That completes the risk off picture. Take a look at that bloomberg 1 . Ar index, up about a haven to bid. Investors going into the breen back into the greenback the midof this dismal data. David are the any individual stocks doing particularly better or worse than what we are doing overall . Abigail relative to the horrible Economic Data, some sectors are down even more. One of the big headlines this morning was u. S. Retail sales for march plunging the most ever, down 8. 7 . Core, pvh corps down 14 . Ge down 18 . Industrial production tumbling the most since 1946. The homebuilding sector tumbling the most ever, even more than 2007. Lennar, one of the largest homebuilding companies, down nearly 8 . The reason that stands out is this is a Health Crisis and many analysts are saying will this turn into a financial crisis . Not signs of that happening yet because of all the liquidity the fed is injecting, but could it turn into a housing crisis . The fact that we have the homebuilding sentiment tumbling even more than into thousand eight during the housing crisis suggest there could be pain ahead for that crisis. Possibly the worst Second Quarter ahead in u. S. History. Probably more terrible Economic Data ahead. David . My. D oh thanks nonetheless for that gloomy economic report. There was Economic Data that did not take the sting out of the market. We turned to peggy collins, our bloomberg managing editor for the u. S. Economy. They were bad numbers, whether retail Sales Numbers are factory output numbers. Where where they worse than we expected . They were stunning in terms of the damage, but a lot of traders and investors were expecting that because we know the economy has been intentionally shut down. In terms of retail sales, they fell 8. 7 from the prior months. That was about in line with estimates. 8 in terms of the expected downturn. Some other things that jumped out as a bright spot were food and Beverage Stores posted a record 25. 6 surge. That is as we have been seeing a lot of people to out and stock up on goods. The report is capturing the historic change in Consumer Habits we have had over the last weeks. We did see terrible numbers as well in terms of manufacturing, record numbers in terms of what is happening at factory output because of the shut down. Are just getting into the Second Quarter right now. Do have any sense of how much worse it could get or when we think it might bottom out . Investorst is what are looking at now. In some cases they are looking past some of these numbers because the figures are so huge, but they are expected to be huge. Looking for signs of any recovery coming, or certainly tracking the virus back for any type of leveling off in terms of the health side of things. Tomorrow we are expecting another week of incredibly high jobless claims. We are looking at another five. 5 Million People estimated to have filed for unemployment last week when the data comes out tomorrow morning. Those numbers continuing to stack up. If we have some surprise and that number looking less than expected, that could be good for markets. We are not expecting that because so many states have had challenges in even collecting all of the employment claims and getting the money out to people. It has been a rolling buildup from states like pennsylvania, california showing huge numbers. Places like new york behind. We are expecting more tomorrow. David really appreciate the report. That is peggy collins, bloomberg managing editor for the u. S. Economy. Now it is time for first word news with mark crumpton. Has the new coronavirus affected more than 2 Million People around the world. It took four months for the virus to infect one Million People and only 12 days for that number to double. Officials say the total case count is likely higher because most countries are testing only a fraction of their population. The u. S. Military is bracing for a long fight against the coronavirus. The Defense Department is looking for ways to keep troops healthy while still protecting the nation. Officials have frozen most forces in place overseas. Fromstops stop troops and stopped access to the pentagon. There are more than 25 hundred cases of the virus among service members. Two people have died. India is beginning plans to ease its massive lockdown. The comp the country will toow makers of get back work after april 20. After may 3, india also plans to lift restrictions on Ecommerce Companies as well as port and air cargo operations. India has more than 11,000 coronavirus cases, nearly 400 people have died. Millions of south korean voters wore masks and maintained social distancing as they voted in parliamentary elections today. Officials at the turnout was surprisingly high despite the coronavirus pandemic. South koreas government resisted calls to postpone the elections. The country has more than 10,000 confirmed cases. 225 people have died. 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. Is bloomberg. David . David thanks so much. Power,p on balance of former u. S. Ambassador Samantha Power on the subject of the u. S. Role in the pandemic, or at least what it should be. That is coming up on balance of power on Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. Crisis, the world recently turned to the United States in times of for leadership. His United States playing that role now and isnt willing to play that role . We turn to Samantha Power, former u. N. Ambassador and the author of memoirs of an idealist. Welcome and thank you for joining us. Samantha delighted. David lets start with the news from last evening at the white house, where President Trump said he would suspend contributions to the world health organization. From your experience with the ebola crisis, how important was the who infighting that virus and what does it say about our withholding funds from the organization at this time . Is an extremely illadvised move and it has far more to do with trumps domestic pollics and his dipping ratings in terms of his handling of the crisis that it does the who and any desire to strengthen the global health. Three quarters of u. S. Funding in terms of voluntary contributions goes to such tasks as fighting polio, measles, tuberculosis. What he is eating into is steadystate funding, the funding the United States has been giving for many years. United states has made no major new announcement about how it is going to respond to the pandemic and halep will use the who and other International Agencies to avert catastrophe in the developing world and a catastrophe that will blow back to the United States because of states because of our links through trade, through Global Supply chains, to even remote parts. It is more of an act of spite and divergent than anything. That said, the who has not performed optimally. There was too much deference to china at the beginning. It also speaks to the absence of u. S. Leadership within the organization, the fact that china has been able to leverage a modest contribution to the who speaks to the u. S. Retreat from organizations like that. The who needs to go back and look. Billions being infected. There are people in the world who cannot wash their hands at home, who do not have clean Running Water to do so. With all of these people at risk, right now the who is working to ensure governments in the developing world who do not have the kind of cushion we have come and we have seen our challenges managing our response, but who do not have stimulus packages coming, impoverished communities, the who is trying to offer Technical Advice as to how this communities can withstand what is about to hit them. This will mean the who is scrabbling to figure out how it fills the gap trump is leaving, but also how it normalizes the new front. David you make an important point, you talk about being able to wash her hands. He wrote in the New York Times about this great disparity, not just in the ratio of doctors to populist, but a lot of people around the world can not even wash their hands. As much as we struggle with this crisis in the United States, how much worse will it be in lower Income Countries . Amb. Power it will be devastating on both axes you are experiencing. First in terms of the lethality and the contagiousness of the because ofself overcrowding in the close quarters in which people in poor communities often live, the ability to practice the kind of social distancing we are managing in some of our neighborhoods in the United States, that ability is not there. When one individual brings a virus home, it is likely not only to infect whole families, but potentially whole neighborhoods or whole city blocks or slum blocks. If you think about refugee camps orit live in idlib southern turkey, but even if you think of zillow or this of brazil or the slums of informal settlements in south africa or india. It is going to race through those communities. Concern int health the ravaging of the virus concern is the Health Facilities to manage the spread, to get people in early, to hydrate them , put them on ventilators, these communities do not have ventilators. If we had trouble getting masks for our health workers, we can imagine what a refugee camp will be experiencing. Is what the virus does and how much more contagious it can be because of the absence of health care. Then you combine that with the economic toll we are experiencing. That is why so Many Americans need desperately the 1200 checks because they do not have another source of income. They have their families to feed , they have insulin they have to buy for their diabetic children. That is in a developed country like this one. We had the stimulus package passed and more to follow. In that economic livelihood is taken away for families living hand to mouth in those slums or who are dependent upon International Aid that has dried up because it is being diverted to domestic response, you can imagine the risk not only of malnutrition but of outright starvation. You saw in kenya the riots wrapped in the riots erupt think because food has become so scarce, not just the virus wiping people out, but now because the markets are not available for the goods being produced in kenya because flights have been suspended. No way to get them to market. Already we are seeing that economic toll and that is before this has hit in the way we know it will in the coming days. Powerful point a about given the fact that it is this bad in the United States how much worse will it be elsewhere. Tot is the u. S. Capacity lead right now . Unlike ebola, we had some cases, but it did not ravage the country or the economy. We have the capacity to form a leadership role globally on the pandemic at the same time we are trying to protect ourselves back here . Amb. Power that is exactly the right question. The answer is yes. We do have that capacity but the perception is we do not. Why do we . The kinds of people who would be pulling their expertise, whether scientific or Public Health or Lessons Learned in terms of what earlier countries have done. The one advantage of the way the epidemic has spread is it is staggered and we have the ability to learn so much about what has worked and when is too soon to reopen sectors and what can we learn about antibodies and whether that allows a greater preparedness to begin to flow people back to jobs that are not existing right now because we are shutting everything down. There is a pulling function that stems from convening countries and drilling into the insights that can be gathered. That is already happening in scientific circles as relates to the vaccine. It appears to be without frontal u. S. Leadership. Then there is the sort of lookahead in terms of our manufacturing cycles. Those of others in developing countries. It is not only about who is providing ppe, it is about hugh about who is organizing distribution. We have huge experienced aid agency and the state department, our diplomatic corps. There are parts of health and Human Services and very significant parts of the cdc that are only internationally oriented. That is where the specialties lie of experts who work within these agencies. Only a smallif subset of Public Servants active and thinking about krone generally, it is not as if they are working about trying to get ppe to new york hospitals. They are individuals who could very much be taking a leadership role at the United Nations pushing a plan, either u. S. Chinese plan, which would be one that would gather the entire world, or just u. S. Plan and getting countries to do their share of the task. There will be many tasks ahead. There are different personnel involved, different resources. The stimulus did include 1. 3 billion for the International Response but no senior officials deemed to be taking charge to figure out how it gets allocated. David very powerful. Thank you so much for that. Samantha power, former u. S. Ambassador to the allegations and the author of former u. S. Ambassador to the United Nations. David g20 finance ministers met earlier today virtually to talk about relief to be given to lessdeveloped countries. We are joined by one of the people on the call, the Saudi Arabian finance minister, Mohammed Aljadaan. The end or the beginning of a series of actions the g20 will have to take to help the World Economy . Thank you very much. It is ongoing and we are continuing to monitor the covid19 as it is unfolding. The spirit and severity of the covid19 outbreak is unprecedented. It requires a strong and swift hand and seeing if get actions. Y the g20 we have put together a strong strategy with the g20 members to ensure we are ready and responsive. Assesses the situation constantly with health and economy and insurers we put together a protection for the people, for businesses, and prepare to rebuild the economies. S things unfold the containment measures that have been made by the various countries of the world have put the economy in hibernation and we need to make sure that while we are protecting people and their livelihoods, we also ensure their income is protected, businesses are protected, and we prepare the world for a recovery amongst the g20 members. David one step is to say we will spend time being put in suspended animation on sovereign debt which allows them not to employ the capacity they have. Are there suggestions we might be injecting cash into some of the economies that need it . Minister aljadaan absolutely. , swift actionsen by the g20 and the world bank is unprecedented. Togetherlone has put u. S. Dollarsillion so far. That means they are able to economyrom and move the of other countries at this time. Two is the imf support package that has been approved by the ministers and governments of the g20. It insurers liquidity is in addition to the swap lines and the reboots available to the central bank packages that have already announced. At what point will the bette 10 will the g20 getting back together to reconsider this . Minister aljadaan we are in constant dialogue. We have had four meetings over the last six weeks. We continue monitoring this. We will work with imf and we will meet as needed to ensure we deliver on the clear mandate to the finance ministers to ensure we do everything we can to support the economy, the people, the businesses. David thank you very much. We will be back with the Saudi Arabian finance minister Mohammed Aljadaan coming up shortly on balance of power on Bloomberg Television and radio. David this is balance of power. I am david westin. We are back with the saudi finance minister. We have been talking with him about this remarkable move by the g20 to try to support some of the economies around the world. Lets go back to something more specific. An important pardon part of this is to suspend payments on sovereign debt. Of course. Restructuring may take time for financial agreements to be put in place. G20 andto make sure the saudi presidency have committed to a strong and significant action immediately. The suspension will give us time. Will give poor countries time to consider rescheduling relief from some of the debt throughout the next three to six months. That we think will be needed to ensure that we close that chapter. David we have a question from a viewer. I find it interesting. The viewer asks, is it possible that this crisis is an opportunity to consider for the further opening of the saudi Capital Markets . Absolutely. The saudi markets have been relaxed significantly. We receive a significant investment. Absolutely we will do whatever it takes to ensure that easier access to International Investors in todays saudi markets. A saudi cannot talk to arabian official without talking about oil. We had a global agreement to curtail production. Do you anticipate more will need to be done to get some floor under oil . That is affecting the Global Economy almost as much as the coronavirus. I think the agreement that notbeen reached as outlined only through the opec agreement [inaudible] we will continue considering whatever action is needed to ensure that market balance exists. Designing that the solutions that sit fit with the relevant sector. Truly appreciate all your time. That is the saudi finance minister. There going to continue on question of International Cooperation to help the global , former imf maury chief economist. That is coming up on Bloomberg Television and on radio. David this is balance of power on Bloomberg Television and radio. The unitedmbers for states indicate just how bad the economy may be getting. But it is not just a u. S. Problem. Global institutions such as the imf are getting together to see what they can do about it. We welcome the former chief economist for the imf, dr. Maury ochs feld. He is a senior fellow at the Peterson Institute. Thank you for joining us. We had the g20 finance ministers me today. They were going to put a moratorium on payments on sovereign debt, something that was suggested in a Peterson Institute papers. Is that enough to address the situation . Help int is a great this situation. The poorer countries are going to be facing an and havinged crisis to deal with International Debt ,epayments at the same time when there are such great expenditure needs and Research Needs and their economies are in trouble, would really be an undue burden on them. I think any sort of relief they can get during this crisis period is welcome. Time, at the same time, they will need obviously,resources, for meeting the crisis. There are a number of proposals out there. One that we put forth was to the imfther issuance of special drawing rights, as was done in 2009. Certainly the resources at the fund and the world bank will have to be fully deployed. You anticipated my question. It is not enough to keep the cash for the time being. They are going to need cash. The United States was resisting that. Is that consistent with what you have heard . Maury we at peterson have made a proposal. It is a fairly low cost way the liquidity of these poor countries at a time of countries. Over the years, there have been many criticisms of special drawing rights, many of which do not hold water. We think it is a step that would be easy to take. It would give these countries some unconditional resources that would have a high value to them in this crisis. With ambassador least o said that at less developed or poorer countries are going to have it terrible time of it. Developed countries are struggling mightily as well. Is the g2 any is the g20 doing what it should be doing to get the Global Economy back, including developed countries . Maury the efforts the g20 countries are taking for their own economies certainly will thefit and spillover to emerging and developing economies, so that is a good thing. But there is certainly much more that could be done. Issues in the realm of general financial support, but a lot are in the realm of Public Health policy. Response toional the virus has not been well coordinated. Some countries have basically looked at their own needs and acted as if this is a global threat that has to be controlled globally. You see this in the export restrictions on medical equipment that a number of countries have put in place, which are not only harmful to others, but are ultimately selfdefeating giving Global Supply chains giving Global Supply chains. Thesee it in the way that United States has attacked the who, which is the wrong thing to be doing in the midst of a global pandemic. Where should we look for leadership right now . Historically, people have looked to the United States in a global crisis. I think it is consumed with fighting its own version of the coronavirus. If it is not the United States, where will leadership come from . Maury it is not clear. Over the last three years of the trump administration, the u. S. Concerted effort that seems to weaken International Governments rather than to pursue its more traditional leadership role in the Global Economy. There is a big hole there. That in terms of supporting the who for example, europe will step up, china will step. Is far from an ideal situation. It is clear that the u. S. , rather than providing leadership, is addressing its own internal political conflicts. Fairness, it is not only the u. S. That hits that has prioritized domestic concerns. Their look at china, initial response to the crisis in terms of transparency to the Global Community leaves much to be desired. That was driven to a large extent by internal politics. The u. S. Is not completely unique, but in the past it has been able to largely rise above domestic politics in the interest of its global security. There was a bipartisan consensus. That now seems to be frayed. David thank you. That is maury os feld of the peterson oh feld of the Peterson Institute. Iran isnew report from accusing the country of underreporting deaths from the coronavirus. The death toll is likely nearly double the official figures. Those numbers but the death toll 4700 and more than at more than 4700. Still the worst outbreak in the middle east by far. Officials in tokyo have unveiled a 7. 5 billion emergency economic package. Coronavirus cases are surging in tokyo. Japan has had more than 8800 cases of the virus and 131 deaths. More than a quarter of japans cases are in tokyo. Elizabeth warren endorsed joe biden today. Warren was the final major democratic president ial hopeful to back the parties presumptive nominee. Senator warren says the former Vice President is willing to be persuaded to adopt new ideas. 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. Thank you. Ofing up, how the problem the bank in the United States is making the crisis worse. Head oflk to the former that bank. David this is balance of power. I am david westin. Crises have a way of reminding us of about problems we knew we had but did not do much about. This crisis is not an exception. Out in thes an oped hill today pointing out to of these. Two of these. Thank you for being here. Tell us about your peace. It is fascinating. Good to be with you in this crisis. Because as i was writing the book on trade, i saw a number of areas of our economy which are not really keeping up with the way the Global Economy is today. Andhas to do with banking electronic transfers, electronic funds. , as we more highlighted see now, with the covid19 crisis we are facing. We have millions of americans who are unbacked. The irs said it could take as much as 20 weeks to get those checks out. They couldnt they can only million checks out a week. That is a crisis that will be life and death. Studentsat with more are going to have to use broadband and wireless in order to get educated, which is also not the most developed technology, and many of them do not have that access. Frequently, they are relying on their parents cell phones to have wifi in the house. This is a crisis that has pushed to the fore and we want to make sure we do not leave more americans behind. David in fairness, the ministry should says it is not going to take longer because trump has his signature on the checks. How many people are affected by that . Out, theyfirst came said if you have direct deposit will be right away. But it is a lot of people. 100 Million People do not have direct deposit capability with the irs. Ory still are underbanked well have to go to a checkcashing place to pay a fee. These are the people who are in the most need. This problem has been nagging with us for a long time and it is part and parcel of what has to be addressed if we bail americans and cushion the blow this virus is causing. This is something we have known about. This is not a surprise. Problemabout the unbank and broadband as well. There is a big rural problem with broadband. Fred huge. Ands equal between urban rural areas. We have not dealt with it. I am still an optimist. I am hopeful this crisis will force us to have the impetus to address some of these longstanding issues we keep pushing aside and sweeping under the rug. But now we really have to deal with it and quickly because too many lives are at stake and these bread lines are longer and people are suffering horribly. David what are the prospects of having it done . Fourroposed the phase spending package to be folded in. We have Mitch Mcconnell say he is not interested in addressing some of those issues. David he may not be he may not be interested, but they are rulers. We have a Democratic House and a republican said senate. I hope we are putting some of these politics aside and realize people are not getting the support that the senators and congresspeople are voting for. T should be of concern to them they are there to make shoot make sure people get help and support. When it comes to the lack of banking and the lack of impeding whatis these members of congress say they are voting for current if they want voting for. If they want to deliver, they need to fix the Banking System and broadband. David im glad you mentioned your book. Trade is not a four letter word. But is it going to be a four letter word by the time we get out of this crisis . Is it going to put a limitation on how willing people are to trade across borders . Well, the only way we will solve this crisis is by working collaboratively. We have scientists working all over the world on antibiotics and medications. As we have seen this Health Crisis is not limited to a border or people, just the way climate is not limited, neither is trade. There are going to be adjustments to curried to trade as a result of this, justintime inventory is going to have to be adjusted, but if Health Crisis has indicated we are globally integrated. We are going to have to fix some of those, but it will not disappear. It may broaden what countries we buy from, but supply chains are global. It is going to be very hard to go backwards on that. Maybe not words, but is there a forwards . Are we going to be any situation where we get that much of our ppe from china . An awful lot of it comes from one country. Do you want to be that dependent on one country for a critical supply . Fred i think no. Health pointfrom a of view and for companies that rely on china, has made it clear that sort of shortsighted and not looking at in this case, we have a pandemic, but either political upheaval or Natural Disaster that has interrupted supply chains. I think thats Smart Companies will realize that they need to make sure they have a reliable supply chain, whether it be on medical supplies or Auto Supplies or supplies for aerospace or food. That is going to require a greater diversification, which is probably better. It spreads Economic Development around the world. That would actually be a positive. Unfortunately, sometimes it takes a crisis for us to get there. Just broaden that a bit. One thing i took from your piece is that there is some good things that can come out of a crisis. On the trade front, what could you see come out of this that could advance us past where we were . Fred one of the things that is coming through with this crisis is how reliance we are on the rest of the world to produce the goods and foods we eat. Says wey that awareness cannot build a moat around america. Moats went out of fashion. If more americans have a realization that we are interconnected, interdependent and we will have to find ways that both protects our sovereignty, but at the same time takes advantage of the draw goods, services, and Energy Around the world. That would be a good outcome. We would be more aware of the world we live in and i have a more narrow, nationalistic view of trade and our supply chains. Dont let a good crisis go to waste. Thank you so much to fred hochberg. He is the author of the book trade is not a four letter word. We are going to be on radio with the second hour of balance of power. We will be joined by the president of the u. S. Chamber of commerce, suzanne clark. This is balance of power on Bloomberg Television and radio. Nowadays you do more from home than ever before. The xfinity my account app puts you in control with Digital Tools to give you the help you need when you need it. Get fast and easy answers with personalized help 24 hours a day, 7 days a week. Change your wifi password to a phrase thats easy to remember. Even troubleshoot your services on your own. Were working to make things a little easier for everyone. Download the xfinity my account app today. I am vonnie quinn. Welcome. Here are the top stories. U. S. Stocks plunging. Fresh Economic Data. We will get the view from johanna kyrklund, global head of multiasset investment. As crude falls below 20 a barrel, the lowest level since 2002, the International Energy agency saying oil demand will drop by more than 90 billion Million Dollars a day wiping out a decade of growth. The outlook for rents and truck stops among other things. We will speak with alex portnoy, ceo of rmr group. That conversation ahead. Lets check on markets now. The s p 500 lower, down about 2. 4