Holiday, were seeing gains close to 2 . Watching futures as well after we saw the dow, s p and nasdaq rally almost 7 overnight. U. S. Futures seem to be quite elevated. Take a look at india as well coming back online. U. S. Futures heading to negative territory now. Oil is stabilizing and resuming the gains ahead of the opec plus meeting thursday. Treasuries falling. Yen falling as well when it comes to the currency. The pound, we see Boris Johnson the Prime Minister now in intensive care after not being able to shake off the coronavirus. Watching the aussie dollar. Dont expect much but well look for an economic update. It was one of the worst curnsniss the world but it seems like second half could be a different story. Signs it could strengthen in the back half. Nomura saying it could strengthen to 13 rks 300 by year end. Tom we have some lines coming out of lamb now giving her weekly press conference. You can see her there. She has said that hong kong hopes to announce a second round of relief measures. This city has been battered by the protests of 2019. The coronavirus. The closing of bars and restaurants and much of the night life industry, the food and Beverage Industry badly hit as well. There have been calls for more measures from the government to support that economy. She just finished her press conference. She hopes to announce a second round of measures soon. Yvonne lets get more on the market context. Our guest joins us from singapore. Is it just a bear market rally or something that is more significant now . It does seem like it is getting a little bit more significant. Overnight you had s p 500 rising above longterm support , the 200week moving average. The vix crossing to 45. Things look like they are settling down a little bit. We had the liquidity trouble for a while. That seems to have settled down somewhat. It seems like were getting although you still have this uncertainty out there about exactly what will happen. You still have the hot spots popping up. It will be a while before everything is figured out but some of the more urgent problems in the market seem to have been resolved, at least for the time being. In terms of the future direction of the market what are you looking for . Were watching earnings. Starting to get those in the next couple of weeks or so. That will show just what companies are starting to think whether they see any clarity at all. Also looking at balance sheets. How well corporations are doing. How they are holding up. A Morgan Stanley strategist said he thinks japanese stocks might do well. They have strong balance sheets. Looking at the earnings, sectors like banking and some of the cyclical secondors. Yvonne what do you see in in terms of merging markets now . This is pretty interesting. One thinks merging markets are highly vulnerable now. He said currencies could come under pressure and they could see more outflows and of course that is going to be one of the wild parts here in terms of how the virus does, how some of these countries cope, how the Health System copes with coronavirus. On both the Public Health front and the markets front, it will be interesting to see where they end up going in the next few months. Thank you very much indeed. Now lets get to first word news in new york. Lowestas dumped to the since the coronavirus crisis. Retail sales have collapsed as the pandemic comes and keeps people at home. The stimulus package just shy of one trillion dollars. Meanwhile u. K. Prime minister Boris Johnson is in intensetive care in a London Hospital after his coronavirus condition has worsened. He was admitted for tests on sunday after spending 10 days in selfisolation on downing street. He became more seriously ill on monday afternoon although e remains conscious. Meanwhile virus cases continue to stall in italy with the lowest increase reported in 20 days. However they still have the heist number of infectionrelated deaths in the world. Germany calling for Small Business aid for businesses. Chancellor merkel is warning the e. U. Faces its biggest challenge since its foundation and there are signs that the coronavirus outbreak in new york could be stabilizing, however the estimate is heavily qualified saying the current level and demand for beds in metropolitan area will have to work at what is ribed as an un unstainable pace. Australias high court has quashed the sexual abuse conviction against a cardinal and he is expected to walk free from jail within hours. He is the highest ranking official to be found guilty of sexual abuse within the Catholic Church and was sentenced to six years prison. The unanimous ruling acquits him of all charges. Global news 24 hours a day, on air and powered by more than 2700 journalists and analysts in more than 120 countries. This is bloomberg. Yvonne still ahead on Bloomberg Markets asia. Singapore has now reversed its decision as a second wave of infections continues to rise. We speak to the man in charge of education. This is bloomberg. Nissan is preparing to lay off 10,000 hourly paid workers in mississippi and tennessee as the coronavirus stalls demand for new cars. Cnn said the affected plants are in smyrna. April 27 is factories are xpected to resume operation. Boeing shutting the last of its commercial jet factories. Production will stop on april 8 and remain closed indefinitely. Boeing has been hit by slowing demand for air travel and slowing demand for its air max. The package to soften the economic damage from the coronavirus outbreak together with the previous two packages the government is setting aside over 40 billion, 12 of g. D. P. Trade is reeling from the pandemic in singapore. New restrictions on movement beginning today including the closing of schools and nonessential businesses. Joining us is their minister for education. Thank you for joining us this morning. We appreciate your time. Ive us the rationale for closing the schools. Good morning. The closing starts tomorrow but learning is not going to stop. Were going to move to tarp to homebased learning. And like many countries, we have decided not to close schools all this while. I think maybe for three reasons. One is that covid19 does not behave like the flu. Whereas children, especially especially are susceptible and can be directors of transmission. Covid19 behaves quite differently. Students can get it. Young people can get infected but they dont seem to be a affected as adults. Also there has been no evidence that they can become vectors of transmission. I think that is the fundamental difference. The basis of our transition so far. You look at the number of transmissions in students. We have about 65 students infected. A great majority got it because they travel so they got it overseas. Another handful got it from adult family members in their households. A few from social gatherings. The number of students infected in schools or on campuses has been zero so far. So i think that is the fundamental basis. And therefore covid19, the way it behaves gives us an option not to close school all this while and by taking precaution we kept schools open. That way we didnt disrupt the lives of families too much. They can still go about doing their work and especially two groups that we are very careful about. One, healthcare workers. With their children in schools, they can still be at the front line focusing on their work battling the virus. Second is actually the vulnerable groups. Students from lower income groups. Vulnerable families. I think any school closure, they are the ones that are most likely to be most adversely affected and will suffer the most. So for this reason, we had never closed schools but as of today we are moving into the second phase where we are trying to crush down the transmission rate of the virus. Work is stopping. Most people will go on telecommuting. Malls, retail shops are closed. No more dining in or sitting in. Only takeaway. We are also closing schools and moving to homebased learning. The Circuit Breaker that you talk about and schools being part of that, are you able to give us an assessment as to the Economic Impact on g. D. P. And productivity from that move . Which you say is necessary now . There is not productivity to talk about. The activity stops. The impact on g. D. P. Will be tremendous this week, this month. Which is why we have the finance minister and deputy Prime Minister has come up with three packages, budget fiscal packages. He Just Announced a third package yesterday, the solidarity package. Essentially, i think this is fiscal measures suggest to help companies survive and ensure they have cash flow and help individuals be able to pull through this period. We hope it is temporary but during this period, the impact on the economy is tremendous. Yvonne thank you so much for joining us. At what stage will schools reobe open . The number of cases is relatively low if you compare it to the rest of the world. If you look at the pattern of infections in singapore, there was a period of before we closed our borders, there was a period where many returned to singapore and in fact we advised them to return because there were outbreaks everywhere. This happened around the first and second week of march a ore we put no tayhome order for everyone. And then we see two weeks, slightly more than two weeks if that bump of returning singaporians. I think this is in a way expected that this couple of weeks is going to be critical which is why were timing our Circuit Breaker during this time. If we do it right, if everyone cooperates, we should beable to crash the transmission rate and i really hope we can say for sure. I really hope we do this successfully and by may 4 we can reopen some business outlets. We can reopen schools and life get back to a certain normalcy again. Yvonne may 4. Looking ahead to that. Fourth of may. Yvonne do you think singapore should have closed schools earlier like we saw in hong kong and taiwan and other countries . Would it have made a difference . I dont think so. I think it was the correct decision not to close schools. Taiwan in fact kept their schools open and has been successful in controlling the virus. Australia too has kept schools open. I heard the Prime Minister morrison saying this is referenced to the singapore policy. I think australia too, they have been controlling the virus quite successfully while schools remain open. So in our case, i think looking at our infection numbers as i mentioned earlier, there have been some infections of students but mostly due to travel, household but not schools as a transmission mechanism. Though it was correct to keep schools open but as of now, if we want to do a breaker properly, we should close schools and us is pend suspend schools as well. Tom y you have a number of universities that rely on foreign students, the National University of singapore, do they have to start to change things up . Do they have to start to prepare for a future where there will be fewer foreign students and less cash flow then from those foreign students . Yes, there will be some impact. Fortunately we are not too dependent on foreign students or cash flow. Foreign students is about 10 of our enrollment. So i do expect with covid19 the number will fall but also i am hopeful the second half of the year, maybe travel restriction also ease. Some of these students may come back and i also think there will be an impact where fewer singapore students want to study overseas. So the numbers will even out some. Overall there will be fall. Just like many businesses shes universities, High Education institution have to brace for tougher times. Yvonne of course looking ahead to that election in singapore. How does the government justify still having an election when businesses and schools are closed and what do you say to the critics out there that say it is an unwanted distraction during the Global Crisis . Life still goes on. We still go about our daily lives and democracy still has to go on. Constitutionally we have to have an election by april 2021 next year. There is a chance we may have to have an election while covid19 is still going on. I think if we can get the virus in control, i think we can still have Election Campaign plus voting in a safe way. After all in the u. S. , the primaries are still going on. I think we have to accept that covid19 will be with us for i think for some months and we have to enshower life can going on and democracy can go on. Ensure life can go on and democracy can go on. Yvonne thank you. Coming up, samsung jumps after beating on chip demand. This is bloomberg. Tom welcome back. U. K. Prime minister Boris Johnson is in intensive care for the coronavirus after his condition worsened. However the foreign secretary said it is business as usual for the government. Bloomberg markets coanchor Rishaad Salamat has the latest. Get us up to speed with whats happening in the u. K. Rishaad Boris Johnson admitted to the hospital on sunday and moved about eight hours ago into the intensive care unit at that hospital which is south of parliament across the Westminster Bridge as his condition became more serious. He is receiving oxygen but he is not on a events lator. But as i said, he is in intensive care. Britain facing a barrage of questions as people are predicting that the number of cases in the country are expected to climb over the next seven to 10 days and that prediction remains in place even though they saw deaths slow down for a second day. However they did pass the grim milestone of 45,000. The country is in lockdown. We have Health Services there to address shortages of vital medical equipment. The government has made a point of saying that the Prime Minister was very much in control. That is no longer the case. Dominic raab will have to get a grip on the government machine and coordinate the Pandemic Response here as well. It is a response where there is a lot of consternation as the strategy that the u. K. Has been employeing for defeating the coronavirus has been under strain. The ministers have been accepting they have not been doing enough to test people for the infection. Guys . Yvonne this comes at a time when the government is under some huge pressure for the handling of this crisis as you mentioned. What do we expects in coming days . Rishaad as i mentioned we may have seen the number of deaths slow down for a second day but the country is still preparing for cases to climb and as i said over the next week to 10 days, as we see some light at the end of the tunnel with italy reporting the lowest number of infections in nearly three weeks and perhaps there is more evidence emerging that the nationwide lockdown that country has been undertaking has starteded to work. The situation in spain is fairly similar. The two countries so far have seen some 30,000 deaths and 2645,000 confirmed infections. Other European Countries that locked down weeks ago are arguably seeing the benefits. France another one seeing a leveling off of cases here as well. Some countries, austria and denmark announcing a gradual relaxation of measures to slow down the spread. Denmark saying they will press ahead with a cautious reopening starting with kindergartens. This is if the numbers remain stable here. Chancellor merkel was going down that road but said at the oment there is actually no prospect of a date for roping for germany. Yvonne rish, thank you. The latest out of europe. We mentioned the backtoback gains from the asian session. We are off some of the highs of the session. There are questions about whether this is a bear market rally. Goldman sachs said the market is still in bear country. Large moves down could also mean sharp rebounds higher even if the bear market is not complete. They of course cut their earnings forecast again. 22 drop for asia. You continue to watch the likes of indonesia and philippines, entering into the bull market. Australia and new zealand as well. Still seeing sentiment quite positive. The dollar on the weaker side is helping things. Aussie ains for the dollar. Also what were expecting out of japan today. Theres no place like home. Especially when xfinity has you covered with fast, reliable internet. With advanced security to help keep you secure online. And with the most tv shows, movies and streaming apps all in one place. With simple Digital Tools you can get the help you need or even trouble shoot your services on your own. Download the xfinity my account app or just say help into your xfinity voice remote. We are working to make things a little easier on everyone. Download the xfinity my account app today. Yvonne some lines crossing the terminal. It was supposed to expire midapril, but we heard from the government in the last coming days there was an emerging consensus they needed to extend the lockdown for another two weeks. It will go until april 30. Questions about the Economic Impact on the philippine economy. We have seen not just when it comes to the infection curves maybe flattening it in other parts of the world, you can see the Economic Impact is still there. We have not been able to quantify that. In the u. S. Nancy pelosi has told democrats the next stimulus bill will be worth another 1 trillion and will focus on funds for programs established in the last plan that was signed into law. Packageants the next passed by the end of april but the house is not expected to return until april 20. Recession fears in india, the , andces sector contracted falling global demand. The Market India Services pmi down to 43 from 57. Manufacturing is slowing. The r. B. I. Cut rates and announced a new stimulus. Southeast asian economies are stepping up the response. Is 60 billion or 12 of gdp. Indonesia, deaths rising to the highest in asia after china related to the coronavirus. The philippines extends the lockdown until april 30. They are open to off cycle action to maintain stability. The worlds reducers are edging tow