Biggest gain ever when it comes to wti in terms of percentage. We are losing steam there. We are not seeing a whole lot of movement here today. The offshore is slightly weaker. It does not seem like theres a whole lot of patterns you can actually string together here now that we are excluding japan. Ending the week back to where we started. Tom weve had another downgrade, another cut to forecast growth. Malaysia cutting its 2020 gdp growth estimates to 2 . A contraction of 2 . They are cutting their estimate to 2 on the coronavirus pandemic. Morgan stanley have upgraded malaysian equities. We will speak to Jonathan Gardner later in the show. We can has kim about the applications of that. Another grant outlook for malaysia. Worldwide cases of the coronavirus have reached more than one million infections and counting. Our chief north asia correspondent joins us on the line from hong kong. This is indeed a bleak milestone. Stephen thats right. Total673 is the latest were getting from the Johns HopkinsCoronavirus Resource Center website. States, 244,678. That is nearly a quarter of all the global cases now in the United States. 23. 6 . That is three times the numbers that china has recorded. Globally, 52,973 with more than 5000 in the United States. New york steak still is the epicenter of the in the United States. They are reporting 9000 new infections in the last 24 hours. The new york city mayor is recommending people cover their faces. That is a recommendation that we could be seeing shortly from the white house. They may consider the recommendation. At this rate, the governor of new york saying they have six days from exhausting their stockpile of ventilators. Thats another reason why donald trump issued an order under the defense production act to speed up production of ventilators. Yvonne weve seen china lashing back about that u. S. Intelligence report claiming beijing falsely reported its outbreak numbers. What exactly do they say . Stephen the Foreign Ministry spokesperson rejecting that u. S. Intelligence Community Conclusion that a concealed the extent of the epidemic in china. The spokeswoman in beijing saying they have been open and transparent. Some u. S. Officials just want to shift the blame. We got that report yesterday from bloomberg. Two u. S. Officials basically calling the data from china fake. China has changed its methodology several times waiting to skepticism on whether those numbers are actually true or not. Little moreported a than 82,000 confirmed cases, more than 3000 deaths. We are also getting a report as a journal citing Chinas National Health Commission that there is more evidence that there is a higher number of asymptomatic cases in china, nearly four out of the five people recently tested in china around april 1 had no signs of the infections. That is stoking concern that the number of simon carriers may be greater than previously thought. China has urged better handling of its cases. Publishing that information daily. That is our chief north asia correspondent on the phone from hong kong. First word news. Script byemain contagion with 950 new victims, taking the number of contempt deaths above 10,000. Thursday was the nations deadliest day. The army is facing its biggest ever peacetime operation. Italy leveled off again. Germany expects its numbers to rise and sees the economy shrinking by 9 . Shutdowns in supplyChain Disruptions from the virus have pushed u. S. Jobless claims to an unwanted record. More than 6. 6 Million People apply from Employment Benefits in the last week, more than double the total from the week before. The numbers come a day before the official u. S. Payroll report which is expected to show a monthly decline for the First Time Since 2010. There are new warnings that the u. S. Is entering a sharp recession with some economists saying that gdp is headed for its worth decline going back to 1947. Shutdowns and restrictions on movement have forced the economy to stall with projections varying but ill expecting a severe gdp fall in the second quarter. Forecasts see a rebound in the latter six months of the year. A cruise liner carrying suspected coronavirus patients has stopped in florida after being turned away at ports in south and central america. It entered for everglades after days of negotiations with local officials. It had sailed from when a series but was denied entry by a series of ports when it announced it was carrying the suspected virus. 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. This is bloomberg. Great interviews ahead including Morgan Stanleys chief asia and em equity strategist. We can ask him about that downgrade for the malaysian growth forecast. We will discuss whether oils price crass crash will renew interest in Renewable Energy. We will also hear from one of indias biggest i. T. Companies. This is bloomberg. Tom welcome back. A briefing taking place in beijing from the ministry of commerce. A couple lines coming out of that. They will support Foreign Companies to resume work, according to officials at the briefing. China vowing to stabilize Foreign Investment amid the virus. China needs that as the economy slows. Thats a key focus for officials here as well. A couple of lines from this ministry of commerce briefing that continues. They will support Foreign Investment. The chairman saying that they are getting some help from the government but there is more desk they are not at full capacity. That is also the focus with American Companies with footprints in china. Yvonne just some lines coming through here. The China Morning post reporting that Cathay Pacific will further reduce longhaul flights. Weve seen them cut their capacity to 96 or so. Questions on how much more they could actually cut in the moment. Not much reaction to the stock here. Low oil prices arent helping airlines either these days. That tweet we got. That woke up these oil markets. Was that one tweet that send crude shooting up as much as 35 at one point. Perhaps that was the type of deal that was brokered between President Trump, cutting output by 10 Million Barrels between saudi arabia and russia. Saudi arabia came out and said, hold on. We need to have an emergency meeting with opecplus before we discuss any their agreement. A little bit of doubt in these markets are today when it comes to oil. We saw the likes of Oil Currencies gain. Around 2436 per barrel. For more on what is happening, we are joined by the founder of than insights. Great to have you. Whats the deal here . How close are we to an actual deal . Good morning. Lets run a very quick probability test. That is what i believe the oil market is doing. Need jerk reaction yesterday to trumps tweet. Has he been lobbying russia and saudi arabia to come back to the table . Yes. Are the two countries leaving the door open to perhaps coming back to the table . Probably yes. However, are the two countries close to talking about a deal . Afraid a lot of confusion and skepticism on that which is the most important piece of information the Oil Market Needs right now. Yvonne right. Thats the number trump is throwing out there. Does that have any impact on fundamentals and price . If thats the way they are ,oing, if that does take place i believe that would be a sufficient enough number to prop , possibly toly above 40 as well. However, the big question right now is, is that a number that they are even talk about talking about, . Day just,000 barrels a within the current opec alliance defies credulity. Can you imagine saudi arabia and russia agreeing to drop their output from 12 to eight Million Barrels per day . A lot of skepticism over that. Will they be able to put together a Broader Alliance with nonopec producers . Question, are they going to come back to the table . If not, what are they talking about . Saudi arabia and russia are making a huge sacrifice. A lot of very important questions. Unfortunately at this point, no answers. Tom does the u. S. Have to come to the table because the shale industry is under so much pressure now . What is the timeframe for how long the u. S. Shale industry can hold up under prices at this level . Yeah. That is a key point. The shale industry is crumbling very quickly come away faster, way more severely than what we saw in 2015. The argument can be that this , at leastencouraging the Silver Lining for saudi arabia and russia, that they are suffering all the same. The whole world is suffering all the same. Ashaps this will end shale we have known it. Thats going to be a major stumbling block in them agreeing , especiallyagain without any contribution from the u. S. Tom we have a question from from one of our viewers. Do you see the wti brent surging if opecplus supply issues are resolved . Yes. We have seen quite a contraction in the spread of late. Wti alsohe supports to coming from the host that u. S. Perhaps embargoing or putting tariffs on imports and so on. Deal, we will definitely support brent at the Global Benchmark far more than it supports wti. We could see the spread widening again. Even before this tweet from President Trump, we saw oil rebound a bit on a bloomberg scoop that china was planning to crude foruy cheap reserves. Theres always a mystery behind tiles oil hoard. How supportive is that for the oil price . That piece of news was quite believable. Price, we saw the starting to creep up within the asian afternoon yesterday, before trump tweeted. Its entirely believable that china will want to stock up when oil is pretty t. We know there is very little about Storage Capacity. Going tohat they were bring on new Storage Capacity in 2020. Entirely likely that they will swoop in to pick up some oil. Given the numbers that we are seeing, they could buy 82 billion barrels. At current overcapacity, that is perhaps four or five days of Global Supply. I dont think that will give much of a prop to crude. Yvonne we are asking all of our bloomberg clients here about the oil price. Perhaps it is too optimistic. How long before oil can actually hit 50 again . The opec nonopec production materialize, the ultimate force is going to be the dissipation of the coronavirus itself. I think the optimistic scenarios are that q2 is the worst in terms of the pandemic as well as oil demand restriction and the world will emerge out of this into three. In q3. I would expect a gradual recovery in oil prices, gradual is the operative word here. You have to be very careful about lifting lockdowns and restrictions. Tom i will bring it back to china. What is your timeframe for seeing demand recovery here . Recovery and chinese Economic Activity has been far slower than expected. Again, no surprises. Is able reports that there great amount of doubt within the local government as well is within the public as to whether the pandemic is entirely under control. The country is probably going to be very cautious and how it allows people to mingle again. Lets face it. Export markets are going to be completely gone for the time being for the for siebel for siebel quarter. I believe it has gone back to 70 of normal levels. It will languish there for the next two months. Great to get your thoughts on what is a compelling story. Thank you very much. Just recapping some lines we are seeing crossing across the terminal. Cathay pacific, the executives there are looking at a pay cut for themselves. Further restricting the number of flights for that airline that has artie been buffeted by everything that is happening in hong kong prior to the coronavirus. This one is an eye popper. Cafes flights twice a week to london, l. A. , vancouver, and sydney. They operate to weekly flights for longhaul destinations. Crawling back and cutting back their flights even further. Coming up on the show coming u. S. Jobless claims have hit a record is americas days home. We will survey the data and preview the payroll numbers due later. This is bloomberg. The lockdown is producing 3 negative growth each month. Obviously, this doesnt mean that after the lockdown will finish, the rebound will be immediate. Now, claims for new unEmployment Benefits in the u. S. Underscore how swiftly massive drop cuts are permeating the labor market. Investors bracing for the first drop in payrolls since lehman went under in 2008 and kicked off the great recession. Kathleen hays is here with the numbers. Is the coronavirus at the point now where it is greater cratering the u. S. Economy despite the stimulus . Kathleen we know the labor market is the hardest in any economy. We are seeing that it is pretty damaged, already wreaking on the u. S. Economy. In beijing, you know what happens when a government fight it pandemic. We have businesses shut down, having people stay home. What happens . People lose their jobs. In the United States, 10 million americans have filed their claims from Employment Benefits as more and more states across the country do exactly that. Lets jump into bloomberg now and see how this looks on a chart. You can see that if you go back to 2008, the last time we saw a jobless claims going up was in the great recession. Nothing like this. At 6. 6 million in the latest week, you are already at more than 10 times a single week. You are nearly at 10 million. 10 million in two weeks is the equivalent to the first 6. 5 months of the great recession. In terms of how this is breaking down, of the four highest layoffs, california with 879,000. They are having their virus still spiking. New york is number three. Job benefits are going out to people getting laid off from hotels and restaurants, manufacturing, retail, construction and more. It is spread across the entire economy. Yvonne seems like tomorrows jobs report might not be as important now given what we are seeing a jobless claims. What are we expecting . Kathleen u. S. Payroll down 100,000. This will break a string of 113 consecutive monthly declines. Extending the longest expansion in u. S. History. You can see what this is like. 100,000 is nothing like the great recession. One thing that is important to remember, the u. S. Labor department conducted survey in the week that contains the second tuesday of the march. That was the first part of march. It does not capture the last half of march. Knowm line, people will this march jobs report is not going to begin to capture how bad the pandemic is hitting the economy because of the midmarch survey date. Bloomberg economics looking for a decline of 100,000. That is our survey consensus. Hitting 15 in april. April is the month that will look so damaging. After a string of all these strong jobs reports and expansion, this report that comes out hours from now is certainly going to show investors that the worst for the economy, the worst for the virus itself in the United States has not yet been seen. Tom yvonne thanks. Kathleen hays joining us on the line from new york. Willg up, Morgan Stanley join us to talk about where this is leading in the second quarter. They are focused on china, japan. Also concentrating on exposure to i. T. , Communications Come and materials. Hes next. This is bloomberg. You are watching Bloomberg Markets asia. The pboc in china saying the deposit rate needs to be balanced. The pboc also saying they need to consider further before changing the deposit rate. Officials from the pboc also saying the benchmark for the rate is the benchmark of the pboc toolbox. It seems they are pushing back somewhat on these reports. Officials arethe pushing back on that. Some investors are disappointed the pboc has not done more in terms of stimulus. Liquidityuggesting into the market in half steps. They are saying they need to consider further before changing the deposit rate. Lets get the first word headlines with Karina Mitchell. Hitna the coronavirus has an unwanted milestone. Global infections topped one million four months after it was reported in china. 50,000 people have fallen to covid19, which has rapidly eclipsed all recent outbreaks in scale, with fewer than 20 nations in the world remaining free. Johns hopkins says the u. S. Has the most reported cases. China is rejecting u. S. Claims that it deliberately downplayed the coronavirus, accusing washington of seeking to shift the blame for its own handling of the crisis. Beijing insists it has been open and transparent in response to the infection, denying any attempt to underreport total cases and deaths. The Foreign Ministry asked what the u. S. Has done apart from barring arrivals from china. Oil markets jolted after President Trump suggested he has the key to resolving the standoff between saudi arabia and russia. The president spoke to leaders in riyadh and moscow, saying he expects a solution can be found and supply can be cut by 10 to 15 Million Barrels per day. The fed response to the coronavirus fallout has seen its Balance Sheet expand as policymakers consider purchases of mortgages and securities. A scale already dwarfing the program the fed took in the wake of the financial crisis a decade ago. The captain of one of americas top warships has been reli