Businesses across the whole economy. Australias pension faces rising outflows as people are allowed to tap Retirement Funds to weather the fallout from the pandemic. Shery happening right now, President Trump speaking at the white house, saying that new infections remain flat across the u. S. Take a listen. Pres. Trump so we have nobody died and i said china, you cannot come in, sorry, because i saw what was going on. It was not so much what i was told, it was that i saw what was going on and i didnt like it. But, i didnt speak to tony about it. I didnt speak to very many people about it. What did i do . Ready . January 31, in the United States, not one person had died because of the, again, the wuhan virus. So, i issue travel restrictions on that date even though nobody died. I got brutalized over it by the press because i was way too early. I should not have done it. Brutalized by the press. I have been brutalized for the past four years. I used to do well before i decided to run for politics. But, i guess im doing ok because to the best of my knowledge, im the president of the United States despite the things that are set. So then, first, mandatory quarantine in more than 50 years we did. First mandatory in 50 years. The same restrictions of the democrats and the media call xenophobia. Now, joe biden said hes a racist. He called me a racist because i said we are shutting down entry from china. We are shutting it down. He called me xena phobic and he called me a racist and other things. Since then, on a friday night two weeks ago, joe biden issued and said i am sure he didnt know it was issued but the people from his campaign who are smart, people who write his little p. R. Releases. Not bad. They issued a statement saying that joe biden agrees with the president , that President Trump was right to close it down to china. He issued it on friday night. We have heard about that, friday nights. His was later friday night than i ever released nine. He said it pretty late. Like 11 00 in the evening. Anyway, so joe biden issued in february, nancy pelosi said we should come to chinatown. This is late february. Come to chinatown. We think it is very safe. Come here, lets have the big parade. Chinatown parade. Probably referring to san francisco. Thats it. I took this action really. So, the story in the New York Times was a total fake. It is a fake newspaper and they write fake stories. Someday, hopefully in five years when i am not here, those papers are all out of business because nobody will want to read them. Now they like them because they write about me. Clipshat, we have a few we are just going to put up. You could turn the lights lower. I believe you will find them interesting. And then we will answer some questions. I will ask you some questions because you are so guilty, but we get it. Most poorly, we are going to get back onto the reason we are here which is the success we are having. Please, put it up. Haidi we are just getting the Daily White House Coronavirus Task force three think, the hearing from president donald trump. Responded to some of his critics really with regard to how actedy or how slowly he when it comes to the coronavirus threat. Also addressing this issue of the reopening. President trump saying he alone has the authority to make the call on reopening the economy, potentially setting him up for a conflict with the state. Because on the east and west coast of the u. S. , they plan for the reopening of their respective economies and that is not necessarily something that President Trump has in his plan. Lets get over to joe for reaction to all of this. What is the take away after we had the long weekend of what was some pretty miserable and dire numbers from the u. S. . White house wants to get the nations economy back moving again. He named aaid council that will guide him in terms of making sure a power to not shut down businesses. That was done by the nations government given guidance from the federal government. Some of the governors that have been most affected by this on the west coast are talking about forming their own alliance that they will make their own decisions about when to open up businesses, went to open up schools and get back to normal. Californias governor gavin newsom, along with the governor from oregon and washington, as well as upanddown these coast from massachusetts down to virginia. Primarily democratic governors, but not all. So, they are going to set their own course going forward. Shery despite what the federal government and governors are saying, what are Health Experts saying about reopening the economy . Joe they are pretty cautious at this point. A lot of the talk from the surgeon general, as well as dr. Fauci has been that it may be possible to open up some areas of the country where the virus has not spread or on the decline. The general tone of their comments is we can look at may 1, but dont count on it. There are still infections going around. There are still some areas that perhaps it is unclear how big the outbreak is going to be even as places like new york start to emerge on the downslope. One of the big concerns that several medical experts have reinfection about a as we have seen in a couple of places in other parts of the world that has seen a resurgence he of cases after lockdown it is still a work in progress. We still have time to make a decision. Meantime, there is a process going into the november election continues almost as a backdrop. Do we have a pretty highprofile endorsement for joe biden now. Joe right. , came sanders, his rival out and appeared with him in a joint livestream, giving his endorsement. It is particularly significant recause unlike in 2016, whe sanders continued to fight on gavest Hillary Clinton and a tepid endorsement at the end, the party seems to be wanting to close ranks here. Veryrs in particular was saying they needed to unify and get behind biden in order to beat trump in november. Ins will be a prolonged way helping a lot of his supporters who have been resistant and continue to be publicly critical of bidens candidacy. This will certainly bring some , ifhose Democratic Party nothing else behind the call of anyone but trump. Shery thank you very much for that. Lets get to the first word headlines. The weld Health Organization is repeating its calls for lockdown vigilance as governments around the world begins to plan for lifting restrictions. The group says those countries that impose strict social distancing and the wearing of masks early in the pandemic show infections can be largely controlled. However with political pressure rising to ease restrictions, the w. H. O. Says now is not the time. You cant replace lockdown with nothing. You must replace lockdown with a very deeply educated, committed, empowered and engaged community. We are going to have to change her behaviors for the foreseeable future. Shery france is extending its lockdown to make 11 at least with president macron admitting the country was not prepared for the pandemic. The decision follows a similar decision in italy where new virus cases declined to get, even though the death rate rose. Spain is letting some workers returned to their jobs, but says it is in no position to set a date for reopening the economy. Indonesian president says hes prepared to boost the 28 billion fiscal stimulus for the coronavirus and would widen the budget deficit if necessary. He says of the pandemic lasts for more than six months, the government can raise the deficit target beyond the current goal of about 5 of gdp. Indonesia has announced three virus stimulus packages so far. The International Olympic Committee Says postponing the tokyo games because of the coronavirus will cost it hundreds of millions of dollars. The president told the overall bill could be as much as 6 billion with all the nonioc costs being borne by japan. Before the postponement, organizers put the bill for the games at more than 12 billion. Haidi still ahead, the fed vows to keep up its unprecedented Stimulus Program as long as needed. Were discussing that with the Wells Fargo Securities head of strategy. We get an outlook as investors start to position for life after quarantine and brace for what will be a wild season ahead. This is bloomberg. Shery lets get started with a quick check of the markets. We are seeing u. S. Futures in the green, up 1 10 of 1 after u. S. Stocks finished the session mixed. We have the s p 500 dropping after rallying almost 25 from its march low. This coming ahead of the earnings season kicking off tomorrow with j. P. Morgan and wells fargo reporting. The nasdaq outperformed the rest of the markets and helped offset some of those losses. Energy was under pressure today. Take a look at what wti did. We have wti under pressure in the previous session, right now gaining more than 1 at 22 a barrel. This has Top Producers have the Historic Deal to cut output by nearly 1 10. It was a pretty volatile session for crude. We saw a range of 3 to gains of 8 . That is a lot of uncertainty for risk assets. This as i said as we approach one of the most uncertain earnings season on record, looking at the forecast for earnings on the terminal. To help give us a glimpse into what analysts are expecting. The decline in forecast for the year has been falling across sectors with Energy Earnings estimates falling almost 96 over the past four weeks. Joining us now to discuss this abbot downing deputy chief Investment Officer Carol Schleif. Great to have you with us. It seems some traditional metrics for gauging earnings season, whether it is debt, cast flu, they seem to be out of the window now. What will you be watching . Carol i think it is more about what we will be listening for in terms of what companies are saying as they give their discussion of what went on. We will be listening for things like how they responded, what is there cast position cash position. What have they done internally to preserve cash and to keep employees to the extent they can on some sort of tether . Because to the extent this does quarters whenany we come at on the other site, Companies Want a call and getting those workers back and trying to get things back in shape. Theres a lot of Different Things we will be listening for. We will be listening for what kinds of impacts they are having in terms of supply chain and logistics and getting things in. I think that will be a lot of information that investors will have to poke and prod their way through the Earnings Announcement one by one to piece it together. Shery starting the season off with j. P. Morgan and wells fargo. When we have banks really being affected by everything from yield curve inversion to the feds latest actions to really uncertainty over their lending prospect, what are you watching for in order to gauge the health of the Banking System . Carol weve got that piece but you also have the banks going into this and a lot stronger position than we did in 2008 and 2009. On the flipside, you have low Interest Rates causing record amounts of requests for refinances. The new home market in certain the home sales market is actually doing ok because people are moving, in some cases, to the extent they have pretty reliable employment prospects, they are trying to move and take advantage of those low rates. Some banks have been recording Mortgage Rates have been drifting up because demand has been so strong in everyones working from home so getting those things process is difficult. Carol, as you say, you say this almost every time this time is different but this time it really is different because it is such a shock to the global economy. If the kind of Global Attitude from policymakers to do whatever it takes now to stem the hurt, what is potentially the cleanup look like . Carol i think that is the 64,000 question in everyones mind. Right now in the middle of it, i think there is this collective we dont have a choice but to throw anything at it because we know what happens if you dont and then you end up with Something Like a great depression. Weve got everything thrown at beand there still has to lots of tough decisions on the other side of this in terms of how fast we can grow, how fast we can get the debt contained and paid off. The fed could sit with big balances on the Balance Sheet and is not your traditional holder of debt because they dont have market to mark et. Roloffn let it gradually. It will be interesting to see what policy decisions. Theres a lot of different ways we emerge on the others of this that maybe we decide to work from home really is actually viable for a lot of people. Theres a lot of Different Things that can impact profitability of not only companies, but countries as well on the backside of this. It will also entail having a lot of very difficult policy discussions and we know those have been have not civil, ify been very you will, going into it. Curious just to kind of tease out that point you made about remote. We are seeing it in the spotlight. I am wondering on the other side of this, what sort of broader investment themes youre looking at that have to do with laborforce behavior and the Way Companies deal with employees . Perhaps permanent changes in consumer behaviors. What are some of those themes that are starting to play out that you think will actually have longevity . Carol i think some of the themes will be do we facilitate more multimodal, if you will, work from home so that instead of a salesperson flying every month to see somebody, they might zoom meeting once or twice and then go once a quarter instead of once a month . Are we able to do multimodal where people are in person and some people come in through video chat . Do we have a bigger and broader discussion about facilitating work from, not just work from but school from home on a broader basis. That entails we need to have basically highspeed reliable wifi as a basic human right as opposed to something we are paying for. Will we have data caps anymore now that the whole globe is working from home and the internet is actually performing pretty well . Personal digital Monitoring Systems that we can take deepers temperatures peoples temperatures or heart rates . Especially elderly populations that want to age in place and dont want to be relegated to a nursing home. Are there ways we can technologically keep track of them and ensure their Health Without having a physical person to do it all the time . On the other hand, we are also connecting them through different videoconferencing so they are more connected and not so lonely if they are aging in place. Lots of different venues for things. Delivery, more of it happening by drone. The different ways to spin out what we are doing and what are actually positive, and can we take forward into a post covid environment. Yes, some huge questions when it comes to the supply chain side, we will have to leave it there. Always great to have you, Carol Schleif with us. Coming up next, credit risks and dividends. Investors get their first look this week at the impact of the coronavirus on u. S. Banks. This is bloomberg. Shery j. P. Morgan and wells fargo kick off the Bank Earnings season later tuesday right before the opening bell on wall street. Analysts say every line of the bank results could be impacted by the pandemic with credit risk posing the biggest unknown. Su keenan gives us a preview. We are really focusing on the credit outlooks coming from j. P. Morgan but also big focus on Balance Sheets. Su absolutely. It is important to point out this is a very big week because weve got bank of america, citi, goldman sachs, morgan all reporting this week. Wealthy the investors are going to focus on is first of all nonhow they are going to fair because banks have already been hit hard. If you take a look at the charts, you can see the banks have lagged behind the s p 500. The First Quarter index fell from 43 . Banksons and the exposure to the hardest industries travel, hotel, airlines as well as trading revenue will be closely scrutinized. Lets talk about the Loan Loss Provisions because a lot of analysts say they are set to jump. Some are saying they could more than double at the largest of the u. S. Banks, particularly in the consumer units were a lot of investors will want to see how much was set aside. Haidi in the meantime, mike mayer has cut his estimate for banks for a third time in a sobering time. It goes to the question that is being asked what credibility could we assign to these estimates given these unprecedented times . What is mayor seeing . Su because he has cut his results so many times, they missed them are not, it really goes down the window. Mayo says what we are really looking at is can they face the worst Case Scenario . Take a listen. Banks are about to live the stress test they have been practicing for decades for a decade. If successful, this could justify a rerating higher. First, it is earnings hell. No large bank is immune to the negative impact of higher unemployment and lower Interest Rates. Chases ceogan jamie dimon concurs, saying a minimum two of a bat recession and even his bank is not immune. Stay tuned. York, su keenan in new the preview of the big banks. Coming up tomorrow at 4 30 p. M. In new york, bloomberg is watching leadership live. The new series will take viewers into the home offices of executives and find out what is top of mind as they navigate the pandemic. The series begin with davids exclusive interview with the marriott ceo arne sorenson. This is bloomberg. Shery happening right now, President Trump talking about procuring ventilators for the United States. President trump saying nobody is asking for hospital beds or ventilators, saying the hhs has announced five new contracts for these breathing machines. President trump also giving more details about his showdown against state governors, saying he has ultimate authority on reopening the country. We have seen governors of more than half a dozen states coming together, forming coalitions to plan for a coordinated reopening so that economies. Although President Trump insists he would have final say in opening up states and relaxing social distancing practices. Right. Over in europe, france extending its locked out until early may and reports suggesting the u. K. Will follow suit. The rate of new infections has slowed in france, while the death rate has increased. In britain, the number of deaths fell from the day before. Tom mackenzie joins us with the details. Are we finally seeing some life at the end of the tunnel in europe . Tom that is what we are hearing, at least from president macron, that france is extending its locked down until may 11. The government plans to slowly open up the economy after that date and schools as well. It came, by the way, with the first increase. Fatalities linked to the virus rose by 574, to almost 15,000. The total death count is now 15,000. New recorded cases of coronavirus load to around 4188, for a total of 37000 and france. Macron also conceded in his televised speech to the nation that france had not been prepared for the crisis. Said the government has been forced to make very difficult decisions based on limited information. In the u. K. , the newspapers are reporting the country will extend the locked out until maty 7, that is after the country reported a slight drop in daily deaths. 89,000 people have been diagnosed with the virus in u. K. In spain, which of course was the center for the epidemic in europe, they report the smallest number of new coronavirus cases since march 20. Improvements in spain. Around 3005 hundred new cases in the past 24 hours, bringing the total to nearly 170,000. Spain is currently in the fifth week of a nationwide lockdown. Relatively unaffected compared to other yo nations, greece. Cest normal life after the pandemic will be gradual and in phases. Haidi indonesias long faced criticism since the very start. Under testing, underreporting. The worlds fourth most populous nation. Is an not turning out to be a hotspot for the virus . Tom that is the criticism. As you point to, the government has come under fire for having one of the regions lowest per taste testing rates or l capita. Indonesia is saying it will ramp up testing capacity. It is looking at expanding that partial lockdown to areas outside of the capital as well. It seems the government is trying to ramp up but they have been accused of not doing enough. In india, they are now considering, the government restarting roadwork and some factories in areas where the coronavirus is slightly less of an issue. The federal government is looking at a proposal to restart maybe 25 capacity, also electronics and textile factories. The Indian Central Bank is preparing as well. Minutes from the r. B. I. s latest meaning says the bank will not hesitate to what they call conventional and unconventional instruments to mitigate the impact of the virus. It is a struggle for policymakers in that country to crack down on the coronavirus while ensuring the people dont go hungry. Intelligenceomberg says 95 in terms of economic. Their concern is the impact of external demands we talked about on the domestic economy. We will get a look at that with trade numbers out around 10 00 local time. Our Bloomberg Markets coanchor Tom Mackenzie in beijing with the latest on the virus in asia. Studies have found over 75 of coronavirus cases are a symptom at it, prompting fears of waves of infections as nations and states look to reopen their economies. We know many cases take a sharp turn for the worse around the midway mark of the illness. The vice dean of John Hopkins School of health explains. I have certainly heard what you have talked about, that there is a moment midway in the illness where some people get quite sick and at that point can even proceed to death. That is very scary obviously for the medical team. It is a terrible tragedy in every case that it happens. I think what people are wondering, if there is something that can be done to focus on that moment in terms of therapeutics to prevent what may be in overwhelming immune reaction leading to that second decline. Help us with the idea of a secondary or reinfection. This is something out of the influenza of 100 years ago. Do you think it is a valid worry for our listeners and our viewers . This idea that there is a virus and then we reengage with society and we come up against the same virus a second or even a third time. Joshua theres a lot we dont know about this virus, but in general, if somebody who has fought the virus off and recovered is likely to get that same cut of infection again. I think it would be very unusual for that to be the case. Even the reports of sometimes people may have recoverable virus later are not quite the same as saying people can really get sick twice. It is probably a reasonable assumption at this point that people who at least were reasonably sick and got better are unlikely to get sick again. Tom the Prime Minister was exceptionally eloquent, i read it in the telegraph this morning, about the nurse from new zealand and i believe the nurse from portugal as well who literally said kept him alive. Give us an update on what you see at Johns Hopkins among the staff, the nurses and all the others assisting the doctors. Joshua it is an incredible dedication at Johns Hopkins. Isple have felt that this their calling, their response ability. The Medical Center has been very supportive in terms of making sure there is protective equipment and all kinds of other Mental Health resources for staff. But, it is not just the doctors and the nurses. Theres a real sense of purpose really for everybody working there. I think this is a moment in a way that many people have been training for even if they didnt realize it at the time. Tom one final question, if i could. Great fear is out there, in new york, particularly in queens, it has been really quite horrific. What is the ability of this virus to spread to secondary cities and tertiary locations across the nation . Joshua what is really remarkable to me is how so many isple believe that whats happening there, meaning somewhere else, is not going to happen here, meaning where i live. Nobody should really have that sense of confidence. People thought, well, its in china, it couldnt come to italy. It is in italy, it cannot come to the u. S. But it can come anywhere. Any city can be affected. Letting our guard down is a terrible mistake. Certainly in baltimore and washington and other cities, we are seeing increases in cases. We realize how much is at stake here. I think we are going to be obviously in touch with people in new york and learning a lot from new yorks experience. Think they could have this problem really risking quite a lot. Shery Johns Hopkins Bloomberg School of Public Health vice dean joshua sharfstein. Some latest lines from President Trump at the press conference on the coronavirus outbreak. Saying he is close to releasing the plan to open the country. He said earlier he has ultimate authority on reopening the country, nothing governors that are forming a coalition in order to coordinate the reopening. The president saying hopefully they will reopen the country ahead of schedule. President trump also talking about the census bureau, asking congress for a delay of four months when it comes to the 2020 census because of the pandemic. Saying the 120 delay request is not nearly enough and he will ask for a major delay in the census given the ongoing virus outbreak. The president also talking about validating antibody tests for this virus. We will have plenty more to come. This is bloomberg. Haidi the fed is stepping up big time with its package of action to fight the fallout from the coronavirus. Fed vice chairman Richard Clarida told us his view of rates in the u. S. Richard were going to keep rates where they are which is basically very close to zero until the economy is on track to achieve its maximum employment and price stability. The path of the economy will dictate ultimately the path of rates where rates are now where they need to be given where the economy is. Haidi lets bring in winnie cisar, the head of credit strategy at Wells Fargo Securities. This is a bit of a brave new world, particulate as the fed is venturing into support of these highyield, potentially Distressed Companies venturing into junk bonds. What does this mean for investors because we have already seen these Companies Looking at this as a perfect opportunity to go to market . If you are one of these highyield companies with cash needs at the moment, perfect timing. Winnie yes, youre absolutely right. We have seen a wide range of issuers come to market which very much started in the investment trade market even before the fed announced it would be stepping in to support those higherrated companies and then has spread into the highyield market and loan market to an extent. I think what investors really need to keep in mind is the fed is going to be very focused on solvency heading into this crisis. The ultimate goal of these fed programs is to allow companies that have concerns and wellcapitalized for the crisis started to be able to manage through a relatively shortterm liquidity issue. I dont think the fed is going to be coming in and providing a liquidity backstop to the leverage finance market in wholesale. However, they are very clearly providing a level of support and a floor on the higherquality parts of the company come extending into the double be rated segment with the inclusion of recent fallen angels into their program. There is clearly opportunity there. We spoke with howard marks saying he has been adding to his position because there has been such good opportunities with the selloff recently. I am wondering what you have been adding to and where do you see the most Opportunity Strategies to be played out . Winnie i think there is absolutely opportunity. We recommend Credit Investors focus the core of their portfolios in that tripleb, doubleb crossover segment where we think theres going to be solid access to capital. That is what we are recommending investors take their beta risk but tickly on the front end of the curve where curves have inverted in a lot of cases. Moving down the credit spectrum, we are overweight highyield but it is with a caveat that within the singleb and triplec segments of the market come you have to be careful to assess which companies were concerned heading into this crisis and will be able to have some sort of liquidity stopgap that is not necessarily provided by the fed. And which companies were already facing some significant headwind. That is one of the reasons we are really neutral on leverage loans compared to her overweight corporate credit. In the loan market, you have already seen some pretty significant fundamental configuration heading into this crisis. We are a little bit cautious on the fact that investors may not necessarily be willing to lint lend a huge lifeline to these leverage Loan Companies that have already started to releverage and see fundamentals erode heading into the covid crisis. Shery how much worse does it get and we really have no clear idea of how long this economic downturn will last . Say,oes this bode for, outlooks for defaults . Our default outlook is still pretty elevated. We are expecting default over the last next 12 months to range of the 8 to 10 area. A lot of that does come from the highyield Energy Sector while opec has they a fairly historic cut to oil production. It is not enough to offset the massive fall in demand we have had. We expect highyield energy is going to have some pretty significant defaults in the near term. Similarly in the leverage loan space, even in early april, before a lot of the pressures had really mounted, we have already seen a slight uptick in leverage loan defaults for for some of these smaller, highly Leveraged Companies that did not have any sort of flexibility to really deal with the issues at hand. Clearly, the longer these problems go on, the higher the default rate is likely to be. But there are a number of highyield companies that do have ample liquidity to manage hreequartero to t shut down and still not have any sort of default pressures. Thats where we think investors are really going to have to concentrate their portfolios to really add good value and really assess those credit fundamentals. Who has liquidity, who has access to capital, and who went into this crisis as almost a bad actor. Shery how would you View Health Care because in a normal downturn, you would think this is a defensive, but at the same time you have this pandemic. I what or how that is affecting health care. Wonder how that is affecting health care. Winnie health care is a big challenge because not only do you have the pandemic but we also have the election year. Health care has a lot of forces. The kind of benefit to health care is does have kind of a steady, higherquality, higher value assets, serving as an underpinning. There are a number of Health Care Services providers, Outpatient Surgery Centers where business has dropped pretty significantly because elective procedures are being canceled. That is a pretty significant domino effect. Health care is a sector we have seen a lot of issuance in, particularly in the highyield and leverage loan market. Historically, one of the ways you can track where the default pressures are going to be is look at the sectors that have been the biggest users of the Capital Markets leading into these types of volatility bouts. Health care is something that we are watching pretty closely. Now, the kind of saving grace, now it seems like we have a little less of an extreme political view on health care. We also have the government stepping in to provide aid to the Health Care Sector in a number of ways through the cares act and other fiscal acts. But we are recommending that investors continue to really scrutinize that sector. For some of the smaller serviceoriented issuers that may face some shortterm challenges. Thank you so much for joining us. Ar, Wells Fargo Securities head of credit strategy. We will have the jaguar growth ceo with us. The Milken Institute chairman Michael Milken will be joining us as well. From the u. S. Ring treasury secretary, Steven Mnuchin, talking about the sba, Small Business administration, Outreach Program when it comes to helping Small Businesses across the services industry, retailers and the like. Saying these deposits will be made and around 80 Million People should be receiving the deposits by wednesday. Hes also addressing the distribution of funds to states. Half of those funds will be treated to states. Lawmakers are discussing spending even more to combat the virus over the coronavirus. Munition saying they can do the spending bill after the Small Business Administration Program has been addressed. Hes also talking about the issue of reopening the economy which has issues that President Trump has been thinking about saying he has the authority and likes that to happen ahead of schedule. Mnuchin saying there are Economic Risks in both directions of the reopening. Much more to come. This is bloomberg. Haidi australia is home to the fourth biggest pension in the world but millions are excited to flow out the next few months as they are allowed to tap the Retirement Savings to whether the coronavirus. Paul joins us. What are the effects we are seeing from the changing policy . Paul it is a very big pension haul, 1. 9 trillion worth. Workers can access it early, about 20,000 australian dollars. Maybe 1 willsays be withdrawn under that scheme. The industry feels a be quite a bit more, double that, maybe 2 . 32 billion. The couple of things to think about. First of all, the funds have to reassess their cash coffers. Then there is employer contributions to these funds. That is not. 5 of a workers salary 9. 5 of a workers salary. Butsays we have liquidity worried about investors if they take that money out. They are essentially locking in their losses or misfiring opportunities on the eventual rebound. Funds which are holding more cash may end up missing out on the rebound as well. Shery in the u. S. , we are hearing from President Trump talk about reopening the country, that he has authority to do so. What are you hearing in australia in regards to relaxing coronavirus restrictions . Paul the Prime Minister Scott Morrison has been taking similar questions this morning on some of the talk shows. He says the whole thing is a tradeoff. He insists any easing of those restrictions is going to be many weeks away. He says you have to get the best value out of the restrictions you can. At the same time come you cannot but the Health Restrictions Health Situation at risk either. There is plenty of evidence that restrictions are working. There has just been 44 new cases within the past 24 hours in australia, totaling 6377 cases now, 61 deaths. When you stack up australia against the u. S. And europe, it is all looking very enviable at the moment. The intention will be not to ease those restrictions too early and give away all those gains. This will all get discussed on thursday when the National Cabinet meets. The Prime Minister says we are doing well but we cannot be complacent. Shery paul allen in sydney. Now a quick check of the latest business flash headlines. Treasury secretary Steven Mnuchin is refusing to budge on repayment guidelines for airlines wanting government aid amid the coronavirus. Carriers face massive losses as the pandemic hampers travel demands with drop off as 95 . The treasury says any airline eligible for aid must repay 30 of the grants through lowinterest loans within five years. Ford is considering additional financing as the Global Pandemic keeps more pressure on earnings. The world already slumping. Expected to report a loss later this month and says theres about 30 billion in cash as of april 9. Bloomberg intelligence says that suggests ford has burned through 8 billion since the end of last year. The company has already suspended its treasury dividends. Amazon is expending a tyree spree by hiring spree by 75,000 workers as it faces increasing demand. Extrampany has failed an 100,000 temporary and fulltime positions. Anzon has been classified essential service amid the shutdown as other retailers around the world are forced to close their doors. Next coming up in the hour of daybreak asia, we will be speaking to the amp capital head of strategy. Shane oliver will be giving us his look. This is bloomberg. Taylor welcome to daybreak asia. I am shery ahn in new york. Haidi i am haidi stroudwatts in sydney. We are counting down to measures major market opens. Our top stories this hour, a potential clash with President Trump over the eventual reopening of their economies. They say they are guided by science. He says he alone has the authority. Haidi investors continue to weigh the opecplus oil deal over cuts may not be enough. We
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