Assessment of Global Energy demand. Saudi arabia is cutting output to the lowest level since 2002. As mentioned, we are looking at the start of the trading session. Thats get over to Sophie Kamaruddin in hong kong. We are expecting moves to the downside. U. S. Futures holding onto a three day decline in kiwi stocks. The index is off by about. 33 and markets are priced in new zealand to join the negative rate club. Amid calls for more stimulus around the world, we are waiting to see if china will cut the rate for the third time this year as the country grapples with a week start and millions of unemployed. Emerging from lockdown, the global stock rallies are sputtering. Risk is wave infection being weighed alongside the threat of business failures and job losses becoming permanent. Beyond that, the aussie dollar is bearish and ahead of the april jobs report. It is seen with a deeper impact. President trump says fed chairman jay powell is doing a good job but disagrees with him on negative rates. President trump in many ways i call him the mip. You know what an mip is . Most improved player. I think hes done a very good job. I disagree with him on negative rates. Haidi chairman powell says hes not even considering it. This negative rate question became pretty big. Officials have consistently said this is not in the cards. Its true. Jay powell himself said that he will do whatever is needed. Markets, he cut the key rate to almost zero. Openended quantitative easing. Can push af we little bit harder and get jay powell to move to where negative rates. That is what some people are looking at. Here is what jay powell said. His view specifically of going to negative rates. I know that there are fans of the policy. But for now, it is not something that we are considering. I think we have a good toolkit. Kathleen as i said, quite a toolkit. Economy, 3. 5t the million jobless claims from march to present. We know gdp, the consensus is 10 . A doubledigit decline in the second quarter. Take a look at the bloomberg chart. Jay powells words did have an impact on the futures market. The january 2021 contract had been looking for a couple of for a negative rate. Is still contract slightly inclined to the negative despite what jay powell said today. Farfetched after all. Look at the economists from harvard saying that Central Banks around the world should take their key rate and help companies that need to achieve Financing Deal with deficits. Bankercted central opened the door even whiter to negative rates in the meeting. When donald trump chimes in, i guess it is to be effective. We will see if jay powell changes his mind at all. But it is clear that either his mind is changing or someone else at the fed. He is also pushing for more government spending, right . Why would he think that the efforts that have been taken so far is the final chapter . From the very beginning, the fed has said that we are trying to take a Health Crisis and economic crisis and try to prevent it from becoming a financial crisis. Everything they have done so far has been successful. It was about millions of unemployed workers. It can turn into a bigger problem. Listen to what he said. We can turn some problems into solvency problems. It can be costly but worth it if it helps avoid longterm damage and leads us to a stronger recovery. I think he summed that up so well. Another one of the things he said really hit listeners hard. I think the stock market, for one thing, they are really not worried about the economy. Havederscores what they been saying. It look at the Economic Data from the u. S. Is the aspect of this concern about selling all of the bonds. Option, thebond final leg. With the 20 much with the fed, if not the main concern. There are going to do what they are going to do. I think theyre going to go ahead and do it as needed. Haidi still ahead, the bloomberg dollar index has seen gains in most months this year. Strengthachs says the will continue. He will be with us next. A promisingping virus treatment. But the ceo is calling for more plasma donors. That interview is next. This is bloomberg. You are watching daybreak asia. The United Nations is warning the coronavirus could erase four years of growth from the Global Economy and push more than 100 Million People into extreme poverty. Worldwide infections are now above 4. 3 million with deaths approaching 300,000. The rates are declining. To find a vaccine will only be the first step in the long road ahead. The sentiment among merchants has fallen to a record low. Felt 7. 9 in the first singledigit reading and data going back to 2002. The survey offers an early indication to how people are reacting to the pandemic and the government possible. Meanwhile, india has details of the rescue package aimed at Small Business and utilities. The government is making more than 60 billion available with more funds in the pipeline. 255measures are part of the billion dollar plan that the Prime Minister announced this week which is 10 of gdp. Malaysia surprised economists with an unprecedented expansion in the First Quarter. The outlook is less optimistic. Dp grew. 7 compared to a year earlier gdp grew. 7 compared to a year earlier. He coronavirus has crippled exports from vietnam with capital orders triggering a trade deficit of 940 million last month. Global news, 24 hours a day, on air and on quicktake by thanberg, powered by more 2700 journalists and analysts in more than 120 countries. Im Karina Mitchell. This is bloomberg. As countries around the world start to reopen economies, attention is turned to infection rates and the possibility of a second wave. For fx markets, the dollar should remain supported over the near term. Joining us is global effects and emergingmarket handle zach. Hearing from secretary mnuchin speaking in an interview saying that next year, we will be back to having a great economy. But for how long . Zach i think that is the key question. The dollar is very expensive. We think maybe 20 overvalued. The key reason the dollar has been strong for a number of years, mainly u. S. Interest rates being high relative to the rest of the world has changed. The dollar is also correlated to how Global Markets are doing. If we are in a recovering economy, even the u. S. Economy is doing quite well. It is the Dollar Strength in bad times like in march of this year. As the Global Economy begins to pick up, there is dollar weakness in the back of that as long as it is reasonably balanced to pick up across the Major Regions of the world. Shery ahn we do have geopolitical tensions on the other hand as well. The u. S. And chinese trade negotiators are not seeing eye to eye at the moment. We are seeing more pressure anddollar appreciation there was a straight trade dispute between the nations during that time. There is a challenging direction over the next few months as some of these issues have become political. Remain hear the rhetoric. We are not forecasting a sharp move higher in sharp depreciation just yet, but i think that most in vector investors should be considering portfolio hedges for the potential risk that we we return to some of the volatility in asia throughout 2019. Shery ahn will there be frustrations between the next round of tensions between washington and beijing . They are criticizing any kind of role for global liquidity throughout the process. Zach that is something that could change. How i would put that is the following. What most countries want to see is a Weaker Exchange rate. It helps foster economic recovery. The reason some countries dont is that they have a lot of debt denominated in foreign currency or they are worried about inflation. There is a lot of debt in the foreign currencies. Helpeaker Exchange Rate to foster the economic recovery. The policymakers dont seem to be looking at things in that way, referring general stability in the yuan. It would not be terribly to see the yuan we can do bit in order to help the domestic economy recover. The yuan hasnt really been behaving that way. A couple of percent year to date. We will see some further weakness and it extends further if the Chinese Authority supports domestic growth. Shery ahn what will the remedy for the weakness mean for the taiwan dollar because it has been grinding stronger recently . Yuan if we see the depreciate in the context of rising u. S. China tensions, then we would expect the taiwan dollar to weaken as well. Similar to how it behaved throughout last year. Expect thismarkets as well. Although the taiwan dollar has been very strong with trade tensions picking up, you can see the Options Markets now discounting a change in those correlations. We would expect it to weaken alongside the rmb. We have heard from the pboc that they will resort to more powerful policies. What does that mean for the currency . Zach it depends exactly what they aim for. The policymakers and china have a number of tools that they can use to support the economy. They can cut Interest Rates and encourage banks to lend credit and do fiscal type stimulus. The currency is relatively controlled. The Exchange Rate is not a freefloating Exchange Rate. It will have to be a policy pboc recommends that policy change. We think that the dollar moves up to 715, a little higher than where we are today. I think that is a choice that pboc is going to have to make. I think it still means a rate cut for credit expansion and other traditional tools. We saw them expanding the program and we saw the kiwi dollar shrinking after that. I am see in your notes that your long aussie against the kiwi. Zach thats right. New zealand is one of the places where monetary easing is still very much on the table. You heard the governor talk about that in the last couple of days that further cuts are possible, including into negative territory. Most other developed markets and Central Banks have essentially exhausted traditional Monetary Policy easing. In this way, new zealand really stands out. And the heavy reliance on tourism. Tourism and the possibility of further rate cuts, we think the new Zealand Dollar will continue to be another performer, particularly with australia and the other Exchange Rates as well. We would put that currency toward the bottom of our ranking in g10 fx. Shery ahn another economy very exposed to tourism is thailand. I see that you are along the korean won against the thai baht. Thailand is a similar story to new zealand in some ways. It is a tourism sensitive economy. And i think that we will all agree that it will take a while for that sector to rebound after the coronavirus recession. Plus, the currency is somewhat expensive. Korea is an interesting example. One for a challenging the korean won. It is a trade exposed economy with relatively weak domestic growth. A persistent underperforming currency is widespread short among investors. This year, we have a whole new set of issues. We are not dealing with trade issues but the coronavirus. It really shows off koreas strength. You have a wellmanaged economy. You have a lot of fiscal capacity and the experience of sars seems to have prepared the country for the Virus Outbreak. It is an interesting change where last years conflict was quite negative for korea. Showinges are really the strength. We have changed issues on the korean won and we are shown on the long side with asian fx. That is a very interesting call. And we have the third budget coming out of korea soon. Thank you very much for that. The Goldman Sachs cohead global emerging market strategy. Has citiesext, china near the north korean border where they will look to prevent a second wave of infections. This is bloomberg. Offy ahn china is sealing cities in the Northeastern Province of the borders of north growingglowing cluster of cases threatening to undermine the containment of the coronavirus. Our Bloomberg Markets anchor has more. China is on high alert. There will be pressure leading up to the annual political gathering after it was already pushed back because of the outbreak. And now, another headache with at least 22 infections that spread across three cities and two provinces. We are talking about the province. The schools have just reopened. These six people came into these of the clusters that have emerged in months in china. The military suspect that there could be some cases there. The Prime Minister called it on a focus of land, labor, liquidity, and loss. The cash injection with some of the power distributional companies and the 6 billion partial Credit Guarantee for the shadow banks as well. They are also lowering the tax ,ate for Service Providers there is cash in hand. Is part of the 200 62 5 Million Dollar rescue package. The new measures account for roughly a quarter of the total. So we did see markets sore on on the news ofr the budget gap widening and actually reversing losses. Bloomberg economics saying that these are mostly Credit Guarantees. There are these Credit Guarantee. Tructures shery ahn amazon business is returning to normal in the coronavirus era with one day and two day recovery delivery recovering. Say the situation is improving. And they are exporting products online. American carriers punch to the lowest. The global air travel industry wont revive. Traffic will remain at least 10 below the regional estimates for the next five years. This is well before the coronavirus crippled demand. Korean air is planning to raise more than 800 million as it looks to stay afloat after the coronavirus wiped out 90 of its flights. The carrier is looking to sell new shares to existing investors and the price is initially estimated at a 30 discount to wednesdays close. Shares have slumped 35 since the start of the year as the virus ravages travel demand. We are looking at a bearish start to the trading session in asia as we are heading since midmarch. It is really accelerating with uninspiring comments with the fed chair saying no to negative rates, putting that to rest. Not much to inspire when it comes to the data in asia as well. We are expecting the labor market data from australia to show the highest unemployment in about a quartercentury. We are looking at downsides when it comes to australian futures, japan futures, and futures in hong kong. Up next, planning to start trials ahead of a plasma derived virus therapy. We have the details, next. Staying connected your way is easier than ever. Youre just a tap away from personalized support on xfinity. Com. Get faster internet speeds with a click. Order xfi pods to your home in a snap. Or change your Xfinity Services with just a touch. All in one place. Youre only seconds away from all of that on xfinity. Com. Faster than a call. Easy as a tap. Now thats simple, easy, awesome. So were working 24 7 toected maintain a reliable network, to meet your growing internet needs. Were helping customers who are experiencing Financial Difficulties stay connected. Were increasing internet speeds for low income families in our internet essentials program. And delivering selfinstall kits to your door. Nos comprometemos a mantenerte conectado. Were committed to keeping you connected. For more information on how you can stay connected, visit xfinity. Com prepare. This is daybreak asia. Im Karina Mitchell. The Federal Reserve says the u. S. Economy faces unprecedented threats from the coronavirus and monetary and fiscal policy makers must rise to the challenge. Jay powell pushed back at negative rates, but said liquidity problems could turn into solvency issues. He added Additional Support would be worth it to afford longterm economic damage. The u. K. Is facing deep recession with the government admitting the worst is yet to come. The economy contracted by almost 6 in march. The treasury expects following data to underline the slump. The readings underline an already weak economy with the bank of england warning of a 25 contraction in the current quarter, which would be the deepest slump in three centuries. Global oil is offering an even more bleak assessment this quarter as the pandemic drags on demand. Opec is cutting for past cutting forecasts for supply cuts. Saudi arabia, the uae, and kuwait will cut according to an accord last month. President trump has widened the ss. Effort to curb Huawei Access to tech suppliers. He renewed an emergency order that restricts huawei and zte for selling products in the u. S. The administration has described huawei as a Security Risk and is present allies to extend restrictions. Global news 24 hours a day on air and on quicktake on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. Im Karina Mitchell. This is bloomberg. U. S. Security agencies are warning that hackers working for the Chinese Government are trying to steal research on coronavirus vaccines. Lets get more from our reporter greg sullivan. What are the allegations or warnings as we see this ratcheting up of tensions and distrust . Greg today we had a warning from the sbi and department of Homeland Security essentially saying hackers working for the Chinese Government are trying to steal research on vaccines and treatments from u. S. Organizations. The agencies warned that theft from these hackers working for the Chinese Government could jeopardize security and delivery of an effective treatment for the virus. It is important to note the alert didnt actually say whether the purpose of the efforts was to steal information from these u. S. Companies and organizations, or potentially interfere with u. S. Efforts to develop vaccine treatments. It also didnt say whether any hacking efforts had been successful. There are Many Organizations racing to find a treatment for a vaccine. The announcement they have touched a chord for some of these pharmaceutical companies. The agencies said they will announce Additional Details in the coming days on these potential threats. Haidi is coming at a time when we are seeing this coming at a time when we are seeing pressure from washington and federal savings plans, really pressure against china coming on all fronts. Right, especially from the Trump Administration. We have seen them ratcheting up the pressure on the chinese. We have seen President Trump shifting blame to the chinese, or trying to blame the chinese for not doing more to stall the spread of the virus. Here in the u. S. We have a pretty dire situation. The most confirmed cases in the world and more than 80,000 deaths. We also have an Election Year coming up. The Trump Administration is feeling criticism for the early response to the virus. There is another point too, that there have been larger tensions between the chinese and u. S. Those tensions pervaded President Trumps entire tenure in office. They have been the focal point of his foreignpolicy. Of course we have the trade deal and todays announcement that the federal government will invest in a fund with chinese equities. We saw trump disparage the phase one trade deal, saying 100 of those deals could not balance out the effects of the virus. There are geopolitical tensions over the South China Sea and taiwan and telecommute occasions infrastructure and alleged corporate espionage. All of this is at the center of President Trumps foreign policy, so it is unsurprising to see the virus get taken into that as well. Also today we heard a french pharmaceutical giants ceo saying americans will not likely from the company before the rest of the world does. He said the u. S. Has the right to the first order of any vaccine they are able to develop. He said the u. S. Helped invest in the research and took on the risk to develop the vexing. Sanofi partnered with its u. K. Rival glaxo smith kline. The project could produce 600 million doses annually. Important is the importance of a vaccine. Any development of a vaccine is needed to go back into to society with protections. There are dozens of countries seeking a vaccine right now. Even today we sell President Trump appointing leadership to his own Manhattan Project style effort to fasttrack a. Vaccine he named a former glaxo official t operationo w to operation warp speed. Governments all over our in the race are in the race for a vaccine. Haidi to keita says it plans takeda plans a plasma based therapy as soon as july. Its ceo is optimistic about the companys future. He spoke to bloomberg. A lifesaving medicine. We are treating a very severe disease. Treatment stop the for the disease. They are not linked to elective surgery. I think there will be some impact in some product, but overall we feel confident that, over time, our medicine will still be used by patients. Unless im wrong, it seems like one of your main drugs is for crohns disease, which is not lifethreatening, and the other is for a plasma business. I have a hard time thinking that is still going to be safe or people will be ok doing that in the short term. When you have hundreds disease, you want crohns disease, you want to continue to take your treatment. Iscourse getting an infusion more complicated, but time is needed to get your treatment. There will be shortterm impact. Confident about the guidance we gave today. When it comes to the global treatment, you are trading primary immunodeficiency, which could be lifethreatening. When the disease you are treating is very severe, over time people will get access to the treatment. Lets go to plasma, your plasma derived therapy for covid19. Analysts noted sourcing the plasma from recovered patients can be a problem, but you seem optimistic in your trajectory. How are you moving so quickly . We are developing a treatment against the coronavirus. That is very promising. Cocreated an alliance with other companies so so we can move faster. Today we are starting the manufacturing of a Clinical Trial. We will start the Clinical Trial in july. I think it is moving very fast. Of course we will have to convince people to donate plasma. This is something we are working on. What is the biggest hurdle so far . We have to demonstrate the efficacy and how many patients a donor can save. That would be important to demonstrate. It is about convincing people from donating plasma covering from Coronavirus Infection is the right thing to do. There might be treatment always needut we other therapies. Ifcan you give us a sense, you get the right plasma and it works, how quickly you can scale it up . It depends on one, the number of donors. Then it will depend on the ratio between the donors and patients. Aw many patients will donation treat . We dont know this ratio today. It will to plant on the will depend on the Clinical Trial this summer. Have you had any issues aside from getting plasma . Have you had any issues in supply chain . We have been able to maintain our supply chain. We started our own Crisis Management in january. We have inhouse Infectious Disease experts. We have been able to keep safe and maintain our supply so far. That was Takeda Pharmaceutical president and ceo. Next we take a look at just how Sustainable Businesses are performing in this crisis with the Fidelity International global head of stewardship and sustainable investing. And we will also be getting more analysis this week. American international aipac president will be speaking to us exclusively a little bit later on. This is bloomberg. We are less than half an hour away from the opens in japan thomas south korea, and japan , south korea, and australia. Lets see how we are setting up. Phie the debate over negative rates is playing out over markets. We are seeing the yen find support this morning. The dollar Holding Onto Gains sparked by powell dismissing the possibility. Upside for kiwi assets. The kiwi dollar testing 60 after being dragged lower on the rbnz s cuts. Lets check out the risk barometer. The aussie yen stalling at a key resistance level for the second time in two weeks. We are light on the data docket. Australian jobs report due out in two hours. Figures. Worse for aussie holding onto a threeday decline. Kiwi securities recommending going short the aussie versus the greenback on u. S. China trade risks. Oil steady this morning while gold is extending gains after jay powell warned of the u. S. Economy and infection risks. Running a Sustainable Business may be rewarding in more ways than one in this environment. A study by Fidelity International shows a positive correlation between a companys asg rating and market performance. The Study Says Companies at the top of the sustainability scale on average outperformed those below. Joining us now for more details is the Fidelity International global head of stewardship and sustainable investing. Good to have you with us. Correlation does not equal know. Ion, as we is there just a general sense that companies that have considered thoughtful policies when it comes to esg would also make for better investors . I think that was our view when we started the research. We had a hypothesis that companies with these characteristics would have a more prudent Management Team and therefore more resilient in the crisis. That gives lie to a common misconception of sustainability, that sustainability was a market phenomenon, a luxury thing you could have when markets are going up. But that companies would discard it in a bear market. Now it is showing sustainabilitys true worth. Respect tois with talkingthe market about travel and leisure and heavily hit areas, but we have seen a shallow band market and recovery across most major markets. Is there a sense that the detriment to commitment has been overblown, or will there be harder times to come for companies to focus on this as a priority . What this crisis is showing us is the importance of the companys societal response ability. It is often said a company doesnt exist to make profit, it exists to provide society with a valuable service or product, and the profit is the byproduct of performing that. Becoming very evident in the Way Companies are behaving in this crisis. Companies that Pay Attention to these factors, that protect their workforce and have more conservative balance sheets, those companies are going to be the longterm investment we see in the future. Are you sensing more interest in esg investing given the pandemic, that more people are concerned about companies having a social responsibility as well . Jennhui yeah, for sure. We are seeing a pickup in interest in esg throughout this pandemic. It is fair to say there was a strong interest in esg even before this, but this crisis has sped it up. Esgcan see that inside funds being more resilient in performance of companies that have stronger esg characteristics. And regulators setting the future agenda for how sustainable considerations need to be embedded into the recovery, we need to secure peace as well. That means having a sustainable recovery that takes into account things like climate change, the biggest threat to our planet after the crisis subsides. How much of the outperformance in esg investing has come at a time of market volatility . View is esg is a longterm investment philosophy, because it is only over the longterm that you will get the convergence between stakeholders in the company. It is interesting to see our you see thiss that outperformance of companies that have these characteristics. You see this in a remarkably linear way. Companies that are top rating performed the best, and companies with worst rating performed the worst. See that both the cost both across equity and fixed income. Jennhui tan, thank you for your time. Tencent reporting a record quarter as gaming revenue sort during the pandemic. We get the earnings analysis, next. This is bloomberg. Tencent is proving to be one of the more resilient chinese tech giants throughout the covid19 lockdown as it posted surging revenue from Online Gaming. We are joined by chief North East Asia course bonded stephen engle. Tencents bread and butter core business powered through an otherwise turbulent First Quarter. Tencent rose on the up swell of homebound gamers. We are looking at the First Quarter of 2020 total smartphone game Sales Revenue increasing by 64 yearoveryear. 34 growth quarter over quarter. People at home not necessarily using their pcs, but their smartphones. A lot of those pc internet gaming cafes, that revenue fell 15 because most of them were closed, at least in the hardhit lockdown areas. Smartphone game revenue really surging. Overall revenue riding 26 . The consensus estimate was going to be for a gain of 18 . It beat that considerably. Overall, Online Gaming sales rising 31 in the First Quarter. Total smartphone games revenue and 34 yearoveryear quarter over quarter. Investors were figuring this was going to happen, but the guidance Going Forward will be the key. The stock in hong kong trading up 14 year to date, far beating other peers. Up sense that low we saw in march 18. Major shareholders as well also surging after the results to record highs. What are the Biggest Challenges Going Forward for tencent . Stephen they have a lot of challengers and challenges in their new businesses like Cloud Computing as well as fintech. Keep in mind they have stiff competition in gaming. Shortner of tiktok, those videos, they are going into hardcore gaming. They will give tencent a run in its breadandbutter business. In fintech, we all know about alibaba. In advertising, everyone is trying to compete for a smaller pie. In this uncertain time, there will be a lot of pressure on competition for ad spending from corporates who are producing their budgets. Game titles like honor of kings for tencent is getting kind of long in the tooth, a bit old. Citibanknote from saying one reason that they got big Strong Performance from Online Gaming and Smartphone Gaming was that tencent upgraded the game engine for honor of kings to enhance audio and visual quality as more people are playing. As well, as people go back to work, the companies are already warning we cant keep up these kind of gains in Online Gaming because people will not be locked down. The chief Strategy Officer at tencent is saying less time is being spent on games, but because of this lockdown, we have a bigger pool of players, a bigger audience. That will propel them Going Forward. They are warning we cant keep this up beyond into the second and Fourth Quarters. They will roll out new titles as well in the game space. Our north asia correspondent with the latest on tencent. More coming up. We will continue our coverage on tencent. An analyst joins us in the next hour. Lets get a quick check of the latest business headlines. Uber issued new safety guidelines to make drivers and passengers feel more comfortable during the pandemic. It requires all people to where face masks as the infection wear face masks as the infection spreads. President trumps refusal to wear protection has fueled protests, physical assaults, and one shooting. Yales university stock portfolio surged last quarter as it added new investments during the market plunge. The endowments holdings increased to 267 Million Dollars at the end of march from three or 63 million at the end of last year. 363 million at the end of last year. Toque du soleil is set 350 million from quebec. We are told the loan would come after a received 15 from its top shareholders to stay alive. Cirque du soleil needs to address 900 million in senior loans and failed to make payments at the end of march. S P Global Ratings cut the company to d on april 3. Ofs get you a quick check how markets are trading at the moment. Kiwi stocks under pressure, down 1 10 of 1 after the rbnz expanded its qe program and said negative rates may be on the horizon. Kiwi dollar under pressure. Sydney futures down 1. 2 . We will get australias april Unemployment Rate. The estimate for it to come above 8 , which would be the highest since the mid1990s. Nikkei futures down as well. We saw yesterday too they had risk off. Demand for the japanese yen has been stronger. Kospi futures are higher. Coming up, we have more equity analysis. Later we have an exclusive with the international apec president. This is bloomberg. Welcome to daybreak asia, im haidi stroudwatts in sydney. Alongside shery ahn in new york. Hour,pside story this asian markets set to follow wall street down as the u. S. Economy faces unprecedented threats from the coronavirus. Sections approach of 4. 4 million, although the rate is flowing. The u. N. Warned it could have raised erased years of global growth. Despite opec offering a bleak new estimate of Global Energy demand, saudi arabia is cutting output to its lowest level since 2002. Shery lets get straight to the Market Action with Sophie Kamaruddin in hong kong. How is the start of trade looking . We see moves to the downside, with the u. S. Futures holding a threeday decline. By. 7kkei 227 off percent. With a benchmark of 20,000, the boj is likely to cut off on buying, which has already cooled. The yen holding steady, trading around 107, holding a twoday gain, given the narrow yield gap. Watch definitely on the ahead of the bond option. Lets check in on south korea. Kospi. An 1 for the watching for earnings. Some shopping today on domestic demand. The korean won on the back foot as we get more dire warnings about the Global Economy and u. S. China tensions escalating. Lets check in on the antipodes. Asx 200 up. The aussie dollar holding ahead of the jobs report. Withiwi dollar flirting the 60 handle. Edging as much as the pricing for negative rates in new zealand, which would reduce options for yield hunters. The Strong Demand we have seen saw australia syndicated bond notch another record wednesday as investors are lining up to get a piece of the surge. Haidi lets get more analysis. I want to bring in the director of equity Asia Research at morningstar. Great to have you with us. You say when it comes to china, you are more optimistic on prospects of their economic recovery. We just heard from the chinese finance ministers saying he sees a significant hit to fiscal revenue for china when it comes to 2020. Im curious about your reasons for expectations of may a quicker or more robust than expected recovery . Clarify that we are actually more we are coming from a very low point in our china forecast, well below consensus. We had originally forecast for china gdp to decline 2. 4 in 2020. Now we are looking at a slightly lesser decline of 2. 1 . It is a very steep contraction on a relative basis to its recent history. We will say that what we are seeing is the activity seems to have picked up in that space. Indications from china is this couple of months, particularly from march to april. Thats one of the reasons we are changing our forecast slightly. I want to get through some of your best ideas. A lot of these themes, all of the stock names fall into the travel and leisure, resumption of the Chinese Consumer story, even energy. Alibaba, also looking at trip. Com. Does that suggest you put out some hope when it comes to the strength of the Consumer Recovery and at least travel, in terms of domestic demands . List, wee look at our keep around the 15 best ideas. Analysts in morningstar, our base case for the coronavirus is we still expect things to improve by year end based on additional testing and treatment. For a gradualw relaxation of social distancing, hopefully globally, not just in china. It should be followed by a vaccine in mid2021, which would allow for more complete return to normalcy by the end of 2021. When we look at these companies, we are expecting 2020 to be extremely painful. I dont think there is any company on our list that will be unscathed. Having said that, we are looking ahead to where they will be in terms of cash flows over the next five years and over what we call a return to normalcy. We do expect the recession to actually hurt what we expect to be the midterm earnings by a couple percent. In other words, the falls in the share prices far exceed that fundamental hit over their projected cash flows. Have a number we of names on the list. I think it just reflects the fact that these are set up undervalued. One into your point, netlist, is it a Company Specific in that list, is it a Semiconductor Story . We have seen this sector impacted not only by the cyclical downturn, but after that, the pandemic and supply chain disruption. Thats right. I wanted to highlight three stocks. The inventory back in 2019. We think that if you look forward, the greater digitalization of the economy, and that has been proven by the fact that as we stayathome, we are doing online, and that creates a lot more data traffic. We see indications from Companies Involved in the Cloud Systems to continue to want to spend more and expand their needs. We think at the end of the day, that increases the demand for memory needs. Therefore, we expect demand pricing to move up a little bit the next few quarters. Shery one of your other thoughts was ocbc. Haidi what will be the impact on these banks, given the slow down are seeing globally when it comes to bad loan provisions they have to set aside . A first profit drop in years. I think all banks will see larger provisions. Compared toe basis their capital bases, we see fairly limited impact in that sense. It will be a shortterm impact on earnings. Is ity thing with ocbc has a very strong Bank Assurance model. A little it will have bit of volatility because of its insurance business. I think at the end of the day, when we look at the Private Banking franchise, as well, these are things that underpin the banks becoming bridged. This is one of the reasons we like this particular bank. Just want to get your views on tencent. Been one quarter has of these pandemic kind of success stories. Are there risks to the longterm outlook for tencent and where we are seeing pricing . Tencent has done really well. It is one of the names we put on our list a little bit earlier. It is obviously going to benefit, in terms of the products it has online, etc. At this point in time, we have it as being closer to fairly valued. Of 460ave a fair value hong kong dollars on the stock. At the end of the day, results are coming up, we think the upside is limited, given the recent surge. Thank you so much for joining us, lorraine tan. Lets get a check on what to moving when it comes to this early part of the session. Take a look at some stock movers in tokyo. To keita forecasted the profit will triple and its predicted minimal impacts from the virus will step up more than 5 . Its also making progress on managing debt levels. The stock up more than 30 . The 20 year low we hit back on march 18. Sony this morning hit by supply chain woes and consumer demand. Operating profit can fall 30 or more in the current fiscal year. That is off by nearly 4 . Square enix moving to the downside after proposing a yearly drop in operating income. It is expected to meet its mediumterm target in 2021, driven by new releases and an expanding business. Aftercheck in on rakuten it continued mobile investments. A lean to the upside. A 58 year on year rise. A domestic ecommerce gms in april given the outbreak in april. Line corp now has little change. Lets check in on subaru. The carmaker is seeking a ¥60 billions in loans. The bank of japan off by 2. 8 . This story going along with a trend among autos as sales have plunged. Buyer ine biggest asia. Lets check in on korean air. The stocks falling in seoul on plans to sell new shares to raise 817 million after the Virus Outbreak has wiped out about 19 of its flights. Shery still ahead, the pboc may deliver another rate cut as it follows through on its vow of more powerful policies. Plus, Goldman Sachs chief Economist Says the u. S. Needs to provide more stimulus to support the economy. This is bloomberg. Youre watching daybreak asia. The United Nations is warring warning the coronavirus can risk for years of growth from the Global Economy and push more than 100 Million People into extreme poverty. Worldwide infections are above 4. 3 million, with deaths approaching 300,000. Rates are declining. The u. N. Says attempts to find a vaccine will only be the first step in a long road. Facing deeper session with the government admitting the worst is still to come. The economy contracted by almost 6 in march. The treasury expects following data to underline the slump. The readings undermined a weak economy with a warning of a dramatic 25 contraction in the current quarter, the deepest slump in three centuries. Sentiment among merchants in japan has fallen to a record low, and index of feeling among shopkeepers and businesses held a 7. 9, the first a single reading in data going back to 2002. The survey offers an early indication of how people are reacting to the spread of the pandemic and the governments response. Malaysia surprise economists with an unexpected expansion in the First Quarter. That outlook is less optimistic. The gdp grew. 7 through march compared to one year earlier, thanks to domestic demand. That was the slowest pace since 2009. The coronavirus has crippled exports from vietnam, with canceled orders trickling a trade deficit of 940 million last month. Global news, 24 hours a day, on air and at could take by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. Im Karina Mitchell, this is bloomberg. Haidi china is scaling off the northeastern profits as a growing cluster of cases threatens to undermine its containment of the coronavirus. Yvonne man has the latest. Before i go to you, we have breaking news. Saidto director general is to be telling governments. He plans to depart his. His second term is scheduled to end in august 2021. Bloomberg has learned the wto chief is set to tell governments he plans to depart. We have seen growing tension between President Trump and the wto, with President Trump blaming the wto for unfair trade practices that do not benefit the u. S. Now we are hearing the wto chief is set to tell governments he plans to depart. And whatack to yvonne happening in china. China seems to be on very high alert, given we have the npc coming up at the end of the month. Yvonne they were just days away, and there is pressure leading up to this gathering after it was already pushed back because of the outbreak. Now they are dealing with another headache with at least 22 infections across three cities and two provinces. One city is under a partial lockdown right now. Rail services have been halted. Residential compounds are closed off. Schools that just reopened are closed again after six new cases of infections were found. These six people came into contact with a cluster, that went into lockdown on sunday. This has now become one of the biggest clusters that has emerged in months in china. These cities border north korea. There is no confirmed link between the latest cases we see and isolated country, but there are fears an outbreak there is spilling over to china. North korea has yet to confirm any covid19 infections, but the u. S. Military suggests there could be cases. The threat is up north in russia, which has also been one of the biggest outbreaks in europe, with more than 230,000 cases and 2000 dead. India announcing these new stimulus measures as the economy continues to be devastated. A massive rescue package we are seeing. What are the Key Takeaways . Yvonne these latest steps account for roughly a quarter of the 265 billion rescue package modi outlined. The rest have been measures announced since february. Thats a whole laundry list of stimulus measures. 15 were targeted towards some of the Small Businesses. The finance minister announcing a 40 billion soft loan. A 12 billion cash injection into some of the power distributional companies. A 6 billion partial credit banks. Ee for the shadow these are the lenders finding it hard to raise money. These moves are aimed at encouraging banks to issue fresh loans to these shadow banks who can offer credit to consumers. Also, lowering the tax rate for Service Providers to put cash in the hands of the people. We saw markets soar on the news. Bonds fell on concerns of the budget gap, but they reversed losses. Perhaps because more Credit Guarantees, there shouldnt be a big fiscal burden on the government. Will it work . While the actual cash outgrowth not too the steps to material, the steps to improve liquidity will happen. However, they will be taken into effect. The economy is still on course for its first annual contraction in four decades. Ry haidi yvonne man in hong kong with the latest on the coronavirus containment front. Breaking news when it comes to changes at the very top of the wto. We are hearing from 4 people familiar that the wto director is set to depart well before his term ends in 2021. He has told member governments his plans to step down before the end of his tenure. Thats according to four people familiar with the matter. Hes been the director general since september of 2013. His second fouryear term began in 2017. No comment from the wto, but potentially one or all of his deputies could form a caretaker leadership role in his absence. It has been a chaotic time for the wto. The stability efficacy and credibility of the top trade organization coming into clashes with the Trump Administration. We are now hearing that of the top trade official may be departing. As liquidity pressure mounts for chinas central bank, analysts are expecting another cut to the mls rate. We discuss the implications. This is bloomberg. China may deliver another rate cut. They continued downward pressures on the economy. The cost of loans is expected to drop for the third time this year. Tom mackenzie is watching all of this in beijing. How much room does china have to move when it comes to policy rates . Tom the policy room is there for chinas officials. Rates have been moving lower over the years, whether it is the medium term lending facilities, the loan prime rate, or the sevenday reverse repose. Even the deposit rate has been going low. They are still higher than other economies. That is why you are getting a view that the pboc will roll over, at least part of the 20 18 billion in mediumterm lendings. They are likely to lower the rates on that lending from the current two point 95 . Some expect up to 20 basis points in the oneyear mediumterm Lending Facility. Thats what we are looking around for at 9 30. Moreboc did have a powerful policy response. It will be in line with the messaging. It will be needed. They need to support the economy. It remains under significant pressure. It would also boost sentiment in the bond market, which is great for a flood of local Government Debt sales trying to support infrastructure spending. Haidi yet the pbocs actions shery yet the pbocs actions have been measured, compared to its global peers. What is the argument against cutting . Tom everyone agrees another cut is needed. Its a question of time, weather today is the day, or we wait until after the nationals Peoples Congress that gets underway. Citigroup is one of those houses that is stepping up and saying we dont think it will happen until after the parliamentary session. They point to the fact that the recent credit data suggests the monetary response has been affected. We saw the increase in financing, the jump in new lows. Its more likely any cut comes after the mpc so it is more aligned with policy announcements at that key gathering of chinese officials. I think we dont get a cut today. Expect the bond market to throw somewhat of a tantrum. Up if will likely move the pboc disappoints. In terms of the economic indicators, that pain is there. You saw the price inflation. Consumer inflation, as well. You hear from chinas finance minister saying there have been significant hits to chinas fiscal revenue. Expect the debt target to be raised. Working ahead around 9 30 local time. Shery Tom Mackenzie in beijing. Lets get a quick check of the latest business flash headlines. Uber has issued new safety guidelines to make drivers and passengers feel more comfortable during the coronavirus pandemic. It requires all people to where face masks as the infection spreads across the world. President trumps refusal to wear protection has fueled an antimask movement in the u. S. That spurred protests, physical assaults. To then carriers plunged lowest since 2013 amid warnings of global air travel industry wont revive until 2025 at best. I auto says traffic will remain below regional estimates for the next five years. To raiser is planning more than 800 million as it looks to stay afloat as the coronavirus wiped out 95 of flights. They are looking to sell new shares to existing investors in july. The price is initially estimated at a 30 discount to wednesdays close. Shares in korea have plunged since the start of the year as the virus ravages travel demand. Coming up, more on what is up with the trade dispute between china and the u. S. , and the wtos top official gets set to step down. This is bloomberg. The committees view on a negative rates has not changed. This is not something we are looking at. The evidence on the effectiveness of negative rates is very mixed. It is an unsettled area. I know that there are fans of the policy. For now, it is not something we are considering. We think we have a good toolkit. Thats what we will be using. Thats president Jerome Powell pushing back against the prospect of negative rates. Speculation builds over the potential u. S. Seo trading steady. Just up about one basis point. Kiwi yields are recovering from wednesdays drop sparked by the flagging further cut. The debt bank expects the yields to grind lower. Bonds going to the april jobs report, which is expected to be grim with the jobless rate expected to double. Stocks during on a choppy week for asian equities. The nikkei 225 lower for a Third Session. In seoul, the kospi is under pressure. The korean won is leading fx lower. Retreatingyen class from the 69 handle as we see risk sentiment stall and u. S. Futures ringing lower. Shery breaking news at the moment. We are now hearing that saudi arabia is cutting their june oil volumes to at least two term buyers in asia. We have seen saudi arabia really Cutting Oil Production to lows we have not seen in years, especially an additional one Million Barrels per day on top of the agreed opecplus production cuts of almost 10 Million Barrels per day. Now we are hearing the saudis will be cutting their june oil volumes to at least two term buyers in asia. This is as we see wti and brent gaining. Wti above 25 a barrel. Turning to a bloomberg scoop in the last few minutes, the wto director general is planning to step down before his term ends next year. Jenny leonard is on the line. What do we know . We know very little at the moment. What we have found out is the director general has told Member States he will be stepping down in september. It is one year ahead of his planned scheduled leave. We dont know what really drove this move or who will be following in his footsteps. We do know this comes at a very interesting and delicate time for the genevabased trade body. It has been a tumultuous second term for the wto chief. What are the implications when it comes to the issue and judgments if this is happening . Wto is a member driven organization. It has really been unparalleled for a while. A lack of consensus among members always brings problems, in terms of negotiation. We know that the u. S. And china have been engaged in a standoff. That doesnt really help. The u. S. That, in congress, there seems to be a push to rethink the u. S. Membership in the wto. Dra holly has risen senator holly has introduced a resolution, and a resolution was introduced in the house to reconsider if the u. S. Should stay in the wto. That happens every five years. A vote usually doesnt take place. We are now in a very different time, with the u. S. And china in their trade war heating back up again. President trump gearing up for a second term in the u. S. It is really coming at an interesting time. Do we know about potential replacements . There are four deputy directors generals that can serve as his interim caretakers until his actual term would end in september 2021. There are four different Member States, nigeria, germany, the u. S. , and china. It is not clear who would take the helm. The u. S. And china would be polarizing figures for each other, so this is really going to be interesting to figure out. Genevae sun goes up in tomorrow, we will see what he has to say. Shery discussed shery thank you so much for that. Goldman sachs will need to provide more stimulus to help the country recover from the pandemic. A chief economist shared his predictions with bloomberg for the economic outlook. Sees a expectation is q2 deep decline, minus 39 quarter on quarter. Then we have strong sequential goals in the second half, plus 29 in quarter three, plus 11 in quarter four. From that perspective, it is a fairly rapid recovery. If you look at the year on year rates, which might give you a better sense of the underlying 13 ine are at almost the second quarter. A decline of more than 5 year on year in the Fourth Quarter. That is important, because minus 5. 4 in the Fourth Quarter would historyeakest number in on a year on year basis if it wasnt for q2 and q3 of this year. I would say it is a partial recovery. Faster in some sectors than others. Construction will probably recover more quickly than Consumer Services that involve a lot of facetoface interaction. That will be a disrupted sector until we find much better medical options, probably a vaccine. That still seems like it is a ways off. Shery how much do you model we need to see in terms of stimulus backstopping, however you want to label it, to help support the economy get to your forecast . I think we need additional fiscal support. We are building in a phase four, 500h would deliver another billion dollars, 600 billion of stimulus in 2020. Probably additional numbers arend that in 2021 that ,robably well above that 1. 5 trillion. Thats our expectation, that we get a significant demand of support for state and local governments. We are not assuming as much as what was in the package that was passed yesterday. They have about 1 trillion. We dont think it will be as big as that. We also think that the expanded Unemployment Benefits will be partially extended. We are expecting another round of rebates through households. Substantial amount of additional effort thatd on the has already been made, which has been very substantial. We have seen a large amount of fiscal support, both in absolute terms and relative to other countries hit by the same shock. That is clearly one of the ways in which the u. S. Is maybe better placed than other places for economic recovery. There are also ways in which the u. S. Has bigger problems. The virus situation, if you look at the confirmed numbers, active improving, that is not improving as quickly as other countries. On the fiscal side, the u. S. Has definitely done more. Haidi that was Goldman Sachs chief economist speaking to us. Coming up next, tencent reports a record quarter as gaining revenues sort. We break down the earnings with natalie wu. This is bloomberg. This is daybreak asia. Im Karina Mitchell with the first word headlines. The Federal Reserve says the u. S. Faces unprecedented threats from the coronavirus. Monetary and fiscal policy makers must rise to the challenge. Jay powell pushed back at negative rates, but said liquidity problems can turn into solvency issues. He added Additional Support could be costly, but worth it if it helps avoid longterm economic damage and prompts a strong recovery. Economistsrprise with an unexpected expansion in the First Quarter. The outlook is less optimistic. Gdp grew. 7 through march, compared to a year earlier, angst to domestic demand. That was the slowest pace since 2009. It crippled exports from vietnam with canceled orders triggering a trade deficit of 940 million last month. Global oil is offering an even more bleak assessment of the market this quarter as the pandemic drags on demand. Opec is cutting forecast for supply requirements by about 15 . Saudi arabia, the uae, and kuwait have said they will cut supplies beyond an accord reached last month. Saudi output is expected to be the lowest since 2002. President trump has widened the u. S. Effort to curb huaweis access to the u. S. Market. Hes renewed a year in National Emergency order that restricts huawei and cte from selling products in the u. S. As washington battles beijing in the fight for 5g supremacy. The administration described huawei as a Security Risk and is pressing allies to extend restrictions. Global news, 24 hours a day, on air and at quicktake by bloomberg, powered by more than 20 700 journalists and analysts in more than 120 countries. Im Karina Mitchell, this is bloomberg. Tencent revenue beat expectations after the lockdown propelled gaming sales to their fastest pace of growth since 2017, helping offset shrinking ad budgets and a record contraction in china. Joining us is natalie wu. Great to have you with us. The key question seems to be how long will these gains be sustained . Even tencent was warning that those gains could peter out if china goes back to normal. Yes, they just did much better than expected in the First Quarter. I was concerned on the recovery from the pandemic in china. The other business, like the returnit will probably to normal after the covid19. Fintech isnt a huge part of their revenue. That plus the cloud account further revenue currently. An extra growth driver. Haidi in terms of content, what should we be expecting . Is there a concern some of the titles have sent it to this record quarter we have seen and are in desperate need of an update . What is in the pipeline . Is there a concern there isnt enough content in the pipeline to sustain this pace of growth . That, it is quite encouraging for tencent, given they have several new games. There will be launched this summer. And another game to be launched later this year. This year, we think the quite line timeline is quite robust. What about the competition . We have seen the success of tictoc. Will competition be a greater factor for tencent Going Forward . Yes. Thats why we still have the for longerterm concern. It is more about the traffic. Not only limited to the others, but they are entering the game business leveraging on their traffic. Issue. Gerterm what does this mean for their stocks . The company has secured more than 42 billion since the pandemic broke out. Can we expect the stock to continue rising from here after all of this already has been priced in . Price,erms of the stock it still has this year because of the robust pipeline. If you look into the financial you will see another 22 billion for the deferred revenue. It is going to be recognized for later this year. Least before several couple, we think the stock is quite safe. Longerterm, the competition from other parties is going to be a concern. Year,he high base this given by the robust game performance during covid19 will create some difficulty for next years growth. Wu natalie shery natalie will, thank you. More perspective on tencent earnings in the next hour, when we are joined by alicia yap. For the time being, we have breaking news coming out of china. We are getting the latest coronavirus cases. 13 in yaocases on may ming. Bordering north korea. We have seen more cities across china being sealed off because of these clusters of infections. Asymptomaticng 12 cases. When it comes to these areas, three new cases reported. This has we continue seeing chinese policymakers trying to support the economy. We are hearing the pboc is set to be conducting mediumterm Lending Facility operations on this. The cost of mediumterm loans to banks expected to drop for the first time third time this year. The pboc set to conduct mls operations on thursday. Cuti we are anticipating a over as much as 20 basis points in that lowering of that mls rate. One to watch out for. A pretty dire day, given we have the s p 500, u. S. Stocks on track for their worst week since midmarch. U. S. Futures tracking lower. The global stock rally has really seen a slowing at this point. Led asianpacific stock has australia, given we have the labor markets numbers to be the worst. Korea also tracking lower. Sony the biggest drag on the index. Takeda is one of the best performers on the expectations. Also a quick look at the yen. Extending gains for a Third Session on haven demand. Just below 107. Negative rate speculation being quashed by the fed, but creating market activity. Coming up next, previewing the job numbers out of australia due out in the next hour. Unemployment seems to behind to sinceg to the highest 1997. The worst is not over yet. This is bloomberg. Lets get a quick check of the latest business flash headlines. Amazon says business is returning to normal in the coronavirus era, with one and today deliverings recovering as demand a surges in the u. S. Amazon restricted supply times as the pandemic spread, but said the situation is improving. The virus closed traditional brickandmortar outlets, sending millions searching for and buying products online. Indias bank is tightening up on new loans amid the fallout from the coronavirus pandemic. The ceo said the bank will tighten its screening process after reporting profits fell by nearly 10 in the latest quarter. Surge as bracing for a the lockdown triggers mass unemployment and leads Many Companies facing bankruptcy. Deutsche bank plans to resume its program of job cuts after suspending dismissals during the coronavirus crisis. The ceo made the comments ahead of next week. They are planning to shed 18,000 jobs globally for about 20 of its workforce as part of a Restructuring Program announced to cut costs. They also said top bosses were fargo one months pay. Australias april unemployment data will be released in over 30 minutes time. The jobless rate expected to soar to more than 8 . Paul allen is watching this. The numbers are likely to be the bright spot in terms of whats to come. Thats right, we may look back and think it wasnt too bad, because it was taken earlier in the month of april. Lockdown conditions really only got tougher since. It is likely we will see an even more confronting read by the time the month of may rolls around. This is going to be the first set of jobs numbers that captured the impact of the coronavirus inspired shutdown. The Unemployment Rate expected to hit 8. 2 . Another 500ee 75,000 people out of work. These are numbers that we havent seen since the mid 1990s, the last time australia had a recession, which was a long time ago. The government has been acting. Plenty of stimulus, not the least of which is the 130 billion australian job keeper program. It has been selling a lot of sovereign bonds and 12 billion sale. There is still strong appetite for quality high yields and debt as australia tries to cushion the impact of the Unemployment Rate. Shery new zealand also prioritizing jobs when the finance minister delivers the budget in a few hours. What can we expect . The Prime Minister gave a prebudget speech last night saying it will be a jobs buzz it. She mentioned the jobs during the speech, and she said the government has been banking surpluses for a rainy day, and that rainy day is not here. The finance minister typically gives a few hints about what might be coming. We do know there is likely to be significant support for the tourism sector. That generates about 6 of new zealands gdp. That was 21 of the Foreign Exchange earnings. Tourism dropped to zero after the borders closed. That sector likely to see 100,000 job losses. Support expected there. The finance minister also highlighted the first stage of the virus response in new zealand has been 20 billion spent. When you consider new zealands gdp is over 200 billion, that is a significant hit. Very closely watching that number. It will be just how big the deficit is. Expected to be a confronting figure. That budget being released in a little over one hour. Allen in sydney. Of those confronting numbers and expectations out of australian jobs and the kiwi budget waning on the markets. Before we handed over to opal lets look at how the region is closing. Although the fair to point out the downside we see in asia somewhat shallower than what we saw overnight. We are seeing u. S. Futures continuing to trend lower. Still across the 2800 point level that had shown support and resistance. A lot more to come, including analysis on the Rate Decision out of the pboc. A couple of big guests, including the Marriott International apex president. There are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. Weve always believed in the power of working together. Thats why, when every connection counts. You can count on us. It is 9 00 a. M. Welcome to Bloomberg Markets china open. Im selina wang. Another rate cut amid continued pressure on the economy. The cost of mediumterm loans could fall for the third time this year. Coronavirus infections approach 4. 4 million. Although the rate is slowing, the u. N. Warns the pandemic to race years of global growth
vimarsana.com © 2020. All Rights Reserved.