Dubai drops nearly 5 and egypt slipped 6 . Today in an unprecedented third election in less than a year. The political deadlock finally broken . 8 00 a. M. Across the emirates. This is bloomberg daybreak middle east. Im manus cranny in dubai. There is one word reverberating from the fed to the bank of japan. The word is appropriate. Appropriate actions to support the markets. The bank of japan will make sure ample liquidity, appropriate action and so the s p smell the sweet wisp of the put option around the world. The bank of japan injects liquidity, Goldman Sachs says there will be three rate cuts. Has anything structurally or fundamentally changed in terms of risk of a Global Pandemic . Probably not. Lets talk to Juliette Saly in singapore. Chinese stocks are starting to roll back to life. Are we putting in a bottom . Manus cranny juliet a huge game for the csi 300 and for once, nothing to do with liquidity. Instead, the bet we will see more government stimulus after the shocker pmi data we had over stockskend, so economy leading the charge rather than concerns about injection of cash from the pboc. Do you seen a gauge of industrial shares in china up by the likes of4 , cement makers, china Construction Companies leading gains. The rally in china, flowing into msci asiapacific index come on track for its first gain in eight days. Manus Indian Markets are up and running. The story from your side . We are seeing a little recovery when it comes to the Indian Markets, considering the benchmark fed would include that nifty and sensex. However, there is still a lot of volatility, especially in the first 15 minutes of trade, weve seen a wide range when it comes to stocks coming in. We have strength coming in and support on the back of the consolidation continues as far as indian rupee is concerned. On one hand, Falling Oil Prices may aid the rupee. Hand, a lot of foreign institutions are selling into indian equities, which may work against the indian rupee. For now, it is largely consolidation and advances for the major equity indices. In manus thank you. Lets get your first word headlines. Cooperateready to with opec plus allies to support the oil market, even though it is comfortable with current prices. Putin says the alliance of producers has established itself as an effective tool, he was speaking ahead of this meeting of opec plus members indiana. Saudi arabia will push for new curbs in the falling global demand. Buttigieg has dropped out of the democratic race for the white house. The 38yearold former mayor of south bend, indiana confirmed his decision during a speech in his hometown. He won iowa, but recorded disappointing finishes in nevada caucuses and in this weekends South Carolina primaries. I will longer seek to be the 2020 democratic nominee for president , but i will do every thing in my power to make sure that we have a new democratic president come january. [applause] manus israels Credit Rating , the review may happen if the vote leaves the country without an administration the capacity budget. Israels economy is under pressure after two inconclusive elections and widening coronavirus affects. Europe is facing the new migration crisis after turkey told millions of sus asylumseekers they can use its territory to escape syria and other warravaged countries. And euhas invoked emergency clause and is refusing to accept applications. Ankara says at least 76,000 people left turkey on sunday, although it is not clear if they crossed into europe or remain at the border. Those are your first word headlines. The worldwide death toll from coronavirus has surged past 3000 with the outbreak reaching more than 65 nations as chinas economy continues to take more blows. Februarys manufacturing pmi has fallen to the lowest on record. Tom mackenzie has been looking across the data from beijing. , hitting record low after record low. The official and unofficial data. Tom record, tumbling in china on this data. 40. 3 was the number we got for the private survey. Weve never seen a print that low since the series started. The estimates have been around 46, the General Number was 51. 1. These are Small Private Companies this survey is focused on. We knew they were under pressure. Oneaw a survey where third said they would run out of cash in a few weeks. Certainly smashing those estimates on the downside and posing challenges for officials here. The official number we got on saturday, and it looks at Larger Companies and state owned enterprises, that came in below estimates, 35. 7. Nominal for cap another record low. Youve got economists scrambling to reassess their forecasts for growth and 2020 growth as a whole. Youve got Bloomberg Economics seeing q1 growth in china potentially around 1. 2 year on year compared to 6 . Again, that would be another record if we did see that. Goldman sachs says maybe in the second half, you look to see a rebound but a lot of that will depend on how quickly businesses get back up and running, capacity, where that is at according to bloomberg. And policy measures, tax cuts, infrastructure spending, the loan prime rate being reduced this year. We should expect more policy measures, particularly as one index of employment suggests that was around 31. Big concerns about job losses. Also concern whether demand is destroyed or demand delayed, and therein lies the point. Lets talk about the virus. We are now at 65 nations, including here in the region. Weve got egypt and even one in new york city. Still antructurally evolving story and spreading. It is. This is very much now a global disease and that has been reinforced over the number we have seen the last few days. Infections in china continued to slow, 202 cases confirmed here. Oft is the one potential air positivity but beyond china, a hotspot in asia in south korea, around 4200 cases. In italy, more than 50 increase in confirmed cases. France, spain, the u. K. , adding confirmed cases. In the middle east, iran is the area of concern. Over 1000 confirmed cases, 50 deaths. Countries like egypt and algeria, reporting cases. Washington state declaring an emergency, they had their first death. Cases in new york, seattle, california, santa clara, three cases there. Morewill be rolling out testing kits in the u. S. So we expect confirmed cases to increase. The World Health Organization are not ready to call it a pandemic yet but the window of opportunity to contain this virus now is closing. Manus yes, and they did go on to world warn the world to calm down markets, at least. My guest hosts is a Senior Market analyst jeff halley. Joining us from jakarta. The language from the boj and fed, the word is appropriate accommodations and appropriate support. The Central Bank Put is burning brightly. Is that why we have a balance . Balancounce . That is part of the story today. Another one is the huge selloff last week that it wouldnt take much news to see some optimists. The manufacturing pmi, which came in less worse than everyone thought has played its part, but underlying, you are right. It is the expectation of rate cuts across Central Banks across the world. The concern is that the structure of this story has not hit the top. 65 nations and counting. Are you a believer in the risk of a global recession . I asked you that question because you have jpmorgan looking at their global pmi index and again, that looks as if it is under pressure. Of a softs a bit option, but i have to say it depends. This all depends on the trajectory of this covid19 virus. If the world manages to gain control of it and we have seen the worst of it, the early part of q2, i believe the world can recover quite quickly. Still loitering around and increases in its spread and virility over the next six months, then definitely i think a recession could be in the cards and that will mostly be because of the supplydemand shock you are talking about, where we see working capital shortages and the call to noterce slowdown, necessarily because of the virus itself is particularly dangerous. Manus tell me this. There ise yuan stoicism in the yuan. It is still sub seven. To 2009 were reflect when it was anchored around 6. 83. The other factor of the day that seems to be around the stories is the 60 to 70 of China Economy is back to work. If i go week on week according to Bloomberg Economics, that is up from 50 to 60 last week. Question the can veracity of it, but there is stoicism and the yuan. Reflect on that for me in terms of is this key for the central bank . That the pbocieve has been around the market on the top side, making sure it doesnt run away, if nothing else because they dont want to upset washington, d. C. On the currency manipulation front, but if we see particularly u. S. Bond yields have moved down strongly over the last week, that has taken a lot of the potential Dollar Strength out of the market and that has been a timely fall in yields in the u. S. For the rest of asia that gives asia room to ease, themselves. I think this has also impacted yuan. Cny, the onshore weve seen the basket of currencies strengthen visavis the dollar and that has reflected stability and the onshore yuan markets. What i find interesting is when i was looking at u. S. 10 year notes. 15 to 30tract, we had this discussion with the bond was and girls in asia. Traded belowuture the equivalent of 1 in yield. Of course, the cheapest to deliver is less than 10 years. I hear many bond people scream at the screen. Sub treasuries have traded 1 ineffective yield. Discounting a number of rate cuts and an implosion in growth in the United States of america . Jeff i think what we are seeing is the flight to safety. Rotation outgiant of equities in particular and commodities to a lesser extent and safe haven flow has run into u. S. Bond markets. I think we have seen some wild exuberance following Jerome Powells comments on friday, and it has pushed the futures forward so i dont believe the futures market is necessarily accurate in its predictions here. It is suffering from a surge in shortterm positioning on the buy side. I dont see the Federal Reserve cutting by 75 basis points in 2020 we end up in a serious recession. This is more a case of trading exuberance than anyone to full inside bond market has on the trajectory of Interest Rates from the Federal Reserve. Jeff, you have just slapped every bond trader and analyst in the world on the face. If they saw how i traded gold, they would feel better. Manus we will come back to your gold tragedy in a moment. Hold onto that tragic thought. Dont worry, you are not the only one. Weve all held tragic positions. Therey halley stays with middle east show. Still ahead, israel votes in an unprecedented third election in less than year. Can the political deadlock finally be broken. Signs of coordinated virus action. Centralmake it banks, the boj leads with a voice of stability. This is bloomberg. Manus middle east markets at the close of business yesterday, reflecting the decimation the carried through from wall street on friday. He saw the kuwait index down nearly 11 and trading was suspended. Saudi markets, down 3. 7 . An economy in 2019 which essentially flatlined. You go to top golf, saudi real 2. 4 from afrom year earlier and certainly short of the governments forecast so there is pressure on the growth story in saudi, the ripple effect, a vienna meeting of opec plus. We will decide to cut more output. Lets see how we react in under an hour and a half away from the cash opening today. Let me take you back to the big main story of the day. Central Bank Response mechanisms are kicking in for the coronavirus. To byf japan has agreed 4. 6 billion of Government Bonds with a repo agreement to provide liquidity to market participants. Goldman sachs economists expect the fed to cut 50 basis points this month. Elizabeth warren has called for fiscal stimulus and federal loans to businesses to mitigate the disruption and prevent any layoffs. Lets get back to my guest, jeffrey halley, Senior Market analyst at oanda. Head to theour Goldman Sachs idea that you see a 75 basis point cut in june. Bank of america said 50 points to stem the panic. Let me put another one to you. Need anhink we intrafed cut . An intrafed meeting cut . Well, if i was donald trump, rates should be as zero right now but i dont think we need an intrameeting cut, either. I dont think the stress is in the financial system. There is no stress and the banking system. Rate start flying a way to the top side. Everyone is still lending to each other so the problem is not in the financial system. I think rate cuts will make everyone feel better and being a calming measure, but the real problem is what miss warren is there are liquidity crunches because of the fall over in aggregate demand and supply curves. That is where the stress is going to fall in the real economy. Manus so lets delve a little deeper, then. Weve got this moment of reprieve because the language used by Central Banks. We are all coming up with the same call this is not a liquidity crisis at the moment, the last series of coordinated intervention from Central Banks around the world work defending the yen in 2011, thereby rate cuts and dollar liquidity in 2007, dollar liquidity 2001. And in 2008, it was about rate cuts. What should a coordinated response mechanism be from g20 . Well, there goes part of the issue. The coordinated response. There are limits to what they can do monetarily. Each country has a different legal system, different ways of doing business. It is not like they can all come together and find. The easiest way is via some rate cuts to calm tensions down in the financial markets. Thereafter, this is down to the individual Central Banks and most especially on the fiscal front from governments, and we need countries such as germany to move past this frugality mindset and seriously consider having to assess business directly should this coronavirus situation escalates and leave europe vulnerable. Manus in terms of the euro dollar, 110. 51 1. 1051. Moreis the beginning of a defense for the dollar . Jeffrey i think what we are seeing with the euro is, it has benefited from two things. We usel the carry trades in euro as a funding currency have been cleaned out. It took a lot of selling pressure away but the closing up of Interest Rate differentials has benefited the euro. Herel further gains from are going to be quite challenging because if any bloc in the world is vulnerable to a global slowdown because of coronavirus, it is europe and europe is perhaps the most poorly equipped all the major blocs in the world to deal with it from a monetary and fiscal point of view. Manus it is interesting. Im looking at the bloomberg dollar index. For three days in a row, we havent seen that yet since new years eve. Lets see where the fx story goes. Thanks for being our guest this morning. Jeffrey halley, Senior Market analyst at oanda. Later on the program, bloomberg tv, we have a special guest. We have the ecb chief economist on how the coronavirus is affecting her outlook. This is bloomberg. Manus let me get you up to speed with your business flash headlines this monday morning, at the very Elliott Management is said to take a stake in swifter. Elliott has nominated four directors to fill three available board seats and any vacancies that may arise. Elliott has a 4 stake in twitter, placing it among the top 10 shareholders. The funds it is starting the sale of International Operations as its catering arm, offloading the european part of the business last year, formally launching the sale process in the coming weeks. 2 billion worth of annual revenue. The offer may attract interest from corporate buyers and private equity. Harley davidson enters a new week in search of a new boss after the ceo unexpectedly stepped down. He ends a 26 year career at the bike maker, including five years when the market lost more than half of its market value. That is your Bloomberg Business flash. Well talk oil. In recovery mode, but how long . We suffered the worst since the 2008 financial crisis. We take a closer look at the market. Are we really facing an abyss if there is no state of cuts from opec plus substantially of ve cut from opec plus . This is bloomberg. Midtown in new york, traders waking up to a bouncing equity markets. The bank of japan adds liquidity and emergency statement from kuroda. Powells statement on friday, a triple flooring that came in to boost the u. S. Equity markets on friday. Larry kudlow came out and there and jay of tariff cuts powell talked about appropriate action so a threeway play causing a bouncing u. S. Equity. We are down to the third day in a row on the bloomberg dollar index. What is interesting about this is in the meantime, ill give you your first word headlines around the world. Has reached more than 65 countries around the imposingth the u. S. Travel restrictions on korea, cases in italy surging 50 , past saying thefficials chances of containment are narrowing. Concern has led to the cancellation of major Energy Conference in houston. Asian factories tumbled in february under the weight of the rapidly spreading virus with a severe plunge in activity in china driving down the output across the region. The nations pmi dropped to 40. 3, the lowest reading since the series began in 2004. South koreas pmi dropped to a fourmonth low. Italy is aiming to widen its budget deficit to the equivalent of 4 billion in emergency measures. To 34 there have risen and the extra spending will include tax credits and support for exports to counteract economic damage. A leading canceled athletics event and some schools will be closed today. In music the louvre has also been shut. Cracks may be appearing in the peace deal between the u. S. And the taliban. He says his government has not pledged to release militant prisoners as stated in the deal. Described as momentous the accord that aims to wind down a war that became the longest conflict in american history. Demonstrators clashed in hong kong sunday. This was as we saw teargas being used and demonstrators back on the streets despite the coronavirus outbreak across the region. Lets get straight to Juliette Saly. She will get us up to speed with our markets in the region. Juliette we are seeing the first gain for asian stocks in eight sessions. Probably not what you are expecting saturday with shocker numbers out of china. Investors are betting on the fact you will probably see government stimulus. They see a surge in industrial players. Some of those up by the 10 limit. The csi 300 had its biggest one break one gain since may last year. We heard the boj could pledge further liquidity and stimulus measures, so once we saw the topix open down one point 5 coming you seen japanese stocks up 1 . Weakness in australia and new zealand markets, aussie and kiwi dollars as traders start to bet Interest Ratest to stem the fallout from the coronavirus on those economies. Elsewhere in the currency markets, worth looking at the korean won today, nondeliverable forwards moving higher. Against the dollar, as much as 1. 5 , its biggest jump since january 17. Weve seen a lot of money going into em currencies that have been hard over the last few sessions hit hard over the past few sessions and year due to the trade disputes. Manus thank you very much, Juliette Saly in singapore rounding up the markets. Lets talk more about the oil markets because wti is on the rise this morning with the worst week since the Global Financial crisis, the stat of the day earlier. Russia says it is ready to cooperate with opec plus allies in support of the market ahead of this weeks meeting in vienna or saudi arabia will push for new output curbs to meet falling global demand. We have our resident middle east energy expert. Good to see you. I was in the car this morning on twitter and it goes, oil stairs into the abyss as coronavirus threatens demand. This is a real threat in terms of demand, implosion, destruction. Thats right. Demand is evaporated and. If people are traveling, they are not going to work, taking less trips. It will hit that energy demand. Overing with some people the course of this crisis, one lessn said people will use public transport, be in their cars more, but we are not seeing that come through. Really heavy demand destruction factors and that is hurting it, so a lot of analysts are looking at worst Case Scenarios of no demand whatsoever. Always had in most years, aside from the massive financial crisis, weve had some pickup in growth. Theyve already cut the growth from somewhere over a Million Barrels to several hundred thousand, some are talking about zero. Manus that kind of forward pressure Standard Chartered did a lovely interviewer they said the concept of 30 oil is very real if the russians continue, but it sounds as if putin has relented, at least verbally shown an indication russia will go along with something this week. I think he stopped playing poker. He said they would work with the saudis but are happy with the price. Hes probably more happy this morning because prices have gone up a little bit. We are still around the year lows on brent to wti, so it is nervous territory, but it does look like direction russians will play some ball. Away,lies demand is going there is too much oil on the market, there was anyway because we were seeing stockpile growth even before the coronavirus so there is even more urgency here and the prospect of oil in the danger zone is concentrating minds. Manus it is the time of year, out of the end of february and into march. It might give russians more capacity to consider cuts and compliance. Thank you very much. Anthony dipaola, our resident middle east and energy reporter. Lets continue the theme, emerging markets links to oil and the stock markets their pose their biggest weekly loss since 2011. The coronavirus spread, south korea, the rand in brazil. Justin carrigan, good to see you this morning. You are looking at emergingmarket equities really under pressure. Where is the pain being felt the most and tie it together. Corona and rates in growth. All in one pile, arent they . Yeah, all in one pile. Welcome to emerging markets. If you look under the hood, you will see where the additional vulnerability shows up. We are talking about markets where there is more liquidity. You think south africa, you the gaugeil, mexico, of the way of expressing your position on emerging markets in some sense. That is where we have seen some of the pain. Then you look at the commodity impact. We talk about the interruption to supply chains in which commodity demand is being perceived fall off a cliff now, so we are looking at south africa, the round rand was particularly hard hit. The Stock Exchange, one of the biggest losers and you think about where the Central Banks have got more firepower to jump in and try and buoy markets in this environment and that is the thing everyone is looking for at the moment. Rand took a bruising last week. Moodys talking about an elevated concern about a downgrade to junk. We will talk about that the next couple of weeks. Have you got any bright spots. . Justin bright spots. There are a few. If you look at the options market, you can see the emerging , while stock declines pretty eye watering, show, while pretty eye watering, show that perhaps there is more resilience going forward. U. S. Stocks have gained more than em stocks over the past decade so in a sense, there was more room for them to to decline. Emergingmarket stocks have held up relatively well and some of shownderlying patterns that if and when a recovery comes, they are in a good position. There is also the fairly standout performance of emergingmarket local currency denominateddated bonds that have not sold off as sharply as dollardenominated bonds or currencies and stocks. You are seeing anecdotally some investors saying that is the if you have to be in emerging markets and you have to be in the bond market, go to the local currency denominated securities. What do you think the biggest driver will be going forward, because weve got the fed data coming through, the jobs data on friday. Weve had the china curtain raises of data. Where will you be focused . Justin i think like everybody, the fed is key here. Int other Central Banks do andclickstream of the fed what degree and room and scope the Central Banks have to ease to provide the stimulus that the market is looking for. That is one key driver. The other key driver, sorry to sound so obvious, is how quickly and deeply the coronavirus spreads. What is interesting here is much of the declines have been predicated on what has been going in china specifically on south korea, where most of the cases have turned up. We are now seeing individual cases show up in places like mexico, like brazil, and it is now a question of gauging how much the market has priced in what has gone into asia and will individual cases or a rapid spread in places in the emerging markets outside asia react in a different way . As the virus spreads. Manus ok, justin. Thank you very much. For globalg editor emerging markets. The director general for the World Health Organization says Global Market should calm down and try to see the reality of the coronavirus. Is he right . Lets ask the Senior Investment consultant at mercer. Good to see you this morning. The world Health Director says we need to prepare for a pandemic and the Global Markets should calm down as coronavirus wreaks havoc. On the data you receive from china and the data him of the reading you have seen from elsewhere, does it look like pandemic to you, and are the world health behind the curve . Is a pandemic and has spread across a number of countries and our base scenario is still for positive growth in 2020 with a recovery in the second half. Base, and hopefully slightly optimistic scenario is we will viruspeaking of this spreading across different countries, that we have seen that peak in china already, it is spreading more impressively in terms of new cases in other countries, but we are some of the growth that was lost in the first half of 2020, some of that will be recovered. Not all of it, in the second half. That remains our base case and there is a lot of Downside Risk to not realizing that. Manus your base case is the number of new infections, which would you say has peaked in china, and what we are seeing in the rest of the world the wave of escalation and that will run its course near term. Data analytics, you believe a vshaped is the base case. Yaser i wouldnt go as far to say it will be a vshaped. There is a lot of disruption to supply chain dynamics weather in china or other parts of the world. Korea and italy each represent between 1. 6 to 1. 7 of the Global Supply chain. As a result, there is going to be maybe a prolonged. Prolongedcovery period of recovery predicated on the idea we will see a peaking out of these infections. The who isgree with that progressive containment is the best thing. Manus weve been talking about the oil market and emerging markets. Oil is linked to our region, which is terry staring into the abyss. That is a threat to the demand side and mutts puts pressure on societies. Ramifications of oil sub 50 and do you see that enduring and over what period . The bign, it is uncertainty is how long this will continue. Manus well take that as the base case. Yaser say we have a recovery in the second half, that impact of loyal lower prices will not be as longlived. It will have an impact on the overall growth for 2020. We are seeing lower demand, opec will hopefully be able to agree to a cut that will take anywhere from half a million to one Million Barrels off the market, and that should help support oil economy will take a hit in the first half as the base case. Other segments in the economy where there is more dependence on services, tourism and nonoil gdp will also take a hit and as we are probably seeing some of that take place in the uae. Manus saudi, as well. For 2019see the growth buffer you, there was a prism of light in terms of the nonoil sector, but they are in extremely linked and if you have more demolition on the oil market, that has got reverberations in the governments ability to spend. Yaser absolutely, there is fiscal pressure and some countries are better positioned to inject fiscal stimulus into the economy. I do think saudi arabia still has some capacity to do that. Certainly the uae does. Higher capacity to do that, but it all depends on how long we will see this crisis continue. If it is a matter of another six months, there is enough firepower to fiscally intervene. Manus thank you very much. Containmentn to the and containment policy in the impact. Will helpefully panic us contain it. Manus nothing to fear than fear itself. , seniorushaban Investment Consultant at mercer. Next, equity markets plunge across the middle east. Kuwait halts trading as it falls 11 . Dubai wipes out 5 . Egypt, that wipes out 6 . We dig into the details. That is to come. This is bloomberg. Manus a snapshot of markets, across the board from commodities to equities to foreign exchange. The dow rallies by. 4 . The s p 500 had an annihilation last week. He saw a drop by over 11 , the worst weeks since 2008. Makingk of japan are utterances about support for the market and how all supported the market, which caused a rally into the close. Talk about loosening up the burden of fed debt payments in bounce in helping a equity markets this morning. Lets continue with regional markets. The worst week for the oil market since 2008. As the coronavirus cases were announced across the region, the fear factor rose. Lets bring in our resident equities reporter. I done this board. Kuwait, down nearly 11 . It was the worst week for oil 2008. Eek since actually, we would see sharp reaction, especially in the gulf because of the natural connection the region has with the commodity. Kuwait is a specific case because the market was closed three sessions last week. Between tuesday and thursday, so what we can tell is investors had the pricing the news of five consecutive days when markets all over the world were selling off. It is a sharp drop, yes, but it is surprising not that much. The Stock Exchange decided to basically halt trading with the biggest names. Mbk, the National Bank of kuwait, one of the biggest lenders in the gulf, was down 15 . It was a reaction that was pretty much expected and it wouldnt be surprising to see kuwait climbing the most in the region as markets reopen in the gulf. Manus it is all contextualmanus . What looks like an anemic bounce of. 3 , but when we saw the markets open, i think that has caused this pivot of change. What should we brace for when europe and the u. S. Open . They will focus on kurodas comments, central bank speak, arent they . Filipe thats correct. We see in asian hours, commodities, a better sentiment than what we saw on friday. There could be a rebound. We are expecting that for the middle east, as well. As europe gets back to trading in a few hours, there could be some sort of an improvement in sentiment from the level that we saw last week. We are not seeing things are in a much different place right now, but it is a very temporary, positive reaction from the latest developments we know. As you mentioned, there is expectation there could be more signals from the fed. Other Central Banks could be stepping in to give some sort every assurance to investors. Thats pretty much the focus for all of those that are just getting back to work today, specifically to the middle east, it is important for us to remember that our expectations opec plus could come up with a few announcements later this week. That would have a major impact for trading, especially saudi arabia. Manus lets see how middle east markets respond as the day goes on. Filipe pacheco this is bloomberg. , our equities reporter. Benjamin netanyahu is slightly ahead of his challenger. The last polls before the third election in less than year. Neither man is forecast to have enough support to form a government and end the countrys political deadlock. Lets bring in our executive editor. This is the third time lucky. Where do we stand . Something decisive . Third time lucky for who . Who is going to get lucky . It doesnt look like we will see any significant change between the two big blocs. The right wing bloc and the left wing bloc. The polls seem to indicate we will be right back to where we are right now, which is a deadlock between those two major blocd. Maybe there will be some votes moving around within those and it is really unclear where that will leave us and what next . A fourth election . Manus has the narrative changed . We know what the issues are, we , butwhat bbs issues are has the narrative changed . Have they change their narrative since the last election . Not really. Benjamin netanyahu has almost been hyperactive and hes gone out and gotten President Trump to come in with a peace plan, which he hailed as a big victory but it kind of backfired on him because at the same time, when the right wing, the more extreme parts of that bloc expected they could annex parts of the west bank immediately, americans said no, you cant. There was disappointment on that front, even though what was seen didntft to netanyahu really lead to that big jump. Having said that, he did manage to pull liquid back according to the polls, we will see. Manus i suppose lucky for the people of israel who would lack clarity around their future. What is the most pressing issue in this attempt at the ballot box . Riad it remains Benjamin Netanyahu. It remains the future of Benjamin Netanyahu. I believe two weeks from now, sos the trial begins, then it becomes much harder for him in terms of the campaign. He was hoping to break the deadlock with the selection ahead of that so he then has a free hand. Another few years basically where he is prime minister, even as the trial continues because in this serial, he doesnt in israel, he doesnt have to step down even if there is a trial. That remains the big issue. At the same time, israel hasnt had a proper Benjamin Netanyahu is still prime minister, but they havent had a government that is able to take action, able to get votes through parliament, so i think showing antart impact on the israel economy. , im sure we will see the results and you will join us tomorrow. Riad with the latest, setting the stage for election number three in israel. It is a moment of reprieve. Youve got the chinese stock market managing to gain by over 3 . This has been about complete wealth annihilation. China is said to give relief to shield trillions of yuan in bad debt. This is about allowing delinquent borrowers reprieve until june. Rent gets a bounce will it go for a big, big cut at opec plus this week . 10 year Government Bond yields, still above the 1 line. S p turns to green. This is bloomberg. Hi were glad you came in, whats on your mind . Can you help keep these guys protected online . Easy, connect to the xfi gateway. What about internet speeds that keep up with my gaming . Lets hook you up with the Fastest Internet from xfinity. What about wireless data options for the family . Of course, you can customize and save. Can you save me from this conversation . That we cant do, but come in and see what we can do. Were here to make life simple. Easy. Awesome. Ask. Shop. Discover. At your local xfinity store today. The following is a paid program. The opinions and views expressed do not reflect those of bloomberg lp, its affiliates, or its employees. The following is a paid presentation brought to you by rare collectibles tv. In 17 92 as a young country, the United States of america needed to assert its status as a global power to the leading companies around the world. As a way to declare to the world the United States was an independent