time for the economies to make up the lost ground. That is the dire warning. Yvonne thank you. That was rishaad salamat. This is more of a teleconference given the situation now. We have been seeing that they are cutting rates to 0. 75 . Kong. 10 29 in hong 10 29 p. M. In new york. We have the first word headlines. There is a dire new warning about the effect of the coronavirus on global trade. The wto says it fears shipment and orders may slump by about a third as the pandemic ravages demand and manufacturing. The wto says the drop could be worsening during the financial crisis a decade ago. The Organization Says it is ugly forecast. A bleak forecast. So steeply inen every region of the world and across all sectors of the economy. In an optimistic scenario, are economists see Global Trading goods stumbling by 13 in 2020. If the pandemic is not out of canrol and government coordinate policy responses, the client would be 32 . New data shows Airline Flights slumping the first days of april as the coronavirus hammers travel demand. Animation shows far fewer plan to file it flying across the country planes flying across the country. To slash domestic routes as measured 90 in the coming months. They are her are reviewing government aid as revenue slumps. Japan is facing a doubledigit contraction as the coronavirus told the economy. All 17 economists see the economy shrinking in the current time. Afterojections come shinzo abe declared a state of emergency and bunched launched a record stimulus package. Hong kong has announced a new stamos package worth most 18 billion u. S. Dollars as the economy deteriorates further amid the virus outbreak. The Program Includes support for jobs by subsidizing 50 of wages for affected workers over the next six months. Are cutting by 20 amid with the government says is an unprecedented challenge. Google and facebook have one u. S. Approval on the condition saysthe Justice Department there is a significant risk to direct connection between the u. S. And hong kong that would jeopardize national security. The project was announced four years ago. News, 24 hours a day on air and on quick take by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. I am Karina Mitchell, this is bloomberg. Speaking about todays decision to stand pat when it came to raising, keeping it at 7. 05 . He said it was not unanimous and are goingembers through a board reshuffle later on this month. This was kind of a 5050 shot about whether they would cut rates or not. It looks like they will be waiting a little bit until they see the effects of the emergent you see emergency cuts use saw earlier this month. They see the virus impact to be bigger than the financial crisis and the 2020 growth really depends on the virus situation right now. Still sensing a bit of caution from the governor himself. He already mentioned in their statement that when it came to the growth projections for 2020, 2. 1 percent gdp growth, they were going to miss that february projection by a large margin. 1 inflation for 2020. It is not looking good. They are looking for clues about whether they will embark on this qe. They might need to do a cut before they do more on the asset purchase inside. Lets check the markets before we get some more lines from the be ok. We were watching when it comes to risk assets. It looks like we are getting to the end of this shortened week on a positive note. Green whenly in the it comes to your asia benchmarks. Betralia, singapore seems to the leaders on the boards. Massive stimulus coming in from hong kong. U. S. Futures are still pointing positive. What is boost in sentiment is the oil prices. We are up 3 for wti. It seems like russia is willing to play ball on these output curves. That certainly helped when it came to the oil price. How are you going to get g20 involved . Is it enough to offset that demand out there . Into theeing them give disappointment that they held rates unchanged. There seems to be a mixed picture here today. He dollar is mostly weaker we are watching all of the aussie yields. They continue to go higher here. We are seeing the r. B. I. Trim the bond purchases. A lot of questions about how they will take this. Playing a fewnks steps back. More wings on the dire outlook for the economy. The treasury saying that the Second Quarter gdp contraction could be the worst in new zealand history. The worst contraction in new zealand was 3. 1 . That was in the Fourth Quarter of 1986. They saw a drop of 1 . The treasury in new zealand says they could see the worst quarter on record there. Lets get a view on how this is all playing into the fx base. Space. There have been warnings around global recession. Options traded with the gap g7 appears the widest since june. More on currency markets now. Our guest. Ed by thank you for joining us. Your views on volatility and the suppression in volatility that we have seen in the last few days. Do you think that continues . How much of that is down to the climb suppo