Contain the spread. Successful emergency surgery james dimon undergoes emergency heart surgery, temporarily handing control of the largest u. S. Bank to his lieutenant. Reports are he is recovering well. Morning again from berlin. Im matt miller. Nejra cehic is out. Manus cranny is live in vienna. We are going there to the opec plus meeting. Incredibly important meeting as you will see in a moment when i show you the oil price in just a few minutes from now. I want to check on first off the number of data points after the big slump we saw in risk assets yesterday. There is unusually no sign of a. Alance typically after 3 , 4 slump on indexes, you see a bit of a bounce. We are eight and a half hours away from the open of live u. S. Trading. Nonetheless, u. S. Futures still down again 1. 25 . In just a to manus moment. Crude oil at 45. 43 a barrel, and the yen, which was really looked for me when i across my asset price worksheet the yen was 105 handle, safeng a real fleet to haven assets. Lets go now to manus cranny. He is, as i say, live in vienna, been following the opec plus meeting for days on the ground now. Are we going to get a decision, an agreement from russia . Menace it is a high risk roll of the dice. Ministerrainy and oil arrived back here yesterday and said if they dont all get together, there is no plan b, so the evening unfurled a little bit further. It was all very casual, and of they were where the saudis are, so there was that plan b in formulation. In other words, if the russians arrived at this marriage of eternity, looks a little shaky, there is a plan b. They put whatever plan b is in place. Preparedness for a tough negotiation period this morning in vienna. Theres nothing that galvanizes more than the speed of pot more than the speed of price destruction you are seeing. The equity market, that volatility in the equity market, the collapse in demand permeates into the commodity market, and seal thehat may russians to take action. We understand at the end of the plan b meeting last night, there was a discussion to extend one. 5 million barrel cuts to the end of the year, so there is a formulation of a backstop. Maybe the russians would arrive and make sure the marriage remains intact and on a high level. Something of there are dark clouds over the skies of vienna, and that particular piece goes on to a whole other ending. Matt yeah, the weather is not fantastic. The knowledge, though, is great there. Great to have you there. Lets get over now to maria tadeo. She is standing by in brussels. Global cases of the coronavirus 100,000. Ng the u. S. Outbreak gathering pace. Spending. Ling its give us the latest on the coronavirus. Maria the obvious question at this point is are we going to see those numbers peek . None of the data out there seems to be pointing that way. Nothing suggests we are headed to peak virus. Global cases now pushing 100,000. If you look at china, the numbers are at lows, so anywhere , the logic is the more people your test, the more you will find, so you should expect numbers to increase both in the u. S. And in europe where you see countries adding on a daily basis. It would focus now on france because yesterday we had a big increase of 180 cases pushing the total to more than 450. That really is the core of the disease in europe. The government saying theyre going to put on the table 7 billion euros to try to kickstart the Italian Economy to stimulate the economy, but the question is is that going to be enough. Its double the amount that was floated at the beginning of the week, but the issue is when you look at the data weve had, its very backward looking at you also have to keep in mind the average rocketed in the space of a week, so none of the data we have serves any purpose at this point. When you have to look at bookings, hotels, those we know were down in italy, and secondly at this point, how will that fix the issues in the north of the country . The reality is the north of italy still very much restricted by the coronavirus. Matt thanks very much, talking to us about the coronavirus and spending out of italy. Global central bankers are cutting Interest Rates beyond their financial crisis era lowes, underscoring the hit to economies from the coronavirus even as investors question the healing powers of that Monetary Policy in the first place. We heard from policymakers about the coordinated response to the outbreak. I would say is we are now going to have an interruption where we are going to have the severe deterioration. The level of coordination is extremely high. We are coordinating with her majestys treasury to make sure any initiative we undertake are complementary and they collectively will have maximum impact. The strong sense that we are all on the same place dealing with exactly the same thing. The frankel take all necessary steps to support the economy and Financial System. Plex it will help to moderate or mitigate some of that inevitable tightening of financial conditions. Matt joining us now for the hour is jane foley, head of fx strategy at rabobank. Ask you, what is your response to the coordinated Monetary Policy moves we have seen so far. Have they gone far enough, or is it even too much . I think we will even see more. We still have the bank of england to go, ecb to go and others. Got quite a big response from the bank of japan and we have to draw out of this a couple of things. First of all, policymakers Central Banks and other policymakers that are experienced. They understand the necessity to move quicker, and another thing is the fiscal policy response. This is something which has really hurt tourism in a number of Asian Countries and will continue to hurt in europe and the u. S. Fiscal policy response has a very real part to play in trying to shore up demand and keep people in jobs and those sorts of areas, too. Again, this is about the interaction not just of Monetary Policy but the interaction between Monetary Policy and governments and what we have seen is i think quite a Rapid Response. For instance, this week we have quite a u. S. Issue significant fiscal package. There could potentially have been more. In terms of what weve seen, yes, i think it has been quite a Rapid Response and i think weve got a long way to go before all of the countries have laid out what they are going to do. Matt is there a concern that this time it is different in the just that they are not dealing with problems on the demand side but also supplyside issues . We hea from warnings that you could see inflation that was not a worry, obviously, during the financial crisis. Does it concern you they may have to do an aboutface . Yes, it does. Inflation is a potential risk, and it is quite interesting from an academic perspective because what we saw last year with the trade wars between u. S. And china were questions about globalization. The world has become reliant on these very sensitive supply chains, how if something happens in china, it affected supply chains elsewhere. If you like, because of the trade wars, because of the suspicions from the west, you could say we could have reached peak globalization. Perhaps there was some sort of retraction of the move we have been making toward globalization, and if you like, this epidemic could be considered perhaps the heart of that same push. Markets are considering if they are too reliant, if there needs to be more localization of fromies, for instance, so an economic perspective, it is whatteresting that this crisis will do as i follow him to trade wars, perhaps limiting the amount of globalization we will see. Matt it is absolutely fascinating. What do you think about the supply chain . What does the work at rabobank show us about how the supply chain looks now . Are they getting back to work . Our shipping lines starting to move again, or are we still in a deep freeze . If you look at some of the data with respect to pollution in china, that has begun to creep up again, so from that therective, it does seem are operations that were not going a few weeks ago, but from some terms, that could be too late. For the fashion industry, which ships a lot of goods from china to europe and into the u. S. , no doubt, and some fashion experts suggesting a couple of weeks ago if the fashions were not already in a ship on their way, perhaps they would reach shops too late for the season, and that would mean they would hit the shelves a little later on the year and be discounted, so already i think for some firms it could be already too late and we could see a real hit to demand and for others, as you say, we could have inflation potentially if there is a shortage of various different components or parts. Matt another fear to add to the mix. Jane foley youre going to stay with us for the hour. Coming up, we are live from the opec plus meeting. We will go back to vienna and be joined by bob mcnally. Dont miss that conversation with manus after 6 30 a. M. London time. Plus, treasuries continue their incredible rally with 10 and 30year yields dropping to fresh record lows. How low can they go . We will talk about it in the chart that matters. This is bloomberg. Matt this is bloomberg daybreak europe. Good morning. Treasuries continue to rally as investors by bonds. The 10year yield hitting record lows. The 30 reaching that 1. 5 , actually hovering around 1. 4 . The 10year treasury yield the coronavirus continues to impact the Global Economy. Everyone is trying to ease the situation, but many on the street say this could potentially took the Global Economy into recession. We could see more flight to safety and more investors going into treasuries, and those yields could potentially come lower. Matt very interesting stuff. Pretty amazing to look at these numbers. Every day, you think it cannot possibly get any lower, and that yield does continue to fall. The february u. S. Jobs report will provide a snapshot of the Labor Market Health and the u. S. Before the coronaVirus Outbreak. What do some of our top guests think ahead of the release . Payrolls growing in february saying the coronavirus impasse Impact Likely to be reflected in the march jobs report. Impactement noted some of coronavirus on tourism and leisure which could reduce services and payrolls contribution, and it would also impart some upside risk to the , andge Hourly Earnings with think the pace of u. S. Payrolls is on a general slowdown trend due to moderating Economic Growth and signals from jobing indicators such as openings and nfib hiring intentions. We will hear from larry kudlow, National EconomicCouncil Director this afternoon. That conversation at 2 30 u. K. Time. Definitely one you dont want to miss if you are focused in on the u. S. Economy, and the fed, speaking of, surprise on tuesday with an emergency halfpoint Interest Rate cut to cushion the Economic Impact of the coronavirus. One of those who voted wasnt dallas fed president Robert Kaplan. He spoke exclusively to Global Impact and policy editor kathleen hays. The situation has changed pretty uniquely the past couple of days. You are right, if you asked me two weeks ago, i was saying publicly lets see how this unfolds and i will make a judgment at the meeting. It is too early to comment. What happened once the virus got to south korea and then to italy and then it was clear there were diagnosed cases in the united states, for me at least, the probability of material deterioration in the u. S. Economic outlook, the probability of that increased to the point i came to the view we were going to need to take action at the fomc meeting, and then i felt the situation is changing so rapidly that i thought it would be wiser to act now and act boldly where it could make an impact. Here is what i mean by that its not going to help with obviously the number of diagnosed cases. It is not going to also get people to want to go out. Its not going to do anything reaction containment if diagnoses spike. We will end up in a period where we have a severe slowing of the economy that lasts for a period of time, a company that is likely to be tightening financial conditions and what Monetary Policy can do is if we go into this with somewhat easier conditions, i thought and i still believe it will help to moderate or mitigate some of that inevitable tightening of financial conditions that will happen as a in casas this spike and the containment, so the judgment about the wisdom of this is more looking ahead to what is going to happen in the next six to eight weeks, not what is going on right now, and in that regard, i feel as confident today that we did the right thing as i did on tuesday, and i will say one other thing the number of people a number of people had a reaction because the market on the day we did it sold off, and i will tell you if the market had gone up that day, that would have given me no comfort whatsoever that we made the right decision, and by it selling off, it did not make me feel like it was not the right decision. This is not about conditions now. Its not about the current stock market. Its about mitigating a tightening of financial conditions that will likely happen some number of weeks from now, and increasing the likelihood that as we come out of the situation, we can come out more strongly. Matt that was dallas fed president Robert Kaplan speaking to our Global Economics and policy editor kathleen hays. Jane foley from rabobank is still with us. What do you think of the feds surprise move . The financial conditions explanation, you know, makes sense that we just heard from Robert Kaplan. Its pretty basic. Do you think they have to do it again . Market is already signaling they will go 25 basis points again quite soon. The question is when they will actually hit zero, and the expectation is they could reach zero as quickly are a soonest june, which really is not that far away. Market expectations are very much focused on this risk of recession. The u. S. Could hit recession, japan may already be in recession this quarter. The word recession has certainly been bandied about quite freely now, and those are the risks. This is the risk the coronavirus could bring to demand an economy is which very many of them countries like south korea, were already very vulnerable, so Interest Rates, yes, they are going to go aggressively lower, and then, of course, what can fiscal policy limit the Economic Impact of this crisis . Matt what do you expect in terms of fiscal policy . We heard about 8 billion already. Of course, thats less than even what the italians are spending. Are we going to see more of that out of the u. S. . Do we need to . Its very difficult to answer that question with precision right now, but certainly i think most people agree there is a significant risk that there may be more, but obviously it ends it depends on how the initial effects managed to stave off the worst in terms of both human and economic effects. In terms of panic, i think that. S an important thing clearly in italy we have seen a really big budget, and south korea, a really big budget. The u. K. , their focus has switched to trying to balance out the economy to really trying of the the impact coronavirus. Again, there is a lot of fiscal emphasis at the moment. Germany is interesting. They have added measures this week, but they have not yet, or they try to stress this was not a Fiscal Program generally, but i think that italy, as fears of the coronavirus continue to build, there are concerns about what they will do to try to help ease the impact across the euro zone. Matt we are going to keep you with us a little bit longer. Whisper screene there. We will talk about jobs as well and what else we can see, what we can use to gauge the strength of the economy and which currencies benefit the most. Coming up, jp morgans ceo is recovering from emergency heart surgery. The bank says it is putting his lieutenants in charge as he recuperates. Up next, we bring you more on that story that you need to know. This is bloomberg. Matt this is bloomberg daybreak europe. Jp morgans ceo has undergone emergency heart surgery. It was caught early and the surgery was successful that is what jp morgan said in a statement about chief executive officer jp morgan jamie dimons emergency heart surgery. He felt chest pains before work and checked himself into a hospital. That might have saved his life. As the most prominent executive and global banking, investors were very much concerned, especially as the surgery comes at a turbulent time and Financial Markets due to the impact of coronavirus. Shares fell about 1 and post market trading. Placedan said it copresident s in charge. An analyst at the bank is in capable hands and added that jp morgan has perhaps the deepest bench in north american banking. Matt thanks very much, out of new york on this jp morgan story. We will continue to cover that for you throughout the day. , a promise from bank of englands mark carney. Ammunition to combat the virus. We will be hearing what is on offer. This is bloomberg. Tv just keeps getting better. How you watch it does too. This is xfinity x1. Featuring the Emmy Awardwinning voice remote. Streaming Services Without changing passwords and input. Live sports with realtime stats and scores. Access to the most 4k content. And your movies and shows to go. The best tv experience is the best tv value. Xfinity x1. Simple. Easy. Awesome. Xfinity. The future of awesome. Matt good morning from berlin. Im matt miller. This is bloomberg daybreak europe. These are todays top stories. Port in a storm the bond rally turns on as 30year treasury yields slide below 1. 5 for the first time ever. Global stocks slump along with oil as opec plus waits for a decision from russia. Widescale Impact Global coronavirus cases approach 100,000 is the u. S. Outbreak gathers pace. South ko