Demand for fuel continues to collapse. U. S. Futures dropping below 20 a barrel. Bridgewater associates says the pandemic is more damaging than the financial crisis i decade ago. We hear from the cochairman, ray dalio, this hour. Shery here is how markets are trading at the moment. We are seeing stocks continue to gain ground for the third session. We continue to see Downside Pressure for u. S. Futures, which are down 0. 7 . Really accelerating those losses this evening. This after the s p 500 already sank from a onemonth high. We have seen earnings, Economic Data highlighting the impact of the coronavirus pandemic. Nikkei futures down 0. 4 . As we continue to see an appreciation in the japanese yen, which is now at a two week strength against the u. S. Dollar. When it comes to crude, prices rebounding a little bit after plunging to the lowest level in two decades after the record collapse in u. S. Fuel demand. In his daily coronavirus briefing, President Trump saying there are positive developments. The battle continues, but the data suggests that nationwide, we have passed the peak on new cases. Hopefully, that will continue and we will continue to make great progress. Virus it comes as global cases topped 2 million. Our Congress Editor in washington. This at a time when President Trump really wants to reopen the economy as soon as he can. He is saying that reopening states will be safe and that they may even exceed expectations. What sort of announcement could we expect tomorrow . Well, the president has given us the idea of forming some sort of task force to come up with a comprehensive plan. Apparently using phone calls with Business Leaders and other representatives, including health officials, to form his views on it. He is promising some sort of guideline. He has also backed away from the notion that he will order states to move ahead. Focuseds likely to be on areas where the spread of the virus has so far been low or is declining, but the problem remains that the tests are still running short in many areas, particularly in some of the farther reaches of the country. We have seen some rural areas that had sudden spikes in infections. There are issues of Meat Processing plants where workers have suddenly seen a spread. It will have to be fairly flexible and pretty well defined rollout that will leave it up to the governors of the states to decide how fast they want to move. In the meantime, President Trump has said Something Else that could trigger a constitutional fight, right . He has threatened the possibility of adjourning both houses of congress . Yes, this would be a rather unusual step. Of thes, in article 2 constitution, a section that suggests that in an emergency, when the house and senate cannot agree on adjournment, the president can declare them adjourned until such time as he sees fit. This has never been tried and it is certainly unclear whether this would meet the criteria for him to do that constitutionally. Something that really generates some backlash from some of his allies in the republican party, including Senate Majority leader mitch jealousl, who is very with regard to the prerogatives of the senate. His complaint, and this has been true since 2007, is that the senate never actually adjourns. They continue a pro forma session. What can happen during an adjournment is that the president has the ability to make recess appointments to positions that would otherwise require senate confirmation, so this foring to force some time by using this process. And it remains to be seen whether he does, it is something that would surely go to the supreme court. Administration, it was unanimously ruled that the president could not make these recess appointments by declaring that congress was adjourned. This would take it one step further. It would be quite a tangle. Shery President Trump also making it a point to bring secretary sonny perdue to talk about the state of farms in the usa. He has told them to distribute china tariff receipts to farmers. How is the Farming Community in the United States being affected by the coronaVirus Outbreak and what would this do . The big problem for farms is the closedown of restaurants, which are roughly half, particularly a lot of the fresh produce. There is plenty of food out there, but it is not really getting to the right places and it is not always the right things. The president has promised additional aid for farmers who are suffering some effects. Reports farmers are pouring out milk or plowing under crops because they cant either get them harvested in some way or there is not enough of a market, as commercial food facilities are shut down. There is going to be some additional money going to farmers. They perdue talked about u. S. Government actually buying up some of the supply stocks that they have on hand. It is still being worked out. Sonny perdue is up there to primarily assure consumers that there is not a shortage of food out there. Right, joe with the latest out of d. C. Lets get you caught up to date with the first word headlines. Good morning. A new report says the u. S. Economy adopted a defensive mode as the coronavirus moves through the country with activity contracting sharply across all areas and regions. Reporting a highly uncertain outlook, with most seeing a deterioration in the coming months. Based on evidence gathered by the feds 12 local branches. Spain has reported the largest rising coronavirus cases in six days, although the daily death toll has declined. More than 5000 new infections were confirmed on wednesday, taking a total close to 180,000, 18,500. Talities rose to itsany is set to extend lockdown. Indonesia expanded its lockdown to more than 34 Million People ahead of ramadan due to start at the end of next week. It includes a ban on gatherings of more than five people at religious and social events and amendatory wearing of masks. The government is also ordering airlines to limit passengers to 50 capacity. South korea seems to like president moons handling of the coronavirus. His party is set for a resounding election victory, possibly taking 180 of the seats in parliament. His Approval Ratings have risen and the mass testing has earned widespread applause. It would be the first time in 12 years that his party has an outright majority. Global news global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. This is bloomberg. We will get more reaction to the korean election later in the show. We will be joined by the president of the korea society. Up next, what to look for in this earnings season as the coronavirus continues to wreak havoc on the economy . We will be joined by wells fargo asset managements ann miletti. This is bloomberg. Haidi as the end to one of the most uncertain Earnings Seasons on record, banks are giving us a glimpse of what to expect. Traders are assisting the longterm impact assessing the longterm impact of the coronavirus. Ann miletti joins us from wells fargo. This earnings, comparatively, held up pretty well, but in subsequent results and releases but for the broader economy and investors, the question is when you have so Many Companies either withdrawing or withholding guidance, is there any point to looking at year end forecasting and Company Result forecasting when there is a much uncertainty . If not, what do you do in terms of looking for fundamentals to be able to invest on . Ann it is a really good question. I think investors are really trying to sort that out and trying to keep focus. I think 2020 clearly was going to be a washout for earnings. We knew that as soon as the economy was shot down. Shut down. Looking atre earnings normalization, cash flow normalization, and the strength of the Balance Sheets of the companies they are investing in today. Those of the most important things. They are also tied to how quickly the economy can get started back up. Haidi what we do know is that governments around the world and Central Banks are doing whatever it takes. They are throwing all their ammunition at this and a lot of investors have said, is there . Ny potential risk it could be to the upside of the virus comes under control and the lockdowns are lifted sooner than expected. What do we need to hear from companies now . Is the focus still on how bad the economy is going to be, or do investors need to hear from companies and whether they feel the stimulus will be able to positively support them . Ann well, i think it has changed. The first round or phase one of it was what are you doing to protect your employees and protect your Business Model . Now, it is moving toward, what does your Balance Sheet look like . What does your cash flow look like during this timeframe . Continues,g, if this if the shutdown continuous for another month, two months, three months, how long can you sustain the shutdown . That is clearly on investors minds and that is what they want to hear from management. That is what some of the questions will be on the earnings call. Then we will move to another ,hase and that phase will be did it actually strengthen your position or did it weaken your position relative to your competitors in the market . Again, that is where Asset Managers are really spending a lot of time making sure that they own the right companies on the other side of the storm. There was a lot of secular change happening in the market ahead of this. That secular change actually has just been accelerated. Shery it seems that we continue to see the same trend we saw in the bull market entering the bear market, where it is these big u. S. Tech giants outperforming everyone else and really value stocks not making a comeback. Is this trend going to continue . Are there any winners, even within those sectors . Think the first place that investors focused was the tech sector. I no surprise because just have to say congratulations to you all as a network you are doing such a fabulous job and dealing with a lot of issues while doing it, but you are doing such a great job. Working remotely, we are teaching our kids remote learning, right . With teachers doing it from school, some parents doing it. Digital health care is happening. People having appointments with their doctors online. More and more online shopping. So, all of those are focused on the technology space. It is no wonder why the growth sectors that are associated with so much secular change in our economy continue to be the places where investors want to continue to put more money to work. I do think you touched on one important point. There will be areas when we start to see the economy come back on go more cyclical areas bethe market that will also attractive to investors. We saw today, some of the transport companies started to report in the u. S. It is clear that transportation is still important, it is to let big part of the supply chain. It is cyclical and many of the companies are considered value stocks, but those might be part of the winners as we exit. Sectors of the market very dependent on american consumption strength. Not only are we seeing a fundamental change with remote working, but also social distancing in the way that consumers behave, but also the equal data out of the u. S. Today, just abysmal. Data was the economic nothing really short of disastrous. Retail sales posted the largest drop on record, down almost 9 . That was more than double what we saw in 2008. The largest decline going back many, many years. You know, i think what we are seeing again is a shift. The secular shift in how consumers are consuming things. We are doing more and more things online. I think that will continue. The supply chain itself within the retail channel and how consumers are consuming is going to be changed for good. Intowe will still go stores once the virus is over, but there will be some retailers that never set up themselves well, never invested enough to focus both on and Online Presence and set up their supply chain to serve customers online and in stores. It will be those retailers that benefit, the ones that did that, that made those investments. The ones that didnt [indiscernible] always great having you with us, ann miletti. Coming up next, Bridgewater Associates says the pandemic will cost of the world 20 trillion. Our interview with ray dalio is next. This is bloomberg. Shery bank of america, citigroup, and goldman reported the pandemics impact on their earnings. A major trend is emerging. Trading debt helping to salvage profit. The details now. This was particularly true in terms of the trend for goldman, which saw its trading business sore. In fact, their trading revenue came in at 5. 2 billion, a 28 surge into beat expectations. It started to offset a lot of damage. It follows on the heels of jp morgan also coming in with a very strong trading quarter. But if you look at the charts on how these banks did today, while goldman ended higher as opposed to bank of america and citi, it was down as much is 5 earlier in the session as it recorded and almost 900 million hit and that contributed to a 46 decline in profit. Lets hear from the ceo of goldman about what is ahead. There is obviously a wide range of uncertainty around forward projections given the unknown duration of the Health Crisis. The reality is that none of us know for sure. This is why it is critically important during this difficult period that we maintain a Strong Financial profile and remain agile and flexible. Yes, a lot of uncertainty. That seems to be the theme among all the banks. They all have mirrored each other in showing large provisions for loan losses well over double what the expectations are. Bank of america saw First Quarter profit dropped 45 as they put aside for . 76 billion for potential bad loans. 76 billion for potential losses. Iti was wiped out by the 7 billion they had to put aside for the loan provisions. Right, and we do get Morgan Stanley reporting tomorrow. We know that the company had a pretty strong start to the year with Wealth Assets and equities. What are we expecting for the First Quarter . Bewell, we do know they will reporting before the opening bell. They started well with a lot of Wealth Assets and equities, so the margins are expected to carry them a bit. The Fourth Quarter did suggested that we did have some stabilization in trading share, so there will again be a focus on how robust that trading revenue was, as well. It is important to point out that during the last major crisis for banks, the fact that trading added to the losses was a big part of prior declines. Now, we are seeing they are actually offsetting a lot of this. That is a big difference here. Traders are going to be continuing to be a focus point in these earnings. Next week, we have a lot of the regional banks. This time, so far, the trend appears clearer that the trading debts that have been subject to many cuts are offering muchneeded relief as the banks present their numbers. Shery su keenan with the latest on bank earnings. More on Morgan Stanleys earnings later with ceo james gorman. Lets get a quick check of the latest business flash headlines. Halting operations at warehouses in france after a court banned sales of nonessential goods. Deliveries being suspended there monday after the company was declared to be not doing enough to protect staff from covid19. Amazon has been given 24 hours to comply with a ruling to sell only essential items, such as food and Hygiene Products, and to upgrade security measures. Toshiba is to furlough 76,000 workers in japan, around half the domestic workforce. In an attempt to halt the spread of the coronavirus. All local factories and the headquarters itself will shut down eight april 20 april 20 through may 6. That follows the call by Prime Minister abe calling for staff to work from home. Google is pausing recruitments for the rest of the year as the coronavirus batters it ad business. The pace of hiring will slow, although those already picked up will be able to start work. Employees are working from home and the company is covering pay and benefits for contract staff. It has not announced any job losses. Almost 119,000 fulltime workers at the end of last year. Gopro has announced a widespread Restructuring Plan that involves cost cuts and job losses. It aims to trim one hundred Million Dollars off operating expenses this year, with another 250 Million Dollars to come in 2021. Gopro is losing more than 200 jobs and aims to reduce office space and cut sales and marketing outlay. The company is withdrawing its guidance for the year and said it sees a loss of about . 30 a share. Here its another check of the markets. We are seeing stocks supported. Another day of gains. Over a month. Nikkei futures and u. S. Futures under pressure as the s p 500 sank from the onemonth high. We had dismal Economic Data in the u. S. Brittle bleak retail manufacturing and home data. Crude prices rebounding from that lowest level in two decades after the collapse in u. S. Fuel demand. This is bloomberg. This is daybreak asia. I am Karina Mitchell with the first word headlines. The coronavirus has passed a grim milestone with global infections approaching 2 million and deaths approaching 130,000. World Health Organization rejects criticism from President Trump and defends its work with china. The group says its mandate is to