Top 3800. Ths germany boosts investment to bolster its economy. The u. S. Is said to be drafting measures to blunt the fallout. A cataclysmic implosion of in response mechanisms, the oil market, equity markets, and it is visceral. To the oil market, the biggest oneday plunge since 1991. It lasted for five weeks the last time the oil market collapsed like this. We are in an unequivocal outright war on the oil market, according to goldman sachs. How that endures, will the russians come back to the negotiating table . Saudi arabia offering their oil at the biggest discounts to anyone else in their wake in 20 years. 20 is on the agenda according to goldman sachs. How did this morph . There is your brand, wti. We will talk to bob mcnally later on. Oil markets with the additional paranoia to really ramp up the markets. We are talking recession risk, Global Health crisis versus Global Financial crisis. The curve, pimco says we are talking about a shock of a recession in the united states. Fiscal response is underway. We are shredding history in the bond market. See 30n says you could year bond yields, treasuries drop below. 5 . If you want to understand savagery and an implosion of confidence, i take you to the aussie because literally, thats what the mliv log are saying. Savidge and a repricing in the aussie dollar. You are looking at the probability of double nickel, back down at double eagle on the aussie dollar and what an amazing line. It looks like an evil twin from 2008. Markets are reflective, and the pain is being felt everywhere. Annmarie hordern is in new york covering the oil story. Our asia economics reporter is in singapore watching the economic fallout. Lets take it to you first. A visceral pacing of the oil market. Trying tos the saudis teach the russians a lesson, it seems to have spectacularly imploded. You got thats right, to watch it in real time in vienna when they all walked out in that meeting and astonishing over the weekend. We saw. Aramco cut prices, which we havent seen in 30 years. In the oilcedented market because we have demanded distraction across asia and we will start to see that moving to europe and the u. S. As we have planes grounded, quarantines, children not going to school but on top of that, we will have a supply surge and saw that triggered with aramco cutting the pricing. Cheapl have a lot of crude into the market and saudi arabia, signaling they could 9. 7 to 10r 9. 4 or Million Barrels and then go to 20 Million Barrels a day. The squeezeto put on russia and potentially bring them back to the table. Thats what they want to do. For russia, it is personal. Ultimatum andn an it would have set a president for them to how they weres respond to opec precedent for how they respond to opec. A lot of people say russia wants shale dead. At these prices, shale will be hard to survive. Mcnally, who you will talk to, he says when russia comes back to the table, it will be at a Higher Ground in terms of how they are producing. We will have to shave off less potentially shortterm pain for longterm gain but this is quite painful if you look at oil markets. As our guest said, it is about the volatility of the price that decimates the ability to hold out for capex in the second half of the year. Michelle, you are watching the various gauges in the economy and how that is playing out in terms of the virus outbreak. What are the data points i need to know this monday morning . Michelle it seems like ages ago, but we got key data points through to this morning, first from china, the trade data saturday looking worse than expected, more than 17 drop in the exports. A drop in imports of 4 . Thew things of note, it was first they reported january and february together and alongside other Lunar New Year and early affects we always have, makes us want to see more in the data in order to gauge what is going on. A warning sign on chinas side. There was a narrowing of the china surplus with the u. S. That was good news in terms of trade war tensions hovering in the background. Then the demand slide in chinese economy right now, it will be hard to sustain that narrowing of the deficit, which raises red flags in terms of the relationship with the u. S. Separately from japan, gdp figures, biggest contraction in five years, worse than expected last year. There was pressure on consumers and we didnt know how bad it was in terms of capital spending, the fastest cup cut since the financial crisis but both sides, ramping up pressure on Prime Minister abe to look at other solutions. Japan is considering more economic measures. We are expected to hear from them tomorrow but they dont have a lot of fiscal policy space or Monetary Policy space. They are facing a struggle of her governments in the region and Central Banks are looking at. Until next week, we could have policy announcements so that is something i am looking at in terms of data points. Anything Central Banks can say or do in the virus response before their scheduled decision next week. Manus the newest line on that collaborate on the liesl front and therein the point. It is about collaboration. G7 collaboration, g20, we can debate. Ladies, setting the agenda on daybreak europe. Annmarie hordern, michelle jamrisko. My guest is the economist at schroders. Good to see you this morning. Our markets pricing a global recession . Hi. Thanks for having me. It has all been about the coronavirus and it is interesting to wake up this morning and headlines for oil prices, this will be a major hit to sentiment. It will hit Oil Producers and usually when we have an Oil Price Shock like this on the supply side am a we tend to breathe a sigh of relief as economists because this tends to reduce inflationary pressures, put more money into households pockets and we can increase growth but in this case, with the shock of the coronavirus, it will be difficult for people. People quarantined at home will not spend money. As we reflect here this morning, in 2008, we faced liquidity risk, gfc. You are waking up to a map of coronavirus which is ghc. A Global Health crisis. For plan ping Monetary Policy response and fiscal response, but is it that we need more of a Global Health response in terms of a galvanized g20 Health Response . I think it is an interesting question and markets are reflecting the answer to this is yes. Weve seen some Monetary Policy response so far, particularly in developed markets, the bank of canada, the rba, the fed with an aggressive 50 basis point cut and now looking to the ecb. Weve had hints of fiscal policy here and there, italy, the u. S. , but markets are not responding to this. What we need is a coordinated response. To see thed is current virus infection rate peaking and that is not necessarily the case. The worst is to come. I think the data from japan this morning is spectacular. One thing you note in your research, you talk about the stoicism of the yuan. It is a controlled currency. We have learned it is not a free flow currency as we pretended we thought it was last year. Can that stoicism in the yuan, offshore, onshore yuan inder . Endure . Piya the cmy has been pretty resilient and if we look at cross markets, weve seen appreciation of the euro, dollaryen at phenomenal levels compared to the last few years. It is a good question, but i think this reflects that we have seen a peak in the infection rate in china and now, investors are looking at the rest of europe to see if this will be a global phenomenon. At this point, the larger fx moves are in the developed market space and not necessarily in the cmy space. Foroes pose a challenge chinas policymakers in terms of keeping capital in china. Weve a little more work to do so keep your thinking caps on for policy innovation. Piya sachdeva, economist at schroders. Stay seated because you are the only one in that studio. Coming up, germany takes its first steps to help companies in the face of the coronavirus fallout. Weve got the latest. Plus, a frantic rally. The u. S. Yield curve moves to uncharted territory. We have a chart that matters. And in world celebrated International Womens day yesterday. We wanted to recognize women that have come to power in the course of march, starting with chris li na georgina who took the helm of the imf in october. We also saw alison rose, the first woman to lead a major u. K. Lender. Christine lagarde, the first female president of the ecb. Isay, ursula deronda lion celebrating 100 days in office and finally, the youngest commissioner. The the u. K. And irelands ceo of Deutsche Bank joins us for an exclusive interview. You can see that at 9 30 london time. This is bloomberg. Manus this is bloomberg daybreak europe. Im manus cranny in dubai. To aneral response explosion of the coronavirus and implosion of oil markets. Ix the equity side, the top down 5. 6 . Market, losingar 20 from the december hike to where we are now. S p futures opened down. Circuit breakers kicked in. This is one of the quickest corrections in history. 1987, the dow dropped 22 in one day. A data point for you. If we close down by 20 on april 1, this will be the quickest obliteration of a bull market youve ever seen. Are we pricing global recession . From pimco, we are warned that is a risk. You get topan says zero and negative yield on 30 year paper. Tends traded below 5 . What is the u. S. Curve pricing at the moment . A recession and impotence from the central bank and other 50 basis points. Another thing coming through , about value at risk and the destruction. What you are able to tolerate in 2008 versus what you can tolerate now. The var tolerance level is lowered. I talked about yield curve, tumbling, and stampeding to havens as we get dominated by crisis headlines. The details, a chart that matters. Dani burger . Dani it is hard to characterize this as anything other than allout panic and when we look at u. S. Treasuries for the first time, the entirety of the u. S. Curve has tumbled below 1 . Even u. S. 30 year yields, which looked back last winter were trading at 2. 5 are at 98 bips. Part of this might be the contagion driven by the oil market, but traders ive spoken to this morning say this is a. Arket overrun by algos we had been liquidity so you get a rushed sell bond by bonds. It has squeezed out shorts in the market and they run into equities, so we are seeing contagion across the market as Circuit Breakers get hit and the global route deepens. Manus thank you very much. Dani burger on the markets. The germany, theyve taken the first steps. Companies and workers affected by the fallout of the coronavirus, after more than seven hours of talks, Angela Merkels government agreed to the following. 12 point 4 billion euros between 2021 and 2024. The statement came after the meeting and read like this. No company in germany should go bankrupt. Ill read that again. No company in germany should go bankrupt. No jobs should get lost due to the coronavirus. The government says it will make it easier for Big Companies to apply for aid to offset the if and when they are forced to temporarily halt work. The biggest blank check i think i have ever seen. Naomi is in berlin for us. She is our health reporter. Good to see you. What are the coronavirus developments in europe over the weekend . Naomi we saw the german stimulus announced after intensifying pressure on germany to act. , hefirst german died traveled to egypt. We saw more bands a large gathering in european countries. Ban onextended its gatherings of more than 1000 people. In italy, a broad reaching travel ban. Cases in italy also rose over weekend to 7300 and 7375 with more than 53 deaths. Manus italy is the epicenter. We are looking at a quarter of the economy in lockdown. How complete is the quarantine . There is a little bit of confusion about exactly how this will be enforced exactly. How complete this will be, but what we have so far is a travel ban which looks like a near complete ban for almost one quarter of italians. It will be enforced until april 3. The rules are affecting the region of about 56 thousand square kilometers, roughly the size of west virginia. Restrictions on leaving, entering, moving in the area, leaving home is absolutely forbidden for anyone tested positive. Sports events are suspended unless they can be held behind closed doors, so this means soccer will probably continue for the time being. Only be restaurants can open during the day and they have to ensure their customers can keep a meter distance between each other. Manus ok, thank you very much. Bloombergs Health Reporting team in berlin. My guest host is piya sachdeva, economist at schroders. I want to reflect on the stimulus from germany. 12. 5 billion euros. That is idiosyncratic. If we take germany and the global response, we are looking at 65 billion of fiscal response. Is that enough . Is it the right response from governments . I think at this point, markets have been calling for fiscal stimulus. We know the ecb is having to look at what limited policy tools they have. Madame lagarde has been calling for fiscal stimulus and she arrived and before the imf. Looking to european policymakers to do stimulus and that has been the case in the eurozone for. A while now. It is a question to ask, will this be big enough . Ofis different difficulty people in italy are quarantined, stimulus will lift growth but what it can do is help lift Market Sentiment because market moves and confidence is all over the place. Now, in a radio interview Global Health crisis and that is a response mechanism. Liquidity is the risk. Isalways make sure there sufficient liquidity. Our solid finances mean we can cope in a crisis. Ofhope for early scrapping the solidarity tax. Lets talk about the ecb. Hamstrung in terms of potential rate cuts. We know the mechanism of response has been tltros. If you have an implosion of demand, crisis of confidence, lack of desire to borrow, or tltros going to be what we need from the ecb . What would aggressive easing look like from the ecb . Jpmorgan says that is what we need. Question a few a months ago as to how Central Banks would react. With a look through this and say this is a mediumterm temporary phenomenon . It is clear that is not necessarily the case now and it is going to have quite significant damaging impact on the economy. We still think there will be a vshaped recovery. We did see the fed come out and do the 50 basis point cut, and to come out in a meeting was aggressive. Aggressive easing would look like a 10 to 20 basis point cut. 10 basis points is pretty much priced, so potentially more to stop the markets. We could also get an increase in qe program and something on the tltros to help the Banking Sector because they are being pushed in a direction of struggling on the lending side as businesses struggle, but also on an interest margin side. Manus thank you very much. Piya sachdeva, economist at schroeder, parsing markets. Coming up, the white house is working on a package to block the economic fallout from coronavirus, but what is in the plan . Weve got what you need to kno next. This is bloomberg. Manus bloomberg daybreak europe. Im manus cranny in dubai. Markets are moving and we got everything you need to know. Trumps team drafted a new economic plan to combat coronavirus. Special measures are said to include a temporary expansion of paid sick leave and help Companies Facing disruption from the outbreak. Joining us to put it in context, dani burger. Small group of white house and treasury officials have been working on a proposal to combat the fallout from the virus. The economic package is still being debated and there has yet to be it has yet to be present and to the president. The package could include temporary expansion of paid sick leave and for Companies Facing disruption. This is still early stages, so the components could change and things like sick leave make require congressional action. But iting, also unclear would likely be rolled out on stepbystep basis. Towould begin with aid infected individuals and expand to companies and workers that have been impacted. Pressure has been growing on the Trump Administration to act. The number of cases in the u. S. Has been growing and we have seen this morning the turmoil in markets continues to deepen. Thep has insisted that burden for spurring the economy remains with the fed. Manus thank you very much. Markets, what a hard day for the japanese officials. Yen, careening toward 100, volatility you havent seen since brexit day 2016. Your risk radar is choking and convulsing in terms of market reaction. Your haven is still dollar, and unduly minutely. Implosion in the aussie dollar. We will talk oil. Manus good morning from bloombergs middle east headquarters in dubai. I am manus cranny and its bloomberg daybreak europe. Risk assets slam. European stocks point to more losses. Breakdown sees saudi arabia prices. Yield the treasury entire curve six below 1 for the first time. E. M. Surges for the highest level in three years. Debt atting back global 3800. Germany investments bull to stash bolsters its economy. Blunt thes trying to fallout. And implosion of policy respectability. That is whats going on. From an implosion from the opec plus relationship, the biggest drop since 1991 in oil. It was meant to bring the russians back to the table, a b this will sharpen their minds. Now down 25 . What does it take to write the market . This is one of those spectacular policy implosion moments. Theteration takes you to sub 1 . What does that mean . An equivocal war in the oil market delivers an unbelievable confident but your destination is treasuries. It is a possibility. We mated it to sub. 5 on treasury. Global financial crisis that we had in 2008. This is a Global Health crisis. And that demands a different sets of values and responses i have not been delivered by policy advisors. Lets take it across to the currency market. I love the language. T has been a savage shift and it is shifting more than you are seeing since brexit. The aussie dollar is down. 5 one juncture in the aussie dollar. The biggest loss since 2008. My favorite line of the day is, aussie yen, it looks like the evil twin from 2008. Live get the rest of market coverage in focus. Singapore has it, london has it and new york. Global markets on the move. Juliette saly in singapore. Dani burger at home in london. It is a brutal selloff across asia. You now have the topics in bird territory. Run me through it. Worst day for asian equity since august of 2015 we had that flash crash. Australia has been the weakest Performance Today because there are so many Energy Stocks on that index. The asx 200 down 7. 2 . The biggest one in 2008. A1 year low. The energy or by down by 20 . That is falling the most on record. We mentioned what we call saw in the topics. The yen,ney going into strengthening the most in july of 2015. Hong kong stocks having there were session in two years. Asian Stocks Holding up 2019 lows. Manus as you put that in context here in our region, we are the epicenter of what is happening in the oil markets. The kuwaiti market holds its primary market for the second day. The tadawul, i take either that implosion on aramco. Tadawul done 9 yesterday. In a row. What an implosion, what a spectacular misstep, if we can put it in those terms. A complete implosion on the oil market. This is the chart. Contango onep, deep the oil markets. What signal ample oversupply. . 60 a barrel cheaper than shipments for one month later. This indicates ample supply in the markets and its unprecedented. Everyone talks about 2014, but this is different. Not only do we have ample supply but we have demand distraction in the oil market. Says they are looking to teach moscow adolescent a lesson by crashing these oil prices. We have heard from goldman sachs. Before the market opened a slashed their second and third impacts. What does 20 a barrel of brent look like in the middle east countries that heavily rely on oil for their entire budget . Exactly. Lets take it to danny. Good day to see you. While lose in the currency market. I talked about yen. I talked about the aussie dollar and the aussie and. Aussie yen. A picture ofnt what seems to have been happening this morning. The word to use here is fire sale. When you have ali asset selling things any tohese search for the liquidity and to sell into the market. It seems to be that currency is taking some of the hit. The kiwi dollar and aussie dollar at one point tumbling about 5 . That is a wild level we are seeing. The trading into the market already has 10 liquidity. When you look at the index of shortterm traders, they are trading at the highest level since 2016. When you look at those specific traders despite the losses in the currency market, it really extends to all the markets. They are thriving. Fueling this. Y jpmorgan is one of them saying they are adding hundreds of billions of dollars into the losses we are seeing. The currency market, one of the area sees areas had a as oz these the bank models go haywire. Certainly a very, very historic sort of day for this news. It was counterparty risk in 2008 between the banks. Now we go off bank. This is about Asset Managers and insurance companies. The transfer of global risks from banks to nonbanks. That is what we now need to focus on. Thank you very much. To put thesen markets in perspective. Lets get back to the oil markets. The crash in 1991 was after the collapse and implosion of the opec. A price were between saudi arabia and russia. The move is likely to have sweeping political and economic consequences. You are in saudi. I spoke to on thursday. Implosion would be the understatement. 20 on the card. Is it and what needs to happen to take us there. . Good morning. Good morning. Good to talk with you. The russian finance minister was reassuring folks, saying we can live even at 30 a barrel for oil. What i think he is going to learn is, without a swing producer, and given the demands and traction, we are headed to close at a three dollars a barrel than 30. Like at 20, 25, russia cried uncle at 26 a barrel. The ruby some of that in february of 2016. The point is, russia unfortunately has to touch the stove and is going to learn that , and in unbalanced market like we have now, when you suddenly dont have a swing producer, you have a precipitous fall in oil crisis. Which really has no floor insight. Manus are you for real, three dollars . In it is going to shut costs. On a daily print we will go to whatever level it takes tour you lose value by bringing a barrel of oil out of the ground. We will fill all available storage for Refined Products and crude. This is just the way the hydraulics of the oil market works. It is not very complicated. If we actually increase supply, which i think the saudis will do yep. Manus i have an ib on the go. A chat with your friend. Our resident oil expert. The question from him. Are you ready . Bob yes. Manus trump is going to ask the saudis to abandon the war as bush did as Vice President in 1986. This is what you call depth of knowledge. Saudis toask the pull the plug on this price war as bush did in 1986 . Bob ultimately, i think you will, but it will be different then Vice PresidentGeorge H Bush who talk to the press as he was boarding the plane for riyadh back then. I think the administration will do it more quietly and at much lower levels. Remember, the first feeling is going to be euphoria as gasoline prices drop. The economy will get a stimulus. It is only when we get slower and michelle pas rolls over and banks come into play is when you will see more quiet messaging to the saudis. I dont expect a public message, but at some point folks have to worry about the stability and the broader economy and the u. S. Energy sector. Do think the white house is worried about shell . Shale orater time for we are sub 50 and counting this morning. The ramifications for shale please . They are very negative. Lets remember, shale was already sort of under the weather coming into the year. So most folks expected, including dob, a sharp slowdown in shale growth. This will only deliver a gut punch to a patient who was already quite sick. They are very worried about it. A very important state. Texas is an important state. It is newfound and celebrated by the Trump Administration. This threatens to ripple way the energy independence. I think there will be concerned. First, lower crisis prices. As we go lower, concern will grow. About thetalked global containable. We talked about deep contango. Is that worsen from here . Drop further from here as we then talk about recession in the u. S. , global recession all based on the demand from coronavirus and supply shock that really is mounting. Bob no question. We expect a much deeper contango. It has to happen in order to finance the storage. Storage is going to become scarce. We are going to fill every container on the planet with oil pretty soon. We do expect a blowout in contango. Not so much for recession risks, but for scarcity of storage. Is one ofatility those words that we try to grapple with. Put this market and context. In 1991, according to one of my level ofis saying the deep implosion lasts for about five weeks. How long can the saudis injure the sub 30 a barrel . I think they cant endure it longer than russia can. They only have to endure it until russia cries uncle. It would not want to go three years with this. And you really start to read out a Foreign Exchange reserves. I think they are thinking or lasting at it month to quarters, maybe a year. Russia will have to cry uncle for us. This is very different in 1991. That was, its a small world. That was after a war. This is very different. We are on space mountain in terms of Oil Prices Since 2005. You dont need wars to send them up and peace to send them down. You just have that natural cycle. Sudden supply shocks for the coronavirus. The oilral state of market is very different from a 1980s and 1990s. The word justice. Since we have seen since 2005. Manus you are in saudi arabia. I want to get a sense from the conversations we both have, do you think this walkout and no agreement was done to kill shale by the russians . To bust up ae magnificent marriage . Please give me some clarity around this urban myth in the market. Is, the best we can tell the russians came in concluding that they would be asked to make bigger cuts than they were willing to make. 300 plus thousand barrels a day for the first deal last week, and then i think they think coronavirus is going to be even bigger and require more cuts. I think they said, you know what, i would rather face an irateprince than an section. Better to have saudi arabia and shale take the first big cuts so t later, if we are dry den dry then, its from a higher level. I think they concluded the cuts that are needed are bigger than russia is willing to make. The whole shale thing is an afterthefact justification for them, i think. Manus bloomberg daybreak europe. Bob, well done. The very latest. Three dollars of oil on the slate. And you have to touch the stove before you feel reality. Will dominate our headlines. We speak to the executive director of the International Energy agency. He joins the team in conversation at 4 30 p. M. London time. This is bloomberg. Manus its bloomberg daybreak europe. Im manus cranny in dubai. From viruses to anticipation of saudi arabia boosting oil supply, markets across the assets are really trying to gauge a whole the world this morning. Lets bring in our cross asset editor who is in singapore. The markets are convulsing. It has torched global risk over the weekend. Your take as you start out the day . You are right. Markets were already on a fragile footing going into the weekend and then this happened with oil. It has just thrown a lot of things into chaos. Credit was already a little bit on edge. It has really started to show cracks. Some of these are blowing out more than any time in the past six years as people start to worry about whether there will be enough cash flow for companies in the energy industry. You have a lot of highyielders an industry energy. We are dealing with things in credit, stock index is tanking. Markets are just having a really at the day today. Epic day today. Manus talk to me about the credit markets. You see an explosion in highyield but you have oaktree coming on on friday saying you see these blowouts and high yields. It is not so much about the spread, but its about will you get paid at the end. It is about the fall. Talk me through what you are thinking now. This is pretty interesting. I am seeing a huge bifurcation and what people are saying. Some people are saying credit markets are starting to show signs of strain and we are getting out. We are also seeing people say this is a great time because you might be actually getting more of what your risk is actually worth as opposed to getting a lower yield for something. So there is a lot of disagreement in the markets right now. Its pretty fascinating. But definitely, we were already worried about coronavirus. Somewhat the news out of the u. S. Over the weekend about the spread and about lack of testing was not so great. Although we had a good jobs report out of the u. S. On friday, that was backward looking and people are starting to wonder when we might start to see some layoffs. Will companies in travel and leisure be able to hold onto people, or will or start to be cracks in the consumer . Toot of things are combining make this look like a concern. As you say, a bifurcation in markets. Joann in singapore. Let me bring it back to my desk this morning. It thing that we have seen is the 7 implosion in the economy in japan. A coordinated g7 response and we have this haven play in the end and this takes me back to when we saw g7 interventions stymie the rally in the yen, but we are no read we are nowhere near the levels. Can you make sense of the japan story economically . In the yen has been a concern for japanese policymakers in the previous decades. Searchas no japanese yen causing a recession. So this sort of shows how concern they are and the yen has been a key object. Now dollaryen is it could go through a hundred, i think that would he a good level for policymakers to really begin to think about actual intervention. At this point they will be concerned. Manus in terms of Central Bank Response mechanisms, we have seen the aussie, the bank of canada, along with the fed doing its meeting of 50 basis points, oft is the probability getting sterling into this, what is the risk now for bank of england to join this . Are they bounced into it . The bank of england has been of has been one of the more hawkish Central Banks in the previous month. We have seen dovish comments from the bank of england. There is a high risk that the bank of england could join and the risk when you have other Central Banks setting rates, you then have a pressure of appreciation on your currency. Then cut ratess in the bank of england does not cut rates are you have this condition. At this point Central Banks do not want to do a policy response. The best thing to do for them is to be concerned with that risk and cut rates. Manus you certainly dont want to be left out on the tail risk on your economy versus everybody elses. Our economist, my debt my guest host stays with me in london. The world celebrate International Womens day yesterday. Today we see highprofile women making leadership. Irish ceo for Deutsche Bank. Thats on bloomberg. Manus its bloomberg daybreak europe. I am manus cranny in dubai. Still with me is the economist at schroders. To bring to our viewers attention a piece of information of the oh ecb. One of the people that i follow regularly on twitter. They have to remind that this is particularly important. This is where i draw the line in the sand. Done, clean up the balance sheets. It is a different crisis. It is a Global Health crisis. You can see here, in terms of hospital beds. Is this something that we are not talking enough about . Response . This chart is super interesting. Japan, see in korea and they are better in terms of the potential response. Be in avernments will lot of concern. Because those populations that are a lot older, even on this metric, it is not good. Remember we have a quarter of 65 population that is over in japan. So the mortality rate in japan is a lot higher. Even japan is concerned with its health care system. Basically if you do have mild symptoms, stayathome, dont come into the hospital. Are looking at this. These are the ones that screen out the best, like japan and korea are also sing just stayathome and to make sure that that does not become an issue later. Manus well done, your debut on bloomberg daybreak europe. Good morning oh no, here comes the neighbor probably to brag about how amazing his Xfinity Customer Service is. Im mike, im so busy. Good thing xfinity has twohour appointment windows. They have night and weekend appointments too. Hes here. Bill . Karolyn . Nope no, just a couple of rocks. Download the my account app to manage your appointments making todays Xfinity Customer Service simple, easy, awesome. Ill pass. Good morning, welcome to Bloomberg Markets the european open. I am and alongside matt miller in berlin. Tt saudi arabia sparks a selloff in oil as it threatens to open the tabs this month. Risk sees of red in assets. The cash trade is less than one hour away