Now, coming off highs of the session. Heres probably why. We have a delegate from opec saying that the outlying deal is just for about 10 Million Barrels of oil a day output cut. About a halfhour ago, we got reports that it could potentially be 20 Million Barrels of oil a day. 10 was the bare minimum that the market was actually expecting. The opec meeting is getting underway now virtually, so we are waiting for more details. Who cuts, how much, when . There were reports you could see 4 Million Barrels from saudi, 2 million from russia. If you get to the total output of 10 million, ok. You could get some kind of floor may. In other areas of the market, the s p on pace for its best week since 1974. We can thank the fed for that. However, take a look at what is winning, utilities and real estate. The dollar is rolling over as the fed throws a second kitchen sink at the market, as well as the economy. Some more get reaction to what the fed is doing. We are stepping further into the credit space when it comes to the fed. Fed chair Jerome Powell making remarks a little while ago in the last hour. Joining us to give us some analysis, viktor hjort, global head of credit strategy at bnp paribas. What did you make of what the fed had to say . What did you make of jay powells comments . Viktor you are absolutely right, this is a further step from the fed away from being a liquidity provider of last resort to being a liquidity provider of first resort, now providing funding to Corporate Bond markets in both primary and secondary markets. I guess the significance of the that it is also prepared to go below Investment Grade in terms of where it , today sayingng that it will also include socalled fallen angels and its corporate qe program. It will also be including highyield etf and its bond purchases. Expanding the ,rogram to include aaa tranches providing funding for the leverage loan market as well. Hand, it is a big step for the fed, but it obviously follows other Central Banks that have already been operating in this space, but i think the main significance of all of this is that the Central Banks are no longer liquidity providers. They are actively takers of credit risk. Of takingin terms that credit risk, how are the Central Banks determining good from bad, or does it not matter . I think the whole point not to avoid bad credit here. I think the entire reason for doing this is to actually enable for the partstart of the market that otherwise would have been cut off. Remembering the backdrop here is basically a Credit System which has been rationing credit, and the primary market has really only been opened for the highest rated corporate borrowers over the last few weeks, they have been taking a lot of credit. It has almost been the equivalent of consumers rushing and buying toilet paper. That has been the corporates drawing down liquidity facilities and tapping up the primary markets in terms of raising funds. But that means the lower rated borrowers have been excluded. Credit availability has been lower, and i think the whole point of this expansion in eligible assets is really to make sure that credit is flowing all the way down the ratings curve. So i actually dont think they want to exclude any particular borrower at this point. There are nuances to it. The support here is clearly for bb rated assets and not necessarily all the way down. There are some question marks as to whether banks are included at the singlea and bond issuer level as well, but the overall purpose is really to provide broadbased funding and not really to protect the fed Balance Sheet primarily. Alix where are the holes that are left at the fed still needs to address . Viktor the investmentgrade part of the borrower universe is by now a safe asset. Very difficult to see how you will have meaningful downgrade risk,or certainly default in the larger Investment Grade space, given the qe, given the edit guarantees coming from the treasury, given the ig corporates ability to do selfhelp through buybacks and cutting costs. Funding will now slow down into the highyield space, but that is not a straightforward as it used to be. Typically, when youth think about Central Banks stepping in and doing qe, you kind of assume that the crowding out impact will essentially create funding all the way down through the ratings curve. That relies on Asset Managers and private sector Credit Investors to be able to do the job for the central bank, meaning that they are the ones that scoop up the assets that the central bank isnt buying. That may not work as well this time around because Asset Managers have much lower levels of liquidity buffers today than they would have had before there have been significant outflows, and also, i thing a lot of Asset Managers, especially in the fixed income and credit space, now probably for prudence he reasons believe that may be one reason why the fed decides that it needs to go down the ratings curve, if you see what i mean. Alix fair enough. What we have seen, though, at least in the u. S. And erupt, is that the investmentgrade market has opened up. As long as you are willing to pay up, you can raise money. Is this a reason to buy everything credit . Or how do you still distinguish good buys . Viktor i think we will end up with a much steeper ratings curve then we would have had otherwise. It is clearly fairly straightforward for the fed to provide liquidity into the market. It is increasingly creating tools for itself to create credit availability. Again, benefiting higher rated borrowers first, and then theually also supporting higher end of the highyield market. But ultimately, the highyield space, especially the lower css andce from needs to continue to operate, and that means that part of the credit space is much more sensitive to what happens to growth going forward. Essentially has a very clear growth deceleration in the second quarter, but consensus also has the economy coming roaring back in the second half, starting as early that ifnd my guess is that doesnt happen, we will still see a very meaningful increase in the default rates ccs, and i dont think this is a green light yet to go all the way down the credit to be curve credit quality curve. Alix thank you very much for joining it. Appreciate it, viktor hjort of bnp paribas. Yorkd point out, new reporting a record 824 deaths in the last 24 hours. Taylor riggs is here to give us an update. Taylor despite a shortened week, we are still looking at thefastest week going up on s p since 1974. We have paired some of those gains, still the best week since 2008. That u. S. Now saying deaths could be half of what they were predicted before. We are still posting some significant gains here globally, and particularly here in the u. S. Flip up the board. It is all about oil, as you have been discussing on the program. We are hearing it could be cut between russia and saudi arabia by about 10 Million Barrels a day. Waiting to see if that is finalized. Earlier, we were hearing cuts of as 20 million. It is all about these bond markets, as you have been noting. The fed will be extending the primary and second or a bond purchasing program. It will now also include bonds that were bbb, downgraded after march 22. Effectively, that means the fed is supporting fallen angels. You have the hyg surging the most since 2008. The fed is also launching a new Municipal Liquidity facility that will offer 500 billion to states and municipalities. They are going to be directly purchasing some of the shortterm notes from the states. I would argue this is in part due to loss of budget deficit financing. You will see a lot of state and ojo governments are constitutionally required to balance those budgets, so you will see those oneyear aaa muni yields less than 1 a month ago, 2. 9 . See exactly how far the fed is prepared to go and the effect it is likely to have not fully understood yet. Lets get back to the oil story. Up next, more on the agreement, may be an agreement, or kind of an agreement we are getting between saudi and russia. I am watching crude. We were at 36. 50 10 minutes ago. We are now up by 1. 5 when it comes to the brink, 33. 30. Markets taking a very different view. Coming up on the program, billionaire investor mark cuban. Looking forward to that conversation. This is bloomberg. Im live from london, johnson, with alix steel in new york. This is the european close on bloomberg markets. Lets check in on the first word news with mark crumpton. Blockednate democrats the attempt for a Small Business aid bill, seeking 200 billion. Democrats were after twice as much to help hospitals and state and local governments. The Federal Reserve has unveiled another series of sweeping steps to provide 2. 3 trillion in aid. The money will go to small and midsized businesses and state and local governments. Fed chair Jerome Powell says the Central Banks role during the coronavirus pandemic is to provide relief and stability. For the third week in a row, americans applied for on a plum it in massive numbers. A total of six point 6 Million People filed jobless claims last week. That brings the total to about 16. 8 million workers during the coronavirus pandemics economic shutdown. The International Monetary fund warns that the world hasnt seen anything like this since the great depression, protecting the worst recession in nine decades. The imf says emerging markets and low income nations in africa, latin america, and asia are at particularly high risk. And encouraging outlook from the nations top disease expert. Dr. Anthony fauci tells nbc that u. S. Deaths from the coronavirus may be as low as 60,000, far fewer than earlier projections. Dr. Fauci says Safety Measures such as social distancing are helping. 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. Im mark crumpton. This is bloomberg. Alix thank you so much. Really interesting session happening with oil right now. Take a look at wti. At one point it was up 8 , then it was down. Now it is up by about 2. 5 . This is the reason why. You are having this opec Virtual Meeting underway. Previous reports said you may get a 20 million barrel a day cut. Now it looks like it may be 10 Million Barrels a day. They have agreed to cut. They are just haggling on how much and how long to extend that. We also know they are going to make that full cut for about two months, and then will extend the smaller cuts for a longer duration. This is according to the delegates. This is still all under room for maneuvering here. They will talk about it tomorrow at the g20 Energy Ministers as well. This is going to be a sort of voluntary cut. The involuntary cuts come tomorrow with the nonopec, like brazil, like u. S. This will be regardless of anything else. The question was is russia going to see that as a legit cut or not. It feels like from these headlines that it may be a yes. Annmarie hordern of bloomberg point is for the details. This has to be one of the most interesting opec meetings weve ever seen. What stands out to you . What do we know . Annmarie it certainly is, and unfortunately, it is all virtual, so it is hard to even get the mood of the meeting. Normally we are at hotels, waiting and talking to the ministers as they go in and out. Right now, everything is being done on whatsapp and telegraph. We know they are working towards a 10 Million Barrels a day cut, and it is for two months at the moment. What we still need to know is the size and duration of the cuts. The other big factor on top of this, this is supposed to be opec and beyond. Are there going to be any sorts of caveats in the communique . How did they push it to tomorrow with these other big producers to talk about cuts . One of the sticking points we know for this deal, especially for the kremlin, was getting the u. S. To sign up on more than these organic, marketdriven cuts we are seeing already when we look at demand, in the u. S. Absolutely cratering. There is a lot still unknown, but we can say we are working on this 10 Million Barrels a day cut. I am interested to know about the size and duration, and also the baseline that will be critical for saudi arabia. Guy i think the baseline is going to be a really interesting conversation. The market is massively oversupplied, certainly more than 10 Million Barrels a day. Is 10 Million Barrels a day enough . Viktor if you ask annmarie if you ask anyone else, the answer is simply no. We used, and the prelockdown world, around 100 Million Barrels a day. We are now at about 65 Million Barrels. So what is 10 Million Barrels going to do . Whether or not we have a deal from opec , producers are going to have to start ratcheting back production, especially when you look at landlocked countries like russia. Russia has no choice. Putin doesnt really have a strong hand, even if the russians are playing like they have one, because their main pipeline that goes directly to europe is completely full. The refinery on the others in germany, theres nowhere else to put it. Refineries are having to have smaller runs. They are not producing as much. Jet fuel is in a freefall, gasoline in a freefall. U. S. Gasoline accounts for one in every 10 barrels of oil a day. If you just see the numbers yesterday, the lowest since 1969. Whether or not they have this deal which is going to be a bit more organized, we were going to have to see producers start to ratchet back production. There is nowhere left for this oil to go. Alix i love that you brought that up with russia in particular because the saudis have a lot of storage. Russia does not. It raises questions if the u. S. Is going to have to force trade anything to get anything done. It feels like President Trump was sort of saying yesterday youre going to have to deal with it, so we dont actually have to make a deal on anything with sanctions. Annmarie it is obviously something you think the kremlin is thinking in the back of their mind. There are sanctions with nord stream 2, theres the rosneft sanctions. But it is true that regardless come out of the producers are going to have to pull back on production. The saudis have been filling up these massive oil tankers. You can see it on the bloomberg, on imap. They are able to use these shipping as well. It is really the landlocked countries where it is much harder to really have storage, and storage is where many are saying we could see tanks topped at the end of the month, if not days away. So what happens if you dont have storage in refineries . Everything starts to shut down. But as you originally asked, the 10 Million Barrels a day, everyone says it is simply not enough. It is also too late. It is a point his Royal Highness made in riyadh just before that march opec meeting. He said people close to the matter that he equated the coronavirus to a house on fire, and it was clear that saudis wanted to go in big. You may want to ruin your you may want to end up ruining your furniture and use a garden hose, and they let the house burn. Guy that is the latest surrounding opec. We are continuing to monitor crude, welloff its earlier highs. This is bloomberg. Guy welcome back. Easyjet agreeing with airbus to deferred the delivery of 24 airbus aircraft, the 320 family that airbus is currently sending out to the lowcost carriers. Those are going to be deferred. To be honest, airbus is taking action already to slow down the lines considerably. Interesting to see citi coming that remains, despite the earlier hard cut. Lets take a look at where european markets are as we head towards the close this thursday. Feels like a friday. Are we going to carry risk into the weekend . We are certainly carrying a little bit. Ftse 100 up to percent. Cac 40 over performing a little bit in paris. We will have full details of what is happening as we come through to the close here in europe in just a moment. This is the european close. This is bloomberg. Guy 30 seconds until the end of the week for european equities. Very positive trading for the stocks on the side of the atlantic. On the session, we are off our highs but still in positive territory. The stoxx 600 up 1. 4 . The only sector in negative territory was the oil and gas sector. Under pressure as we watch what is happening with crude. The midmorning early afternoon negative, then jay powell comes out with a big bazooka, stocks get a lot more positive. We are off the earlier highs but still a positive session. It has been a solid week. Not as good as the United States but we are still up six, in the dax case 10 on the week. Up 6. 23 on the week. We have climbed consistently throughout the week left and right on the screen as you see it. In terms of the individual market, there they are on the day. Outperformance from the ftse 100 and the dax. He cac 40 underperforming in terms of the sector story this week, it has been the the dash for trash which has driven everything. The car sector has come back, the construction sector has come back. Only one sector negative on the week and that is the oil and gas sector. Individual names to focus on in europe. Subject so up strongly. The market was expecting more fear from the statement we got in terms of the numbers. 50 on just eat year on year, a company benefiting from the covid19 outbreak. S. A. P. Posting decent numbers. The tech sector benefiting from that. Up 5. 2 . We saw the news from easyjet and the downgrade we have seen from british airways. In terms of what we will continue to watch, the Big Health Care ministers meeting will be dominant and we are still waiting for news out of europe in terms of trying to find Common Ground to deliver some sort of joint financing for europe. Those are the markets that are now wrapped up in your. Positive week. Lets check in on bloomberg first word news. Here with the details is mark crumpton. Mark Senate Democrats have blocked Mitch Mcconnells attempt to pass a 250 billion boost in aid to Small Businesses. Democrats want twice as much help for the slumping economy, including more federal aid for hospitals as well as state and local governments. Leaders of both parties will try to find a compromise. It is the latest move by the Federal Reserve to boost our economy rocked by coronavirus. The central bank will provide as much as 2. 3 trillion in additional aid that will go to small and mediumsized business, plus state and local governments. In an unprecedented move, the fed clenched to start buying debt recently downgraded to junk. Angela merkel is expressing what she calls cautious hope the coronavirus pandemic is slowing. She says tighter measures to contain the virus will likely not be necessary. Chancellor merkel added the restrictions now in place must stay in effect over easter and the days following. If not, she said we could quickly destroy what we have achieved. Boris johnson spent a third night in intensive care. Officials say his condition is improving. The National Picture has turned bleecker. U. K. Officials say it is likely a nationwide lockdown will be extended for weeks. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. I am mark crumpton. This is bloomberg. Guy . Back to you in london. Will hand thei show over to a couple of my colleagues. The leader of the National Organization is forecasting another 95 million job losses due to the virus. We will talking to the groups director. Cuban onlionaire mark his Investment Strategy during the coronavirus pandemic. Have a great easter. This is bloomberg. Back to theme european close on bloomberg markets. Avid19 good lead to staggering 195 million job losses. Joining me is guy ryder, the director general of the organization. Great to have you back. We have seen you making a forecast of around 25 million just three weeks ago. What prompted you to make this drastic a eightfold adjustment . Guy we are measuring different things. What we did on march 18 was try to make an estimate of where we thought the Global Economy and jobs in the Global Economy would be at the end of this year. In the light of the fastmoving events we are all living through and the massive uncertainties, we felt that was an unrealistic and unwise thing to do. We took another shot at this and go at tryingve a to calculate the actual drop in hours being worked. Where not just seeing people being made fully unemployed. We are seeing people on technical unemployment, partial unemployment, Job Retention schemes. We felt it was better to look at the drop in working hours. That comes to 6. 7 in the world. You come out with a staggering figure of 195 million. A shorterterm look at the problem. Shery which regions will take the biggest hit . Guy europe is up there, up the terms justrelative behind the arab states. Africa is still at the bottom end of all of this. If you look in absolute terms, it is asiapacific which will have the biggest absolute jobs hit. This will change with time. We are all aware the pandemic is now threatening the developing and emerging economies in a very pressing way. Just of the time when others think they may be getting out of this. Shery what the outbreak seems to be highlighting is the informal work out there. , willf social protections this outbreak highlight those inequality gaps in society . I think this pandemic is bringing to the surface some of the fragilitys and gaps in the arrangements we have to govern the world of work. 61 of workers work in informality. They have no defenses. No social protection defenses against the effects of the pandemic. At the same time, in our own economy, in the United States, in europe where i am sitting, we are seeing different categories of worker, people working in the economy, thee gig platform economy. They are missing out and falling through the cracks of the more sophisticated social Protection Systems we have in place. This gives cause for reflection on the direction of change in the world of work. Shery many of those jobs are on the front lines. All of those people that are in grocery shops, supermarkets, delivery systems. Will this highlight the need for those protections and lead a movement for more wage increases . Guy i think you are saying something which is remarkable. In my experience, i have never known a time when Frontline Health workers, bus drivers, transport workers, folks doing the checkout in supermarkets are valued so highly, and yet they are performing jobs which are at the bottom of the wage scale. I think this will give people pause to reflect on how we value these jobs. 170 million workers on the front line of health and social services in the world. 70 of those workers are women. I do think once we get out of this pandemic, we do have to pause and think about how we value the role they play in our society. Shery in the u. S. Congressional leaders are considering hazard pay for those essential workers, whether in groceries or hospitals during the phase four part of the stimulus bill. What needs to be done . Guy the first thing is to ensure they have adequate protection. We have this drama of the lack of the right protective of materials that is the absolute minimum we have to look to. What i worry about is people are willing to say these people working in dangerous circumstances, they working excessive hours, they need to be rewarded in these dramatic circumstances. That is undoubtably true. What about when things get back to Something Like normal . Will we go back to treating these people in the same way, valuing their work at the same level . There is an immediate challenge and there is a longerterm challenge we should face up to. Shery we should take the lessons from the outbreak. Guy ryder, thank you ray much for joining us. International Labor Organization director general. This is bloomberg. Sonali you are watching european close. I am snarly bostick. Sek. Am sonali ba with me is mark cuban. I want to start at a place that is the heart of the economy, that a Small Business. Pickups at the beginning and delays in getting started. What you advised the government doesnt banks do to get hands in faster. Mark Small Businesses have been told this was coming since the legislation was passed more than a week ago. Obviously the rush was more than the banks were able to handle. The banks have to do their job. Part two is there are banks who are actively trying not to take applications and to minimize the number of loans to make good programs despite the fact that it pays a 5 commission for the loans made on Small Businesses. It might take the Treasury Department pushing some banks who are unwilling participants to start to push loans out there. Sonali i would love you to elaborate on that a little bit more. In the coming months we will see more outperforming loans at these banks. It could only become less attractive to be lending. What are you seeing in terms of banking activity, specifically . Mark that is the interesting thing, and surprising to me. The fed has said they will buy back all of the loans, plus they will pay that 5 origination fee for small loans. Banks have an incentive, and it is unique opportunity for banks to pick up new clients. Never in the history of banking has a bank been able to say to a Small Business i will loan you money, and if you increase or maintain your employment, you do not have to pay it back. I expected that forward thinking banks would use this as a way to attract new customers because it is a unique opportunity. They have not. Prodding toto take get the stimulus in the hands of those who need it. Unfortunately, it is a race against time because a lot of these companies are looking at going out of business if they do not get that money in their hands. Sonali the latest Federal Reserve package also looks to have a lot of riskier parts of the u. S. Financial system. The junkbond market, the commercial markets market, you think there will be a backlash like we saw in 2008 or do you think therell be more of an acceptance that there needs to be eight to the Financial System before it gets to the larger economy . Mark two different things. In the great recession, it was focused on Insurance Companies and banks and driven by derivatives. That is not the case. This is something with the pandemic that we are all facing. I do not think we will see the same type of backlash unless the treasury and administration really focuses on rewarding individuals or Big Companies for some reason. We have not seen that yet. Sonali speaking of the Big Companies, im curious to see your thoughts on some of the Larger Companies being aided in this rescue package. I know some of your thoughts on boeing. Do you think there should be special considerations in light of the 737 max crisis . Mark two different things. It is unfortunate what happened with the 737 max, but in terms of a bailout package, if the taxpayers are going to be providing money to companies to keep them in business, i think the taxpayers should negotiate like any private Equity Company or any other investor. If i was doing the investing using my money, i would say here is alone and minimal interest rates, please try to pay me back. Want equity, i want warmth, i want protection. Whoevers negotiating for the taxpayer has to do that specifically. Sonali what does that mean for the other airlines that are part of this package . Should there be special considerations and how they structure these deals . Mark there should be special considerations going both ways. Going to the airlines, the fact the money is available. There traffic is down 90 plus percent. They need this money more than anything. Just on the open market, it will be difficult to get that funding. I am not against the government doing a deal with them and offering liquidity. That is a good thing. In exchange for that liquidity, there has to be something in return to the taxpayer. Without it, all common equity would go to zero. It is not like they are giving anything up. They have a chance to protect their bondholders, theyve a chance to protect their customers, their business, their employees. Giving up equity and potentially other sweeteners is just a normal course of business and it is Good Business for the airlines. I want to turn our attention to unemployment because we saw so many claims for the Third Straight week. How does america climb out of this unemployment hole . Mark it remains to be seen. I am still hopeful and positive. This is a global pandemic, and of any country i think america is the best positioned, not just because of the aggressiveness and forward thinking of the fed, but because we are a very entrepreneurial country. You will see businesses come out of this when we look , thereds in 10 years will be businesses created, and we will get out of it strong. It will be scary along the way, it will be difficult. We saw more than 10 Million People have lost their jobs. There will probably be another 10 million going forward. We are going to have to rely on the entrepreneurial spirit of the United States of america to get us through this. Sonali there was an interesting donation package we saw by jack dorsey this week, wondering can billionaires be doing more. Will you be doing more to donate to specific areas in need . Mark i am trying to do as much as i can. It is great what jack did, donating the equity on his public company. I am doing as much as i can to create jobs and keep people employed, to Loan Companies money. Im an investor in more than 250 different businesses. We all do what we can. I can tell you this. Im certainly putting employees in our community ahead of my own economic interest. That is for sure. Sonali when it comes to the way you are looking at markets now, is there anything proactive you are doing around your investment portfolio in such a tough time . Mark being patient. The markets keep on going up. I have not looked at it in the past hour, to me that is the disconnect. It does not seem to make sense. Fauci is saying we have fewer deaths than we anticipate, but i think the impact of the virus in the quarantine has been so profound, we do not know what the Economic Impact will be. Why a lot of while a lot of investors are trying to front run it and think that in some point of the future it will behind have to make everybody money, i think we have a leg down. I think when we start to come back to work and come out of this quarantine, we will see that it was not like it was before. Last, we at the s p were where we work towards the end of 2017. This is not going to look like it did in 2017 when we come out of this. I am very reticent to put any more money in. I will wait it out and see what happens. If the market keeps on going up, great. My holdings will go up. Im trying to keep as much cash ready as i can because i still think we have a leg down. Sonali i do not want to discount we have an election cycle. Youdid just tell axios would not rule out a president ial run. How are the issues we will see today play into the election cycle in the u. S. . Mark they will all play into the election cycle. This is the most uncertain time we have lived through in my lifetime. Hopefully our kids and their kids do not have to face this again. When you face uncertain information, there is a lot of ready fire aim and not a lot of ready fire going on. We do not know what all of the outcomes will be. Hopefully in october and november, things will be much more clear to us as voters. Yes, all of this will impact, yes, that is what happens in politics in this country, we question everything and people will take sides. I am hoping we will be more considerate and how we approach politics and how we approach this election. That remains to be seen. Sonali what would cause you to run . Mark i have said no before and my family voted it down. Then all of this hit and it was a black swan event. It would take a black swan scenario. Something we do not expect and just occurred and people were disaffected with both major parties. If there was something where people turned away from one or both of the republican and democratic parties and they were looking for somebody else, that might be an opportunity. I do not expect that to happen. If it does, i will be here. Sonali thank you so much for joining us. That was mark cuban joining us, the owner of the dallas mavericks. Guy, back to you. Guy thank you very much, indeed. Lets take a look at where markets are right now. Weve been through the european close. These are the final numbers. We are also looking at what is happening with opec. The story here in europe, one we are focusing on. In terms of the story for the 40, athe dax, and the cac positive session today. To dax is the only one compete with United States in terms of performance. 6 up for european markets driven by a dash for cash in the travel and leisure sector and the auto sector. In terms of the opec story, there are a number of headlines that have crossed that are worth focusing on. Alexander novak, the russian oil minister, has been speaking to a russian tv station indicating opecplus is not the limit of the expectation. More countries should join the effort to support the oil market. Opecpluss had to be seeking as much as 5 Million Barrels a day in terms of the cuts from g20 nations. Remember, the g20 nations meeting will take place tomorrow. We will see exactly what comes out of that. This is perceived as being not just in opecplus, not just a russian effort. Others must take part as well. We will what comes through in terms of the forecast for the United States and others to contribute to this. 10 Million Barrels a day plus others falling short of where we are likely to ultimately be in the oil market because of the drawdown in demand. Next balance of power ob talking to the u. S. Energy oil sector to see what he has to say. This is bloomberg. David from new york to our tv and radio audiences worldwide, im david westin. Welcome to balance of power. We have a very big program. We have rick rieder from blackrock and also the secretary of energy. We want to check on the markets. The fed made a ripple. We have taylor riggs here to tell us all about it. Taylor the s p 500 on track for the best week since 2008. We were on track for the best week since 1974. A lot of hope and the optimism continuing to filter through the equity market. I want to take a look at some of the junk bonds. Saying he would be supporting fallen angels. Before march 22, and you are downgraded since, you do perhaps still qualify for that program. We were seeing a move in crude. There was about a 10 million barrel per day cut. Earlier we thought