Glut remain. Uber shares rise as it says it is emerging from the virus lockdown. Are getting breaking news crossing the bloomberg when it comes to the new zealand budget. The budget deficit of new zealand at 2. 6 9 billion kiwi dollars 2. 69 billion kiwi dollars. The march balanced budget is just about 4 billion less than forecast. Annette net crown debt has risen dated march 31. That headline number a shortfall of 2. 69 billion kiwi dollars. We know the new zealand economy is better prepared than most in terms of dealing with these extraordinary Monetary Policy decisions, and the fact that the country went into a very strict an early monthlong lockdown, and it has only just emerged from that. We heard from vr begins at talking about how estimates of gdp for the period from the rbnz for the period. 2. 7 billion kiwi dollars, shery. Shery we are seeing u. S. Futures Holding Steady as stocks rose. We have more positive sentiment that u. S. And chinese trade negotiators could be speaking as early as next week. Investors shrugging off jobless claims, which topped 3 billion for the past 3 million for the second straight week. The s p 500 was let higher by energy and financials. Banky interesting that stocks to find the move and treasuries. You can see two year yield plunging to a record low. The nasdaq composite turning positive for the year, wiping out losses as much as 24 . Take a look at what oil is doing for the moment. It is still at the 23 per barrel level, but we had a really wild day in price swings in oil. We saw them wiping out earlier gains of 11 at one point. There is still a lot of concern over the market glut. Chineseop u. S. And trade officials speaking as early as next week about progress of implementing the phase one trade deal. This comes after President Trump threatened to terminate the agreement if beijing was not sticking to its terms. Emily wilkins joins us from washington. We were expecting trade talks to happen at some point because since the signing, it is already going to be around six months. It is happening a little earlier than scheduled. Emily yes, this is an announcement we heard today from the white house that these negotiations could happen as soon as next week. Its interesting, the u. S. And china, their relationship has been more tense recently. Top officials in the trumpet ministry should have criticized china over the coronavirus and over their handling of it. You have seen china respond to those criticisms. This announcement that the trade deal is Going Forward seems to indicate that there is still an amount of willingness for the u. S. And china to continue to Work Together at this time. Emily, in terms of what we are seeing as to the progress being made with regard to how the economic opening up might come through, we are getting more and more devastating data with regards to the impact on the labor market. Do we have more consensus as to when and how states are going to open up and what the white house says about this . As states begin to open in response to concerns from the residence that they have been inside for too wrong, that the economy has to started, on the other hand, you have seen governors extend the deadline. You so that today in michigan with Governor Gretchen Whitmer extending the states lockdown until near the end of may. The are also seeing some concern from democrats today that there elite a copyd guidelines on how businesses should reopen. There is criticism that the white house should have released that guidance. The white house said the guidance was to grade your grandeur, and they wanted to give governors leeway to set their own parameters. Shery i think there is broad concern that in the reopening phase we could see less involvement from health experts. At one point, the president and Vice President hinting that perhaps the task force would be dismantled soon. Emily yeah, they did. Trump mentioned he might dismantled the task force, and he went back and said they will not be disbanded and will continue their work. He said something along the lines that he did not realize how popular was intel he tried to cancel it. The task force is very much still in place, and you are seeing the house and congress put together their own task ce to deal with their own to deal with coronavirus and keep track of testing and tracking and when things might be able to start opening up again. Haidi Emily Wilkins there with us. Lets get a check on the first word headlines with Karina Mitchell. Karina the International Monetary fund says its assessment of the Global Economy has worsened since its most recent forecast three weeks ago, and more turbulence can be expected. The funds april outlook sketched out three scenarios for the virus. It says a lengthier pandemic would wipe we off global gdp. Applications for u. S. Unemployment top 3 million for a seventh straight week as the economy slows amid lockdowns and business closures. That takes the near two month total to more than 33 million. California, texas, and georgia reporting the highest new levels. April payrolls are due on friday and are expected to highlight the unprecedented loss of jobs amid the Virus Outbreak. Sterling. An early rally after the bank of england signaled it could inject more money into the system next month. The lowestrove it to levels since 1985, but it has recovered. However, it faces further pressure with the bank indicating a bleak forecast for the u. K. Economy. The boe is predicting a 14 contraction and says it will act as necessary. Saudi aramco is trying to support whales recovery by s recoveryces oil by raising prices across the world. It will raise prices for most of its june shipments while simultaneously cutting output under the opecplus agreement. Riyadh says it is willing to do whatever is needed to maintain prices and its market share. Global news 24 hours a day, powered by more than 2700 or less and analysts in more than 120 countries. The university of sydneys antivoucher joins us to discuss how stymied migrant flows will impact economic recovery. And restart optimism seems to outweigh the plummeting of some Economic Data. We ask our guest where he sees opportunity. This is bloomberg. Haidi shery u. S. Stocks rode a wave of optimism over the potential reopening of the economy. Consumer sales will be key, says our next guest, chris constantino, chief strategist at Riverfront Investment Group. Always great talking to you. This earnings season really not much in terms of guidance, right . People sort of writing off this earnings season as a lost one anyways, given the covid pandemic. But how important is it just to get a sense of the town, especially when it comes to april Sales Numbers and trends . Chris i think, like we said in the piece we put out a while ago, obviously, birds are always important, but right now words are really important because what these corporate guidance is say and ceos are saying is really telling. I would say the numbers mean something too. If you look at how q1 came through, and march for most companies was heavily impacted by covid, what you notice is in a lot of the more growth oriented sectors and some of the less cyclical parts of the market, earnings were not terrible. They were actually decent. We expect that to continue. That is why we are positioned towards growth in some of the devalued stuff right now. Especially with jobless claims topping 3 million for a second consecutive week, what are you watching to give a sense whether, after the pandemic is over, we will see a strong rebound or not . Chris you bring up a great point. We like to follow continuing claims more than initial claims. Thats a better indicator. Continuing claims had a blowout to the downside this week. I do think that the economy, the recovery is going to be more ushaped than vshaped, for sure. A lot of the jobs, or some of the jobs that are going away may not be so quick to come back. In 2008, we learned a lot of companies learn how to be more efficient with less manpower when things started to come back online. This is particularly true for cyclical industries. The Energy Industry is a classic case. We may see a very youve had recovery in the second half of this year. The stock do think market is already looking towards the later part of this year and early next year in trying to determine how soon sent of those earning rebounds will happen some of those earning rebounds will happen. Corporate margins will bounce back quicker than otherwise. Haidi when you look at how richly valued risk assets are right now, is there a disconnection between the biological, epidemiological optimism versus the actual reality of what the economic recovery globally is going to look like . Chris it depends on how you look at it. On the safe end, this is one of the most dramatic downturns in Global Economic history, at least in the modern era. However, the other thing that is very interesting about the cycle is, look at where the riskfree rate is. We are also at record low interest levels, particularly across the developed world. It is tricky to say that stocks are grammatically overvalued. Maybe according to the current economic fundamentals, but relative to your discount rate that you would throw into a discounted cash flow analysis or , net present value analysis stocks remain reasonably valued. If you think that this was at its core a Health Crisis with various economic ramifications versus a financial crisis a la 2008, or even 2000, the bursting of a dramatic overvaluation bubble in a particular sector like tech, when you look at it through that lens, it suggests that when things do start to normalize, you can get an thingsc rebound where will not exactly pick up where they left off, but will rebound a little bit more quickly than some folks would otherwise think. I dont necessarily think the market is acting irrational. I thick it is logically pricing in the lack of any riskfree alternative yield. And the idea that Interest Rates are going to be lower for longer, fiscal and monetary stimulus is unprecedented. Likely to provide some floor for risk assets stocks. Haidi i know you guys are more constructed on u. S. Versus international, but is there a situation where we have seen emerging markets turn into one homogenous basket . Is there a view over the medium or longterm that you should be seeking out the more asian ems because that is seen as a wedge that is seen as where geographically we are likely to see the start of the recovery . Chris yes, we are constructive inthe u. S. , but we are also, arm more risk tolerant portfolios, we have been adding to what you said, emerging asia, and particularly north asia. Asia was earlier into this virus cycle. Perspective, care they are further along in flattening the curve, at least in moshi agra fees, which is a good thing in most geographies, which is a good thing, and therefore their economies are starting to come back online. Throughout most of north asia, you have the index construction being relatively technology heavy, of course like places in korea in taiwan and taiwan. That is a good thing. And you have north asia looking very inexpensive compared to the rest of the world. I would also throw japan in that category as a very outoffavor, devalued play. Chris, thank you for joining us. Chiefkonstantinos, strategist at Riverfront Investment Group with us. We have seen uber shares surging. We will be breaking down the results and why we see optimism, next. Uber shares harsh charging in extended trading, despite posting its first ever drop from ridehailing customers. It posted a net loss that is 30 better from a year ago and beat estimates. For more, we are joined by Mandeep Singh. It was still a loss, but not as big of a loss as investors had segment ofo what this business are investors liking at the moment . P any shred of good news drives the stock at this point, given expectations were blow going into the quarter, but what we have seen so far is the take rate holding stable. Although volumes have been down about 80 since the outbreak for its core ride segment. Eats segment has seen a surge in demand. But i think stable pricing is the reason losses have come down, and they have had job cuts, so that also helps. The enthusiastic response in the share prices may be surprising, because there are more existential questions about businesses like uber, about businesses like wework, for example, their Business Models may be threatened by Behavioral Changes on the others of this pandemic. Mandeep you are absolutely right. I think for a company of this up to 30 billion in annual revenue, not being able to generate a profit ubers burn is close to 20 billion annually, huge when you have such a deep dropping your core segment. I think what they are trying to do is adjust the lever. Expanding into food delivery, i think they are going to make a big push into grocery delivery. That is emerging as a big category. That was the promise of uber, Mobility Services and being able to add on. I think they need to cut costs and address the cash burn. They have to scale down their ambitions in the autonomous segment. That is what is eating a lot of cash, and they really have to make a decision now, given cash burn is becoming an issue. Haidi Mandeep Singh in new york with a recap of uber. Intercontinental hotels says it is confident about the longterm, but there are still too any uncertainties when it comes to how the world behaves after the lockdown. The ceo says demand of revenues may be able to recover. It has been an incredibly challenging time for this industry, unprecedented, as people have said, and i am proud of how her colleagues around the world have looked after our customers, looked after the safety of our colleagues in the hotels and worked with our owners. In januaryod start and february. Revenue was down 80 in the month of april, a consistent trend around the industry. Clearly it is a challenging time. We have limited visibility Going Forward on what is going to happen in terms of revenue growth, because it is all contingent upon what happens with lockdowns, what happens with hotels being allowed to reopen in many countries, and what happens with travel. But it is a longterm investment that you make in real estate , hotels. It is a resilient business across the board. We are confident in the long term, making sure we position our company to get through the and workingths, with our owners around the world to make sure we get through this. Haidi you talked about revenue dropping 25 in the first quarter. Paras suggested that rev may not return to 2019 levels until 2024. No one has a crystal ball, but what are your expectations around that, Domestic Travel returning before the international stuff . I was in a roundtable on zoom the other day, and we said all of our crystal balls are a bit murky at the moment, because no one knows. Candidly, we are not sure when revenues will recover. We fundamentally believe, having been through the financial crisis, having been re9 11, there was a real shock to demand for a period of time, and the industry did recover. After 9 11, nobody thought we would get back on planes, but then we got used to taking our shoes off and increasing security and not meeting friends and loved ones at the gates, and we had a record decade of travel. The same thing happened after the financial crisis. I thicket will come back. It will take time, though. You will have Domestic Travel, act before international travel. You will see a steady growth of meetings and conferences over time, and it will ramp up in the coming years. I was talking to a friend, is this the end of travel, is Technology Going to replace this . Zoom or teams may replace conference calls, but that is not going to replace big conventions, meetings, and events, and it certainly does not replace leisure travel. It will come back over time. We are wellpositioned to get through this. Haidi that was the ihg chief executive. Elton is morning any post Pandemic Recovery could take several years. The ceo says u. S. Demand could lead the way. 13 fory revenue fell march from a year ago, but the real problem was april, when revenue dropped by 90 across the companys 6100 hotels. They are excepting a dramatic impact when it comes to the second quarter. Tesla has suspended production in at its plant in shanghai, bringing Global Manufacturing to a halt. Leastl extend until at saturday, although the reason for the pause is not clear. A source of says it is because of a shortage of parts for a critical piece of equipment needing a fix. Coming up, the u. S. Job market shows some improvement, but not enough to keep it from an unprecedented tally in april. A citigroup economist is with us next. This is bloomberg. Shery the number of americans filing for Unemployment Benefits has fallen but remained at historic levels. Within 3 million new jobless claims have been filed for seven straight weeks. It sets up what could be the worst jobs report postworld war ii. Turning us is front cut clark, economist at citigroup. Great to have you with us. The question now is, tons of people are losing jobs, but what happens eight or . When we when can we see rehiring and how soon . Veronica right now, we know the situation is pretty terrible. Our tomorrow, we look at april data. We are expecting a decline of 21. 6 million jobs. That will not capture jobs that have been lost for the end of april and may. We would expect another decline in employment in may. A lot of these workers are going to be able to be rehired as soon as things start to reopen. Areestaurants for example operating at 25 capacity, do not hire back all of the workers. We do expect there should be some substantial rehiring when to get into june, july and august. A lot of these jobs are going to be lost as businesses remained constrained. Unemployment is going to stay high for the rest of this year. Haidi we know that from historical data, when Something Like this happens, a lot of people who lose their jobs will never get those jobs or another. Job back again what is the best modeling you can see in terms of how deeply entrenched the permanent state of unemployment will be . Veronica it is hard to tell at this point. The weekly data prints on the initial filings for Unemployment Benefits, those are going to be what is most important to watch as we enter the summer months. The claims number should stay high as everyone is on unemployment. As those start to come down, it give us a sense of how fast the pace of rehiring should be. We expect it should come down by a couple million. It could stay elevated for the rest of the year. Haidi we have been looking at the valuations on the market. The optimism toward the reopening that we are past the peak of the virus. Is there a disconnect in terms of that kind of optimism with regard to infections and the biological side of how this is playing out versus realistically how long it is going to take for the Global Economy to rebound and that it could be a stop start process . Markets think right now we have seen some of these reopenings. So far, things are going all right. It will depend on the path of the virus. If we get more outbreaks, if we get a second wave in the fall. A lot of the bed Economic Data we have seen for the past few weeks, markets have not reacted to it there he much. We have had jobless claims in the multimillions. The markets do not seem to react too much anymore. If tomorrow is going to get equity prices much lower. It does seem there is a little bit more optimism justified or not. Shery it seems to be different and the bond markets. The two year yield plunging to a record low. Feds fundes to the futures for our viewers, theyre are pricing in negative rates. The fed has continued to push back on negative rates. What else could they do . Veronica we do not think the negative rates are on the table for the fed. Are aves we sold today technical thing. We do not expect we will be getting negative rates. The fed has done a lot already. They initially were buying 75 million 75 billion per day. They have wound that down. The next step would be if they saw stresses reemerging, they felt they need to do more, the next step is to up those purchases. Shery could we see some kind of control in the later months of what the fed is doing already . Veronica it is certainly a possibility. May be in the shorter end, it does not seem like markets are going to be pricing in hikes. We will have a light of new issuance. Deficits are going to be pretty wide with all of the fiscal stimulus going on. They could implement some kind on the shorter end. Haidi veronica clark, economist at citigroup. Thank you for joining us. Lets get you a look at how markets are setting up for the final trading session of the week. We are seeing what is expected to be a mixed start to the trading session in asia. In new zealand, we are seeing another day of gains. Really looking like we are set for an entire week of gains when it comes to kiwi stocks. Not much of a surprise in terms of the budget deficit projections. Suggesting that when we get the data from april, we will see a better reflection of the impact on the new zealand economy. We are taking a look at a bit of weakness when it comes to asx futures. Trading flat at the moment. Looking like will open at flat. Maybe three times of 1 higher. Lets get the Karina Mitchell with the first word headlines. China and the u. S. Will resume trade talks next week after President Trump hinted he may cancel januarys phase one deal. The administration and did it is not happy with the pace of beijings purchases. President said he will terminate the deal necessary. Philippines is indicating a pause in Monetary Policy moves. Saying that the reduction in rates and the reserve requirement provides significant buffers. A 200 basis point rrr cut is possible and that the bank remains ahead of its goal to take it below 10 by 2023. He thinks the Banking System could absorb as much as 5 . U. S. Cases of covid19 surged most in two weeks, rising almost 2. 5 with deaths topping 75,000. President trump and Vice President mike pence say they will be tested early for the virus after a military staffer at the white house was concerned was confirmed positive. The person is in the navy and works as a valet. North Korean Leader kim jongun has sent a message of support to xi jinping for his handling of the penn deming. The pandemic. Little is known of the Virus Outbreak in north korea. State television has said the country has recorded few cases and no deaths. Global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. Im Karina Mitchell. This is bloomberg. Shery coming up next, the coronavirus pandemic holds immigration to australia. Why that could cause new economic headache. This is bloomberg. Haidi we are looking like a ready like a pretty flat start to trading in sydney. We do get the statement in under three hours. We will be trying to glean some details as to where this extraordinary Monetary Policy ash is going and any hands to prospects of the recovery. We did have pretty encouraging trade numbers as well as well as retail Sales Numbers that may s recessionralia proof run could stretch further. High immigration levels have been a part of that story. The record growth has been tied to that. The treasury says overseas migration will plunge 85 this year amid the pandemic. That is going to be the case. We are joined by migration expert and the university of oucher. Professor anna b this idea we might see permanent changes not just to do with restrictions on the movement of people globally but also individual Behavioral Changes that will change that will discourage people from going too far from home, is this a concern we could see massive shifts in demographics and that flows onto things like consumer demand and labor market demographics particularly for western developed nations like australia . Possibleis definitely that we will see a decline in need for migrants in some areas. The hospitality sector, a lot of people might work from home or only go out for fine dining. We will not need as many people to manpower the hospitality sector. I do think there are some areas of the economy where migrant labor is going to be needed. A key one being horticulture and agriculture. Childcare is an area that is pretty inflexible. We will still need people to help with childcare assistance. Australians have been pretty unwilling to work in large numbers in the sectors. Haidi how do you see global restrictions when it comes to border controls actually impacting, at least in the mediumterm, the ability to see average levels of migration still occur . Anna we have heard from the Prime Minister that overseas migration will be down 85 . I think that is pretty consistent with global figures we are seeing pop up everywhere. Very few people are moving. Generally, people are not moving very much now unless they need to. There has been an almost entire global shutdown of refugee flows, which i see as problematic because obviously, those people are in precarious and persecuted situations. I do not see massive change until probably when a vaccine is found. After that, there is an argument it could change travel irrevocably and the way travel is delayed. Shery here in the United States, we are seeing that with President Trump issuing an executive order to curb some type of legal immigration. We have already seen the scrutiny and restrictions on h1b visas. Different types of visas for professionals as well. What would be the impact for businesses and the way they operate if they cannot get these skilled professionals to come to their country . The executive order, there is a question about the constitutionality. They are not definite. Presumably at some point, it might be removed. If they cannot get workers from overseas, they will need to train Domestic Workers up to the required level. That may take some time. These companies would argue they need these workers because the Domestic Workers are not sufficiently trained or skilled. In australia, and im sure it is the same in the United States, there is an argument that there is not been enough training of Domestic Workers. Shery i mentioned the tech industry. Are there more industries that could be heavily impacted . The United States really needs health care workers. We know many of those healthcare workers are foreignborn. Anna right now, from what i understand, the restrictions in the u. S. Our own h1b, which is h1b. Inly are on they will be the sectors that will be the most hit at present. Extended, and the president himself or if numbers slow down altogether, that is going to be an ongoing issue. In the United States, a pretty big section of the workforce is undocumented migrants. They are finding it much harder to enter the United States. A letter being turned back a lot are being turned back to latin america. They are providing a lot of work in unskilled jobs too. It is across the labor market you can see that impact in Something Like a broad if Something Like a broad reaching executive order were to remain in place. This there is a concern general kind of shift toward the blame game we are seeing between u. S. And china but is very concerned with the dislocation of supply chains and of People Movement that this will be an excuse for another rise when it comes to populism and withdrawing from a more globalized society . I dothink it is just not think it is just a concern. I think it is likely. I will say again that it is very important the government really halts that trend by speaking openly about the benefits of multiculturalism, the need for immigration, the need for cohesion almost on a daily basis to counter that tendency when something bad happens like a global depression that a reticular ethnic group is not blamed. We saw this with world war ii. It is important we prevent against precisely what you are saying occurring. Shery already we have seen more restrictions not only for professionals but also International Student visas. Inlia, australia austria, education is one of your biggest exports. Given that education is such a primary part of economic growth. Anna it is one of our biggest exports. It will have huge implications for the australian economy if International Students are not allowed in to the medium and long term. It is having any fate into that an effect into the university sector. International students put demand on housing, they bring in family members, sometimes on short term stays. They travel, pay tuition fees. All those things have positive flows on effects for the australian economy. Loss of those students are a reduction in those do or a reduction in those students is hugely detrimental. That is something the government is starting to understand, that about 70 of our population growth is based on temporary migration. Population growth is essential for the Australian Economic success story. The population growth is not going to come through things like International Students. There are not working holiday visa holders, how are we going to achieve those economic outcomes . That is the question the government faces. University of sydney professor anna boucher joining us to talk about migration and the impact it is having on the global slowdown as a result of pandemic restrictions. We are getting breaking news. Reporting the second half. Annual as a return on investment and an increase on 14 at a half percent. In terms of that impairment coming through for the full year of 1. 04 billion australian dollars. Macquarie unable to provide meaningful guidance for 2021. A continuation of the theme we are seeing, the gray uncertainty for companies that have been the great uncertainty for companies that have been reporting. Macquarie has been seen as being better buffered in terms of being less exposed and it comes to the mortgage market. Ity are a global giant when comes to infrastructure. Just getting you these other numbers. Other impairment charges at 901 million australian dollars. Macquarie saying it is unable to provide meaningful guidance for the next financial year. Lots more to come. This is bloomberg. Haidi we did just get those macquarie numbers crossing the bloomberg. Lets get more from paul allen. The big banks have been pretty unsurprisingly reporting steep inclines when it comes to profit. Asquarie scene has seen not one of the big four banks we talk about. What are we seeing in terms of the details released in the Earnings Results . Paul you make a valid point. The Business Model is different to the other big four banks. It has got off a lot more lately than the other big four banks. The net profit was down a point for was down 8. 4 . Numbers from what we have been seeing over the past couple of weeks. A final dividend of 1. 80 a share. There was a feeling that was going to get cut heavily as all of the banks are required to have a Strong Capital position are the regulators in the current environment of deep uncertainty. Deliver amanaging to healthy dividend of 1. 80. Probably exposed to aircraft leasing. That probably weighed on things a little. Declines byollars 12. 4 would have helped the position as well. As they note, there is no fullyear guidance. A lot of companies not offering that. Saying they cannot provide meaningful guidance for 2021 with so much uncertainty. Concernhere is growing australia could end its three decade streak of no recession. We are hearing that perhaps toilet paper could help in supporting the countrys economy. How is that working out . Paul toilet paper panic buying among other things. Every little bit helps. We did see the huge bump in retail sales for march. That boosted household spending. People panic buying all sorts of things. During the lockdown, construction sites were kept open. There was a big boost to public spending to help the country recover from the bushfire crisis over the summer. This lockdown, imports have fallen. Net exports might see a boost to gdp. A couple economists saying it is not our best case, but maybe australia could pull off another great escape like it did during the financial crisis. Saying the case for contraction is not completely convincing. If we look at the bloomberg survey, it is only for a four tens of 1 contraction. For a bigger contraction in the second quarter. Australia might escape the definition of a technical the technical definition of a recession. It is not exactly a lot of comfort for all of the people who have lost their jobs as hospitality and tourism sectors have been crushed. If a lot of the workforce is on the redline, avoiding a tentacle recession does not mean a lot. Allen paul adnan paul in sydney. Its a check of the latest business flash headlines. Uber says ridehailing bookings were down for the first time. The lockdown and stayathome orders cresta business. Uber recorded losses of 612 million. 30 better than a year ago. The one bright spot was food delivery. Risebased orders drove a to 4. 7 billion for the quarter. Junk bond sale is trying to gain traction with investors placing orders of a little over half of that so far. Discussions were in the range of a 9 yield, but that looks like it is climbing. United bond sales shows even they have their limits. Struggling california utility pg e has been fined a record 1. 9 billion for its role in some of the worst fires in state history. The blazes of 2017 and 2018 androyed thousands of homes killed more than 100 people. Pg e was penalized for failing to properly maintain and operate power lines. The fires led to an estimated 30 billion in claims against the company, forcing it into bankruptcy. Haidi just ahead on daybreak the, Legacy Advisors ceo lit the legacy advisor your seo will be joining us on why the speed and effectiveness of a vaccine will be key. Lots more to come as we get into the trading this friday session in asia. Looking like a mix to start. Japanese futures looking higher. Hong kong, lower. Sydney futures low at the moment. 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 welcome to daybreak asia. Withshery ahn in new york haidi stroudwatts in sydney. We are counting down to market opens in australia, japan, and south korea. Asia faces an uncertain session ahead of a u. S. Jobs report that may show dramatic impact from the coronavirus. You choose edge higher in tokyo, lower in hong kong. Al indoors a will endures wild ride. Concerns about the glut remain