Finance minister reiterates the efm can be mobilized for aid. Up dips picks after an opec meeting is delayed. Donald doesnt think he will have to impose tariffs on imported crude. Welcome to bloomberg daybreak europe. Looks like light at the end of the tunnel according to unicredit, but he says it is a long tunnel. The question is, how bright do you see the light . Manus and i think it depends the research that you read this morning whether it is jpmorgan saying the u. S. Buyer faces the data we are getting through could put pressure on the vix and create a floor on equity markets. Morning. Nejra if we take a look at how equities are performing, you got Chinese Markets closed, green on the screen in japan, a weaker yen, but we are waiting japan to declare a state of virus emergency with cases jumping. Japan looking to fight the virus with a twostage stimulus plan. U. S. Futures on the front foot. We saw Global Equities decline on the week yesterday. You had bankamerica saying we are poised to retest the record low of 31 basis points. The yield, moving slightly higher. Dollar strength for a fourth straight day. Johnson, hospitalized, highlighting the challenges of fighting coronavirus and u. K. We see a little weakness in cable in oil and oil weaker today with the opecplus and others meeting moved to thursday. Some questions over whether we can get an agreement. Manus yes, and the question is the data and we are all hostage to that. President trump has warned it over the weekend, the fallout from the pandemic is about to get a lot worse in the u. S. He said very horrendous. A day later, the president sounded more optimistic, citing a decline in fatalities in new york, a possible good sign. The first drop so far, so maybe that is a good sign. We hope we are seeing a leveling off in the hottest spots of them. Them all nejra in europe, four of its worst hit countries reported declines in deaths and Italian Health officials said his outbreak maybe cresting. Data suggest the containment measures that have idled millions of workers are having an effect. Boris johnson was hospitalized as a precaution after failing to shake off the virus symptoms for 10 days. Can japan, Prime Minister abe is reportedly set to declare a state of emergency. It could come as cases in tokyo jumped over the weekend to top 1000. Media reports said the declaration would cover the capital as well as possibly the osaka area. Joining us, eric lawn again at energy. Mng. Green on the screen for local equities today. What strategy would be you be taking around equity markets from here . Im pretty constructive on equity markets from here. Ultimately the demand makes here of the virus dynamics here of the virus are pretty complex, but there are certain relatively simple observations one can take from the history of stock markets and what we do know from the history of stock markets is buying the hask market in recession tended to be one of the highest returning strategies so simplistically, the way i would interpret events currently or think about investment returns environment is if you made a conservative assumption, which is that earnings returned to precorona on an income which is a conservative you, and we returned to similar multiples for the msci world which, world equity markets were not particularly stretched coming into this. At the aggregate, they werent. Depending on geography, anywhere between 30 to 50 return. A lot of this is about time horizon. When you have recessions, when you have crises or emergencies, which is what this is, peoples time horizons tend to collapse. We find it difficult to see beyond the week, let alone two weeks. We are all tracking data on a daily basis, but if you try to exercise emotional time travel and think to yourself how, when i look back on this in 12 or 18 months time, what will the right Investment Decision have been . You would have want to have been buying equities. Manus you do say in your notes that we suffer from volatility ever and a claps a version and a collapse in our time horizon. How do you differentiate opportunity . You look at the markets, it has rarely been a better time to buy equities. I look at what Scott Maynard is saying. World, wheret the is the best opportunity at this moment in time, given there is a small light at the end of the tunnel . Preference is own to be drying buying broad equity indices. The cost of what is happening here is pretty clear economic us, a huge shock to households and certain businesses and sectors. As we all know, there are certain sectors that have seen 100 drops in revenues. We dont quite know for how long, whether that will be two months or three or four months, and many businesses are unlikely to survive. The advantages of buying the aggregate equity indexes is the reality in any recession is that weaker participants are going to struggle. They may not survive. Stronger businesses will ultimately thrive and gain market share. Ironically, i think the equity market is the least risky investment. The problem with bonds, it is pretty clear we have seen the lows in yield and we can talk about that. It is striking when you look at europe. You haveok at credit, to be very careful, because default risk is rightly very elevated, whereas equities actually give you a high degree of diversification if you buy broad equity indices. Nejra yeah, and on credit, eric, you could ask yourself whether there is a real bifurcation. It seems the tide is lifting all boats. I wonder which parts of credit you see opportunities in. Some investors have said by whatever the fed is buying. We heard you should be cautious on investmentgrade u. S. Credit, even though the fed is poised to begin buying it because there is forward risk. Where do you see opportunities in credit . Eric my concern with credit is ive been studying economies for longer than i should have been. I remember the asian crisis, the emerging market crisis, places like argentina. Ive studied history. Ive studied in the early 1970s the oil crisis. Ive never seen anything like this. The severity of this recession is unprecedented. Admittedly, it has some unusual characteristics because its duration is almost determined by the calendar, and to some extent, it is a voluntary but that doesnt underestimate the significance of its severity, so it is very difficult to model default risk in this environment. My preference would be go to go to aggregate indices. In favor of credit, we have seen some quite extreme moves in spread. Your odds are reasonable. Manus on that, and we will come back to the broader topic in terms of the risks associated with digging deep into credit. Allianz, they are covering up cheap amounts of credit hoovering up cheap amounts of credit. Last week, many of it was priced at b levels. Which area of credit would you be tempted to buy . We will talk about the cautionary side later. Eric well, i think some of the broads eds industries. I tend to invest in the most liquid parts of the market. The crossover, ive started to purchase some of those broader indices. s,ngs like long dated bbb where youve seen spreads widen quite materially. Those have the strongest balance sheets. In those areas are attractive, but if i compare my expected return riskadjusted to compared to buying the dax, this is a german capital stock, down 40 , huge disk and discount in price in the capital base. The german economy, weve already seen the fiscal resources the state has. If you extend your time horizon, riskadjusted, those are much more interesting opportunities. Nejra Eric Lonergan of m g stays with us. For now, lets get to the first word news. Boris johnson has been taken to hospital as he struggles to shake the symptoms of coronavirus after being in selfisolation for 10 days. Is ang street says it precaution and he remains in charge of government. The u. K. Has seen 50,000 cases. The British Government is warning the lockdown could be tightened if the public defies the rules. Matt hancock has criticize those gathering or sunbathing in paths. Queen elizabeth ii has urged britain to adopt the resolve that got the u. K. Through the world war ii. Come,ope in the years to everyone will be able to take pride in how they respond to this challenge and those who come after us will say the britons of this generation were as strong as any. A new elected leader of the u. K. Labour party. He replaces the more leftwing Jeremy Corbyn and wasted little time in criticizing the government over austerity and the damage it does to the National Health service, but promised to work constructively with the current government. 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. Manus the german finance calls fors stabilization of European Countries hit by the coronavirus by avoiding any joint debt issuance. We cover this story and more on bloomberg. Manus this is bloomberg daybreak europe. Im manus cranny in dubai with nejra cehic in london. U. S. Equity futures, asian stocks climbing. The relief shows a shift in italy and the United States of america. Morgan stanley says forced liquidation of assets has passed and jpmorgan says a floor has been established in these markets as the data begins to look a little more helpful. T is all based on global quite a bit of issuance from the bond market. 10 year yields on the move. Our guest host says we have seen the load in yields. Low in yields. What does the state of emergency in japan mean for stimulus . There is a match between saudi, russia, and u. S. On oil. Nejra absolutely and some ways, certainly disagreements in europe. The European Countries worst hit by the coronavirus have reported falling death rates with italy saying the worst may be over. Latest figures suggest tight restrictions on Public Movement are having a positive effect. Between them, italy and spain have the most infections in europe but the Public Health institute in rome has seen a significant slowdown in the spread. The german finance minister called for the quick financial stabilization of European Countries hit by the coronavirus while avoiding any mention of joint debt issuance. He said the european stability mechanism rescue fund already now offers the possibility for euro countries to waive capital jointly with the same terms for all. The primethe u. K. , minister Boris Johnson is in hospital for coronavirus tests after suffering the effects and remaining in selfisolation for 10 days. Downing street says it is a precaution and he remains in charge of government. Confidence,sumer, the sharpest fall on record. Britons adjust to the reality of coronavirus lockdown. If measures of sentiment dropped 25 points between the middle of march and the end of the month, to the crisis in more than a decade ago. Eric lonergan is our host this morning. Thank you, from m g, for being with us. I take you to the oped from the german finance minister this morning. Hes saying if you need to draw on anything, draw on the esm. There are these rallying calls for coronavirus bonds. In termsk at the esm, of the scale that might be available through the esm, is it big enough, when they talk about monetizing the esm, they talk about 2 of gdp. First, your take on that . Here is stand back in the context of the eurozone and simply acknowledge what has been a governing principle for the last decade, which is, germany gave up monetary sovereignty to the European Central bank. The bundesbank has been overruled on every big Monetary Policy decision pretty much. Germany is not going to give up and so weereignty, just know that there is not going to be a situation where other countries can effectively borrow against germanys either directly or indirectly. The model has to be a combination of Monetary Policy cap in yields and effectively Sovereign National decisions. In a sense, i dont understand tactically why people try to bring up this issue of the issuance of eurobonds, because it is just not going to happen. They would make more sense to me given the budget rules have been suspended, actually for come in inense, for this to be allegiance to countries. Italy and spain saying lets test the bond market and make it the ecbs problem. I think the simplest solution in the eurozone would be for the central bank to cap spreads. Wethe ecb came out and said are going to take a leaf out of the book of japan but target the spread and say the gap between the lowest and highest yield across european sovereigns is 50 basis points, and that will be the case for 12 months, that would free sovereigns to do whatever they want. Issue whatever is needed for their fiscal stimulus. The problem with trying to remake institutions in the bill of this crisis against these political headwinds are not going to happen. If you think corunna bonds arent going to happen, would another alternative be a joint Debt Reduction fund . That is something that has been discussed. Theyve got the model. Lets say italy decides to gdp budget run a 15 deficit. Once the problem with that . It is only a problem if it puts pressure on btp spreads. There needs to be courted nation. The ecb needs to come out and say this is an emergency. The fiscal rules have been suspended. As far as we are concerned, governments can issue is much debt as they want to deal with this crisis and we are going to cap spreads. You resolve all the problems. Youve got limitless financial power, you leave the decisionmaking to the national level, so you avoid politics, and deal with the crops of the matter. The only problem with italy issuing dead is debt is spreads widen. Manus can we deal with spreads between the u. S. And europe . You propagate yield curve is the way forward control is the way forward on the spread. Suggested solution and citigroup agrees. They say we are already in yield curve control territory. Bund spreads, were seeing a rollover. If you believe we have seen the bottom of the u. S. Spreads, and you do not believe they will compress any further, what happens to the transatlantic spread between treasury and bund . Is it driven more by ecb momentum . Eric before we address the issue, i want to point out something incredibly important. One of the most important policy decisions that hasnt really been paid much attention is an it is quite extraordinary that the European Central bank did not cut Interest Rates during this crisis. If you look at where 10year bund yields are and 30 year bund yields, the yield is higher than it was in august of last summer today. If you cant make money in the bund market in a Global Pandemic , what does it take to make money in bunds . Manus well, we will come back to that subject in a few minutes. Thank you very much. Eric lonergan stays with us as the guest host from m g. Coming up, a call for National Lockdown. Gates gives his views on the coronavirus as the u. S. Works to avoid the worst case scenario. This is bloomberg. Nejra this is bloomberg daybreak europe. Im nejra cehic in london with manus cranny in dubai. President trump and mike pence says there are signs the coronavirus in the u. S. Is beginning to level off. Hence said we are beginning to see the glimmer of progress. Cases and hospitalizations are beginning to stabilize. New york state reported its first decline in daily deaths, 500 94 people with coronavirus died on sunday, fewer than the 630 reported on saturday. Has had more than 4100 fatalities so far but the death toll across america could fall well short of recent estimates according to bill gates, especially if social distancing measures are done properly. The billionaire is calling for a National Lockdown to control the spread to avoid a worse case scenario. For more, bloombergs Annmarie Hordern joins us from new york. Please seen some optimism out of the state and have the u. S. Surgeon general jerome adams saying the country faces a very comparingiod this moment to 9 11 or pearl harbor. Where are we right now . Mixedie we are seeing a picture. One thing we should note is on saturday, President Donald Trump took that tone you heard from the surgeon general, talking about a horrendous week and a her in this phase in the united you heardt on sunday, the administration, mike pence, donald trump talking about some optimism. This all comes down to the numbers in new york. New yorks Governor Andrew Cuomo talking about daytoday reductions in deaths happening and a slowdown in deaths in neighboring new jersey. That is what everyone is pointing to but andrew cuomo said this is either a peek or potential blip. On top of what we heard from the surgeon general, deborah birx said over the weekend that she looked at an independent model that still projected about 100,000 u. S. Deaths. Nejra bloombergs Annmarie Hordern in new york, thank you. A peak or a blip . U. S. Futures on the front foot, green on the screen in asia. The 10 year yield above the 60 handle. Next, we hear this is bloomberg. Manus good morning from bloombergs middle east headquarters in dubai. Im manus cranny with nejra cehic in london. Your top stories this morning. Global stocks climb as the daily death toll from coronavirus declines in some epicenters. President trump says there are signs the u. S. Outbreak is beginning to level off. Italy reports the lowest daily fatalities since 1919. Germanys finance minister there can be quick Financial Aid but doesnt mention joint debt. Oil gives up some of last weeks rally after the opec meeting is delayed through thursday. Donald trump says he doesnt think hell have to impose tariffs on imported crude. If you look at the oil market, it ramped on thursday on the speculation of a deal. Here we are with delay. One income all income i would say. Nejra that is one of the chief focuses for markets. That Virtual Meeting we are expecting thursday between opecplus, the u. S. , and others. Global markets generally unicredit saying there is light at the end of the tunnel, but it is a long tunnel. How bright do you see that light eek and dot the w you see the case numbers as a peak or blip . Manus we are in lockdown and perhaps, you are seeing some of these plateaus. Reflect on the images from emerging markets, india. It is a completely different story. The s p 500, ramping a little higher this morning. Notan stanley saying weve had capitulation. Since 2011. Ractive the 10 year bond yield, risk on in equities. A little bit of money coming out of treasuries. The question is, how much of the yield will dip further . Sayslonergan from m g weve seen lower yields and the dollar index, if everything is ramping up in terms of risk, why is the dollar still the bastion, the hidden . Haven . Japan, about to go into a state of emergency. Lets get a quick snapshot as you go into monday morning trading. Oil will be the epicenter of the markets as we see procrastination between saudi arabia, russia, and the United States of america. Can they do a global deal . The Prime Minister of england is in hospital for more tests. The pound slips by one third of 1 . Dollar strength, sterling weakness, and dollaryen. State of emergency to be declared tomorrow in tokyo. Stories ofr leading the day. The European Countries worst it by the coronavirus have reported falling death rates. Italy, saying the worst may be over. latest figures suggest tight restrictions on Public Movement are having a positive effect. In italy and in spain. Those countries, with the most infections in europe. You had the german finance minister olaf schulz calling for the quick financial stabilization of European Countries hit by the coronavirus while avoiding any mention of joint debt issuance. We continue to do everything we can to fight covid19 and support Health Care Workers at home. Weve ramped up production in the u. S. As quickly as possible. We saw this early in january and ramped up Production Capacity that we keep idle for just the situations. We are working to expand that. We are focused on delivering as much as we can in april and the narrative overnight that we are not doing everything to maximize the delivery to our home country is not fall is false. Is not doing 3m all it can to fight price gouging and unauthorized reselling is research absurd. Weve been at the front line of leading this. For all theve dreamers that have dedicated so much time and effort to leave the fight here, it was different disappointing to hear that narrative. It is always hard to know what the white house is talking about, but in this case, it seems that the president heard a report that you are selling some of these masks to canada and which, as imerica, understand it, has been a common business practice for you. Under normal circumstances, we produce about 19 million respirators, 20 million respirators a month in the u. S. , 90 goes to industrial customers and a portion goes to canada and latin american customers. In a crisis like this, we double plusutput and shift 90 two health care, pharmaceutical manufacturing and production. Continue to support canada and latin america as part of our strategy. We have excess capacity to bring online. This covid fight is like nothing we have seen. The demand is great so we are doing every thing we can to to the u. S. While still serving canada and latin america, where we are often missile sole supplier of Health Care Workers in those countries. We have expanded our capacity. We will ramp up another 5 million respirators in april. We now just got an agreement export 10 million n95 respirators from our china manufacturing into the u. S. , so we are stepping up and we are bringing more production online in june, so we will get up to 50 million plus what we can bring from china. We are a net importer into the u. S. , even though we continue to serve canada and latin america with a small amount of production. It is less than 10 of our normal production, so it becomes a humanitarian issue that we have to try to balance and we are at the same time maximizing every thing we can bring to u. S. Health care workers. Is there price gouging of some of these masks . How far down the supply chain to the customer are you able to control prices . Gouging, it is good to be clear. We are manufacturing respirators. We sell those to distributors and in the health care crisis, we sell through half a dozen large, reputable distributors and have a strong partnership. We work with them to get product. Senator peters comment about triage, that is what we are doing. We are triaging to serve the most medical needs, working with shema fema to ship directly but working with distributors. Covid outbreak, we were selling to 90 industrial and they are selling to a broad range of customers. Some of that inventory has ended up in resellers, where this unethical, despicable behavior of price gouging is taking place. We would never increase prices for our respirators during this crisis and we dont sell to the highest bidder. We sell through authorized distributors or directly to the government. The boj and state ags to pursue these perpetrators. We bring our data online, help with counterfeits, authenticate retailerss, work with to call out those price gouging and resellers. We are doing every thing we can to help Law Enforcement take that on, and we have a supply chain that ensures in this crisis, and we monitor this every day, it is really a strong and effective way to get the product to the customer. It is disappointing and unfortunate that resellers are taking advantage of this situation the way they are. Ceo mikeat was 3m roman speaking to taylor riggs and mike mckee friday. Lets get to the first word news and the British Government is warning the lockdown could be tightened if the public defies the rules. Matt hancock has criticized people gathering or sunbathing in paths. Queen elizabeth ii has urged britain to adopt the resolve that got the u. K. Through the world war ii. I hope in the years to come, everyone will be able to take pride in how they responded to this challenge and those who come after us will say the britons of this generation were as strong as any. Nejra the white house sees signs the u. S. Coronavirus outbreak is beginning to level off. It is citing a daytoday reduction in deaths in new york. Mike pence there are signs of progress. President donald trump said we are hoping we are seeing a leveling off. A new elected leader of the labour party in the u. K. , he replaces the more leftwing Jeremy Corbyn and wasted little time in criticizing the government over austerity and the damage it does to the National Health service, but promised to work constructively with the government in tackling the outbreak. 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. Manus coming up on the show, the opecplus meeting is now set to take place on thursday. Russia and saudi arabia are calling for the u. S. To join. Trump seems unwilling. This is bloomberg. Nejra this is bloomberg daybreak europe. Im nejra cehic in london with manus cranny in dubai. Green on the screen from asia, largely from japan. U. S. Futures up 4 . Global equities had a weekly decline last year last week. Bank of america says we could imminently retest the 31 basis point record low. A bit of yen weakness and we await the state of emergency in japan. Oil, fading some of last weeks gains. Manus spectacular rampup, 33 thursday and friday. Poof, done. Oil, trading lower on the board, giving up some of the momentous gains to close the week. It has been tended of the rescheduled for thursday and the aim of the talks, as we understand it, is to cut Oil Production by 10 Million Barrels a day. Russia and saudi arabia want the u. S. To join in, but so far, President Trump has shown little willingness to do so, which is raising doubts about an agreement and as part of an effort to bring the u. S. On board, diplomats are trying to stitch together a g20 meeting of Energy Ministers on friday. Thats according to bloomberg. Thewhile, weve got original calling of a deal. President trump calling on levees to blunt the impact of a price war if necessary. S, very substantial tariff because we are independent now. We have our own oil. I would use tariffs if i had to. I dont think im going to have to. That is the president of the United States in terms of what he might do with tariffs, yes or no. Chief oilned by the analyst. To sustain the rally, we saw the market dropped 12 this morning. To get a sustained rally, does the u. S. Need to be part of the deal . Yes. Absolutely. I think it does need to be part of the deal. That is russias precondition and they have said we will not be by ourselves. This is a Global Crisis and if you think about why the opec deal fell apart in vienna, this was one of the big issues because russia had been pointing out how the u. S. Has been taking market share and they require them to join the talks. Nejra great to speak with you today. How far does brent need to fall to really precipitate some kind of an agreement, even if it is just an emergency, temporary one . Amrita i dont think it is the price of oil because current prices after the rally, everyone is still hurting. We talk about 42 being the requirement for russia, everybody is all hurting. The problem is, right now, this is much more political. You also heard putin but you saudi arabia after going of going after shale producers, which they denied. Difficulttting quite on a political level and that is why they have to delay the meeting from today to thursday. Unless there is a breakthrough through the dark channel talks, there will not be talks and in any case, it is important to talk out, no amount of cuts are going to be enough to offset the lowered demand because the reality is down by 20 million a day. Thes we can posture about 10 million, that would be 10 of global output. What would be meaningful to you . Sweet pea it be the amount the saudis cut . Whether norway comes on board . What is the alpha in the 10 million . Does that consensus number . What needs to come from the big bulwarks, saudi, russia, and potentially from the u. S. . Verya i think thats a good question, because we couldnt get the 10 Million Barrels a day to add up. The talk right now is opec will cut from their inflated april level. Have produced cap record levels and we are going to cut from these levels. That is another disagreement. If you cut, you need to cut from q1 levels. That would be meaningful, but we are talking the input of 10. 10 Million Barrels a day is more than in q1. That is why the 10 Million Barrels a day number is such a red herring. There are a lot of creative mathematics behind that number to get to that. Real cuts in our estimation will only be six or seven. The thing is, the market will way or another because we ultimately run out of Storage Space. Nejra on the Storage Space, when are we going to run out of that Storage Space . Amrita thats the milliondollar question right now. Thatumbers are estimated toward the back half of may, we ran out of global Storage Space, but that depends on the fact that demand deterioration we factored into our balances, 24 Million Barrels a day in april doesnt become worse. If demand declines are worse, you could be hitting storage this month and the of what opec does, because a deal prices have to go down very upside can bey achieved. The middle of last week, i said thursday, my risk is there is a deal and im on the wrong side of this trade. As we go into this week, i look at the widest since 2008. What is the risk . Is my risk failure to agree . Failure to coagulate . Amrita i agree, last week the market was very fraught and that is why it was covered. Actually ouve the market has priced in a deal and thats why the risk is there is a no deal or it is a weak deal. Lost her audio for one second. I knows of an agreement, you said no amount of cuts are necessarily going to offset the demand decline, but do we also need other people on board beyond russia, saudi, and the u. S. . Other global producers too . Amrita yes, and that is why we are talking about g20 Energy Ministers. Canada, brazil. A lot of them are going to struggle to put through big cuts, but definitely there is talk that all of them have to contribute. Some have come out and said they couldnt be part of opec, but they would voluntarily cut production. Manus lets see what the week ,olds for us in terms of a deal will the russians and saudis come together . Amrita sen, chief oil analyst at energy aspects. Type your business flash. 9 40 in dubai. Rollsroyce will scrap their profit target this weekend and dividend according to the financial times. It says the company will also announce new Credit Facilities of more than a billion pounds. Last month, you could significantly reduce activities at its Civil Aerospace facilities. Boeing has decided to keep it seattle area manufacturing hub closed indefinitely. The factories are were all of the companys widebody jets are built. It had been scheduled to reopen late tuesday evening following a twoweek closure. The pandemic injects fresh uncertainty into boeings plan to get the 737 max back into the air. Emirates looking to raise billions in loans after the coronavirus outbreak forced the airline to ground its passenger fleet. Our sources tell us the carrier is reaching out to local and international banks. The government stepped in to shell be airline, saying it would receive an unspecified amount of Financial Aid. Thats your business flash headlines this monday morning. Lets check the markets. We are dealing with data from italy to spain to the United States of america, so thats given the power level sense of relief to the market. Cannot hinder . Will it be can that endure . S p futures up over 4 and europe, the epicenter in italy and spain, improving numbers. Nejra and on that point, coming up, whether we have found a bottom, where the bottom is, it is only up from here. Jpmorgan says 2100 will serve as a floor on the s p 500 as the virus takes outflows. Weve got your morning call next. This is bloomberg. Nejra this is bloomberg daybreak europe. Im nejra cehic in london with manus cranny in dubai. A slowdown in the growth rate of new coronavirus cases in the u. S. They hope put a floor under morgan say jp strategists. The growth rate above 20 has dropped over the past two weeks, a trend that could dampen volatility. The vix has followed the data associated with the spread of. Ases jpmorgan expects 2100 to hold on the s p 500 and serve as a floor. They see 28. 50 as a highend for the quarter. Eric lonergan from m g is still with us. Is that a range you would get on board with for the s p 500 . Eric i think it is reasonable, but in a sense, it is doing to be cute about this. The reality is, we dont know. It is perfectly possible there is further acts to this drama and we see greater lows. The surprise the prize i your keep my eye on is perspective in 12 or 18 months time and you are not really going to care whether the low is 2150. R 2200, what you care about is whether earnings recover on a 12 to 18 month view, and i think that is the greater prize here. If you extend your time horizon, you engage in emotional time travel. There is a better probability you look back any years at a better opera and this is a Good Opportunity to buy stocks. Manus phrase of the day, emotional time travel and whether we can come out of the meal be a of what this coronavirus. Thank you for being with us. Jpmorgan, called a floor. So does Eric Lonergan at m g. This is bloomberg. You doing okay . Yeah. This moving thing never gets any easier. Well, xfinity makes moving super easy. I can transfer my internet and tv service in about a minute. Wow, that is easy. Almost as easy as having those guys help you move. We are those guys. Thats you . The truck adds 10 pounds. In the arms. Okay. Transfer your Service Online in a few easy steps. Now thats simple, easy, awesome. Transfer your service in minutes, making moving with xfinity a breeze. Visit xfinity. Com moving today. Good morning and welcome. Let me give you your top headlines. Johnson is admitted to hospital as a precautionary measure. His coronavirus symptoms persisting past 10 days. The queen urges britain to show the same kind