The u. S. Wrapping up pressure on beijing and it will be interesting what happens tomorrow, when the pboc reopens trade markets reopen trade and that pbo css the daily effects. Take a look at currency. It has been a mixed bag and we are watching the aussie dollar with the bank meeting today. Bank negara could be interesting expecting a 50 basis point cut later today. Are watching dollaryen summit strength low 107 now. Take a look at your commodities markets, brent crude and wti on a rebound today, gaining 6. 5 for wti. On the longest winning streak in 10 days, up for a fifth straight day and u. S. Futures also positive now. We are watching palm oil, back. We will talk about where prices go next. Lets get more analysis on these markets with our Cross Asset Team in singapore. U. S. China tensions again boiling over, keeping a lid on the markets peered what is your take on the applications . The u. S. Will often come out and say things, especially the Trump Administration, and sometimes they want to change the narrative from something or they might want to take the focus off of the pandemic. It will be interesting to see if this actually turns into anything substantive, in terms of policy. At this point it is hard to say how much we should really put stock in any concerns about what the us might do, related to china, because the u. S. Economy is still going to be fragile. To do a lot ofnt things that might hurt the u. S. , and boomerang back if they tried to take action against china. What are strategists saying now about stocks . What is the direction . Got into thewe 2900 range on the s p 500, stocks rally back significantly from that midmarch low. They got into an area of heavy technical [indiscernible] sue had three days now of global stock declines. It looks like it might be a ceiling. Some people like jp morgan are saying the top might be in for the Second Quarter at least. We may not be able to rise again until later in the air. Beyond those geopolitical tensions with beijing and washington, what should investors be focusing on now when it comes to the markets . We had Goldman Sachs and Morgan Stanley economist saying they see signs of bombing in the in the of bottoming con, which would be a huge deal. We have to see if that pattern continues and if companies are able to come out of their lockdown measures. Dayoil is up for a fifth and it looks like it might be getting more study. And we have to see how the next expiration goes because that is when we will have when we had volatility last time. If oil can do better, that might be a good thing for the economy as well. And stocks are still well off those midmarch lows, so things are looking better. The Financial System is looking healthier. We have come a long way from the really dark days. Before wea ways to go of thek to the optimism start of 2020. You, indeed, our Cross Asset Team editor from singapore. Lets get the first word news from new york. The blame game surrounding the coronavirus sees the offshore yuan nearing a record low, four months after the trade deal was signed. Currency trailers are watching washington and beijing throw accusations back and forth, was President Trump raising the possibility of fresh tariffs. Currency traders. The offshore yuan fell to within 1 of its alltime low on monday trading. Lumpur flowing in kuala after seven weeks of restrictions. Indonesia it reports its fewest tourist numbers for a decade, arrivals plunged two thirds in march from one year ago with china and hong kong travelers 96 . Hong kong is aiming to reopen movie theaters and gyms this week as restrictions continue to ease. Opes hearted hissed europes hardest hit nations see small shops opening in spain but social distancing measures remain in place with commuters told to wear face masks. Italy is coming back to normal with trains and buses running after nine weeks of lockdown. Restaurants and cafes can work again though only in takeaway mode. Australia expects the coronavirus hit to drop gdp by 10 in the current quarter, wiping the equivalent of 32 billion u. S. Dollars off the economy. The treasurer Josh Frydenberg says indicators will be worse before improving and respect and retail and hospitality will be the hardest hit. Treasury warning a further sign that australia is heading to its first recession since 19 anyone. Since 1991. Global news 24 hours a day on air and at quicktake by bloomberg. On air and on quicktake by bloomberg. Powered by more than 2700 journalists and analysts in more than 120 countries. This is bloomberg. The hsi in hong kong is rising 1 , currently up. 9 . ,s from carrie lam, the chief executive, who said they are set now to ease social distancing measures. Then the coronavirus outbreak after street protests. We will speak to the ceo of life to star and giftware chain on how his businesses bearing as the economy nosedived. Plus palm oil is a big contributor to malaysia and indonesia gdp and we speak to go Dredge International godreg internationals mistry. This is bloomberg. Yvonne two things to watch cuty, malaysia expecting to rates and indonesia are releasing its First Quarter gdp whether economist forecasting growth of 4 , the slowest pace we have seen since 2005. Palm oil big contributor to both of those economies. What is the outlook . S bring in go dredge Godrej International director mistry. He correctly predicted the slump. Great to get your insights on the Vegetable Oil market. You mentioned before, cruel prices for palm oil. Telus, how low can prices still go and how long can they stay there before we see recovery . Tell us. Short. I used the word cruel, because sure. As of the 13th of january we were in a bull market and prices per ton. Cess of 3100 have broken the 2000 barrier. And we are now getting very close to what i believe is the cost of production, 1800 ring gets. Eight cruel season for palm oil. It has come about for two reasons. , the medical emergency the whole world is facing. Secondly, the collapse in energy prices. This has exacerbated an already sick situation. You are saying we are getting close to the cost of production now. We have a chart that shows perhaps why we are seeing people deterred from going into some of these cleaner fuels, like palm oil. Look at the spread between palm oil and gas oil, that has reshaped fat premium of 250. What is the optimal price level now . How much does this have to narrow up for demand from buyers like china and europe to pick up . Situation, an ideal palm oil and gas oil should be roughly the same price. Then it is a nobrainer and people will switch to using what i call biodegradable biofuels. Sadly, that is not the reality. The government of indonesia, in its great foresight and wisdom, [no audio] you mentioned there are two factors that play into the price drop now. Fromare drawing parallels the collapse and debby ti to what we are seeing in palm oil. , to what we are seeing in palm oil. Coming up we will talk more about the u. S. China trade tensions and the pandemic blame game between the worlds two largest economy economies. Plenty more to come. This is bloomberg. Yvonne the latest on the business flash headlines. Its 22ill reopen 21 of stores in australia, having shut the doors in march because of coronavirus. The target date is thursday though the flagship outlet in sydney will remain closed temporarily for renovation. Apple will also reopen its store and austria but would like customers to shop online as it focuses on tech support for the time being. Hertz is ready to file for bankruptcy if it fails to rework its debt and cannot persuade lenders to extend the grace. On a missed payment. Beenar rental business has hammered by the coronavirus disruption. Hertz has been talking with creditors but is prepared to file for chapter 11 protection which would let it stay in business all it tries to turn around. Rej lets bring back in god International Director mistry. We were having a great conversation before we had a technical issue. In terms of the production picture we are seeing in malaysia and indonesia, to what extent is that production starting to be curtailed when these prices and if these prices continue to drop . You were looking at 1800. Do you expect to secret production start to be curtailed now . Know, i am afraid not. Palm oil is a tree crop. You cannot switch it on and off. And you cannot plant less. You have to harvest and you have to bear the production. This is one of the tricky things about having a tree crop, a perennial crop. So we are in for an increase in production. Remember we had an el nino drought in 2018. 2019 production was affected by that. Now we are in the full season and post ramadan, starting from june and july, we will be in the high season of production. So it have a deadly cocktail of rising production and cratering demand. That is the reason. The market is looking sixmonth ahead and the market has already discounted a lot of that demand destruction. But i am afraid there is still up more room for prices to go down, in order that Palm Oil Comes a compelling proposition for the edible market. I do not think we will get back the biodiesel demand easily. But we may be able to get back some of the edible demand, as the world recovers, as the economies begin to recover. Cheaper,as prices get the subsidy required to convert to biodiesel may also become affordable. Put all this will happen in six months time. The market has to be braced for quarter,at least one and several months of difficult days in the days to come. Tom where do you think the bottom is for prices, taking all that into account . Markets,y in commodity the price falls toward the cost of production. The cost of production for smallholders and indonesia and malaysia is around 1800. I feel we have room for prices to shed. I do not think prices will go to catastrophic levels as in the olden days, because the world is not much more efficient and the worst of the covid epidemic may be behind us so if we look forward to a world which is coming back into traction with mobility and transport coming back to older levels, not immediately but in three to six months time, we should look forward to better days. Probably from the last quarter of 2020 and definitely in 2021. Yvonne and you mentioned the . Mentioned theu unknown demand for biodiesel. The indonesia and malaysia governments are most exposed to this. Can these government afford to push ahead for their owned biodiesel programs, or are they going to have to adjust and making those mandates. Some of the mandates will get abandoned or adjusted automatically. I more faith in the government of indonesia which is determined to make a success of it. Im afraid the whole program may be unaffordable. In malaysia, the less said the better. I think the malaysians have thrown in the towel and said they will look at it in 202020 in 2021. Im afraid the barriers in terms of affordability are now so huge that indonesia will have to compromise and curtail its program, even if they do not officially curtail it, the market as the practicality of the market may force them to curtail the program. World,ere else in the biodiesel programs are getting hurt because of on affordability. The problem is, the culprit is not palm oil. The culprit is crude oil and the beauty i and all that has been happening before that and wti. Yvonne china is restarting its economy. Will that help, oil prices . I am afraid not. China helped pump oil helped Palm Oil Prices to a bull market last year. , the crushing of soybeans and grape rapeseed felt in china by 12 million tons which meant two2. 5 million tons of Vegetable Oil had to be imported. Palm oil was the main beneficiary. But that is history. That happened in 2019. Now the chinese economy is coming back, and that means the chinese crush, where they cross soybeans and rapeseed, in the last several weeks, china has normalized relations with canada which means they will import canola seed from canada for crossing within china. The more oilseeds china crushes and the more oilseed they produce locally, the less they will need to import. Im afraid china from being a bullish factor it becomes a nonfactor or a bearish factor to the pump economy this year. To the palm oil economy this year. Tom what about india . What is your demand for Indian Imports of palm oil . The Indian Economy has been slowing down in the lockdowns have really hit the economy badly. Consumption is falling. To give you an example, in the last three months, india has 300,000 toing about 350,000 tons of palm oil. To used to import 600,000 700,000 tons of palm oil. We estimate in the oil year of 2020, indian demand for palm oil will shrink from 9. 5 billion tons to 7. 5 billion tons. This is a factor the pump Oil Producers completely ignored and overlooked. That is why you saw the kneejerk reaction in the last couple of trading days in the market, when suddenly they found that the indian demand is much softer than they expected. It will come back. But it will only come back at lower prices, and much later, when the Indian Economy begins to sing once again. And that may not happen until the Fourth Quarter of 2020. So i am afraid both india and china do not bring good news to the home oil market. That is a tragedy. You have talked about palm oils link to diesel prices turning sour as well. What is the significance of that divergence . Sometimes in commodity markets, these things happen, and everything goes wrong for a particular commodity. Im afraid palm oil is in that terrible spot at the moment. The pivot to energy has not worked to its advantage. It worked to its advantage beautifully from 2004 until 2012. Demand hashe edible tapered a bit. But, as they say, the seeds of the next bull market are sewn in the current bear market. Are sown. So i have no doubt that in 2021 we will see a wonderful scenario opening up and better edible demand. And the link to buy out diesel coming good. Because i do not think these prices of wti and rent are sustainable brent are sustainable in the mediumterm. These are aberrations in the market we are seeing. Consumers can enjoy them as long as a last. But at some stage, good sense will prevail. The saudis and russians have already started showing signs of sensible behavior. But it will take time. Not immediately, but in 34 monthstime and palm oil will have to bear pain. But for the last quarter of 2020 and, for sure 2021, we will see a better price. We will leave it there. Thank you so much for sticking around and dealing with our tech issues. Lets do a market check. More of a riskt on sentiment on this tuesday morning. On hope of economies reopening, especially in the likes of california in the u. S. That is helping and boosting sentiment. We are watching out for key data, keats Central Banks meeting. The key Central Banks. The rba and bank negara and indonesia gdp out today as well. And the Hong Kong Retail sales picture continues to look quite ugly here. We are expecting a deeper contraction for march, once again. Looking the markets are at going to the headlines from carrie lam, who says, the time has come to start easing some of those social distancing measures. We will see if that entails opening up gyms or allowing more people to sit at dinner at restaurants as well. And we are seeing when it comes to asia fx, a bit when it comes to currencies like the aussie dollar, we also see the offshore rmb a little bit off the lows we hit yesterday. Come, and talking more about the hong kong. Retail outlook. This is bloomberg. Staying connected your way is easier than ever. Youre just a tap away from personalized support on xfinity. Com. Get faster internet speeds with a click. Order xfi pods to your home in a snap. Or change your Xfinity Services with just a touch. All in one place. Youre only seconds away from all of that on xfinity. Com. Faster than a call. Easy as a tap. Now thats simple, easy, awesome. Yvonne it is 1029 in m in hong kong and shank high and shanghai. The philippines is hinting at more virus policy action saying it will remain prudent with that support for the economy. The governor it says benign inflation offers greater import easing though the normal policy lag means it is waiting to see the effect of measures introduced. The bsp lowered its benchmark rate by 50 basis points in an unscheduled move on april 16. Malaysians easing of its virus restrictions means that trial of the former Prime Minister and his role in the 1mdb scandal can resume. All parties have been told to attend court on may 13. Proceedings were halted midmarch on concerns that some members of the defense team may have been exposed to the coronavirus. The defendant denies any wrongdoing related to missing money. The u. S. Treasury expects to issue 3 trillion of marketable debt through june, as borrowing expands given government stainless for the current virus outbreak. The estimate is 320 higher than announced in february, when the treasury was expecting to pay down 56 billion in debt. Is 3 trillion higher. Lawmakers in iran have voted to dump the real within five years with the economy added by the coronavirus, and longstanding u. S. Sanctions. State news says it will be replaced by currency call the toman. Most iranians still use the centuries old toman for general transactions. A 10,000 rail banknote is worth 1000 toman, . 25 in u. S. Currency. Global news 24 hours a day on air and at quicktake by bloomberg. On air and on quicktake by bloomberg. Powered by more than 2700 journalists and analysts in more than 120 countries. I am karina mitchell. This is bloomberg. Yvonne lets do a market check. It seems it is a risk on mood today. We are watching hong kong with carrie lam saying, it is time to relax some of the virus restrictions soon. No timeline yet but we have been seeing more of a positive sign in terms of the number of lasttions and nine of the 15 days, where we saw zero new infections here in the steady. We also have not seen a death in hong kong from the coronavirus since midmarch. Perhaps we could be seeing some relaxing of these measures soon. Theyre looking ahead to the jakarta gdp numbers as well and we are seeing it up from 1 and more of the calming of the tensions when the are seeing dollar rmb. Are still seeing that tensions between the u. S. In china but. Here we are off of the lows it will be interesting to see when markets reopen in china, how the pboc react to come its from china. In australia, qantas want to watch, raising funds to write out the turbulent time. Theyre also freezing there a for project sunrise. Also a decent bounce in hong kong after an upgrade from city, the higher end they say may shine for some of these autos. Citi. W h group saying there smith deal smithfield unit is reopening a wisconsin plant after a threeweek shutdown. Lets take it back to hear. Hong kongs economy contracted 9 in the First Quarter extending the first recession in a decade as that coronavirus pandemic battered the city hit by political unrest. Retail sales are expected to have fallen in march, extending the drop from 44 in the previous month. Ceo of ang in the lifestyle and fashion chain. Douglas, thank you for joining us. I remember when we last spoke to you, you mentioned the impacts from the hong kong protests was a life and death situation. What is the situation like now as we are in the middle of the pandemic . [indiscernible] the protests in the middle of june last year, and then it us been further impacted by the virus while the protests have stopped. I would say we have dropped another 40 from the protests. So it is our second phase of [indiscernible] but we are still hanging on. What can you do to adapt . You have physical stores. Have you had to reduce some of your operations . You mentioned you do not want to lay any people off, has that strategy changed . I am lucky and that we have had [inaudible] some of us have agreed to [indiscernible] and working from home. And the measures that will help the company. Protests, we have had a little bit more summit that it landlords. Landlords we have had more sympathetic landlords. Because of the lack of tourists coming into hong kong, we have had [indiscernible] but we have had it set at that it landlords there. And suitably reduced rents. We have had more help from our landlords this time, unlike during the protests. With ourerall, shopping locations, the landlords have not been very helpful. [indiscernible] around 20 , which is not great. Tom we heard from carrie lam this morning, saying they are now planning to ease up on the restrictions on movement and social distancing. Is that likely to benefit your business . 40 of our business comes from businesses overseas. It really depends on whether or not we are going to open our borders. To really help with when tourists start coming back to hong kong. As far as local consumption, we are rapidly changing our business model, we have seen better uptake on supporting local businesses hong kong people. Our face masks are completely selling out and we cannot take enough of them, because of the fact that we are a local brand. We are hong kong store and we feel there is a degree of support by hong kong people for hong kong businesses. Thinkhink, as week, i this virus is going to affect us. Maybe in a positive way. Lifestyle changes people have had. Tom ok, and in terms of the threat, there is the threat of new protests, particularly when those social distancing restrictions are removed. To get back to a stage where we are having regular street protests in hong kong. To what extent would that damage the Retail Sector . Can they weather the storm if this is coming . It depends on the intensity of the protests. Protests, it was dampened, not as violent as before. So i think for me personally, what is more worrying, is the situation between the u. S. And china. [indiscernible] if the u. S. Holds china accountable for the start of the virus, that i think that would actually affect us more than the protests. [indiscernible] a lot of people are willing to put that into the past, the protests. But in the future is more between the east and the west, more contention. It seems we arent shifting from dealing with the pandemic, to now, once again, fresh wave of protests again. To think businesses can survive this, this ongoing negative feedback loop we are seeing here in hong kong . I do not think we can survive it for very long. We are on a [indiscernible] at the moment. I do not see how the Retail Sector, or the tourism sector, could survive another six months of this kind of unrest and downturn. Douglas, thank you so much for your time. Coming up, hong kong may be sent to relax measures, but most of the world is still treading cautiously toward opening up. We have an update coming up. This is bloomberg. Tom welcome back. Ae white house has rejected government projection that the coronavirus outbreak could accelerate by june, two around 2500 deaths each day. The estimate comes from the centers for Disease Control but the Trump Administration says it is not been presented to the president virus task force. This follows trumps weekend prediction that deaths in the u. S. Could reach as high as 100,000. It seems there is some confusion about these nubbers from the Trump Administration . Rishaad there certainly does seem to be at the moment. The Trump Administration standing by the weekends comments with that confusion also coming from that document, which they call an internal cdc affair. What is at stake here, is the president s guest push for states for to come back to work. That could mean some open up too early and it becomes harder and harder to predict the spread of covid19. Ultimately it meets further uncertainty, as to how much america doesnt suffer. Nevertheless, the u. S. Is losing its lockdowns in places. We have california, allowing stores to sell items like books, clothes and flowers through curbside pickup. Georgia, florida and texas arming far more aggressive. New york city the epicenter of the virus in the United States says its nowhere near ending restrictions. 2500 virus cases, and some parts of upstate new york are reopening. Theres a stark warning come from a leading expert who says we may see the plateau but do not think we know yet what is coming. Getent on to say, do not back into a burning building, and that is where we are right now. Europe, also moves there by some countries to ease restrictions. But later seem mindful about how quickly they should start to ease these restrictions, because of concerns about that second wave. Absolutely. They want to avoid any spike in infections after 120 deaths in europe. The continent itself is in a patchwork manner gingerly trying to get back to work. Restrictions are loosening across the continent. It is really down fundamentally to the spread of the passage. The German Spy Museum in berlin opened its doors. Bars in central rome began opening and offering takeaway services. Unkempt austrians can go to barbershops. Italy, spain, greece, portugal, all relaxing some restrictions and settling down to a new normal. Some restrictions will likely remain in place for weeks or months. You can expect to see face masks as a ubiquitous site with outbreaks varying by severity. We have, according to Bloomberg Economics, the Economic Impact likely be uneven. Germanys gdp expected to fall 5 this year. The shock could lead to a 13 contraction. Terrible pmi numbers, the markets index showing a record low in april and job cuts the starburst the sharpest since 2009. Grim numbers could drive calls on governments to move more quickly to lift restrictions that have caused huge damage to business and livelihoods. Et al is to politicians is to get economies back to normal without risking a second wave of infections. Risk another round of destructive shutdowns and who knows where economies would end up . Yvonne certainly a dilemma. Baby steps for now. That not researchers continue to debate how fast a coronavirus maxine may be available. How fast a vaccine may be available. Japan says President Trumps claimed that it could be this year is to soon. It is possible but it is going to be extraordinarily ambitious and challenging. President trump is right that it typically takes many years to produce a vaccine. For many vaccines it has taken 10 or 15 years. Or longer. To compress that to the stated 12 to 18 months stated by the u. S. Is extraordinary, but to set a target of having meaningful quantities of vaccine by the end of this calendar year is really, really extremely ambitious. I do not think anyone can guarantee this will happen. The industry is doing eds very best, as wellvery as the regulatory authorities and scientific community, to make that happen. Is looking to develop a vaccine in partnership with others. You have a platen a plasma business youre going to direct toward cover 19 treatment. Explain why you would do that given that there are some of the vaccines out there . Covid 19 treatment. And they are not making money for the companies that define one. That do find one. That is right, this is the reason we decided not to start our own vaccine to velvet program. Deck Vaccine Development program. There are over 100 entities trying to make a vaccine so we felt our role is to partner with one of these companies who have shown that there vaccine is safe and works and bring the manufacturing of the vaccine into art japan manufacturing facility, where we have a lot of experience making vaccines for the japanese population. We would like to do that for japan at companies and countries outside japan. On plasma it is a different story. We are one of the largest plasma product manufacturers in the world. We decided early on to take this capability to produce a plasma formulation that has very high antibodies against the sars covid to virus, the ones that causes covid. We are attempting to get people who have covid illness access to the antibodies that their bodies will not develop for two weeks or longer. It is taking a loan on those antibodies, so you can use them to treat the onus today, in hopes dashed to treat the onus today, in hopes it will be less severe and that will not last as long and you make a home more quickly. This is still in development and we hope you will have the necessary data to show efficacy and supplies by the end of the calendar year. That,ow sustainable is given that it relies on people with the antibody to harvest those from them . And then concentrating them into sufficient dosages that you can give people that have it, who are going to be affected . On what kind of scale can this be done . Great question. This is critically dependent on having access to enough people who have recovered successfully from covid illness and are willing to donate plasma. You need to have large numbers of people donating to treat large numbers of patients. The unfortunate circumstance with the pandemic is that every date more and more people are infected so the pool of potential donors is expanding. Now it is a matter of letting those people who have recovered know that they have an opportunity to help other people, by donating plasma to this process. I would be remiss if i did not mention what tom hanks said a few days ago after he donated his plasma to help others. He said it was as taking a nap. If you can take a nap and help save someone elses life, i think that is a great thing. That was the president of takedas global vaccine business. Up, indias first year freedom from its lockdown. We will have the latest on indias latest parcel lockdown easing next. This is bloomberg. Tom welcome back. You are watching Bloomberg Markets asia. Indias firstd day of freedom from astringent lockdown as workers clash with police in the west. Lets go to mumbai. Door brawls outside liquor shops. In new delhi there were clashes with police. There were brawls. To what extent could this affect plans to reopen the economy in india . Cast was thend theme in various parts of the city. The Migrant Workers and daily wage workers have been demanding to go back home but they were struck because of the 40 day long lockdown. Now when the lockdown has been extended by two weeks, they really feel the need to reach home. Classesry violent happened that clashes onened that at surat, of the largest Diamond Centers in the world. Police used batons and fired tear gas to redisperse the crowd. The government is saying theyre starting special pains to ferry them back home by the process is long. They have to check that the Migrant Workers will not have the symptoms before they board a train. This is a process which is very tense and the government is making an effort to cool down the process. It comes to the market, we saw a huge selloff yesterday during mondays trade. What can we expect today . We were coming off from a high as well. April was the biggest month of gains since 2009. But you see a lot of risk off mood around the world, given what is happening between the u. S. And china. And given that we have extended the lockdown by two weeks, so there is that in the market. The signs we see today is that people are waking up to the reality that the relaxation would start coming in phases. Wait for ao this stimulus from various sectors but the government still have not opened up their cards of what giving the other sectors. So there is a wait and watch now with people. We might see a zero sum game but they will not tell you and we hope we do not see a very sharp downward trend. Are equities reporter joining us with the latest from mumbai. Blackstones potential investment in developer soho china is said to have stalled as the coronavirus makes it difficult to assess the business outlook. Discussions halted amid concern about arranging financing, however sources tell us talks were at an early stage and could resume once the virus turmoil has eased. Soho china slumped the most on record, following the bloomberg report. Selling plans to resume august 1, becoming the first major operator in the americas to outline a return to the sea. Carnival row restart initially from texas and florida, with fares as low as 28 per day to entice customers back. The cruise industry shut down amid march in midmarch when coronavirus had trapped passengers on board, some of whom. Died for rock some of whom died. Ferrari says its order book romaines strong even though italys lockdown has shut facilities and may mean its order book is strong even though italys lockdown facilities. Ferrari decided to lower its fullyear guidance so even the most iconic brands are feeling pressure. We see pressure relief in the markets today. It seems optimism that economies are reopening is lifting the mood we saw monday. So we are seeing, 1 gains across the board when it comes to asia. The philippines, australia, malaysia. We have a big centralbank decision from australia and malaysia today. The dollar taking a backseat as well. We are seeing modest gains for asia. Aussie and our and beat we are seeing gains but we are off the lows from the last 24 hours. Bonds a mixed picture but crude having a good day, a fifth day of gains for old prices. Thatit seems we are past blip, the negative price last month seems to have been a blip in terms of wti. Coming up, ig asia Market Strategist seeing u. S. China trade tensions capping further gains. Mix dont miss our theusive interview with ninja start up ceo. Stick around for the interviews. This is bloomberg. 49. 50 daddy, i found you good job. Now im gonna stay here and you go hide. Watch your favorites from anywhere in the house with the Xfinity Stream app. Free with your xfinity service. Now any room can be a tv room. Stream live tv, on demand shows and movies, even your dvr recordings. Download the Xfinity Stream app today to stream the entertainment you love. It is almost 11 00 in singapore, 8 30 a. M. In mumbai. Yvonne we are entering the last hour of the morning session in hong kong. Trump threatens a fresh round of tariffs on china. The coronavirus blame game seems the offshore renminbi approaching alltime low. Oil heads for his longest gains in nine months. Unsigned they might finally be training the global glut. Yvonne they suspend more flights amid the virus. We hear from their ceo. This is Bloomberg Markets asia. Tracking gains in the u. S. Oil up for a fifth day. Up 77 since april. Quite a run for the oil markets. Rising tensions between the u. S. And china may put a lead. The hang seng up by half a percent. By plans tofted east social distancing measures. Shrankong kongs q1 gdp 81 . The taiex up by. 3 . 200 index up by 1 . The oil rally giving it a boost. Other Energy Shares are lifting the asx higher on rising oil prices. Separately finding ways to outperform. We are awaiting the rba decision. As australia eases on its lockdown. Flip the page. In terms of Southeast Asian stocks. Among the gainers today. Watch indonesia gdp. Due out later at the top of the hour. Sincetes of the slowest 2005. Onestors pretty much focused the rate decision, likely to cut rates. Plenty of data due by the end of the day. Yvonne we are expecting a bigger cut from bank of car later today. Thailand is playing catchup after markets were closed yesterday. The we are losing steam and the stock rally so far in the session. Take a look at currencies. We are seeing a little bit of resumption of strength for the currency for the renminbi. 14 threshold. That 7 within 1 of the alltime low. The aussie dollar seeing some gains. We are seeing asia, modest gains. With the rupiah and the ringgit as well. Ahead of the central bank meeting. Indian markets. It was quite a selloff yesterday. The nifty falling 6 . We are seeing at least nifty futures in singapore pointing positive. Toward the end of the close yesterday we saw a bit of buying. Could beentiment better but we mentioned the violence on the first day of these lockdown restrictions easing a bit. With Migrant Workers. Police called. That was the focus today. The rupiah, we saw weakness to close. To the first new words for me first word news. We start in hong kongs that will east social distancing. It the time has come to relax some rules but refrain from saying when. It follows a return to work for Government Employees monday. And reports that hong kong will lift world for public gatherings to four gatherings. The philippines is hinting at more virus policy action saying it will remain prudent in its support for the economy. The governor says the greateration offers room for easing. Although the normal policy leg said that it is waiting to see the effects of measures introduced so far. It lowered its pence march rates on april 16. Of viruss easing restrictions means the trial of the former Prime Minister in b scandal can resume. Proceedings were halted on concern that some members of his defense team may have been exposed to coronavirus. He denies any wrongdoing related to the company. Venezuela says two americans have been captured after a foiled invasion attempt. A group of mercenaries across the border from columbia and eight people have been killed. A former green beret told zero g he tried to overthrown Nicolas Maduro and the operation is continue. Claims to have 50 mercenaries on the ground in venezuela. Onbal news 24 hours a day air and on quick takes. Powered by 2700 journalists and analysts in more than 120 countries. This is bloomberg. Senior white house official has further stoked tensions with china warning beijing it faces a populist backlash over free speech and repression. We cross to selina wang. We have seen more of this antichina rhetoric from the u. S. What is the significance of this speech . This speech was given by the Deputy National security adviser has become a key architect of the hardline approach to china. He gave this speech in mandarin at the university of virginia. Clearly directed to the chinese people. References, he suggested that chinese suppression could eventually cause an uprising. With the student uprising that laid the groundwork for the communist party foundering. Benefit fromng to a little less nationalism and a little more populism. He warned that beijings efforts , including thecs doctor who sounded early warnings over coronavirus could backfire. There is a tension between washington and beijing heating up over the origins of the pandemic. Likelying, his speech is to be viewed as the latest example of growing u. S. Hostility towards china. Beijing considers this kind of support for dissidents to be meddling in domestic affairs. And part of a broader american effort. To undermine the ruling party. Adding to that hostility, President Trump a fox news interview. He says that tariffs were a punishment for chinas response. What are the chances that will do so, impose tariffs . During that interview, trump threatened to withdraw from the trade deal with china. Point in the trade deal, which only took affected mid february, they are falling short on the number of fronts, including large agriculture and energy purchases. Despite the rhetoric, it could all be taught. The Trump Administration has been hesitant to ramp up pressure or back away from the deal altogether because the reality of the situation is that the u. S. Was on strong economic footing. Covid, ithe american would be much harder for trump to justify a trade were politically and economically. This economy is cratering from the death toll and job losses. The death toll nearing 68,000. Millions of americans losing their job. Starts that tariff war, it risks hurting businesses that are suffering from the worst recession since the 1930s. At the same time, trump is facing pressure to take some kind of action against china. The Pew Research Poll showed that two thirds of americans have a negative opinion on china. That is the most since they started the poll in 2003. Selina wang, our china correspondent in beijing. Theexclusive interview with head of Southeast Asias fastestgrowing but just as company as it looks to expand amid the pandemic. Ceo tells us where he 280 million from its latest round of funding. Yvonne just ahead, we talk market streaming strategy singapore as they plan for the reopening of ages economy. This is bloomberg. Markets heading higher in the region following a late session advance on wall street but global stocks began the week lower for a Third Straight session. Thestors are weighing tensions between the u. S. And china, fears of a second wave of virus infections and that eco data. Asias bring in the ig Market Strategist. We started off may with a rough start so far. It seems like it is mostly about the u. S. China relations and the rhetoric ramping up. Be noise orikely to something is returning to be more of a risk factor for market . Thanks for having me today. New surpriseto the in terms of the renewal of this tension between the u. S. And china, i think it has been it isite a bit of a uncertain as to whether this may be transitioning. A timeaking place during where there is economic damage to the economy already. Not to mention, consumers more trade barriers being arrested. That will not be a good situation. ,t is a little bit uncertain but i think as far some rhetoric is concerned, the new risk that it is a little bit of a risk for the markets. Seeingre, not surprising the markets positioning defensively. We are recommending that as well. Yvonne Chinese Markets have been close. How do you expect when things reopen, how will markets react to the latest headlines out of d. C. . We have seen that spike and dollar china. We will see the pboc try to limit the client . Or will we see a rapid depreciation . The market, i think that it is a little bit of a that the pboc might be looking out for. At the same time, given the situation we have particularly given how the rhetoric is aggravated over the weekend, i think there is going to be expectations to see limits. Against the u. S. Dollar. Definitely the situation, the pmi, is globally positive as well. They are worried how the u. S. China trade tension will i think that is where the concern lies. Bit of aas a little waitandsee to how they might react. If the rhetoric comes through, there is a little bit of this tension brewing. The equities markets have pretty much been well supported by unlimited stimulus. How long can unlimited stimulus provide the support when you see markets factoring in fundamentals which are not looking good . I think this is a great question. With regards to how much the government is pumping in over three dollars trillion. Really very expensive. Markets are anticipating and pricing in asian markets across the spectrum of hong kong , getting ahead. Following after china. And singapore. By june you will find the markets starting to reopen. I think definitely there will be an expectation that things carryon there will be more concern. And feedback from the Economic Data is unlikely to show signs q3 is what wet to are expecting. At this point in time the market is writing a little bit on this reopening expectations. I think we have to look at valuations likewise. The rise in prices. Outlook is not so much so positive. Things look a little bit expensive to where we were. As we move forward, as we continue to define the expectation that things have not taken too much of a positive trend, despite the reopening, that is when the are going to sink and i think the buyers are going to lean more towards the dollar side. Volatility is earnings in terms of weakness. Haslinda you talk about the downside. Half asian markets bottomed . Is it time to be fully invested or still too early . I think we have seen the market itself in my opinion after the initial shock we had throughout the march, i think that may have been the bottom. Perhapsxpectation that and terms of the economy, as the lockdown and restrictions will come into play. Dealingorward i expect more with the w shea. W shape. There is weakness setting in. Over and above some of the risk of researching the covid19 a resurgence of the covid19 cases. That really addresses the issues. To control this issue. This highly Infectious Health concern. Across the globe. It will be something that will be a prevalent issue. A little bit of the market situation. Not to mention lost income. And across some of the key sectors. Tourism. These will take a long time to recover. Pretty much i think the situation is a little bit of uncertainty that is still lingering. For markets across asia. Further volatility ahead. Yvonne youre recommending a state offensive right now. What does that mean . Recovery has been led by value stock small caps. What you recommending to clients right now . I think a lot of what we are looking at is perhaps more on the defensive end. Situation, from the bottom itself. It is really good on the reopening hopes. A lot of investors wanting to with on the recovery regards to some of the cyclical stocks. More internally focused. That is a positive sign for them. Overall, i think the situation itself does recommend more caution. With regards to defensive stocks, even though prices itself for example if you look perhaps the cyclical side looks more competitive still. Given the earnings outlook situation. Across the region, definitely looking toward some of these utilities, for example, and not to mention some of the tech stocks. Strategy prices change a little bit around the situation. Due to covid19. Definitely, just really, just a more cautious. Thank you. Joining us there from singapore. Hong kongs economy slumps to its worst ever contraction as politics and the pandemic push the city deeper into recession. What is in store for the rest of the year with popular unrest . This is bloomberg. Hong kongs economy shrank by the most on record in the first three months as the impact of the virus added to an economy already pummeled by political unrest. Stephen engle has details for us. We said saw the economy contract first through two straight quarters last year and now the drop of 9 . This is worse than thought. Rd straightthe thi quarter of contraction. 8. 9 . Hong kong has had a few crises over the last few decades. In the late 1990s, you had the Asian Financial crisis that coincided with the handover of hong kong back to china. And there was a contraction then. There was a Global Financial crisis in 2009 in the First Quarter. A contraction of 7. 8 . This is the worst, going back to data as far back as 1974. Sight,s no really end in because the, once the virus and the pandemic has eased, as it is showing in hong kong, you have the other headwinds wearying their ugly head as well. The protest offer a lot of potential uncertainty for the second half of the year. Bloomberg economics expects the recession to extend well into the second half, leading to an even bigger fullyear contraction this year then Bloomberg Economics had earlier forecasted. We heard yesterday from the financial secretary saying that we could see the worst fullyear gdp on record for 2020. With a contraction of up to 7 . Last year we saw fullyear contraction of 1. 2 . That was pretty bad given the seven months of protests. If we are looking at a positives possible 7 contraction, it is pretty dire for the hong kong economy. Domestic, or i should say fiscal stimulus can not overcome all the different drags on the economy. It can put a floor to the vulnerable industry sectors. When you have Domestic Household spending down 10 , investment down 14 . Exports down 10 . I can run through the litany of factors under pressure. It will take a while to bounce back. Haslinda there is some good news. Carrie lamxecutive this morning easing of social distancing restrictions may be a minute. Listen to what she had to say. Strongly, andery also echoed by many people in society, that the time for some relaxation, for some lifting of the restrictions we put on me. Ial contacts has co haslinda what is likely . Any details . She did not give a time frame other than to plead for patients and some sort of restriction easing could come imminently. That is according to local media. That could meter reopening of movie theaters, gyms and beauty parlors. Basically doubling the social distancing rules that only allow ut people. Of fo that opens up on another dilemma for carrie lam. It could facilitate a larger return of the student protests that have already started to happen. There is a big protest call for sunday. Retail sales live another barometer of the economy later today. We are expecting a drop of 48 . Just want to bring in konglines on the hong dollar. We are taking a look at the onemonth high. Down from 20 basis points. That is the lowest we have seen since april of 2018. That is why weve seen that weakness in the hong kong dollar after we saw that strength and getting close to the strong and of the band recently. We have seen them intervene. Weakening the most in five weeks for the hong kong dollar. At a sixweek low against the dollar. Plenty more coming up. This is bloomberg. You are looking at a down pizza singapore as the country continues to grapple with the virus. Hybrid tradingk at a p ratio of 10 versus 12. 5 for estimated earnings yesterday. Of, all the other economies reopening. Singapore is hoping to reopen after reduction in cases but a couple of things need to be met. And needs to see a decrease in margaret worker cases. Reopening measures would start pretty small and pretty selectively. 9 in line with the rest of the region. 11 30 a. M. In the lion city. Lets get the first word headlines. Lets get to that. We take a look at the u. S. China trade tensions. The blame game surrounding the coronavirus. The offshore renminbi nearing a record low. Four months after the trade deal was signed, currency traders are watching beijing and d. C. Her accusations. Trump raises the possibility of fresh tears. The fresh tariffs. Europes hardest hit nations are starting to ease restriction with small shops reopening in spain as fires cases decline. Social distancing measures remain in place. Commuters told to wear face mask. Italy is coming back to normalcy. With trains and buses running again after nine weeks of lockdowns. Restaurants and cafes can work in takeaway mode. The u. S. Treasury expects to 3 trillion. The estimate is higher than announced in february. When the treasury was going to pay down 56 billion of debt. The increases driven by expenditures to help people and businesses hurt by the pandemic. Australia expects the coronavirus hit to drop gdp by 10 . Quilted the equivalent of 32 billion from the economy. Indicators will be worse before improving. Retail and hospitality will be the hardest hit. The treasury warning it is a further sign that australia is heading to its first recession since 1991. Ran to dump the real. It has been the official unit since the 1930s. But most you still use a centuries old currency for most transactions. The pandemic has affected industries on a global scale. Ecommerce Logistics Market is no accepted but that has not stopped ninja van to become one of the few scoring new funding. It is benefiting from a spike in orders while coping with an economic fallout on lockdown. Lets bring the cofounder and ceo, good to have you with us. Give us a sense of how this pandemic has boosted demand for Delivery Services and where in Southeast Asia are you seeing the biggest growth . It would be inaccurate to say that we have seen demand all across, we are seeing a small increase in overall demand. The growth is uneven. There are some sectors we are seeing a drop in demand. And other sectors, for example, we look at personal wellness or gym equipment. Those sectors have seen a spike in demand. And dry goods. Quite strong growth. You just raised 279 million. How are you planning to use this fund . That the culprit scenario will be very helpful because it is interesting how the dynamic has changed. Ecommerce used to be a small you would have to focus on it. This has changed what we expect to see. There is a renewed focus on ecommerce. The strategy becomes very important. With this renewed focus, we think this is an Inflection Point for ecommerce in Southeast Asia. Huge growth is expected. A lot of Capital Expenditure is required to continue building up our conductivity. In addition to that, what we also see is quite interesting is the whole resurgence of the consumer trend, where brands, retailers, influencers want to own consumers. We believe we can help them do that by collecting items for them. We are moving into a state that hopes with the micro supply chain. With the millions of entrepreneurs in Southeast Asia. This will be a very interesting endeavor. Will deploy our capital there. Haslinda technology is key. Are you looking to acquire or develop your own . I do not think we are allergic to any acquisition. Most times what we are seeing is that the technology you acquire, and lets you need it immediately, it is very expensive. It is possible. We would like to focus on what is possible for us. We build for the longterm. This is a much longer strategy. Companies picking up we would like to build a lot of it ourselves. Thank you so much for joining us. Fundinge size of this round, what can you tell us about the companys valuation at this point . Have you reached unicorn status . Im afraid when it comes to valuation, it is something on an internal basis, we do not discuss that. Where we are and where we are going to go. A number is just a number. It means very little. It focuses people on the wrong thing. The number youre asking for is 1 billion. Truth be told, we fight very hard to get people not overly focused on numbers. I do not tell people. Internally or externally. We should not be focused on numbers. We grew the highest year on year. We are in different markets. The valuation is nothing but a number. Yvonne valuation is just a number. Tell us more about the business. You are profitable and half of the market to cover. You still need time to be solidly profitable. What is the blueprint for that and what does that mean when it comes to the cash flow front . On the cash flow front we are flat. Institutional investors, which are very wellfunded. They are not overly concerned on cash flow. We are always prudent in cash flow. We do what makes sense. We do not chase the newest and shiny thing. Money as well as possible. I wishly a lot of i could tell you it is a lot of technology but the reality is we have focused on building the best technology available. Providing the best operation and focusing on the people in the business. Hq all away down to the driver. The whole way we run the company is to focus on a very robust organizational structure, very clear and focused. And we employ technology to help us. I wish i could give you a magic bullet that will allow us to become solidly profitable. I think it is prudent and focused. When you have operations in south east indonesia is key. It is a huge market. The internet economy has grown 50 a year. What is your plan for indonesia . Are planning indonesia is we believe it will grow. But we believe in growth in our other countries. We do not think the trajectory is different. What is different is the shear size of the population. Business is our going to grow in that way. Given that indonesia size, it requires half our effort. We have half of our resources and indonesia. Any plans to go beyond Southeast Asia . I go back to prudent and focus. It is a great metric. But we focus, Southeast Asia is where we are place. That is where we understand. In Southeast Asia is where we will stay. Yvonne staying in Southeast Asia for now. It is getting to be a crowded market when it comes to logistics. Singaporeompanies in and indonesia. As we get a little more efficient in the market, how do you maintain those margins . And the hardest part, how do you keep that boosted Revenue Growth . Is aeping margins high, it function of competition but a function of our clients. You have a few big clients. We push pricing to the bare minimum. Get efficient and continue upgrading. It is a function of competition. But you look at competition, this is of scale. This is a business of relationships. It is not a business of magic bullet from the technology. It is a lot of hard work. Deploying technology in the right places. This means it is not a winner take all market. Many people make the mistake of thinking an economy or an industry is a winner take all market. They spend tons of money trying ititalize the market is a market which should have a few players operating, not one but not many. I think understanding this industry is important. Our view is strongly that this becomes an industry there is no point trying to kill off everyone. Everyone should be consolidating to the right level. Playing together with a few competitors. Not to undercut each other but to provide the best service you can at a profitable level. That is what we believe in. That is the strategy we are taking. Competitors, as you mentioned they keep us honest. They keep us innovative. We hope they all Grow Together in the industry. Yvonne final question. Any plans to go public . Is that something you are looking at now, is it a Company Priority . Is to bempany priority solidly profitable. Goingthat point comes, public is always considered. In many ways there is the reality of it alls that the Company Fundamentals are strong. And we have the option of what happens tomorrow. Yes, i think all options are on the table. I think right now solidly profitable is the byline of what we focus on. Yvonne all options on the table. Thank you so much for your time. Nhat was the ninja va cofounder. Casht says it has enough to last until next year in a worstcase scenario. Catch our interview with the sina weibo alan joyce. This is bloomberg. Qantas is raising mark esper cutting more flights. Also it helps to restore some services and short notice. Ceo alan joyce told us how qantas can keep going. The worst case which we think is unlikely is that the market continues where we have 5 of a domestic operation flying today. In 1 international. If that were to continue indefinitely, we could survive until the end of 2021. I should say, that is with the current financing we raise. Ofhave another 2. 7 billion aircraft for additional financing. If those conditions were to continue. Moneyld have to borrow against those aircraft, we could lasted to 2022. We do not see that happening because we see very positive signs of the domestic market going global. Market, thebiggest most profitable, the biggest cash generating market. Confident that we have the liquidity to last for a very long time. You are absolutely right. If it was to continue in Current Conditions we would have no work for 25,000 employees. When domestic comeback siu will be activating those employees. When domestic comes back, we will be reactivating those employees. You mentioned domestic. With the collapse of virgin to is qantas positioning take advantage of the gap in the industry . They were a number of interested parties in taking virgin out of administration. We are planning to have strong competition in the domestic market. And a fullntas server serves on the best lowcost carrier, is wellpositioned to compete with the new emerging virgin. We think as domestic business comes back we will manage the business with cash. We will put as many aircraft cash positive back in the air. Attractive air fares and the domestic markets to stimulate the tourism industry. Give people traveling and visiting friends and relatives. Pentup demandis because people have been locked down for some time. They want to visit their families and go on holiday. Because the domestic market is safe. And low levels of covid19. We think there will be a pentup demand for that. We are well positioned to take advantage of it. It is an opportunity for qantas given his strength, the strongest airline in the world. We have the best level of liquidity, the lowest level of cash burn. And we think we can take shares domestically and international. When do expect consolidation in the sector to take place in will you play a role in that . We have always been keen on consolidation. It is harder in markets where there is restrictions on airlines. Markets in the asiapacific were a lot of governments have involvement in the airlines. They diding that if exist, qantas is wellpositioned to take advantage of that. We will keep an eye out for those opportunities. What does qantas look like after this, when we get through coronavirus . Where does the what is the airline end up looking like to you . For 2020 12021 will be different from the qantas from 2019. The International Market will take some time to recover. We know we have to look market by market and work out what recovery looks like. We are in the process of doing that. We have not met made any calls on it. Whether we bring back the 747s due to retire at the end of the year. That is unlikely. We are maintaining flexibility. A380s it depends on how the United States and the u. K. Cope with covid19. Markets there may be opportunities for australians to go overseas. The asian markets we have had in asia, and how they respond to this. At the moment we are keeping flexibility open, keeping everything on the table. We have made a decision to delay projects sunrise, which was our fleet we were looking at ordering to fly nonstop from australia to london and north america. In different circumstances, we do not think it is the right thing to do. Yvonne that was alan joyce. Business flash headlines. K cofounder adam neumann is suing softbank. Is the top investor and newman says softbank is relying on legally faulty pretext to renege on the deal. He claims softbank was secretly undermining the purchase despite claiming it was completed. Ertz is ready to file for bankruptcy. Business has been hammered by coronavirus disruption. It has been talking to creditors but we are told it is now preparing to file for chapter 11 protection. It stay in let business while it tries to turn itself around. Apple says it will reopen 21 of 22 stores in australia. Having shut the doors in march because of coronavirus. The target date is thursday. Although the flake ship outlet in sydney will remain closed for renovations. The flagship outlet in sydney. It also will open a store in austria but would like customers to shop online. Coming up, a look at the key eco data due from asia over the next few hours. We will look at the case for malaysia making its next rate cut, the deepest in a decade. This is bloomberg. Two asian Central Banks. The wall in the ready to cut its key rate the other expected to hold steady as the economy heads for its first contraction in 28 years. Our global editor Kathleen Hays is here with the preview. Lets start with the rba. . What is expected the reserve bank of australia is not expected to take further steps. Lets put this in perspective, because they have already done a lot. Along with the australian government. The central bank, they have delivered fiscal monetary injections worth 16 of gdp. That is certainly a good big down payment. And more portly, the reserve bank of australia introduced yield curve control. They purchased 50 billion of state and federal bonds. Goal,re achieving the keeping the three year bond. 25 . Tethered to one thing people are looking for. It is not going to cut the key rate again. 20. With the economy slowing down so much, they are expected perhaps to talk about the economic outlook. Of course, the big Monetary Policy meeting is thursday. Today, not too long from now, the treasury secretary speaking. Saying he thinks that growth will contract by 10 in the Second Quarter. Definitely there is a dark cloud hanging over australias economy. Overso much uncertainty what happens next, both are expected to hold steady for now. Haslinda the rba expected to hold steady but bank nagara may cut its key rate for the third time. Yes, by 50 basis points. 25 basis points cuts in a row. The leger gdp will be down 6. 7 in 2020. Malaysias gdp will be down 6. 7 . Look at the chart here so you can see what we are looking at in terms of these rate cuts. See bank nagara has move aggressively but they have Important Reasons to be doing so. Of course, with the economy looking to slow so much. Of course, they are not just dealing with coronavirus. They are looking at the oil prices. Malaysia exports oil. It is something that is also weighing on the economy. And, of course, bank nagara has taken other steps as well. The economyping with a sixmonth loan moratorium and financing for small businesses. They decided to open up the economy. That could help them as well. Yvonne we got also indonesia First Quarter gdp. How is that looking . Pretty rough. Quarter gdp for a lot of countries, the numbers were getting weaker. But not as weak as they are expected to get in the Second Quarter. Is falling to 4. 4 yearoveryear to 5 in the last quarter of the year. Of course, there are already the coronavirus hitting consumers and businesses, their retail sales have weekend. Consumer confidence weaker. All of this is expected to way more on the future. One more thing. Manufacturing pmi yesterday. In april. Anything below 50 means contraction. Indonesia has some red flags. This report will not be so bad yet. Yvonne Kathleen Hays. Just a reminder of those key data as well. Central Bank Decisions happening in the region today. Look out for the rba next on the pipeline. 12 30 for that decision. An 3 00 p. M. Is malaysias turn to set policy. This is bloomberg. This is bloomberg daybreak middle east. Fromf global fatalities the coronavirus surpassed a quarter of a million. The s p optimism pushed 500 equities higher. Oil is on the highest run in nine months. Bank of australia is expected to keep the cash rate unchanged. We will give an update of the economic outlook. B