Top 325,000. Es italy stops all movement inside the country. President trump says automakers have the goahead to produce ventilators. Thezo abe says postponing olympics may be inevitable. Welcome to bloomberg daybreak europe. Morgan stanley adds its call to the list of all three calls on Second Quarter gdp. Claims. Jobless James Bullard of the fed talking about 30 unemployment in the u. S. He along with Neel Kashkari of the fed they the fed can do a lot more. But what is hitting markets overnight and in todays session is the lack of progress on the 2 trillion stimulus package in the u. S. U. S. Futures hit limit down after the worst week for the cash trade since the financial crisis last week. We broke through that no one the s p 500. We saw green on the screen on friday in europe but european futures taking a big hit with european leaders struggling to get ahead of the virus. Read on the screen in asia. The 10 year yield had its biggest drop on friday since 2009. It continues its slide today. Dollar strength takes a little bit of a pause. In g10, began outperforming the kiwi on the back foot with kiwi out of new zealand and oil at a 2003 with questions over the prospect of that opec texas deal. Getting back to the u. S. And the fiscal package, Senate Democrats blocked Mitch Mcconnells attempt to advance a coronavirus economic rescue package late sunday evening after leaders disagreed on how to spend nearly 2 trillion. We are fiddling here. Fiddling with the emotions of the American People. Fiddling with the markets. Fiddling with our health care. The American People expect us to act tomorrow. And i want everybody to fully understand, if we are not able to act tomorrow, it will be because of our colleagues on the other side continuing to bicker when the country expects us to come together and address this problem. Legislation has many problems. At the top of the list, it includes a large Corporate Bailout with no protections for workers and virtually no oversight. Also very troubling in the bill, significant shortfalls of money that our hospitals, states, cities, and medical workers desperately needed. This is a Public Health crisis. It is inextricable to skimp on funding to address the pandemic. Nejra for more, lets get to Annmarie Hordern in new york. A dramatic night in washington. Break it down for us. Why have democrats blocked the bill . Annmarie you have seen that playing out with the stock futures hitting the limit down. We had a procedural vote of 47. We need 60 to pass. There needs to be this funding but it is the details. That is what is in flux. The democrats dont like this one part of the bill which is 500 billion and a lot of that is going to corporations, especially airlines, which have been really hard hit given the pandemic. We have flights around the world being grounded. Chuck schumer from new york, the senator, saying this is basically a Corporate Bailout. The democrats want more money to go to state, local aid, hospitals, ventilators, and the likes. It puts the timeline of this bill in flux. Many thought we would get it by tomorrow and what Mitch Mcconnell was saying is that you are putting the markets not at ease with this. He is expressing some urgency. Tomorrow, they will have a vote. 9 45 a. M. He said maybe the democrats will change their mind then, adding to a little bit more drama on capitol hill. We had ron paul come out testing positive for the virus. He is now in quarantine along with two other senators as well that came into contact with him. They were under a lot of stress in terms of the timeline, but also, a lot more and more lawmakers are having to go behind closed doors and things are being done through the phone. Nejra. Nejra we are starting to see unprecedented coordination between Central Banks and governments as well. The fed could provide massive support for business and states in the bill. Run us through how that would work. We are seeing more support through the fed as well as this fiscal response. The fiscal response is what the markets right now are dealing with, and the question around that is the 500 billion that could be used to help corporations like airlines. Democrats want it to be used for something else. They all agreed that the economy needs this to trillion dollar influx, but the devil is in the details. Thank you so much. Joining us for the hour, chief economist from baron berg. Great to have you with us. We have a delay to the 2 trillion spending package in the u. S. Is it right to delay the bill to get it correct and exactly as democrats want it . Or is speed of the essence here . Speed is of course of the essence for markets. We need to get a big u. S. Bill done shortly. That does not mean that every hour it counts, but what we do need is a bill. The one is protection for workers. The other is protection from liquidity of companies, that they can pay their workers. The more we are able to protect jobs rather than to support the unemployed, the more the u. S. Finally goes down the european root of a bit more of a welfare state, the more we can achieve that. The mass will be the additional pitch to consumer confidence, which will also be bad for the Economic Outlook, so speed is of the essence. Brings theay now, it two sides to have a balance bill, that would then not in the grand scheme of things be a bad outcome, but we need the two sides to have both elements. Worker support and liquidity support for companies and to have that faster. If an if next nejra extensive rescue package does pass in the next few days, what does that do for the predictions for the Second Quarter of gdp by Morgan Stanley of a 30 drop . Holger i would not go into any of those predictions at the moment. We simply do not know to what extent there will be a locked down the u. S. Or another in other places, and we do not know for how long the lockdown will last. I think, at the moment, coming up with those numbers, where they are back of the envelope guesses, we will have to see. What we can say, from march through may, it will probably be atrocious. Much worse than anything we have seen in the great financial crisis. We also have the chance that what now has to be switched off. On in stages, be switched afterwards. These are not lost production capacities. The production capacities can be switched on. If there is a spectacular drop in the Second Quarter, which probably there will be, there is a good chance that the significant part of a definitely not anywhere close to all, but a significant part of that can snap back or can come back over the coming quarters as restrictions are hopefully lifted, but again, the medical situation is too uncertain to really come up with any confidence of numbers like that. Manus and it is nejra and the discussion is that it is the sudden stop to the economy with lockdowns that will have a greater impact rather than, as you say, anyhow for longterm production. To europeng to turn because Angela Merkels ability to remain the public face of germanys Coronavirus Response was run into question after the chancellor quarantined yourself at home following contact with a doctor who tested positive for the virus. Germany extended nationwide measures to reduce social contact, disallowing groups of more than two people. A chief economist for baron berg is with us to discuss. What do you make of the steps in europe and perhaps in germany over the weekend in terms of the fiscal spend . Clear. Message is do not look at all the individual numbers. They are huge. The messages whatever it takes, and that is being done in various stages and various programs that we are having across europe and very much in germany as well. They are trying to address individual problems. Liquidity problems for companies through loan guarantees and possibly through injections of state money. There is significant support for workers, especially to keep defined to unemployed workers on the job. There are schemes for Small Businesses to support them through a liquidity crisis. The major question now in this sense in europe is not the money. Is in theis there or process of being can the money reach the people on the ground . The Bigger Companies . Their income would otherwise fall. It is to some extent a problem as to how much we can administer this and a lot will depend on that, but the money is in the pipeline. Whatever it takes by the central bank. Exactly. Nejra how in europe can governments ensure that the money does get to the right places . We have a fairly extensive administrative bureaucracy in europe. It is often seen as a drag on long Term Economic performance that we have extensive welfare states, that we have a lot of bureaucrats. More probably per capita than the u. S. And the u. K. , but under current circumstances, that is actually an advantage. Chances that money will actually reach most of the businesses. The vast majority of businesses, and probably, in time, chances in europe are fairly good. It varies country by country, sector by sector, but at large, over here, we will be able to cope. And i very much hope that we will see the u. S. Rise to the occasion as well. Nejra and course, we have a lot of data coming this week both out of europe and the u. S. Holger schmieding staying with us for the hour. First word news. Boris johnson has warned the u. K. Faces tougher measures potentially including a full lockdown if some members of the public continue to ignore calls to stop social gatherings. Newspapers were full of reports of people meeting in parks and coastal towns against medical advice. Italy is banning movement inside the country as the death toll in the nation mirrors 5. 5 thousand. The government is stopping nears 5. 5 thousand. Sundays numbers were slightly better than saturdays, adding we all hope that the trend will continue. China is talking up the prospect for a rapid economic rebound as the Global Economy sees further lockdowns. The nations premier said most of china is low risk and returning to normal. The central bank is echoing that sentiment, saying it sees the economy bouncing back in the Second Quarter. Shinzo abe is indicating that postponing the Tokyo Olympics may be unavoidable. Canada says it will not send athletes if the games go ahead as planned. The japanese public is increasingly in favor of putting off the event scheduled to start in july. One survey found 74 thought it should be delayed. Global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. Coming up, gold suffers a rough start to the weak and oil drops toward a 17 year low. Commodity in turmoil. Thats up next. This is bloomberg. Nejra this is bloomberg daybreak europe. I am nejra cehic in london. U. S. Futures do more than stumble. They hit limit down in the red along with european futures and nation equities after the worst week for u. S. Equities since the financial crisis last week. The 10 year yield tumbled the most since the financial crisis continues to slide. The yen is big. After their worst week since 1991, Oil Prices Dropping towards their lowest level since 2003. The crisis in the oil industry is so bad that texas regulators are weighing whether to coordinate production cuts with opec. Those hopes to limit production have faded. Arabia or that saudi russia will back down from their price war seems remote. Joining me to talk about that is manus cranny. Manus, good to see you. Lets talk about the start of the week in the commodities space. The oil market taking a hit. Is there any prospect of that texas opec deal . Quickly. At faded itwas a spirited idea and may indeed come back again to life, but if you look at headline after headline, texas might go to vienna, do a deal to output along with russia and opec. It will evolve. It will change. The commodity suffers a low. The e. U. Is looking at a recession as bad as 2009. They say the u. S. Will then pull u. S. Will implode by 50 . Airlines ravaging their roster and that will hit demand overall but we have done the numbers. That is what we like at bloomberg. The Economics Team have said its 54 price destruction due to demand implosion rather than supply. 54 nd demolition has taken of the price destruction to an 18 year low rather than demand. Brent collapsed by 20 last week and if you begin to think about the supply, there is an arrogance in some way to the delusion that you can still control a market. Which is the saudis putting their foot to the pedal. The uae adding one Million Barrels in april. Russia upping the ante. Of demandnfluence destruction, confidence implosion, and a whole new host of issues coming to bear on these markets this morning in terms of controlling that. The debate is between recession and outright depression. Nejra. Colleague, was my manus cranny. On that note of recession versus depression, if people lose more of their jobs, traders bracing themselves. It is the first pecan to the highfrequency data that will likely confirm a meteor cries in unemployment figures. Dani burger has your chart that matters. No wonder that markets are getting hit between the stimulus not passing and these calls for what the u. S. Economy is going to look like amid the coronavirus fears. There is a call from Goldman Sachs which is so stark. Look at this chart. Goldman sees that last weeks unemployment numbers are going to rise to 2. 5 million. This is by far a record that blows any of the previous numbers we have seen out of the water. This forecast is based on a preliminary survey of about 30 states and already, we have seen business claims skyrocket amid the businesses shut down because of the coronavirus. Last week, the data showed a rise of 281 thousand from 70,000. Goldman of course blowing that number out of the water. This would be triple the prior peak of unemployment claims that was set in 1980 to 1981. I should say the survey of economists by bloomberg, not as drastic as goldman, but still very high. They see the average number coming in at 1. 5 million, narrow. Manus nejra. Nejra thank you. James bullard thinks unemployment will skyrocket. Idea is this is a planned, organized partial shutdown of the u. S. Economy during q2, so i think it is inappropriate to call it a recession. We are putting this initial number, as of today, at 30 . 30 unemployment rate. Bullard added he thinks u. S. Gdp will drop a whopping 50 next quarter. Holger schmieding is still with us. The fed does have a lot more tools in its box. It could look at buying other corporate debt as well as some types of municipal debt. What should the fed do next . Holger the fed should not look at these things. The fed should do it where Congress Needs to act in the sense of giving the fed the permission to do that. Congress should do that. It in europe. The European Central bank is doing a lot. The bank of england has pulled out all of the stops. Both of these european Central Banks have said they can do more. Fed will probably need more room to maneuver to be more. Ultimately, it is much more up to fiscal policy it is almost the wrong word. It is up to those people who can channel the money to companies. Paper can make it easier. Nejra can the fed stave off, never mind a recession, but a depression . Holger the fed cannot do anything about the near sharp fall in output during lockdown. Lockdown has nothing to do with monetary or fiscal policy. What the fed can do and with the help of other policymakers who have to deliver the money to the companies, to the people, to the workers, what they can do is prevent the severe shortTerm Economic slump caused by the lockdown and the virus to develop into a longer financial crisis and to have a huge knock on effects. Much more unemployment. The knock on effect on Economic Activity thereafter. That is what policymakers can do. For that, they need to get their act together. They need all to do it. We need to reach all parts of the economy for it. It is doable. It is being attempted. And i do have some confidence that the pressure of crisis, including the numbers we are going to see nearterm such as the jobless claims, will add enough of the pressure onto policymakers of all stripes to actually get it done. I very much hope that by the end of the week, we have a fiscal response in the u. S. That is at least somewhat similar to the whatever it takes we are seeing across europe. Stayingolger schmieding with us. The problem is not getting it done in terms of the spending bill overnight has sent european futures deeply in the red and red on the screen in asia. The 10 year yield continues to slide. The yen is bid. More on the Market Reaction, next. This is bloomberg. Nejra this is bloomberg daybreak europe. Holger schmieding is still with us. We take another hit to risk sentiment overnight after in u. S. Equities, we dropped through the christmas 2018 low. In the cash trade, around a three year low. Our equity markets too negatively price right now . Holger as an economist, taking of view beyond the next six months, they are priced too negatively, yes, but as an observer of u. S. Politics for the next few hours or days, i can very much understand what is going on in the equity markets. Needs it is, we may depression that comes from these events in we may need that pressure that comes from looming data such as u. S. Jobless lames, likely to be very bad. We may still need this pressure to get u. S. Policy, get its act together. In europe, we seem to be much further down the road this way. Over here, we are fully in whatever it takes mode. In the u. S. , partisan politics still seems to play too much of a role, so i am afraid, to some extent, we may need this pressure. On the best negative side, there is likely to be this feedback loop. The more people realize across the u. S. That italy is something which could happen in the u. S. As well, that italy is not this remote country, that it is something that can happen in the u. S. As well, the more people realize that, the more action there will be in the u. S. The better the chances that equity markets and say policymakers, even in the u. S. , on toptop of are of this. Nejra we are talking about one lockdown at the moment. What if we get several over the next 18 months . Holger the economic diet would be significantly worse if we get several lockdowns on that. Economists in this business cannot say very much. That is a medical question. However, the more time progresses with a record amount of researchers around the world doing a lot of work on how to combat the virus, any gain in time makes it more likely that anything that would need to be done in the future would have to be messed harsh. Stays Holger Schmieding with us for the rest of the hour. Towing the production line from autos to ventilators, President Trump calls on ford and gm to start making medical supplies, but how quickly can it be done . That discussion, next. This is bloomberg. Nejra good morning, from bloombergs headquarters in the city of london, i am nejra cehic. In the red, u. S. Stock futures slump as the coronavirus death toll surges. Stanley sees u. S. Gdp plunging 30 in the Second Quarter. Crisis measures. Germany says it could borrow as many as 300 billion euros. Angela merkel announcing she is self isolating. Worldwide cases top 325,000. Italy stops all movement inside the country. President trump says automakers have the goahead to produce ventilators. Abe speaks out. Europe. Daybreak the discussion last week. Futures more than stumble. Read on the screen for european futures and asian equities as well. The Dollar Strength takes a pause. Low. T a 2003 texassaudi of a deal going up in smoke. In the in both chambers u. S. Disagreed on how to spend nearly 2 trillion. Both parties want a deal that differ on different sections. It could help companies or local governments. You have calls from Morgan Stanley on the Second Quarter gdp and James Bullard from the fed saying we could get 30 unemployment in the u. S. And fiscal tools tools, and germany may bar out as 370 billion in an unprecedented financing push. Joining us now with more on that story is maria tadeo from brussels. Let us start with germany and how significant those measures are. Maria they could be significant. If you break down that number, you are looking at one budget 50 billion in new debt. This is new money. Youre looking at germany willing to borrow more money and on top of that, 200 billion euros for loans and on top of that, we have to add the fact that they have already announced loan guarantees to keep German Companies floating. They want to make sure that German Companies are protected in this coronavirus crisis. What is also interesting is that for two weeks, the European Union has been all over the place but now they are working moving in a way where they are coming together. Pushing for stimulus. European Central Banks are putting more money on the table. Areany is showing they serious about whatever it takes to protect the german economy. The three are aligned. And that could be the most significant out of this. Nejra meanwhile, the painful news out of italy and spain over the weekend signaling that europe is struggling to get ahead of this. Spain pushing for kuroda bonds corona bonds. How likely is that . Maria it was a very difficult weekend for spain. 3000 total in the country. The curve looks very similar to italy. The Prime Minister was very open saying we need corona bonds. And not just that, we are also going to need a Marshall Plan to kickstart the european economy. No single country is going to be able to do this on its own. This is similar to what we have heard and private from italian officials who are also pushing for corona bonds. Thank you so much. Maria tadeo in brussels. Holger schmieding is still with us. Let me put a similar question to you. How likely are these to happen in europe . Holger the chance that we will see them is rising. I wrote a report on that late last week. It is difficult of course for Northern Europeans to overcome their inhibitions against it but under this emergency first of all, it makes sense and second, you see at across major parts of Northern Europe that people are really thinking this is the special emergency. This is where solidarity in europe is really needed. And this is where for this particular purpose, maybe, and probably yes, we should go down the route of having joint bonds. Not euro bonds as a permanent measure but a significant amount of joint corona bonds to tackle this emergency. That is becoming more likely. I would say by now a little more likely than not that this may happen. On top of other things which are, for instance, new facilities or use of the european stability mechanism. The details of what will happen are very unclear. It is all very early stages. The conference of european leaders, we will have more clarity and there is likely to be a significant signal of european financial fiscal solidarity coming out of this. Nejra how bad could things get in europe . We have data coming out this week, manufacturing and services pmi for march are due tomorrow. How bad could things get before we see a rebound . Holger in a period of lock down, it is as bad as it theoretically could get. We are not yet in full manufacturing lockdown. , it has been extended to cover major parts of manufacturing. We will see very bad data the at the low come in to mid 30s where 50 is the line of little to no growth. They will come in very bad while the lockdowns are on. Body and large, what has to be switched on can also be switched on afterward. Anyhould not take on Economic Data from march through may as an indication of what the year will look like or the whole year we need the outlook for the pandemic. We need to hear the outlook for lockdowns. They are tentative for signs. For instance, in italy, the rate of infections is slowing down in response to earlier measures. The next few months will simply be atrocious. Take your worst gas and stick with it for a while that this does not mean that the full year will be anything like that. Nejra the Market Reaction in equities and bonds to the data we get this week will show what markets are pricing. In terms of all the measures being thrown at this crisis both on the central bank and the fiscal front, should we be worried about the debt heard in when we come out on the other side . For is that a matter to put to the side and not think about at all . We we are constantly are discussing questions of life and death. The fiscal consequences, we definitely need to bear them in mind but they are not the prime concern. Argue that they better we come to grips with the current situation, the better will be the Economic Outlook thereafter and on top of that, one experience we have with other crises such as the great financial crisis and the euro crisis is afterwards, we likely have for a while a more subdued outlook for inflation. As companies and people will be a bit more reluctant to spend for a while even when the crisis is over. Put differently, inflation risks are for a number of years likely to be lower. We have seen a german kind of wage increase,o let us focus on job security. As a result, we will have lower Central Bank Rates for longer which will hope to finance a lot of this extra debt for a while. A lot of the extra debt will end up on Central Bank Balance sheets anyway. The little step, or the step towards more japan like things in europe and the u. S. Is what we see and as we know from japan, you can bear a lot of debt for quite a while if Interest Rates are low and the central bank is keeping a big part of the debt in an environment of low inflation. Nejra yes, and definitely time to dust off the modern theory handbook. Let us get to the first word news. Boris johnson has warned that the u. K. Faces tougher measures including potentially a full lockdown as members of the public continue to ignore calls to stop social gathering. Table asg is on the far as the Federal Reserve is concerned according to James Bullard. He is warning unemployment could hit 30 in the Second Quarter. He also sees and unprecedented hit to gross domestic product. Talking up the prospect for a rapid economic rebound as a Global Economy sees further lockdowns to curb the spread of the disease. Most of china is returning to normal. The central bank is echoing that sentiment saying he economy will bounce back in the Second Quarter. In japan, the Prime Minister is saying that the postponement of the olympics could be unavoidable. The japanese public is increasingly in favor of putting off the event scheduled to start in july. 74 of the population believe it should be delayed. President trump tweeted that he gave automakers the goahead to start making ventilators. Pleaweet comes after a from governors for the federal government to nationalize medical supply acquisition. Annmarie hordern is in new york. We are hearing all kinds of news over the weekend where companies are producing things they do not normally produced. What is the latest with the story . We are seeing a lot of hands on deck approach. The tweet from the president giving the goahead to auto to auto companies. Ford and tesla have been given the goahead to make ventilators. Front, no oneal seemed to know what this pronouncement meant. There was a lot of debate as to whether the president should invoke the defense production act. The autorcher from Research Centers said youre not going to take a Car Assembly Line and make than a leaders but you can pull the resources. 3dmakers have access to printing and clean rooms. Collaborationon a officials. L mentioned, it is not just , the alcoholor companies are wanting to help out with hand sanitizer. The question is, how quickly will these materials which are in desperate need hit hospital floors . Nejra Annmarie Hordern, thank you so much. On the brink of collapse. The real estate tycoon says the real estate Mortgage Market could topple. This is bloomberg. Nejra this is bloomberg daybreak europe. Chinas key at kfc and pizza hut says traffic to their stores is improving but will take time to be restored. We look at how the company is dealing with the crisis. As of right now, we are happy to hear that around 95 percent of our stores are operational already. And among those stores that are operational, about 20 of the still can only do delivery or take away. The bulk of our stores can do take away, delivery, and dying in but some stores can only do take away and delivery. Recovery isfic improving but it will take some time. I realized that already 95 of our businesses have reopened but what about consumer demand . Vshapede be a rebound . We expect our order one operating result we expect operating result to be challenged however the recovery of the business, i think we will have to be a little bit patient. The q2 will still be a bit challenging. Cities we other a bit moree positive development that we in westernto see and parts of china, progress is ongoing. Wuhan isnderstand that still in a bad situation. Tell us about some of the innovations you have launched during this outbreak . Our catering business we had been working on that. Gave us ansis opportunity to really speed up the development of our catering business. We will have a customized menu for you. Whatever the menu that suits the budget of your company and your needs. Cooked steak but also raw steak as well. During this time, the customers need for home cooking has gone up. Pushed ourselves to come up with innovations to meet the needs of our customers. Yuma that was the ceo of china. The pain in asian equities continues. Chenex is on the verge of a bear market. Euro stoxx 50 futures lower. We were green on the screen on friday. The biggest drop on friday since the financial crisis. The yen is bid and oil is at a 2003 low. Morgan stanley calls for a record drop in u. S. Gdp. We have your morning call next. This is bloomberg. Nejra this is bloomberg daybreak europe. That thes are warning world is already in a recession, the first since 2009 but how dire is the contraction. Here is dani burger. Dani by far the most drastic call we have heard in terms of how deep the recession could be comes from Morgan Stanley. They say in the Second Quarter, u. S. Gdp could have fallen to 30 . Less than a week ago they thought it would only be a 4 drop. What accounts for the change . Activity hasnomic come to a standstill and it will only get worse as more states implement social distancing measures and consumption activity continues to drop. The details the unemployment in the Second Quarter will fall 12. 8 . Consumption could fall 31 . They say fullyear growth 0. 3 . This was one of the more drastic cuts. Jp morgan seeing a 14 drop. Goldman seeking 24 . Bloomberg economics seeing 9 . The general consensus though is that it will be a painful recession. Nejra dani burger, thank you so much. Holger schmieding is still with us. Wall street is revising calls on a weekly basis. We were talking earlier and you do not think it will be as extreme as what Goldman Sachs is saying. We are still more than 50 basis points above the record low. 31 basis points. How quickly could we hit a fresh record low in the 10 year treasury yield . Holger with these economic forecast, we have to distinguish the numbers we will see in the months march through may and they will be atrocious. They could be in line with the worst numbers being put out. We simply do not know about the extent of lockdown. That is one thing. For the full year it will depend on how far the lockdowns can be eased. The more we prevent the spread of the virus now, the better the rebound could be from the atrocious Second Quarter in the quarter is. As for the 10 year yield, we have a struggle. On one hand, the economic logic is that recession and low inflation and huge Central Bank Action argues for lower yields and we could easily see them spike lower. But we have also seen for instance in the german tenyear that the likelihood of record can issuance by governments also push yields up. On balance come over the next three months, there should not be that much Actual Movement in benchmark yields. However, there will be a lot of shortterm volatility like we are seeing in equity markets. Nejra we have had the real estate billionaire say the commercial Real Estate Market will have catastrophic consequences if governments do not take action to keep borrowers from defaulting. There were so many unknowns here. Do governments have a handle on it all . Holger Central Banks have a handle on many of these things. It is a up to other policymakers, fiscal and regulatory, to make sure that they get their act together and that the money actually arrives in time where it is needed to prevent the things you have mentioned. I am fairly confident that with the pressure of the crisis being stave off such significant second round effects of the pandemic. But we will have a few days to deliberate on that. It will take the pressure and risk of escalating crisis which we are having now to get people together to actually do it. I am fairly confident that a lot will be done but the process of getting there schmieding, from berenberg, pleasure to have you. The worst week of the financial crisis was last week. This is bloomberg. Matt welcome to bloomberg market the european open. Live from the Bloomberg Bureau in berlin. Im matt miller. Her top headlines this morning, blue monday. U. S. Stock futures hit limit deaths the coronavirus toll surges. Morgan stanley sees the countrys gdp plunging 30 in the Second Quarter. Talks falter. Democrats blocked