Business lending facilities to keep credit flowing as u. S. Job losses surge past 30 million. Shery lets get started with a quick check of the markets. We are seeing pressure on u. S. Futures, falling more than a percent at the moment, after the s p 500 fell from the sevenweek high. But yes, it was the best month since 1987. We saw the s p 500 climbing 13 this month. We have more pessimism about the economy today. We had dismal jobless claims data. Slowing down but elevated. We have positive sentiment being filtered through with the fed expanding the scope of the main Street Lending program. Also, the nasdaq was helped by results from microsoft, facebook, and tesla. When it comes to wti, we continue to see extended gains. It is trading near 19 per barrel. This, as we saw signs of fuel consumption start to recover in the u. S. We have a few markets that are closed across asia. China,cludes hong kong, singapore, india, and many more. Limited trading in the asian session. Haidi yeah. Shares at apple were down in the after hours session, even after the maker of the iphone was able to squeeze out some Revenue Growth in the challenging quarter. Emily chang spoke to tim cook about the latest numbers, and i want to bring her in. How did tim cook describe apples business in the face of the pandemic . Emily the headline here was that he talked about a very depressed march. They are already seeing in the second part of april a pick back up in terms of sales. He told me that the last part of march and the first part of april were very depressed, and then we have seen a pick up relative to that period of time second half of april. They are not projecting what they are going to do this quarter, because he says the lack of visibility theyve got, and this is the first time in a long time that apple has not given a forecast, so i know some analysts were disappointed in that. But the headline is that iphone sales were not down nearly as badly as some thought, down about 6. 7 . Some analysts we spoke to thought they could be down as much as 30 . They did see a surgeon services, 17 , and wearables up as well. Tim cook was also saying the iphone se was being wellreceived. What do we know about future iphones . The focus has been on 5g headsets, right . Expecting, they are four new iphones in september to be unveiled. Those could be delayed by some weeks, given issues in the supply chain. Cook said the supply chain has been resilient and durable, and i did ask about future products. Its the one thing he really did not reveal, but he says they could not be more proud of their current lineup, and they are as excited as ever about the pipeline. And he talked about how they built the muscle to run the company the way they have, and that means the vast majority of corporate employees working from home, stores around the world remaining closed. They have reopened in china and limited in other places. They are planning to reopen stores in the United States somewhere in the first half of may, he told me, not a large number of stores, just a few. They are going to look at the data city by city, county by county, and they will make a decision about that particular place. They want to make sure it is more than safe for employees to go back into the stores. And in terms of getting back into the office in cupertino, that will be at least june. He said despite all that, he believes because they have been able to release the iphone se and also the macbook air and new ipad pro in the last few weeks, he has the confidence that they can release new products through september. We will have to see. This are we hearing about potential delay for the iphone 12, the new flagship, beyond september . Emily our colleague has reported on the iphone 12 specifically, and he is expecting two new models in the iphone 12 family, if you will. He has reported that we could see some delays by a matter of weeks. However, when i asked tim cook about that specifically, he did not give me any indication but just said the pipeline is on track. We will have to see. Apple typically starts production on these phones in the summer, so there will be plenty of analysts watching to see if the production actually starts, and that could give indication as to whether we will see these phones unveiled on time and then shipped on time. Emily, before we let you go, we also had amazon earnings. The expectation was this company could be the best positioned among the group to really take advantage of the coronavirus pandemic and lockdowns and restrictions. What have we heard . Emily amazon shares falling after hours. Amazon said its profit will potentially shrink even further, especially as we go through this year. Jeff bezos saying these are not normal circumstances. Of course we know that. They have hired 75,000 workers to meet new demand. We have also been depending on amazon to get us the stuff that we need, given that we have all been shot in. However, that puts a lot of pressure on amazons own Delivery Supply Chain and even grappling with these workplace issues that have taken a lot of attention from some of the good work that amazon has been doing. Amazon, its kind of a wildcard. Its a company that generally always has low margins, but seeing those margins get slimmer is something analysts and investors dont want to see. That said, it is such a critical lifeline and almost part of our commerce infrastructure that, given the demand, and as we shelterinplace around the world, amazon is going to see a lot of business. Emily chang, thank you for that. We will have plenty more on amazon and apple. Lets get a quick check of the first word headlines. The coronavirus continues to hurt the u. S. Economy with millions more registering for unemployment aid. Job losses have now topped 30 million with 3. 8 Million People signing on the week ending april 25. The number of claims indicates a total and employment rate of 22 , the highest since the 1930s. However, the rate has been falling. High. Ro is data shows the region suffered the worst threemonth contraction in decades, with Christine Lagarde saying the euro zone could shrink as much as 15 during the current period and 12 over the fullyear. Mitigated the eu must its approach the crisis. Euro area real gdp decreased by 3. 8 quarter on quarter, revealing the impact of the lockdown measures in the final weeks of the quarter. The shutdown term of Economic Activity in april suggests the impact is likely to be even more severe in the second quarter. Western europe is seeing the rate of viruses decline virus infections decline. France rose at the slowest pace in four days. France plans to continue easing its lockdown from may 11, with some shops being allowed to reopen, although cafes and bars will remain closed. Japan is ready to extend the virus a state of emergency, even as other nations prepare to lift restrictions. The nikkei news says restrictions could be pushed forward. Infections in indonesia have continued to rise and top 10,000, despite lockdowns around jakarta. The death toll is now approaching 800. Still ahead, bill gates says we could have a covid19 vaccine in as little as nine months time. We will assess where we stand in the search for a cure. Plus, while they could look at a cyclical recession with a wshaped recovery, Loreen Gilbert discusses next. U. S. Stocks ended their best month in three decades on a slightly sour note, slumping amid abysmal data. Our next guest says the rally has more to do with the fed intervention than earnings. Loreen gilbert, great to have you with us. We have heard about the fed already expanding their main Street Lending. A barrage of measures taken by central bank policymakers. On the other hand, you have Earnings Results which seem to be a lost cause, given that we have lost so much Economic Activity due to the pandemic. What are markets pricing in at the moment . Loreen like you said, theres two sides of the story, and the old adage, dont fight the fed,. As been causing this rally the fed saying even yesterday that they will do whatever it takes, and they are going to use all the tools they have and use them aggressively. That has certainly helped the markets in somewhat of a recovery. However, that we are seeing earnings coming down, seeing the reality of the recession that we are really in, and now people will start to think twice about whether they should continue buying those stocks at these levels or perhaps start selling. Especially if your job is at stake. We have heard jobless claims again rising. It is a slowdown in the pace of those jobless claims rising, but it is still quite elevated. Take a look at what the u. S. Labor secretary has to say about the labor market. The filings we reported today were about 3. 9 million, a very large number. We dont know the extent to which that reflexive backlog. Reflects a backlog. We are looking forward. States are beginning to reopen. So we look at the prospect of within just weeks, some of the people who have been filing will be able to go back to work. , are marketsreen discounting the possibility of a terrible recession taking over the u. S. Economy . We still saw the best month since 1987 in equities. Loreen it was a great month, and yes, when you look at what is going on in the labor market and so Many Americans staying unemployed, the question is, how fast can they be reemployed again . Is it is it a furlough, were people will be hired again when we get the economy going, or is it going to be a longer road ahead . I thick it will take a while to work through the unemployment, and dont forget that two thirds of our economy is based on the consumer. The consumer cannot spend money if they are not employed. The fiscal policies as well as monetary policies have been implemented to try and help us along, and it has, but how much can it really help the consumer over not just the short but the longerterm . To that end, what sectors would you be picking at the moment that minimizes the exposure to a weakened consumer . We are playing offense and defense when it comes to looking at purchases. I think that is the best way to look at the markets right now. On the defensive side, consumers stable is a good idea when you are in the middle of a recession. That is an area we like and are looking at. And health care, something we liked before the pandemic and we continue to like, both of those areas do well as a defensive play. And as a balance to that, we are looking at technology as a way, more of a growth story. We have seen growth outperform value at historic levels. Will startnt, value outperform again and perhaps this is the catalyst to where we start to see value come into play again. Haidi our financials really, in terms of u. S. Banks, something you have been looking at, given there are going to be horrible levels of credit losses coming up . We say selected financials, and the reason i say that is not necessarily big banks, although big banks in the United States are much better capitalized than when we look at europe. But we are talking about Fintech Companies that can take advantage of both technology as well as being at the financial sector. Those are the kinds of companies we are looking at. We have seen the fed getting into the 4 trillion muni market here. They are going to buy state and government bonds. That may be a positive catalyst, but at the same time, you have people like Mitch Mcconnell saying they are thinking of allowing states to file for bankruptcy. Do you have confidence in this market . Loreen we do. We liked municipals a lot. When you look at what the fed is saying, the fed was offering lending that would need to be paid back to the fed. When we look at default rates in municipals, they are very low. With the recent volatility we have seen in municipal bonds, that has more to do with liquidity issues that now are no longer an issue. That has been taken away by what the fed said. We dont anticipate huge issues in that area of the market. Therefore, we say it is an area to look at now that it has been hit, and look for an area of a good entry point into municipal bonds. Does it worry you that some governments have already started to try to revive new bond yields, that you will see more supply coming into the market . Loreen there will be more supply, and there is always that supply and demand issue, but when we look at certain states, like california, and we look at those bonds, they are very much in demand. People are looking for taxfree income, so i think we will see those being bought up, and people will be looking to that supply. Ome of the the supplydemand works its way through the system. Haidi thank you for joining us. Coming up, the latest on boeing. What the future holds for aviation. Boeing is selling 25 billion of bonds following its worst record quarter on record. The travel ban has davey stated cash has devastated the aviation sector. This is the travel ban has devastated the aviation sector. This is one of many sectors deviating. It is said they are burning through cash at a record rate, and for boeing, that has them going big on bonds. Their debt was sold in seven different parts. Again, it is 25 billion, the biggest issuance for the year, and the seven part feature of it is, according to people close to the matter. Boeing was already hurting even before the covid19 outbreak, but that had a lot to do with the fact that the troubled 737 max situation was just not resolving in a swift time period. Boeing is now betting that its Balance Sheet strength and access to capital is going to get it through these tough times. And then youve got liquidity, along with its plan to cut jobs and production, boosting its stock, from the bond market and their job cuts. Boeing together, with some other companies, finding that this is a way to get liquid. They originally sought at least 10 billion, according to reuters, and they obviously have gone bigger. There was an interesting comment from an observer that youve got a lot of companies now, its almost paradoxical, that companies with little or no income, or like boeing, a very hazy outlook, would have substantial access to capital markets. That is the unique thing going on right now, even though we probably have the worst Economic Contraction in history. We have debt markets that are wide open. Shery the bond market offerings for april rising to a record. Tell us about boeing not being the only company to turn to the bond market. , together with ibm, both pushed box sales this month to a record. It is a credit group, so it is ibm as well as anthem and bond delay. To the market in this latest session. Deals,re also seeking and that pushed Investment Grade sales in the month of april. They were shy of yet another record, and that boeing issuance put it right over the top. This activity has everything to do with the Federal Reserve last giving unprecedented support to the credit markets, and that has made investmentgrade and highyield supply soar. We are expecting to see more companies go to the window in the coming weeks. You. su keenan, thank lets get a check at the latest business flash headlines. Airbus aims to survive the pandemic by tapping into eu rescue packages. The ceo says he hopes airbus will not need direct space support but will take advantage of payroll health for the wider aviation industry. Cashstrapped customers benefiting from state relief are seen as less likely to cancel orders for new planes. United Airlines Reported an adjusted firstquarter loss of 2. 57 a share. Operating revenue was in line with expectations at almost 8 billion, with daily cash burn up to 45 million. United says it is committed for no staff for lows through september and will waive fees on tickets through next month. Lufthansa may sell a stake to the German Government as it struggles with the fallout in return to a dashing return for a multibillion euro package of assistance. In return for a multibillion euro package of assistance. Talks between lufthansa and the government are expected to stretch into next week. Haidi lets take a look at how we are setting up when it comes to this holiday trading session in asia. A number of markets across the region are closed today for various holidays going into the long weekend. Here is what we are setting up for when it comes to futures in australia. We did have the best month on record for the asx, tracking gains on wall street in the previous months. All this optimism that Government Support and Monetary Policy support will continue to push asset prices higher. We also have a lifting of some social distancing restrictions in new south wales, starting today. We see a downside in u. S. Followinghough, comments from amazon and apple on the impact of the coronavirus on their business and economic outlook. Lets take a look at some of the markets that are closed today. We are going to see liquidity thin on the ground with closures. We have futures in japan pointing lower in terms of indices that are trading today. Coming up, we are owing to give you some insight on those apple and amazon results in the Earnings Call with dan morgan. This is bloomberg. Just getting australian pmi coming through on the bloomberg. When we look at the performance of manufacturing that came through earlier this morning, 53. 7. Ropped to 35. 8 from we are waiting for that pmi number at the moment, but in the meantime we are seeing downturns when it comes to australian futures, when they start trading again in the next hour. It has been a holidayshortened trading session and we are seeing some of the downside from wall street overnight. Shery we are awaiting those pmi numbers. Lets check first word headlines. The coronavirus continues to hurt the u. S. Economy, with aliens more people registering for unemployment. Job losses have top 30 million, with 3. 8 Million People signing on for the week ending april 25. The number of claims indicate a total unappointed rate of 22 , highest since the 1930s. However, the rate has an falling, suggesting the worst may have passed. The fed is expanding scope of small and mediumsized lending facilities. Businesses with up to 15,000 employees were 5 billion with annual revenue 5 billion of annual revenue will be able to access loans from the main street main Street Lending program. This follows calls from lawmakers in the Business Community for a wider aim. Western europe is seeing the rate of new virus cases decline, several nations preparing to ease social distancing. Deaths in france rose at the slowest pace in four days with fewer than 400 for tallies for the second time this month. France plans to begin easing into lockdown on may 11, some shots some shops allowed to remain open but cafes and bars will remain closed. Japan ready to extend the virus state of emergency. Says it may be expended to the next month. Around jakarta, the death now approaching 800. Haidi lets get back to our top earnings stories, the biggest tech names taking hit in after hours trading. Apple did not issue a forecast for the first time in years. And amazon warned they may lose money as it spends billions on virus expenses. Amazon was meant to be the pandemic darling beneficiary. Lets bring in someone to help us break down the numbers, dan morgan, senior Portfolio Manager ownsnovus trust, who shares of amazon and apple. From what we heard in the Earnings Call and conversations with emily chang earlier this it is perhaps surprising we didnt get guidance, because any Company Getting guidance is really getting more of a best case guess at this point . Daniel you are right. Cook is like a lot of ceos right now, not willing to put his neck out and give some sort of expectations going into the next quarter. That is why you are seeing the stock move back a little. But in retrospect, it wasnt a bad report. It wasnt close to the iphone revenue, basically they were down 7. 5 percent yearoveryear, but still a pretty solid beat in terms of the number versus consensus estimates. A bad number, but , theyou just said, haidi were looking for, maybe not guidance but just some sort of indication of what they are seeing down the road. It seems they have been very guarded in regard to making forward statements or outlook prognosis, in terms of a lot of things we are expecting from the company. That is why the stock is off. Dan, apple is uniquely impacted negatively by the lockdown and pandemic. Initially, we had supply issues, manufacturing disruptions, that the closure of their stores in china and beyond. And now we are looking at so many unemployed and the impact on consumer sentiment, potentially that hitting demand as well. How all of these headwinds, do you figure what the recovery could look like for apple . Right, haidi. E the key issue Going Forward for apple is going to be their ability to enter into the new market with some of these new phones. On this story with apple in the introduction of their new 5g phone, which is expected in the upcoming calendar year, fourth quarter. You just brought up some really good points, how are consumers going to react to the new phone . Are they going to be willing to spend close to 1000 for this new phone . And we have soaring unemployment, Lower Consumer spending, just got gdp numbers in the u. S. Yesterday that showed that. Is there want to be an appetite for that type of phone and the type of upgrade cycle . Rights the black cloud now hanging over apple, in regards to these concerns. We saw that amazon was wellpositioned during this pandemic. But it seems they are being pressured by logistics, improving deliveries, how big is the cost here, and when will they be able to offset this . Daniel you are exactly right. The Biggest Issue coming into the amazon report is, we know the past quarters that overall expense associated with fulfillment and shipping have been rising at a pace much greater than that of their sales growth. For example, this quarter we saw fulfillment costs rise 34 yearoveryear, and shipping costs were up 49 , compared to sales growth of about 26 . If you think about all these run members paying 119 all these 119 to gets paying shipping, and all the usage of amazon over the past month, you can imagine how that has eroded some of their costs, and we saw that in the past quarter, again. Fulfillment and shipping costs continue to rise faster than sales growth. What about their ad business . There really rely on thirdparty sales. We have seen with twitter today that, although they were doing well, their ad tales outlook really pressured there ad Sales Outlook ad really pressured the stock. They had no forecast on where that would be trending. What is the outlook for these companies and how important is there ad performance . We look at the ad revenue that came in from amazon this quarter, it was about 3. 9 billion. That was up 44 yearoveryear, but it was down 18 when we look at it from a quartertoquarter basis. When you look at these numbers, that coming from amazon and their ad business, and you mentioned twitter. Twitter was very similar, yearoveryear black growth, down 23 quartertoquarter, snap down 18 , facebook down and google down 11 . It is a recurring theme, yes, they might have grown yearoveryear, but from a quartertoquarter basis, we saw a big drop off in advertising revenue not only for twitter, but facebook, amazon, google and snap. Shery dan morgan, senior Portfolio Manager at synovus trust. The twitter cfo spoke to bloomberg after the Earnings Call. We explained why it is difficult to force to forecast ad revenue after 20 spike in march. Two time frames in the march quarter. One was where we were off to a good start, especially in the United States. And lots of great things were happening around the world for us. And for march 11march 31, we saw ad revenue down 27 . Remember, our business really benefits from events, both our customers events when they launch a new product or service, and events that bring people to twitter, where advertisers connect to customers around those topics and events. So as events were pushed out and canceled, that had some impact on us. The second issue we saw is, we are very brand focused in our advertising. Brand advertising tends to be harder to measure and sometimes is less resilient during a more constrained economic environment like the one in which we find ourselves. This is a reminder of how directnt our work around response advertising is and why we have elevated that work to be our priority. What can you tell us about april and what you are seeing . If Facebook Says it is flat, you have to be able to share insights into what we can expect Going Forward . Thoughts give you two about our timeframe right now. The first is, is incredibly dynamic. For us to discern patterns and articulate them may put people in a position where they are making judgments on things that are anecdotes and not data points from which we can draw a straight line. We want to be careful about that. Secondly, we think march 11march 31 timeframe gives people a good glimpse at what it has been like for us to operate in this environment read we already in that timeframe saw advertisers start to pivot to their campaigns, where on facebook instead of advertising quickbooks, they were advertising gofundme for smart for small businesses. Hyundai, instead of trying to sell cars on twitter, they were advertising a Program Helping their borrowers who have perhaps lost their jobs. We have working have been working hard to help advertisers make this hit. Some of it happens quickly and other times it take longer to play out. Emily lets talk about users and the facts the olympics are being pushed back, live sports are tapping. If that continues the second half of the year, does that hurt healthy user growth we have seen . Ned would benefit from topics and events that bring people to twitter, olympic events, march madness, or other events that cant happen or are delayed because of the pandemic. Then there are things like the last dance, which so many of us are watching on sunday nights right now, or the concert that was on television all over the world a couple of weeks ago, which are bringing people together despite this pandemic, or in some cases because of yet, and that our great audience opportunities for us and give us the chance to have a larger audience that we can work with timeuch longer periods of to show them all the other great things on twitter. So we tend to think this is much more longterm than about any particular event and how that might affect audience growth. Haidi that was twitter cfo ned siegel speaking to us earlier ned segal. Coming up, more than 200 treatments for covid19, and we assess the most promising next. This is bloomberg. More than 200 different programs have been launched to develop vaccines and therapeutics to combat covid19. Lets look at drugs and vaccines that could end the pandemic. Lets start with antivirals. They are the drug that fight a virus inside your body. They stop the virus from replicating or infecting cells. There was a recent, promising report of gileads remdesivir. Company says it helped coronavirus patients recover faster from standard care. Meanwhile, President Trump bucket to antivirals used to treat malaria, hydroxychloroquine and chloroquine. They are generics made by novartis, among others. There is limited evidence that they work against the coronavirus. Two trials could have results this month next, vaccines. They are considered crucial to the pandemic, because they create widespread immunity. They also take longer to develop read that is because they must ifven to be extremely safe they are given to people who are not sick. The who says there are 70 vaccines in some stage of development. Companies and development and development include johnson johnson, gsk and inovio. Officials are studying a vaccine made by moderna that is being tested on 45 patients. There could be early results this month or in june. Finally, indirect therapies. They dont indirectly treat the virus but help patients by mitigating some effects, such as difficulty with breathing or severe inflammation. Regeneron and roach are among Companies Making and roche are among Companies Making these drugs. Shery for more on the virus, we are joined by our Bloomberg Opinion columnist. Great having you with us. Even dr. Fauci, the top u. S. Expert on infectious diseases, are one u. S. Trials target, but we saw information in china on trials that show the exact opposite. What do we know at this point about the experimental drug from gilead. I would say the overall news is positive. If you focus on one trial over the other, the one to pay more attention to is the u. S. One. It was run by nih, very well done trial from a prominent organization. And the chinese trial, while it did present results, it was smaller and wasnt able to recruit as many people as it would have because the outbreak was starting to wane there. However, the overall picture of the data, even looking at positive trials, that while this drug to this drug appears to be active in covid19 patients, it is not an not a dramatic one and not a cure, by any means. It can help people improve of them faster in a specific setting. So while it is definitely a tool i hope will be useful, it is not going to be the thing that is going to dramatically change the output change the outbreak and should not change any Public Health decisions or personal behavior yet. Haidi max, we heard from bill gates in a blog post overnight. The headline that came out of it was that he thinks we could get a vaccine in as little as nine months. But if you extrapolate the rest of what he said, he thinks it could be as quick as nine months or take two years. Does that cast into sharp relief just how little we know about how long this process is going and we get there when the data is completed and the clinical tests are done . Max absolutely. That is the right perspective. He gave that range, but even that twoyear timeline would be the fastest production of a vaccine in human history, by a pretty sick fecund margin. By a pretty significant margin. Then you have to think about availability with that ninemonth timeline. What does that mean . Is it something available for emergency use on a limited level, or have you actually solved the manufacturing piece of the puzzle, making hundreds of millions or billions of doses of a, something that hasnt been that wea global level need . At the end of the day, it will have to follow the science and we will have to begin to make mistakes, waste some money, Start Building manufacturing capacity while we are still awaiting local trial results. Otherwise we are going to end up waiting for too long to have a vaccine that is proven to work. The thing to focus on is not that ninemonth s Case Scenario if everything goes right, it is ninemonth, bestcase son rel is right bestcase son cenario if everything goes right, as opposed to being relatively wrapped up in short order. Haidi especially when you cant really get to the bottom of testing, right . Scientists in south korea are virus particles stay in the body for some people who continue to test positive after over a month, and that they cant really distinguish between those and infectious virus particles. What does this tell you about the limitation of testing when it comes to relying on tests in order to reopen economies . Max it says a lot. And south korea, it has been one of the most leading countries on testing broadly and effectively. So the bottom line is, what that tells you is that we just dont know much about how this virus acts in the long run, and it is going to take a whole set of different tests, possibly repeated testing of building, both antibody and regular diagnostic tests. And we are going to have to follow people over time to get a sense of when they are actually not infectious anymore. Are they actually immune over time once i recover . These are questions we dont know the answer to, and until we do, testing is going to be a tool, but not the entirety of the solution in terms of reopening countries or economies. No magic will just yet. Max neeson, our bloomberg son,ion columnist max nix our Bloomberg Opinion columnist from new york. This is bloomberg. Bond markets all but shouted approval is the European Central bank cut lending costs for banks, and kept the door wide open to purchasing bond purchases as much as needed. Kathleen hays has more. President lagarde stumbled at the first ecb meeting. What did she do to boost bonds at the thursday meeting . Kathleen well, it is amazing what reduction of costs of loaning to banks and a pledge to make sure the abc you is doing everything is doing i can to get the eurozone economy back on its feet and do anything it cant to fight the coronavirus. Their Emergency Purchase Program was announced march 18 in their emergency meeting. That is when they set up the 750 billion euro goal, fund by more bonds. Cut lending costs for targeted longterm refinancing operations and innovatively, they added new crisis lending, pandemic emergency longerterm financing operations. Thism line, they are doing to get cheaper borrowing rates, so they can lend more money to companies and households, get the economy going, great jobs, etc. When Christine Lagarde spoke after the meeting, they referenced mario draghi, who said back in the financial classes that he would do whatever it takes, she said she would do whatever it takes lets listen. We are Going Forward fully prepared to increase the size of the pandemic Emergency Purchase Program and to adjust its composition by as much as necessary and for as long as needed. Christine lagarde not surprisingly, is trying to get government leaders across the euro area to spend more money and take more fiscal steps. And we know eu leaders just had this meeting, a couple of meetings, trying to get north and south to agree how to finance the kind of infrastructure spending, all the stimulus that is needed,. That is needed. The question is, will be loans, willoughby grants . Will it be grants . They dont know when she is doing what she can to move in that direction. Haidi Global Economic policy editor kathleen hays. Lets look at the holidayshortened trading session across asia. A number of markets are closed going into the long weekend, and it is golden week in japan. We are seeing downsides when it comes to afx futures going into the next hour, when futures reopen. When it comes to cash trading, it looks like we will see downside after robust gains today, in fact, the best month of gains for australian stocks on record. Upside when it comes to trading in new zealand. And this is what we are watching when it comes to the australian dollar, just a reminder of some of the closed markets we are seeing in asia today. Lots more to come on daybreak asia. Stay with us. This is bloomberg. Stay with us. This is bloomberg. There are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. Weve always believed in the power of working together. Thats why, when every connection counts. You can count on us. Shery it is 7 00 p. M. In new york and 9 00 a. M. In sydney. I am shery ahn. The coronavirus continues to hurt u. S. Economy with millions more people registering for unemployment aid. Job losses have topped 30 million, 3. 8 Million People signing on in the week ending april 25. The number of claims indicates the total Unemployment Rate of 22 , the highest since the 1930s. However, the rate has been falling, suggesting the worst may have passed. Western europe is seeing the rate of new virus cases decline with several nations preparing to ease social restrictions