in the u.s., the earnings season a big focus, but right now a slightly risk off tone confirmed by the fact that there is a bid for bonds. blood 22 what is happening -- relative to what is happening beneath the lid, most sectors are lower, confirming an overall risk off tone we are seeing for global markets on this macro uncertainty around the respiratory virus. up top, there are three sectors. for the bulls come of the top one is a risk of sector. on bottom, we do have two sectors down more than 1%, materials and energy. this makes the day even more risk off because beneath that decline for the materials sector and energy, a bit of a selloff for the commodity complex. let's take a look at the bloomberg commodity index. down about 0.7%. on the year, why we have stocks nicely higher, the bloomberg commodity index is down more than 2%, so a divergence within the risk asset. european crude is lower. we also have copper down 1.2%. copper a tell on the global economy. whether or not china will buy as many soybeans as expected, 32 billion dollars, you can see a bit of a slide here for the commodity complex. again, today around the world a risk obsession. that's right. abigail doolittle, thank you so much for that. climate change is front and center in discussions here in davos this year, including how the world envisions using more renewable energy. joining is ignacio galan, ceo of iberdrola. president trump talked about environmental alarmists. how alarm should we be that he is adopting such an attitude? but we: he said that, are very proud that we have been contributing to a $35 billion investment in the country to america be efficient in energy. we are already investing heavily in renewables, as you know. heavilyalready invested in -- for integrating these energies into the system, and we are really proud. so saying that, i think the energy policy is dependent on the states. in each state, they have their own renewable portfolio targets. they are already generating options to distribute a certain percentage of electricity from renewable sources. haslinda: but it is important what the leaders say. in particular, and australia, we have prime minister morrison not supporting renewables. how concerned should we be? company i feel we as a have already made our commitment to try to give a better world to our children, the future innovation. in the sense of climate change, sustainability, in the sense of making society more all, relating to gender equality, to try to make our company more to apply better ethic principles. in australia, we are trying to help as well. we are investing in australia. if many people like ourselves do -- i think each of the are delivering better things for the future generation. haslinda: re: on the cusp of a mindset change -- are we on the cusp of a mindset change? re: on the cusp of making renewables the norm -- are we on the cusp of making renewables the norm? ignacio: today, renewables is economically more efficient. it is cleaner and more competitive. we are generating industry jobs and technology. i think renewable is not only the point of how you produce electricity. we do produce any more efficient manner, in a cleaner manner, but we are generating wealth. that is what we have to contemplate. i think that is better. we have to make the world more sustainable. that is what we are doing. haslinda: you are investing big. alone,look in australia you've pumped and $500 million in wind and solar. ,hat kind of potential growth and after australia, would you go? we are investing $4 billion to $5 billion a year. we are very pleased to do so. the social demand is there. towould like to contribute being efficient with more clean energy and renewables as well. haslinda: so you are saying we can expect more investments into australia. ignacio: of course. billions.s $400 million is not much for us. haslinda: give us a sense of your commitment to this. ignacio: in the last 50 years, we've invested more than $100 billion in this. investing our plan is $10 billion. range ofn the investment as global companies in the range. i think we are ready to invest as much is necessary. it depends on the condition, regulatoryty, stability there. so i think we are ready to do so. haslinda: how have you planned in europe? you've built what is believed to be the largest solar plant in europe. ignacio:ignacio: it is already fully operational in the moment. haslinda: how important is it? already it is and 1700 people have already been working in the installation. next week, i think the first miniature of portugal is going to visit another storage facility in portugal. are pumping, moving the water for electricity. there's not enough demand. we are doing many of these products worldwide. haslinda: we know that europe's solar market is moving away from subsidies. will that impact how business is done and plan going forward? ignacio: we are more than 20 years now investing in renewables. when we are starting investing in that, the most competitive was wind. now, solar is more competitive than wind. both are on the same place. solar, if the sun is shining, it is as competitive. that is why we are investing in solar heavily as well. in mexico, brazil, europe, the united states. everywhere. haslinda: i have to ask you on the biggest risk you see for the business. ignacio: this question has already been asked of me for 2020. [indiscernible] now, we are very many small powerplants worldwide. we had 50, 60 power plants in construction worldwide. it is not the same thing to make 50 of 100, so that makes one more competition. haslinda: so execution is one issue, but how about the sluggish growth we are seeing in europe? how do you perceive that, and how is it impacting your investments going forward? ignacio: i think europe has .lready three main lines digitalization -- [indiscernible] that is already very clearly there. they are already fixing certain needs 7 so europe trillion euros investment in the next years for transforming our economy. it is for those which are for -- becauseng that can help europe to lead in some things as important as our planet. galan, weignacio thank you. that was iberdrola ceo ignacio galan. with climate change becoming a defining issue of our time, today marks the launch of bloomberg green to illustrate the scale up the challenge. find it on the terminal, here on bloomberg tv as well as radio. let's check in on the bloomberg first word news. here's viviana hurtado. viviana: we begin with president donald trump's impeachment trial. it begins today. senator mcconnell will give house managers today to present their case against the president -- give house managers two days to present their case against the president. many republicans say they should at least hear the case. staying with president trump, he says he is planning a middle-class tax cut in the budget. the president also telling dow france didn't back off his internet tax, he threatened a 100% tariff on french wines. he also says he is serious about imposing tariffs on european cars. in china, the outbreak of a deadly virus has now gotten worse. at least six people have died. many health workers have been infected. that is a sign the disease is more easily transmitted than previously thought. it is reminiscent of a pandemic that killed 800 people in asia 17 years ago. the british labor market stayed strong in the face of political turmoil. a new report showing in the three months at the end of , they showed the most added jobs in more than a year. still, it was not enough to shake the view that the bank of england is likely to cut interest rates this month. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i'm viviana hurtado. this is bloomberg. back to you in davos. haslinda: thank you for that. more from the world economic , next.ere in davos this is bloomberg. ♪ ♪ live from davos, i'm haslinda amin. australia is burning, the arctic is melting. climate change israel, and the world's largest asset manager real,ut it -- change is and the world's largest asset manager just put it front and center. let's take you to a panel underway here in davos, solving the green growth equation, moderated by our very own francine lacqua. >> the big question is bringing citizens to the four to think about what does a green city look like. that becomes a condition through which you access the funding. you picked the willing. but to even have access to these funds, you need to be willing to experiment for a solution. that required a new policy instrument. >> but transitions are difficult sometimes, right? >> yes. they can be difficult. journey, any transition is easier if you know where you're going. the clarity of the objective in the direction of government policy, and the consistency of that commitment, even if it is with ag relatively small credible trajectory to where it's going or a sustained r&d effort, highlights around certain skills that work in certain areas, all of those things signal to individuals, to companies, to investors where to put their money, where the opportunity is. what the market will do is pull forward adjustment. it will act more rapidly than policy will help fill in. , publicquestion attitudes and pressure also help shaped those decisions as well. i think that is part of what we are seeing in terms of the response. if you look at what is happening in finance, you have the core of the financial system, all the investors wanting information, about what? they will have a different view on how fast, going where, that's fine. you have the bank of england and a number of other central banks preparing their banks for transition to net zero. , thesecore of the system questions are now being asked. are you on the right side or the wrong side of that transition? what are you going to do about it? >> why are investors suddenly realizing this is an issue? >> i think it is a combination of things. i think the biggest asset owners are going to air around 30 years from now, so they can see the implications for their assets. of people at the front line the insurance industry where they are dealing with the pricing cost of this everyday, but then it is people responding actually,lients, and they are not disembodied come of these institutions. they are made of individuals who can see the imperative. in the end, what is the market system therefore? it is to solve problems, to find solutions. it is becoming pretty clear that this is, if it is not the biggest problem, it is in the top three, and that is where the market will go. >> not to pour a cold shower on bringoint, but what you to the table is really key. i was ceo for 15 years, almost. i had 60 earnings calls with my , not once did i get asked by a financial owner about sdg's, or climate change project ore -- climate change trajectory. i do need to -- i do think we need to take the tipping point we've arrived at, the next in ration speaking loudly, the yuan unls -- the you in -- the goals. we have this notion that we are going to lose jobs in this transition. there is evidence now showing that we are going to actually gain jobs. we need to be very clear that on the transition, because the worker is the one that is very afraid, that i am going to lose so what is the transition for that worker? what are the policies around that? you can't do it from the corporate sector alone. i think those two areas need to be addressed. >> can i come back in terms of the degree of shareholder activism on these? if you look at major systemic banks, you will get 2/3 of the same questions around these issues. tripling of proxy actions. it is shifting very rapidly, and the question that people are effectively asking is it's not the best overnight. plan?what is your you see it. a lot of them have the plan come but i think everyone in that room knows they need a plan. >> you talk about the tipping point. if we were to see a recession in the next 12 months, will that goodwill go away? >> maybe i am a perennial optimist, but we have a technology revolution creating theserowth, and we have $1 trillion market cap companies appearing. we are becoming richer. the world is becoming richer. are we distributing it? no. this is where governments are not working very well. the leading corporations are doing a great job of job creation in their supply chains, but you are right. if it scales back, i'm saying ,hat there won't be a recession but in 2008, we all got scared and different in our forecasting, but i think the growth of the type we are seeing will keep the world at the set level for a while. i think we have some time to get this right. my personal view, not a lot of time, but you're right. corporations will march to a different tune if they suddenly start losing money. i think it is important to get the kpis right. >> yes, but i think it needs to be earlier than 2050. it needs to be a plan for the next few years. >> yes, that's right. >> net zero by 2050 is not actually -- it is far from adequate. we needed to be much earlier. we need to see the commits of the companies and governments before them. that's one thing. i also wanted to raise the transition and link it to the inequality that we have in our world today because, as we know, not everyone is getting rich richer --ting rich or getting rich or richer. the first is to make sure it is built into any agreement or transition plan, but the other left outhink it's of a plan is the fact that if climate policy isn't put in , with the people who are trying to make ends meet, the cost that will go on to those people is deeply unfair. it is avoidable, and it causes polarization in our society, and that is the risk, i think, if people aren't smart. australia did this, you could have half of the population that doesn't pay taxes anymore. but i think we need to take care of people, and i think that is linked to social inequality today. it can be done, but i think it is often overlooked. >> there's this underlying assumption, unless you make it clear, that this is all win-win. way, we haveng the to make certain types of activities less profitable, including -- you know, we can talk about the problems with shareholder maximization, but the amount of, for example, share buybacks has exceeded $4 trillion globally. that currently is bringing profits to the system, and profits are currently at record highs. investment globally has actually been falling, and this is fundamentally an effective reinvestment back into the system. you talk about market cap, that's not about investment. that's about rewards going to the 1%. it is important to realize that this isn't just about saying, let's do it differently. there have to be strong conditions attached. i would go back to the i.t. revolution. one of the most innovative companies in that period was bell labs, a very innovative r&d lab that came out of at&t. that came from government forcing at&t to reinvest profits back in the real economy, back in innovation, and big innovation beyond telecom. looking at the monopolies, including the aramcos in terms of market share in terms of market share and subsidies, there should be strong market positions in place, but that does mean change in the short-term will mean profitability going down in certain sectors unless they change. >> it means companies going out of business and sectors becoming sunset industries, but a couple more points, if i may. on the regressive video -- on the regressivity, i think we agree that climate change itself is regressive. it hurts the most vulnerable within any country and globally, and we are seeing that with clarity.g second, think about how you invest the price of carbon is hugely important. obviously, there are winners and losers, and there needs to be restructuring. that is always the case, as you know, and the economy. this is the new big vector of that. just around technology, if you think about the applications now , they have rescission agriculture in microsoft and others there. think about optimization through artificial intelligence. back on the carbon sequestration , not injection, these are huge opportunities. answer, but it is a way technology spreads out and helps address the challenge. the pointo back on about share buybacks and dividends and the governor is going to look at me and grimaced a little bit here -- i would say the last 20 years of monetary policy has created lots of new financial instruments. unfortunately, many of us who , theublic companies quarterly earnings created this need to buy back shares, increased dividend yield to attract new money. activist investors became part of our life, and the long-term investor disappeared on us. in the 1980's, i would have said the long-term investors were around in big swaths, and private equity were short-term. today i consider private equity long-term. private capital has become much more long-term than the private markets. this is the capital trying to find returns. it is the lack of courage in fiscal policy that doesn't build infrastructure, doesn't build education. the lack of courage in the political sector has created this monetary situation which has to be remedied, and this is what we need. we need long-term public-sector investors back. companies, you are blooming the politicians for the policies, but there are massive lobbying efforts to reduce capital gains and so forth. we should be taxing material more than labor. we could be redesigning the whole tax system, not just carbon taxes. corporate income tax, capital gains tax, in order to reach the objectives we talk about. >> it was a sign of the business community is fed up with the vicious circle of the economy we've created, one against the other -- haslinda: climate dominating the discussions here in davos for the very first time, perhaps in , whos to greta thunberg recalled that our house is on fire. subscribersrminal can continue watching on live go .on live we also spoke about tax savings on wall street and creating financial inclusion. take a listen. >> it is a real problem. when you think of the fact that we are 11, 12 years into quantitative easing, want to take of to that. >> qe is for the elite. ben bernanke said we have to save the banks. you save the banks. i get that. what do we do for the people out there that are worried about fees? what do we do to help them get within society now? >> i think all of the pieces not just at citi, but that the industry is working on, are for inclusion in finance. we are getting ready to launch a program probably in the springtime with google, in terms of being able to bring more people into the digitization of banking. mindsetay, it is the and the mantra of being able to create for people best in life experiences. that is not best in banking. how do we create the best in life experience to bring more people in to have the access? if you look at what is going on at citi, not just in the u.s. come about around the world, we are bringing people, business, small business, women, all of those things to bear in terms of inclusive finance. >> i am going to ask the question i know winds up ceos on wall street at the moment, so forgive me. $18 billion. that's how much was saved by the four biggest banks on wall street last year because of the tax cut. people keep asking the same question, and i'm not sure the banks have done a good job of telling us where the money has gone. where has the money gone? >> one, we are a significant taxpayer off of the income we are in. it has gone into our infrastructure. it has gone into technology. it has gone into people. it has gone into lending. it has gone into investing. announced an initiative where we are going to be actually investing around clean and green technology. we just launched a $150 million program in terms of putting some of those moneys back. >> returns to shareholders last year. billion? they, $22.3 i am not opposed to buybacks. it is not my job to have a position. i am just wondering how we reconcile some of the things we hear from ceos about wall street moving away from shareholder primacy when we see monster returns to shareholders year after year. how do we reconcile those two things? >> one of the things is holding us accountable for the things we do. we did return 22 billion dollars to shareholders, but we also grew our loan portfolio at a faster pace than gdp, and i think we did this to be responsible. tom asked a question about what you do different. these got to be scaled to serve your market. if you are putting all those moneys back in, i would argue it is tough to keep your responsible it in that. >> we welcome all of you here for discussions of the world economic forum. we are speaking with michael citigroup. of you mentioned technology. you just dragged in a new head of retail. what a challenge five and 10 years forward, as you and every other bank survived the technological demands of retail. what is the corvette strategy for retail? what are your marching orders to the new guy running retail banking? >> well, we have a new gal running retail banking. >> excuse me. [laughter] >> it is not about being best in bank. but if you can match the ride-hailing app, the retail app , whatever it is, take friction out of people's lives and reimagine what banking can be -- >> does that mean job cuts? >> not at all. the pace of change is probably slower than people think, meaning we cover a continuum of people that will change over time, but we have a large cohort of people that actually want their i want it now mentality in terms of digital banking on their app. they want to come into the branch and speak to people. when you can provide that in the right way, it is powerful. it is being smarter about how and where and the ways you use people. >> how proud would you be to hand over the reins to jane fraser and beatty first bank on wall street to break -- and be the first bank on wall street to break the glass ceiling? >> i would be very happy to do that. first, the job is not mine, it's the board's. my job is to make sure we are preparing people. jane has had a phenomenal career. we continue that role of making sure that if and when the time comes, she's ready. >> it might be in your hands, mike. do you feel good another five years? is it a five-year rolling? >> it is like putin. they just keep going, keep going. >> i'm a believer in term limits. every horse has its course. >> what is the term limit? >> i think that is dictated by the environment and the strengths and skill sets of the person in the job. at some point, my course will have run, and it is someone else's turn to grab the baton and go. >> you and i did a panel two or three years ago here that was hugely invigorating about global banking and global finance. do you need a trumpian unilateral america, or do you need to get back to a more multilateral, global system? which way do you cut on that? that we can move towards across the aisle bipartisanship to get things done, i think that's healthy. when you think of the business community, the business community doesn't just want lower rates. it likes certainty. it likes clarity. not just in the u.s. come about around the world, the more uncertainty you have. haslinda: mike corbat, citigroup ceo. next hour he will speak to brian moynahan, bank of america ceo. that is coming up at 11:00 a.m. eastern time let's check in with bloomberg first word news. here's viviana hurtado. viviana: donald trump becomes only the third u.s. president to face an impeachment trial in the senate. republican leader mitch mcconnell planning to move the trial along quickly. he would give democrats just two days to present their case. he also wants to prevent democrats from calling witnesses. bideniowa poll has joe leading the democratic presidential race in the first state caucus. warren was in second place at 19%. the iowa caucuses are on february 3. the u.s. and taliban leaders close to reaching a peace deal. bloomberg has learned an agreement would see the eventual withdrawal of troops from afghanistan and an end to the 18 years long conflict. the two sides have appeared close to announcing an agreement. in september, president trump called off talks after a roadside bombing in kabul killed an american soldier. scientists from the global fire emissions database estimating the australian fires produced as much pollution as all of the airplanes in the world. day andews 24 hours a at quick take on bloomberg, powered by --global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. thank you. still to come, i will speak with standard chartered chairman jose vinals from here in davos. this is bloomberg. ♪ ♪ haslinda: live from davos, i'm haslinda amin. time for the stock of the hour. here's abigail doolittle. abigail: we are taking a look at wynn resorts. shares are down sharply on news of a deadly virus spreading in china. this was the worst day for shares going all the way back to august of last year. as you can see, down about 5.2%. before looking at why, let's look at a few of the facts on this virus known so far. it is being described as a mysterious respiratory virus that has caused six deaths so far. a number of medical workers have been affected as well. this suggests it is being transmitted person-to-person far more easily than initially thought. china has confirmed 291 cases. sofor why it affects wynn much, the revenue comes from a cow. about 70% -- comes from macau. comes70% of their revenue from asia. just wynn that is down. session,n the asian the shanghai composite fell, down about 1.4% for the worst day in two months on fears around this mysterious respiratory virus. that is your stock of the hour. haslinda: thank you for that. let's bring in another of our big guests here at the world economic forum. jose vinals has been chairman at standard chartered since joining the bank after a stint at the international monetary fund. he joins us now, along with our own sonali basak. good to have you with us. i just want to highlight what trump said today. credit for theok u.s. economy, saying that his saying gross -- that he's boosted growth, he's boosted investment. can he take credit? jose: i think the growth in the economy results from a host of factors, and there's no doubt that the fiscal boost the u.s. economy got a couple of years ago is something that has influenced positively the u.s. economy. of course, this is not going to be there forever, but the impact is going to fade gradually over time. of course, something that has been very important has been the way that the federal reserve has been managing monetary policy. in order to avoid that inflation is lower than it is now, they have not pushed it forward as much as they wanted. but inflation is now in a reasonable range, and they have managed their interest-rate policy in line with the mandate of inflation and full employment. haslinda: the resilience of the economy has caused such euphoria in the markets, in particular the stock market. is there a sense that investors are mispricing risk, and the longer the rally goes, the deeper the fall? of anthere was a bit exuberance of equity markets, particularly in the united states, and this is not something which is new. this has been going on for quite some time. long willon is how the rally last? when it ends, what is the aftermath? i think that markets are getting thettle bit ahead of momentum. sonali: i would love for you to aar your imf hat for just second. amid all of the euphoria come awarded the big risks you see that could upend this market rally -- euphoria, what are the big risks you see that could upend this market rally? jose: 2020 looks better than 2019. the big thing is that anxieties have been significantly lessened, although uncertainties remain. but i think it is good that the imf yesterday confirmed its forecast that things are going to move up, although a little .it less than they expected that growth would go from 2.9% this last year to 3.3%. . think this is good news i regard the atmosphere is much better now than it was a few months ago. i think this is very more important. in terms of the risk, everything has to do with confidence. things which have undermined confidence because of geopolitical issues in the potentialt or now a trade dispute between the united states and europe, which again involves two of the largest three economic areas in the world. i think this is something which would not be good for confidence. it was good for confidence that thead this phase i deal and brexit process. sonali: in hong kong, how has the unrest impacted standard chartered? i know a lot of clients have started opening accounts in singapore. can you give us an update on that? sonali: we have seen some --jose: we have seen some accounts open in singapore, but no significant amount of money flowing. this is something that people do as a precaution. if you look at our deposit base in hong kong, it keeps growing. the business is doing well. of course, the economy has tanked. this is something that is being reflected in some lesser activity, lesser momentum, but for the time being, things are reasonably good, and hong kong remains a most profitable operation for us. thatdoesn't mean that there will not be consequences because we've been immune to things that -- because we've been seeing things that no one is immune. so far, things are reasonably good. haslinda: at into this our concerns of the china virus that caused markets to correct. we saw hong kong down 2%. how closely are you watching that? jose: we are watching that closely. i think it is too soon to tell what the actual consequences it will affectw certain areas, but that is something we are attentive to. we will act accordingly. but again, i think it is too soon to tell. safety of our staff and clients first, but so far, we don't really know how important this is really going to be, and if it is, we will act in consequence. sonali: i want to ask about a topic near and dear to my heart, investment banking. standard chartered had a very strong third-quarter results. is there an opportunity to expand the balance sheet for the trading book and investment bank? corporate andr institutional banking, which is how we call that part of the business, has been doing very well. in an area where we continue to do very well regarding trade, in ands of attached management custody, this is something which is very important for us because we do a role as sort of national custodian in markets where other people don't operate. so all of this is going well. our corporate institutional banking did very well, and that is a continuation of the trend of the last few years, where we have been in a positive slope. haslinda: climate front and center at this davos meeting. standard chartered recently said it will finance companies which generate less than 10% of their by 2030. what is the thinking? jose: we are trying to stay consistent with our being a sustainable bank. already towards the end of 2018, we made a strategic decision to stop the provision of any financing for new coal fire power plants in the world. this is something which was very important. what we did is to use that money to finance renewable energies, and we haven't seen any problem from that. then we have gone further with our stability targets. the one you mentioned is the next one. we hope that we will be making a difference by leading in a way. for emerging markets, it is very important to take that stance. we know that this amount of money we are not providing the coal-related, is going to be for renewable energy. and we have targets regarding the provision of renewable energy, and we will continue that in a significant manner. haslinda: we have to leave it there. next to standard chartered jose phenol -- standard chartered's hose even now -- standard vinalsred's jose and bloomberg's sonali basak. this is bloomberg. ♪ ♪ marketsiggest risk for are two types of things. one is u.s. domestic politics, and the second is the black swan effects that can happen. >> so it wouldn't be a surprise if we saw market setbacks at certain moments during 2020. >> what could derail the markets is a radical change in monetary policy, be it on the back of inflation, or an external event that could trigger disruption. >> we just had an incident, for example, in iraq. i was watching television. almost everyone was declaring world war iii starting. >> i have one potential concern, which is iraq. >> i think the more divide you have not just in the u.s. come about around the world, the more uncertainty you have. >> but it doesn't feel like the pieces are in place for a substantial market correction, unless there is something meaningfully different in the current shape of that global economic and geopolitical pitcher. haslinda: some of the big names we have been talking to here at the world economic forum in davos. and coming up, don't miss our interview with bank of america chairman and ceo brian moynahan, live from the world economic forum here in davos. this is bloomberg. ♪ and they lived happily ever after. the end. the end might not be as happy as you think. after all, 4 out of 5 people who have a stroke, their first symptom is a stroke! but the good news is you can rewrite your ending and get screened for stroke and cardiovascular disease. life line screening is the easy and affordable way to make you aware of undetected health problems before they hurt you. we use ultrasound technology to literally look inside your arteries for plaque that builds up as you age- and increases your risk for stroke and heart disease. so if you're over 40, call to schedule an appointment for five painless screenings that go beyond annual checkups. and if you call us today, you'll only pay $149-an over 50% savings. read it again, papa? sure. i've got plenty of time. life line screening. the power of prevention. call now to learn more. jose: coming up from the world -- guy: coming up from the world economic forum, brian moynahan. we will also speak to carrie lam outbreakgion and the of a virus. live from london, i'm guy johnson, with vonnie in new york. we are now counting you down to the european close on "bloomberg markets." ♪ vonnie: the coronovirus cast day overronovirus cast a pall asian markets overnight. underneath it, you see that the casino and gaming industries, the hotel industries, tourism, flight, they are all lower in the index. that is on exposure to asia if this turns out to be worse