Countries. We are continuing to see the corporate fallout, we will get more details on airlines. Delta saying it is suspending u. S. To china flying routes through april 30. Asked theirsoft staff to work from home. Amazon as well. The longer it takes to test anybody, the greater the risk they will be spreading the disease. Mike pence saying most cases are mild and they have flulike symptoms. Compared to the tests the u. S. Have carried out, 2000 by the end of last week, compared to 140,000 in south korea. In the u. S. We are seeing 11. Lities rising to this is having a concerning impact on the markets. Lets get to the Market Action. Speaks,president pence we see markets accelerating losses. Now trading at the lowest level since september. The chinese equity come back facing a roadblock. Seng headedg hang for its lowest level of 2020, and s p 500 futures extending the trading session losses, closing down 3. 4 , now off 0. 8 . Earlier futures were moving higher as much as 0. 7 , so quite the reversal. Noticeable moves in the fx market, the aussie dollar on track for its best week since september, but going lower today with risk off. 1. 05 handle. Ith a strongest against the u. S. Dollar in six months. We see fresh record lows for two year. Just a couple minutes ago, we did see 10 year bond yields moving to the lowest levels since 2002. Lets dive deeper into the markets. We are joined from singapore. It is a lack of uncertainty in the market playing out at the moment. Definitely. It looks like markets did not like the comments from Vice President pence. If they have not done a lot of tests, there might be more people who have the virus, and they do not know it yet. Those people might be going around and doing other things. Hopefully that is not too much of the case, but it did not instill confidence that this will be a short vshaped recovery or over anytime soon. Haidi we are seeing the topics extending losses and falling more than 3 at the moment. This would be the lowest level since december 2018. These are losses we are seeing in japan, the nikkei is down 2. 8 . What about china . They have been resilient so far, but not much today. Joanna china did come back a bit because there were expectations of stimulus. People feel like the case numbers are decelerating. Thingss optimism that will start to improve in china. Downu have the s p 500 3. 4 , you have other things going risk off. China will have a hard time being immune from that, they may be caught in the draft as much as anything. What are some of the other indicators investors would be looking at at the moment . Joanna we are definitely looking at the credit markets right now. In the u. S. There are signs of uncertainty, and people are pulling money out and spreads are widening a little bit. Thising for the fact that is not much of a panic selloff, we are not seeing much panic. We are seeing orderly, and the s p is at levels from october. Watching to see if you get wide gaps and that sort of thing, but watching to see if we get any panic days. See the Public Health issues, if that can get under control, if we can see where there is more confidence in u. S. Testing that this is under control. Thank you very much for the latest on the markets. For the latest on the Virus Outbreak, lets go to Tom Mackenzie in beijing. We are seeing a stabilization in new cases and deaths numbers within china, but numbers in the u. S. Continue to rise. We will start in china, 143 confirmed additional cases, up marginally from yesterday. Ubeideaths remain in h have decreased slightly. 30 compared to 31 yesterday. Imported is on infections, that is the first announced here, 16 imported from italy. Officials will step up quarantine measures on people returning to china. In south korea you have an additional 500 cases, the total is about 6300. Terms seeing a step up in of people being tested. That will be part of the mix. The u. S. Is a new concern, given what mike pence is saying, 150 confirmed cases. Washington state is the front line in the battle against the virus. It is clear the u. S. Is struggling to get testing kits out to people. They will not meet the target of a million test kits by the end of this week, that is troubling. Ineurope, increased cases countries like france were you have 400 confirmed and six deaths. 400 confirmed in germany. Italy, 4000. Of themains an area concern. The World Health Organization is pressuring governments to step up their game in containing the virus and suggested publishing a name and shame lists of governments they say are not doing enough. We have confirmation the visit is being canceled to japan. Has there been much fallout . And sounds like a lot of wrangling between japanese and chinese officials over the last week whether or not this visit would go ahead. It would be the first time a innese president in japan almost a decade, and closer ties between the countries that at eachally have been others throats. You politically it was significant. The chinese say they will try to appropriatet an time. In terms of economics, shifting focus to what is happening on the ground, a lot of focus in terms of businesses getting up and running. There is an Investment Bank tracking productivity, they say it is looking like production in china is back up to 71 , a positive. Bloomberg economics says in terms of capacity, back to 60 , still far away from full capacity. But activity is picking up gradually. Globally we have had the attempt inpump the fiscal levers terms of fiscal commitments in governments ranging from thailand to most recently the United States, 8 billion agreed in fiscal support. Those measures are coming down the pipeline to offset economic damage. Mackenzie there in beijing. We will look at how this is playing out in the market. We are taking a look at a session of red across the region. Now extending losses. Thee are markets on mainland, quite a lot of resilience. Backhave managed to flip into gains for the year. We are seeing some of that given back today. 1. 9 lower in hong kong. Here in australia we are seeing losses to about 2 . Thats get you the first word news with su keenan. Su jp morgan stocks slumped on has undergoneon emergency heart surgery. The bank says he is awake and alert after he suffered an acute Aortic Dissection thursday. Has been ceo since january, 2018. We are told the operation was a success and he is recovering well. The European Central bank is asking Single Market lenders about their ability to keep operating if they are directly affected by the coronaVirus Outbreak. It has written the banks asking for plans and the resilience of their infrastructure. They insist that great is focused on the Operational Impact of the disease spread, not the potential economic fallout. Saudi arabia has announced a major shakeup in government. Is beinginister removed from his post and will be replaced by the finance minister. The change was released in a royal decree. Far given no explanation for the move. And u. S. Politics, now senator Bernie Sanders has canceled a friday Campaign Trip to mississippi. Votes inctively cedes the south to joe biden, instead sanders will focus on michigan whose primary is tuesday. This follows bidens Strong Performance in the south on super tuesday. Elizabeth warren and in her president ial campaign after a poor showing super tuesday. She says she will likely endorse sanders or biden but has yet to make a decision. Global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. I am su keenan, this is bloomberg. Still ahead, too little, too late, we dive into the oil outlook and hear why goldman says opec should have access sooner. Currencies under pressure, more on developing nation market. Sarah emerson this is bloomberg. Shery further capitulation in the markets, looking ahead to the u. S. Session, u. S. Stock futures extending losses. P 500 down by 1 we are seeing the extension of losses in the japanese market. Yieldaland 10 year bond dropping 10 basis points to under 1 . Nifty Index Futures in the mumbai session plunging 3 . Shery we continue to see the risk off move in the commodities belowas well with brent the 50 a barrel level. This as the worlds leading Oil Producers have agreed to slash output to offset demand hit i the virus, but only of russia does too. We were told opec should have access sooner. Argue regardless of the size, it is too little too late. The forward curve is pricing the inventory build Going Forward. How do they mitigate the build in inventories as we look toward the end of the year . Downside risk is there, we are comfortable with our april target of 45 a barrel on a brent basis. In seanets bring taylor, lets bring in sarah emerson, managing principal, Energy Security analysis. As we look at saudi arabia and russia to do more clear it is not entirely they need to do a lot more. What they suggest is aggressive. Opec saying they would cut by a Million Barrels a day. Saying theytime would extend this cut through december, that is an aggressive response. Shery do you think russia will join this effort given the highstakes diplomatic poker we are seeing at opec plus . Sarah i do not think russia is the center of the story at all. A little 2019 did cut bit, but a couple hundred thousand barrels a day. Saudi arabia will be cutting over a million. Perception of russia participating is important to the saudis and opec, but they are not that key of a player. They willmatic way sign on to the agreement, but i am not sure they will do much. In the meantime given the pressure we are seeing in china on the outbreak, we are seeing more suppliers implementing force majeure. Is there any way out of this . Are the people who are dealing with china to try to get those contracts . More force majeure implemented across china because of this demand hit . Sarah i think it is a case of demand weakening. I do not think you can force someone to buy something if they will not consume it. I am not sure that is the centerpiece. What is happening is we have weak demand and plenty of supply, and opec is responding backat saying, lets cut supply. I am not sure how to answer your question. Shery i am curious why you think what opec is asking for is such an aggressive response given that the demand destruction out of china is welldocumented, that this will be only the fourth time in the last 50 years or we will not see any growth in Global Oil Demand . Sarah i do not agree with that view. I think we will see growth in Global Oil Demand this year, a year is a long time and we have a crisis in march. My expectation is that at some point by the end of the second we will know more about this virus and how fast it spreads, how it spreads, we will know more about prevention and care, and to take the china situation and extrapolated forward is a little bit ineffectual because what is happening in china is a surprise. Here in the United States and in europe and parts of asia we have more information. We will hopefully combat this virus more effectively each week, each month we gain more information. Can you have it spread and forad and create the demand ever . I do not think that will happen. We will come up with solutions and you will see demand balance back in the second half of the year. Demand balancounce back. At the end of the day if they cut by a million or a million and a half and they hold through december, that is an aggressive response, and we will have higher prices at the end of the year. This is a situation in the middle of the crisis, it is a difficult problem, but i believe at some point we will find ways to combat this crisis. As that happens, we will look at the supplydemand, it will be tighter than it looks today. Shery how much pressure on u. S. Shale . Sarah pressure to do what . Shery do they wait and see as well . Sarah u. S. Shale is already screeching to a halt. Even though it grew at the end of last year, it will grow on an average basis for the year, the growth from here to the end of the year will be minimal. That is a result of things unrelated to the virus, a result of costs and issues replacing legacy production, etc. To make the going situation worse. If anything it is reducing the growth and supply a little bit. Shery thank you so much for joining us, sarah emerson, managing principal, Energy Security analysis. You can keep uptodate on the coronavirus story on your bloomberg. You will find the quick take landing page with global figures , andthe bloomberg newsroom how Companies May be exposed. Haidi President Trump is being urged to block infineons acquisition for reasons of National Security. Ae 7. 8 billion deal poses risk, though not clear why. The German Company is trying to persuade the government to reach an agreement. Infineon has substantial revenue from china. Boeings troubled mac 737 is a step closer to her return with it head of the faa saying could be a few weeks away. The regulator says the Software Reviews are almost complete and pilots would test the planes soon. It was grounded a year ago after two crashes due to a malfunctioning safety device. Names are pulling out of the southwest festival because of the coronavirus. Are thed netflix an latest to walk away. Apple was to debut three new projects at the april 13 meeting. Netflix has canceled five movie screenings. Amazon, facebook, and twitter have also pulled out. Shery lets get a quick check on markets, we are seeing futures at the moment falling the most in a week. Cfi 300 is falling for the first time in five days. Every sector in the red in korean stocks as south korea reports more than 6000 confirmed cases of coronavirus. , as we continue to see Downside Pressure in japan with the nikkei falling 3 . Coming up, emerging markets are caught in the middle of rate cuts, rising inflation. We will discuss. Beyond the routine checkups. Beyond the notsoroutine cases. Comcast business is helping doctors provide care in whole new ways. All working with a new generation of technologies powered by our gigspeed network. Because beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected. To do the extraordinary. Take your business beyond. What i would say is we will have an interruption we will have severe deterioration. It is likely that it may last a quarter or quarter and a half, we do not know the magnitude or duration. We continue to see concerns rising over the coronaVirus Outbreak, we are seeing the japanese yen at the strongest level against the u. S. Dollars since september, as we hear from airlines around the world cutting more flights. Japan airlines is cutting domestic flights, 684 domestic toghts starting march 13 march 19 on coronavirus concerns. We heard earlier from delta they are suspending flights into 30. A through april a closer look at the Market Action, we are joined by sarah. What a week it has been. Historicalthis into context, how volatile has it been . Sarah this ranks as one of the most volatile weeks in history. If you look at the s p 500, the last nine trading sessions, six bye closing above or below more than 3 , and what this has look at attend a measure of volatility for the s p 500, the highest level since 2011, a really rough year when the u. S. Had its aaa rating taking away. 30, thatght days of of has not happened since 2011, and among high trading volume. Sharesan 10 billion changed hands, that has not happened since the financial crisis. Safe haven assets tell us about risks . Sarah it is unbelievable, the safe haven bid is extremely strong. Gold up more than 5 , at the highest level since 2013. We see a fade today. The 10 year at record lows, 83 basis points as we move below 90 basis points. The 30 year below 1. 5 for the first time ever. Chinese 10 years touching the lowest level since 2002. Not out ofyou we are the woods yet. Clearly investors are not optimistic. They are piling into safe havens. Aheadeans maybe do not go and buy just yet because it is likely we will see more volatility. Thank goodness this week is almost done with. What should we watch out for next week . Sarah watch fridays u. S. Trading session, it has been a trend to see weakness on friday as traders try to tidy up going into the weekend in case we get coronavirus headlines. The cap for more stimulus headlines. We will get the Unemployment Rate and jobless numbers in the United States friday morning. We will get Inflation Numbers in the u. S. And china and japan as well. And in south korea, the Unemployment Rate next week. Haidi we are not quite done with the selloff this week. Joining us now is sean taylor, cio apac head of emerging market equities, dws. Great to have you. What do you make of this selloff . Extraordinary levels of to safety, the fleeing havens and treasuries and gold. Where are you opportunistic given how much we do not know about how the story will play out in the weeks and months to come . Has been pattern similar to what happened in asia. To sixed out a month weeks later. The expectation would be to see more cases and volatility, but within that we have seen a huge market adjustment in developed markets. Maybe part of that was attributed to politics. Since the massive adjustment we have had a volatile market where people try to get a grip with the virus news. Clearly the virus is spreading, that has been the case in china, that is slow down. Now we are seeing it come down, but until we have that peak, it will make markets trade lower. Fear. Ggest enemy is fear of the unknown. If you look at the data and what is happening in china, we are work, andple back to migration is getting back to work, factories are at