Heard in the vicinity of the president ial palace as schrock on he made his inauguration speech on started speaking again was the noise subsided, telling attendees to stay calm. Ghani, the former president , took the oath of office today, after he was declared the winner of todays contested president ial election. The former chief executive who also declared himself the winner held a parallel ceremony in the capital. Both claim victory in the contested vote that was marred by allegations of vote rigging. The head of the International AtomicEnergy Agency warned iran today that he expects to get access to the undeclared suspected nuclear sites. His warning follows the announcement last week that it identified three locations in iran where Nuclear Activity may have taken place without being declared to international observers. Of denial ofcase access under additional protocol. We never had this before. Second aboutr a iran. If i get a denial under additional protocols for complementary access, this is a serious matter. This is not something i can put on the shelf and continue. Mark iran responded to the report by suggesting the iaea had no legal basis to inspect the sites. Global news 24 hours a day, onair, and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. Im Mark Crumpton. This is bloomberg. Vonnie it is 1 00 in new york, 5 00 in london, 1 00 a. M. In hong kong. Welcome to bloomberg markets. From bloomberg World Headquarters in new york, here are the top stories on the bloomberg and around the world we are following. Stocks cratering, losing the most volume in nine years. Circuit breakers triggering trading halts across asset classes. Volatility putting investors on edge. Fight. Blown oil price and its all causing Financial Condition to tighten the fastest pace since the 2008 crisis. The next pain point to watch his credit. Riggs. Et to taylor halfway into a very traumatic trading day. Taylor early this mentioned, we opened up down 7 . Trading was halted for 15 minutes. We reopened, we recovered a little bit of those losses but not much. The next limit lowered is 13 , which we are nowhere near. For now we dont think there would be another limit helped. We are off only about 6 , but not at that 7 range where we were earlier. The russell 2000 is interesting. This is smallcap stocks. Seen as being insulated from the international drama, so perhaps they have the flexibility to whether a storm if it hits the u. S. Economy. I want to look at the russell 2000. To 2007, we are now in a bear market, off 20 . Keep your eyes on these Technical Levels as be go forward. We were talking earlier about tesla, getting hurt for demand for evs given the price of oil is so low. There are a few stocks despite those losses that are still higher. This comes from credit suisse. The sector has had the least exposure to supplying chain someptions to china, given of the adequate inventory positions that some of these companies have. Credit suisse coming out and defending some of these dips we have seen in recent weeks. Besides the oil story, its all about the rates story. We have talked about the larger being hit, and now going into the regional banks, and home builders. Despite Mortgage Rates being low, concern about Consumer Confidence. How does that play into homebuilding . Not sure that Consumer Confidence will be boosted enough. As we know, banks never do well with a flat yield curve. Vonnie thank you. To capitol hill. Senate democrats released a letter asking for regulators to provide guidance to banks on how to handle the coronavirus. Kevin cirilli joins us now. What exactly does this letter say . Senator mark warner circulating a letter that all the democrats on the Senate Banking committee have signed on to in which they write to the regulators to provide guidance to Financial Institutions and banks for how precisely they should be navigating through the coronavirus. A portion of the letter reads as american seek guidance and wellbeing of their families, many consumers face negative shocks whose household finances, including challenges of paying their daytoday bills, reddit cards, Small Business loans, and mortgage payments among other financial obligations. They go on to write they would like to see some regulatory relief for consumers who may have to stay home from work or not able to comply as readily with their financial obligations as a result of the spreading coronavirus. That is one aspect of that regulatory nod. Another thing that i would mention is that the senate byance committee, chaired republican chuck grassley, discussing the potential for the possibility of tax relief as well. Vonnie thank you. Let me get to our guest on this market selloff, felix zulauf. We also have gina martin adams. Before we get to you, felix, gina, what is the point of this letter, what is the point in democrats asking regulators asking banks how to handle the virus . The intention is to repair the Financial System for potential shock to household income. There are a lot of moving parts to this scenario, but in the event that consumers cannot go produce anyy cannot income gains, it could be problematic for their banking scenarios, financial interactions. Presumably that is the intention behind the letter. But im as much perplexed as you are. Vonnie it is a response, i suppose, from a group that doesnt have so much power right now. Felix, let me ask you in general about this mornings event. What does it mean . Felix it is part of a process. The decline started a few weeks ago. Been expecting a Market Correction in the first half of the year, so we warned our subscribers to prepare for decline. Shape ofhe form and the decline cannot be forecasted. Massis happening is the hysteria that is going on with the coronavirus. China, now itt in is spreading in italy, and it will eventually come to north america. The beginning, everybody says it is not so serious. On, the authorities are forced to take precautionary measures, so they shut down part of the economy. Italy has been shutting down their Industrial Centers around the lawn, northern italy. This will put the economy into a recession. China is in recession right now. I think the World Economy as a whole is in recession right now and probably will stay into recession into midyear. We are all waiting for the authorities to take certain measures. What is needed is support for the banking industry. There are certain sectors like the u. S. Oil shale industry that is growing faster. We will see tremendous waves of bankruptcies there. Problems in the banks linked to them. We need financial organizations to support those cashstrained in the corporate sector that is occurring. Cutsermore, interestrate does not have help. Fiscal stimulus may help. But until that is put in place, it may take another six months. I think the market is in decline. We have warned investors not to bottom fish, not to catch a falling knife, as they say. We may have seen the internal extremes today. Internal extremes in terms of downside volume, declining and sentimentks, and momentum. Usually, when you have an extremely internally, you have an extreme in price a few days later. Today is a full moon, which fits perfectly well. Probably an extreme internally, and we will have the lowest price in this decline next week or so. I have been expecting a low 0. Ound 23. 50 in the s p to 250 that is where we were in december 2018. Before we see a selling climax, sharply down and up, closing with tremendous volume, this is not over. I would recommend investors to wait and see and watch for opportunities. In place,ve that low likely next week, then a trade up for maybe three or four weeks, then we enter a sideways market with high volatility into midyear. I think only the later part of the year will be up. I am looking for a good fourth quarter, maybe a warming up third quarter. But a difficult and volatile first and second quarter. Vonnie that is certainly a summary. We are looking for a bottom perhaps next week, which may gel with my milton berg was saying. Felix things we are in recession until midyear. Breakevens have just fallen below 1 for the 5, 10, and 30year. The fed will not be able to help anytime soon. Gina while the reductions in ate purchasesimul in the long term, its difficult to say that they will have a shortterm impact. That is what the market is wanting right now, something quick, something to resolve disrupt the Financial Conditions. The better lever for the fed to lean on in this case is the Balance Sheet. Much more impactful than the rates. If you lower the rates come you are dependent on consumers leaving their homes to purchase those, other things to stimulate growth. Right now, consumers are reticent to do so. There is a perception the fed is somewhat hamstrung here, though it is not quite accurate to say they cannot do anything. They just had to lean on other levers than they have in the past week or so. Vonnie thank you both to gina martin adams, and felix zulauf. Lets get a check on the markets. The dow is down 6 . The s p 500 down close to 6 . Not really improving as we progress through the afternoon. Breakevens down below 1 across the board. 51. 76. Year yield at this is bloomberg. Vonnie this is bloomberg markets. Im vonnie quinn. Crashing after the breakup of the opec plus alliance triggered a price war between russia and saudi arabia, poised to flood the markets with cheap oil. Here with us now is alix steel. I wanted to put that into context for you. The way you can see it is in the contango in the oil market. When prices today are cheaper than prices later. We are looking at 1. 46 the difference in two months. We have not seen this kind of level since 2016, when you had oil prices hitting their low of 26. 27 for wti yesterday. That creates floating storage. That means when oil prices come back, that flood of oil goes into the market, which makes everything worse. On the oil equity side, this is where things get terrible. Suntrust downgraded everybody. They are bringing full coverage of the group to hold or sell. Here are the winners in the shale patch. These are the good guys. Ill be speaking with the pioneer ceo tomorrow. Down 33 . They have good cash flow. Diamond back announced an end to their spending. Parsley energy also cutting their. Thing and that they will be able to shift their to contingency. The problem is, when you have companies that cannot cut their capex, they need the physical money to survive. They need the cash flow even if they are not Free Cash Flow positive. That is where you get some dicey situations. Look no further than chesapeake energy. The blue line is the stock, the bond is the white line. Totally decimated in the market. You are trading at . 17. Chesapeake was laden with so from its ceo, it is trying to sell off assets to pay down the debt. Oil at 26 of overall production. Natural gas is the bulk of it. You think you have and that is an oil producer, but as a natural gas producer, you have it even worse. Vonnie wonderful reporting there from alix steel. For more on what she was speaking of, lets get to our next guest, dan pickering. You heard alix. It will be a traumatic time in the industry. What is the reaction today to the sudden drop in oil . Is the verdict that saudi arabia underestimated russia . Dan great question. It definitely feels like we are in a situation that nobody expected a week ago. Is saying that if we are going to be in a market share more, we are going to win it. They are slashing prices to their customers, so it is game on, which is having dramatic impacts for the commodity price and for you was Energy Company stocks. Vonnie shale producers are sort of a thirdparty here, it is not clear that either country has u. S. Shale producers in their sites, but if they go away, it is better for both countries, right . Getting the u. S. Out of the equation would certainly help everyone else. But if you are a u. S. Company, the issue is, it is time to save yourself. Ares clear russia and saudi not going to. We think it will require a dramatically different approach to the business for u. S. Companies, if they want to make it through an 18month period with oil the slow. Emp or af i was an Similar Company and i hired you to look out for me what to do, what would your advice be to these companies . Calling this the approach you need to take, value over volume. Im not convinced that companies are cutting deep enough yet. They have to conserve cash. They will have to protect their Balance Sheet. To think about making it through a two of time were cash flows will be constrained. Dropping a rig or two will not be enough. They have to get real dramatic with their capital spending, reduce production, save that money, give some of it back to the shareholders. We have not seen that in the last five years. It will have to be the norm for the next three or four. Vonnie im sure it is heartbreaking in some areas of the country. Quickly, then used to be a response, and in these to be almost a whole changing of the landscape. Companiesa batch of consolidating, going into bankruptcy protection . No question, in this price environment, without any meaningful changes, youll see a lot of restructuring. Consolidation will come. The question is do you do it before or after a restructuring process . It would not be surprising to see activity slow 20 to 50 . If that is the case, there will be a lot of cost reductions, headcount reductions, and companies are going to have to get together to get the economies of scale. Vonnie what are you seeing in the markets today, is there a demand for those Oil Companies . Dan energy feels pretty toxic to everyone. So much volatility when you have bonds that trade off 30 in a day, stocks that trade 30 to 50 in a day. Folks are taking a step back to assess who are the winners and losers. Probably an overreaction for some companies, but folks will have to assess how bad and for how long. In the meantime, there are a lot of folks sitting on their hands watching the show. Did somethingsia unexpected, or saudi arabia, or at the meeting next month tempers were sent to rest and we went back to the old agreement, is that enough to switch things around . Fact that this has occurred means that you trust the next change even less. A market that requires opec or russia to reduce volumes is not a high multiple value market. What the market has been telling Energy Companies and investors for a while with contracting valuations, rewriting the stocks. If we got a russiaopec reconciliation over the next month or two, would that be good for oil prices . Absolutely. What a change what is company to to do . Somewhat. But you will not be able to trust. For the health of the businesses, u. S. Companies, value over volume. They have to think about what they can do internally to make sure they dont fall victim to this again. Vonnie our thanks to you on what must be an incredibly busy day. Our thanks to dan pickering. On thes get a check markets, starting with the hydrocarbons, oil down at 32. 95. This is bloomberg. Are down 6. 5 on the Dow Jones Industrial average, the worstperforming stock index today. Mark im Mark Crumpton with bloomberg first word news. Officials are cracking down on companies they say are trying to trick the public into buying fake rotavirus cares. The fda and the federal trade commission say seven companies are not only breaking the law but are putting patients at risk by falsely claiming their products can prevent or treat the virus. Bakker is onejim of those who received a warning letter. No treatments or vaccines have been approved for coronavirus. More than 110,000 people have been infected worldwide. Nearly 4000 have died. Joe biden and Bernie Sanders have high hopes heading into tomorrows democratic president ial primary in michigan. Him an win could bring insurmountable lead of delegates by midmarch with a clear path to the domination. A santas victory would help to bridge the gap in delegates joe biden opened up on to produce a. Even if sanders loses in michigan, he says he doesnt plan to drop out of the race. Israeli Prime MinisterBenjamin Netanyahu says his attorneys need more time to prepare for his corruption trial. He has asked for a delay of 45 days. His attorneys say they have not received all the materials from the investigation into the Prime Minister. Withyahu is charged bribery, fraud, and breach of trust. A new report by ethiopian officials is shedding light on the fatal crash of a boeing 737 max 8, on the anniversary of the accident that killed 157 people. Software design to stop an aerodynamic stall activated four times as pilots struggled to control the plane. The report also claims a faulty sensor reading that led to the cascading events that led to the plane being brought down and said pilots should have received Simulator Training on what to do if the flight controls malfunctioned. Global news 24 hours a day, onair, and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. Im Mark Crumpton. This is bloomberg. Taylor live from bloomberg World Headquarters in new york, im taylor riggs. Amanda im amanda lang in toronto. Welcome to bloomberg markets. We are joined by our bloomberg and Bnn Bloomberg audiences. Here are the top stories we are following from around the world. U. S. Stocks are down more than 6 but edging on session lows after earlier losses triggered a trading halt. The s p 500 is down 70 from alltime highs, threatening to end the record long bull market that began 11 years ago. And even more dramatic move in the price of oil. Saudi arabia and russia poised to flood the markets with cheap crude after their collapse in weekend negotiations. Futures are down more than 30 . All of this as the coronavirus continues to spread. Worldmed cases around the top 110,000 as governments struggle to contain the outbreak. Lets get a quick check on the major averages. U. S. Lcome this morning, equities hit a 7 down limit, the markets were closed for 15 minutes. We reopened, and we have been trying to post gains off of that, but the story is we are still off five, 6 . The big story is in the bond market. Bank of america is off 15 . Every yield in the u. S. Curve firmly below 1 . The 10year at one half of 1 . Down 26 basis points. Says he is no longer going to be forecasting 10year rates because when he writes notes that one half of 1 , nobody cares anymore. I want to talk about some of the safe havens. Typically we talk about u. S. Dollaryen. Today i wanted to look at aussie yen, a bigger indicator of risk on sentiment. This is not something that you see every day. The last time we saw it standardn through four deviations was through the christmas selloff of 2018. The for that, the brexit vote in march of 2016. I would say today is certainly an extraordinary day on wall street. Amanda no question about that. We will do more talking about what is happening with yields. I want to check in with the russell 2000, joining the transports, 20 below alltime highs. Technically in correction territory for this big, broad market. This is officially a bear market. 11 years ago to the day that the stock markets hit their low post credit crisis. Here with more Market Analysis and gina terman, martin adams. Thank you to both of you for being with us. Nadine, it is so difficult on a day like today to try and look past anything that is not either algorithmic or sentiment driven. But when you are trying to make sense of fundamentals, are you starting to get a grasp on anything like that, or is this market just too slippery and responsive to go to fundamentals . Nadine when you have a vix above 31, we call it un investable. You have to hold and wait. Hopefully, you were on the opposite side of the trade today, as we were, with a lot of treasuries. A few weeks ago, we were talking but gold, treasuries, boring bond like securities, having put Insurance Protection on. Today, you are in a different position. Do i want to trim some of that stuff that is working, versus wondering whether you need to buy in . Taylor we spoke to muhammad ali area and this morning and he said he would not be a buyer at these levels. Are you sensing we are at the bottom, and what do we need to do to get there . Gina when you have a Massive Department today across all markets, you noted the yenaussie, we have not seen those moves since 2018. Certainly a capitulation day. Capitulation day thats another question. It suggests we have had some degree of sentiment wash up. , how muchon remains for the economic weakness do we need to absorb and prices . We go through worstcase scenario fundamental analysis, and we say the price of a full on average recession in the u. S. , you have to get to about on the the essen 2655 s p 500. So we are pretty close to fully pricing in your average recession. Then you ask yourself as an investor, do i think we are going to have an average recession, is this more temporary . Keep in mind in 2011, we had a single quarter of gdp contraction. Really investors are hasty suggest that coronavirus will be Something Like a 2008, when more likely, it is probably more like be a 2011, 2015, the price in our worstcase a narrow and move higher. In the case of the investor base, its about your time horizon. If you have a shortterm time horizon, things will remain volatile. If you are thinking 12 months out, probably some pretty decent buying opportunities are emerging here. Amanda i want to go back to you, nadine, on this. One of the things that is different this time is the bond market. But we are seeing in yields across the spectrum, and how that may trigger weakness where weakness does not exist. As much as we want to look past this and through to something else, how does that change your thinking about what happens now, because of what is happening across the yield curve . At doesyou have to look it concern types of businesses at more risk . Whether it is the consumer and their credit, companies with their leverage, on top of what we heard from your last guest, declining topline for some businesses, i would question has it priced in . We have not seen a ton of companies maybe a few him out and say we are going to halt or lower guidance but i believe there is more to come. When you look at the fx of coronavirus, slowing topline, with labor being at all time highs, unemployment at alltime lows, you have to do a lot of math to figure that out. Taylor i want to pull out a tweet from lloyd might find blankfein that said fear could take the market lower. Unlike 2008, we will avoid systemic damage. Are we pricing this in accurately enough, that weekend avoid systemic damage . When we talk about financials specifically, today, the conditions are completely different from 2008. Leverage in the Financial System generally. Financials reached alltime levels in 2007. They are still absolutely on leopard today relative to that point. Not financial sectors are much more levered. They are much more subject to swings and risk tolerance due to the credit environment. There are so many people comparing today to 2008. There are just very few actual the experiences, beyond the fact that that was our last recession. A natural response is to look at the last experience and expect this one to be like it. But there are so few options, stories suggesting 2008 is a use case. If you are going to go the recession route, maybe 2001. 2001 was the recession prior. Many would suggest the u. S. Economy avoided recession in 2001 if not for the attacks, which created a shortterm response, a shutdown, lack of travel, sporting events were canceled. A lot of similarities there that you can hearken back to. In that experience, we had a 20 decline in earnings in the s p 500. It is also imperfect. The truth, though, is 2008 is not a good representative example of where we are today. I think you have to look at the level of passive securities versus quantitative trading strategies. Just looking at gdps, economies, and the markets, how people trade today is it different. Investors need to have an investment framework to understand how securities will trade versus always comparing historically to other recessions. Taylor our thanks to nadine terman. And my former San Francisco friend, gina martin adams. Quick check on the markets. Talking about the 7 limit we had this morning, trying to come up those. The next limit down to shut down the markets would be 13 . We are nowhere near that level, but you are seeing that relatively heightened number in the vix. Yields the 30year continues to go lower. 40 basis points down in yield. You are getting less than 90 basis points for a full faith and credit. We heard about selling earlier in gold. Another safe haven. Finally again turning positive. This is bloomberg. Taylor this is bloomberg markets. Im taylor riggs in new york. Amanda im amanda lang in toronto. Are convening on capitol hill in recent days, discussing the ongoing covid19 outbreak and how best to prevent its spread. Lauren sauer was one of the Johns Hopkins experts who spoke to lawmakers last friday. She is the director of operations at the Johns Hopkins office of critical preparedness and response. It sounds like you are right in the thick of this response. Asking, wetart by obviously saw a more serious point of action from lawmakers last week, real funding, real attention. There is a bit of a disconnect in terms of the messaging around how serious this is, what americans should do about it, and some concern this is being downplayed by the white house. What is your take on how well americans are prepared for this . In general, americas most prepared to respond to pandemic threats. The challenge here has been the testing issue, which has undermined our ability to be prepared for this specific outbreak, specific pandemic. We dont have a great understanding of what cases of covid19 look like in the u. S. Right now, so that has really challenged our ability to advance our preparedness efforts. Amanda one of the concerns is simply overwhelming the system in terms of health care workers, number of hospitals. We have the same issue in canada, if this becomes a worstcase scenario. There is money being put aside, but not for those systemic issues of basic supply and demand in the Health Care System. Lauren our Health Care System is strained on a daily basis. We have learned a lot of lessons from pandemic and seasonal influenza that will be applying, should these influx of patients come in. We are looking at our Surge Capacity plans, so where we would put sicker patients, how we move patients through the system. Hospital systems across the country are adapting their pandemic flu plans to adjust. To strategizeg how we can best manage these patients together. Should we cohort them, keep them isolated . What does that look like when we have large volumes of patients versus a few in various counties across the United States . Taylor i think some of the hysteria on the coronavirus comes from the fact that we are not doing a good job of separating out mortality rates relative to the flu in different age groups and with preexisting conditions. Walk us through those mortality rates with those 70plus, with preexisting conditions, and the survival rate of the young and healthy population. Great question. The comparison to the flu is important. The difference between the flu and the coronavirus, with the flu, we have other mitigation strategies. We have plans in place, therapeutics, vaccines. Highere or tally rate is across the board with the flu. I think its about 2 right now. But it is important to note, not mortality rate is including a lot of the mild cases. I dont have the exact breakdowns in front of me right now, but when you think about the overall case vitality rate, people with mild illness are not getting tested because they are not making their way to the hospital. All of our data is focused primarily now on people that make it to the hospital. Are really sick and end up in the Emergency Department and go to the icu. Our travel population, the population we are looking at across the globe outside of china, places like italy, those were people that were well enough to travel. So there is a bias there as well. In general, we have a lot more learning to do about what the more ability more did keep rbidity and mortality of this will look like. Taylor do we expect a seasonal dropoff rate as the weather warms up . Lauren that is what everyone is hoping for. We have seen a drop off already in places like china. Seasonality, it may be some of their isolation strategies are working. There is seasonality in other coronaviruses, not all of them. Everyone is looking to see what happens in the spring. Taylor our thanks to lauren sauer. School of Public Health is supported by michael bloomberg, founder of bloomberg. Lets get a quick check on the markets. We are firmly down 7 . The vix elevated at 53, the highest since 2009. 30year at 90 basis points. Continuing to go lower. People selling gold to raise cash. This is bloomberg. Amanda this is bloomberg markets. Im amanda lang in toronto. Taylor im taylor riggs in new york. U. S. Treasury yields plummeting to new lows amid coronavirus fears and the collapse in the price of oil. The 30 year yield logging its biggest intraday drop on record. Chris rupkey weighed in on the rally, writing marker calendars and tell your grandchildren this is the day the music stopped playing in the bond market died. The phone. Us now on i have to admit, i read your notes daily. This morning made me laugh. Wide in the bond market died today . Chris it was bad enough when it fell to 0. 76 at the end of last week. Then to collapse again today, it 13 on thet 0. 10year. Ofthat level, it is the end bonds, fixed income on wall street, trading. There will not be enough activity trading back and forth to support many market players, if youll go down to that lower level. I hope the Federal Reserve next week does not encourage the here. And its madness let the market come back, let yields drift up. Lets put it this way, because bond yields have collapsed, fed funds futures are saying next wednesday the fed will cut 75 basis points. I would not recommend that at all. What can the fed cuts do differently this week than what we saw last week with an additional 50 basis point cut . Chris it will panic people, unsettled people. They dont have any market oriented people there at the fed. It is not in their dna to speculate fed officials in markets. Went for that big it kind ofint cut, made volatility go sky high in the bond market. Accommodated to seeing those huge swings in yields. It opened pandoras box here. Anyway, if they are trying to control 10year treasury yields, it is out of their control at the moment. Wenda one of the things keep hearing is a comparison to 2008 is not apt because of the leverage in the system. A viewer writes, and its worth making the point, not much has changed, not least Central Bank Action since the credit crisis. Out a lothere with of ammo. What is your take on, yes, it is different in some ways, but in other ways, a pretty dangerous time for markets . Chris it is a dangerous time, if you will, because the central bank cannot ride to the rescue. It does look like in their Balance Sheet operations, the fed is adding some extra liquidity. October that after the 1987 stock market crash, then that other times. I dont think the market needs liquidity at this point. No security firms anymore, they have been turned into banks. I dont know if the market needs and actually are of liquidity. At this point, i think fixed income markets, stock markets, we are all just watching what indexes. Ith the stock for some reason, my recollection werehe Circuit Breakers within reach, that they would be triggered more easily in the older days. I think they revised that. They took a 15minute cooling off after 7 . Then the next level where they take 15 minutes off is down 13 on the day. That is not a circuit breaker. That is too far away. I hope the market does not try to reach for that. The stock market right now is betting on a recession. Great to have your thoughts. Appreciate it, chris rupkey. Just want to check back on the markets. We have s p 500 near session lows. Energy and financials continue to lead the stocks lower. We will stay on it here at bloomberg. From toronto and new york, this is bloomberg. Tv just keeps getting better. How you watch it does too. This is xfinity x1. Featuring the Emmy Awardwinning voice remote. Streaming Services Without changing passwords and input. Live sports with realtime stats and scores. Access to the most 4k content. And your movies and shows to go. The best tv experience is the best tv value. Xfinity x1. Simple. Easy. Awesome. Xfinity. The future of awesome. [ fastpaced drumming ] mark i am Mark Crumpton with bloombergs first word news. President and his team will weigh measures to contain fallout from the coronavirus. Extendedsteps include paid sick leave and help for energy producers. The executive director of the Port Authority in new york and new jersey has tested positive for coronavirus and is isolated in his home. Germany has reported its first coronavirus death. Italy has reported a surge in deaths from the virus. And in ireland, all st. Patricks day parades have been canceled. President erdogan is in brussels for talks with european union. Fficials haveands of migrants nasdaq turkeys land border with greece after turkey said it would no longer prevent migrants from crossing into e. U. Countries. In the netherlands today, a trial got under way for three