Particularly announced wednesday by Vladimir Putin shifting Greater Authority to parliament which has left many wondering what this means about putins own plans to relinquish the presidency or not in a few years. So we are especially fortunate to have with us this evening an expert on putins russia, joshua yaffa who is the moscow correspondent for thenew yorker. Been covering russia for much of the past decade and his new book between two fires truth, ambition, compromise in putins russia offers a truly fascinating and revealing look at the impact of the putin era has had on above all the nations psyche and the moral struggles and calculations that Many Russians confront. Josh has written a very nuanced portrait ofrussia. Nothing like the simplistic view of that country, oppressed people lorded over by a kgb trained dictator area josh describes a people who fall somewhere between oppressor and oppressed, prone to compromise and accommodation with the state but still double and resource
Not entirely clear. The buyers are less enthusiastic. We have had horrible Economic Data. Investors and traders are assessing that reality. It is no longer just somewhere in the distance. It is here today. Many folks are saying you will be the Second Quarter that will matter. Some are saying this rally has to do with traders looking past 2020 to 2021 as the data continues to come out poorly, it could be a problem. David it is not clear what the Economic Data are telling investors. Are they paying attention to earnings, because we are getting to the heart of earnings season. Abigail they are paying attention to earnings. The banks are down in a big way. All of the big banks reporting disappointing profits, absolutely plunging, bigger loan loss reserves. Trading is a bright spot. Morgan stanley saying theyre not sure how long that will last. This is a reality. In march where it was clear the coronavirus prices would create tremendous economic problems, everybody expecting it to hit earni
Uncertainty about the virus itself and what the impact could be. In terms of the stimulus package, that is certainly psychological. The fact that President Trump did not offer this plan he said he what is disappointing for the markets because anything can help. It is hard to know if the stimulus will help. We have little more than a thousand cases in the u. S. If that is the case, the stimulus would be very different than if it balloons to a higher number. The impact is hard to know how much stimulus is actually needed. David we had the bank of england and the u. K. Canceler ship the u. K. Chancellorship come out with a plan. To the markets like that better than what is going on in the United States . Abigail to some degree because you had european stocks slightly higher. The fact you have this coordinated effort from the u. K. , europe, italy now that they are under lockdown, really seets to these officials that there needs to be some sort fightrreaching support to off the possible Ec
And we think we will see two to 4 billion of free cash, which is an uptick from where we were a year ago. We also highlighted that that guidance incorporates what we are seeing in the wake of the coronavirus and the first quarter, but we did not take a view with respect to the rest of the year because what we do not know more than outweighs what we do know. What we do know relative to the first quarters we will see probably 500 million, 200 million to 300 million operating profit pressure because of the effects of the coronavirus, principally in the aviation into a lesser degree our health care business. David the scientists cannot tell us where this thing is going. We do not know. If you kept the basic structure for 2020, do you believe we can get through this . You think this will not have a lasting permanent effect on ges business or the economy overall . Larry what we do not know outweighs what we do know. This will be temporary. That does not mean it will disappear tomorrow. We di
Based on the risk off the further markets. It is time now for global exchange. We will bring you todays market moving news from all around the world. Our bloomberg voices are on the ground with this mornings top stories. Where to begin in asia, the coronavirus continues to spread in china, with the number of confirmed cases climbing above 75,000. Engle. Me is Stephen Stephen for the second time in about a week, china has rejigged its methodology for how to classify confirmed cases of the coronavirus in china, that has led to this now becoming a bit of a global crisis. We are seeing more speculation that the data we are getting is we necessarily reliable, or are seeing a significant dropoff in the number of confirmed cases. In hubei province, just 349 new cases reported overnight. Is that because of the new methodology, or do they have the containment efforts under control . That is raising a lot of confusion and questions. Also, it adds to suspicion that officials in china may be prema