Businesses across the whole economy. Australias pension faces rising outflows as people are allowed to tap Retirement Funds to weather the fallout from the pandemic. Shery happening right now, President Trump speaking at the white house, saying that new infections remain flat across the u. S. Take a listen. Pres. Trump so we have nobody died and i said china, you cannot come in, sorry, because i saw what was going on. It was not so much what i was told, it was that i saw what was going on and i didnt like it. But, i didnt speak to tony about it. I didnt speak to very many people about it. What did i do . Ready . January 31, in the United States, not one person had died because of the, again, the wuhan virus. So, i issue travel restrictions on that date even though nobody died. I got brutalized over it by the press because i was way too early. I should not have done it. Brutalized by the press. I have been brutalized for the past four years. I used to do well before i decided to run for politics. But, i guess im doing ok because to the best of my knowledge, im the president of the United States despite the things that are set. So then, first, mandatory quarantine in more than 50 years we did. First mandatory in 50 years. The same restrictions of the democrats and the media call xenophobia. Now, joe biden said hes a racist. He called me a racist because i said we are shutting down entry from china. We are shutting it down. He called me xena phobic and he called me a racist and other things. Since then, on a friday night two weeks ago, joe biden issued and said i am sure he didnt know it was issued but the people from his campaign who are smart, people who write his little p. R. Releases. Not bad. They issued a statement saying that joe biden agrees with the president , that President Trump was right to close it down to china. He issued it on friday night. We have heard about that, friday nights. His was later friday night than i ever released nine. He said it pretty late. Like 11 00 in the evening. Anyway, so joe biden issued in february, nancy pelosi said we should come to chinatown. This is late february. Come to chinatown. We think it is very safe. Come here, lets have the big parade. Chinatown parade. Probably referring to san francisco. Thats it. I took this action really. So, the story in the New York Times was a total fake. It is a fake newspaper and they write fake stories. Someday, hopefully in five years when i am not here, those papers are all out of business because nobody will want to read them. Now they like them because they write about me. Clipshat, we have a few we are just going to put up. You could turn the lights lower. I believe you will find them interesting. And then we will answer some questions. I will ask you some questions because you are so guilty, but we get it. Most poorly, we are going to get back onto the reason we are here which is the success we are having. Please, put it up. Haidi we are just getting the Daily White HouseCoronavirus Task force three think, the hearing from president donald trump. Responded to some of his critics really with regard to how actedy or how slowly he when it comes to the coronavirus threat. Also addressing this issue of the reopening. President trump saying he alone has the authority to make the call on reopening the economy, potentially setting him up for a conflict with the state. Because on the east and west coast of the u. S. , they plan for the reopening of their respective economies and that is not necessarily something that President Trump has in his plan. Lets get over to joe for reaction to all of this. What is the take away after we had the long weekend of what was some pretty miserable and dire numbers from the u. S. . White house wants to get the nations economy back moving again. He named aaid council that will guide him in terms of making sure a power to not shut down businesses. That was done by the nations government given guidance from the federal government. Some of the governors that have been most affected by this on the west coast are talking about forming their own alliance that they will make their own decisions about when to open up businesses, went to open up schools and get back to normal. Californias governor gavin newsom, along with the governor from oregon and washington, as well as upanddown these coast from massachusetts down to virginia. Primarily democratic governors, but not all. So, they are going to set their own course going forward. Shery despite what the federal government and governors are saying, what are Health Experts saying about reopening the economy . Joe they are pretty cautious at this point. A lot of the talk from the surgeon general, as well as dr. Fauci has been that it may be possible to open up some areas of the country where the virus has not spread or on the decline. The general tone of their comments is we can look at may 1, but dont count on it. There are still infections going around. There are still some areas that perhaps it is unclear how big the outbreak is going to be even as places like new york start to emerge on the downslope. One of the big concerns that several medical experts have reinfection about a as we have seen in a couple of places in other parts of the world that has seen a resurgence he of cases after lockdown it is still a work in progress. We still have time to make a decision. Meantime, there is a process going into the november election continues almost as a backdrop. Do we have a pretty highprofile endorsement for joe biden now. Joe right. , came sanders, his rival out and appeared with him in a joint livestream, giving his endorsement. It is particularly significant recause unlike in 2016, whe sanders continued to fight on gavest Hillary Clinton and a tepid endorsement at the end, the party seems to be wanting to close ranks here. Veryrs in particular was saying they needed to unify and get behind biden in order to beat trump in november. Ins will be a prolonged way helping a lot of his supporters who have been resistant and continue to be publicly critical of bidens candidacy. This will certainly bring some , ifhose Democratic Party nothing else behind the call of anyone but trump. Shery thank you very much for that. Lets get to the first word headlines. The weld Health Organization is repeating its calls for lockdown vigilance as governments around the world begins to plan for lifting restrictions. The group says those countries that impose strict social distancing and the wearing of masks early in the pandemic show infections can be largely controlled. However with political pressure rising to ease restrictions, the w. H. O. Says now is not the time. You cant replace lockdown with nothing. You must replace lockdown with a very deeply educated, committed, empowered and engaged community. We are going to have to change her behaviors for the foreseeable future. Shery france is extending its lockdown to make 11 at least with president macron admitting the country was not prepared for the pandemic. The decision follows a similar decision in italy where new virus cases declined to get, even though the death rate rose. Spain is letting some workers returned to their jobs, but says it is in no position to set a date for reopening the economy. Indonesian president says hes prepared to boost the 28 billion fiscal stimulus for the coronavirus and would widen the budget deficit if necessary. He says of the pandemic lasts for more than six months, the government can raise the deficit target beyond the current goal of about 5 of gdp. Indonesia has announced three virus stimulus packages so far. The International OlympicCommittee Says postponing the tokyo games because of the coronavirus will cost it hundreds of millions of dollars. The president told the overall bill could be as much as 6 billion with all the nonioc costs being borne by japan. Before the postponement, organizers put the bill for the games at more than 12 billion. Haidi still ahead, the fed vows to keep up its unprecedented Stimulus Program as long as needed. Were discussing that with the Wells Fargo Securities head of strategy. We get an outlook as investors start to position for life after quarantine and brace for what will be a wild season ahead. This is bloomberg. Shery lets get started with a quick check of the markets. We are seeing u. S. Futures in the green, up 1 10 of 1 after u. S. Stocks finished the session mixed. We have the s p 500 dropping after rallying almost 25 from its march low. This coming ahead of the earnings season kicking off tomorrow with j. P. Morgan and wells fargo reporting. The nasdaq outperformed the rest of the markets and helped offset some of those losses. Energy was under pressure today. Take a look at what wti did. We have wti under pressure in the previous session, right now gaining more than 1 at 22 a barrel. This has Top Producers have the Historic Deal to cut output by nearly 1 10. It was a pretty volatile session for crude. We saw a range of 3 to gains of 8 . That is a lot of uncertainty for risk assets. This as i said as we approach one of the most uncertain earnings season on record, looking at the forecast for earnings on the terminal. To help give us a glimpse into what analysts are expecting. The decline in forecast for the year has been falling across sectors with Energy Earnings estimates falling almost 96 over the past four weeks. Joining us now to discuss this abbot downing deputy chief Investment OfficerCarol Schleif. Great to have you with us. It seems some traditional metrics for gauging earnings season, whether it is debt, cast flu, they seem to be out of the window now. What will you be watching . Carol i think it is more about what we will be listening for in terms of what companies are saying as they give their discussion of what went on. We will be listening for things like how they responded, what is there cast position cash position. What have they done internally to preserve cash and to keep employees to the extent they can on some sort of tether . Because to the extent this does quarters whenany we come at on the other site, Companies Want a call and getting those workers back and trying to get things back in shape. Theres a lot of Different Things we will be listening for. We will be listening for what kinds of impacts they are having in terms of supply chain and logistics and getting things in. I think that will be a lot of information that investors will have to poke and prod their way through the Earnings Announcement one by one to piece it together. Shery starting the season off with j. P. Morgan and wells fargo. When we have banks really being affected by everything from yield curve inversion to the feds latest actions to really uncertainty over their lending prospect, what are you watching for in order to gauge the health of the Banking System . Carol weve got that piece but you also have the banks going into this and a lot stronger position than we did in 2008 and 2009. On the flipside, you have low Interest Rates causing record amounts of requests for refinances. The new home market in certain the home sales market is actually doing ok because people are moving, in some cases, to the extent they have pretty reliable employment prospects, they are trying to move and take advantage of those low rates. Some banks have been recording Mortgage Rates have been drifting up because demand has been so strong in everyones working from home so getting those things process is difficult. Carol, as you say, you say this almost every time this time is different but this time it really is different because it is such a shock to the global economy. If the kind of Global Attitude from policymakers to do whatever it takes now to stem the hurt, what is potentially the cleanup look like . Carol i think that is the 64,000 question in everyones mind. Right now in the middle of it, i think there is this collective we dont have a choice but to throw anything at it because we know what happens if you dont and then you end up with Something Like a great depression. Weve got everything thrown at beand there still has to lots of tough decisions on the other side of this in terms of how fast we can grow, how fast we can get the debt contained and paid off. The fed could sit with big balances on the Balance Sheet and is not your traditional holder of debt because they dont have market to mark et. Roloffn let it gradually. It will be interesting to see what policy decisions. Theres a lot of different ways we emerge on the others of this that maybe we decide to work from home really is actually viable for a lot of people. Theres a lot of Different Things that can impact profitability of not only companies, but countries as well on the backside of this. It will also entail having a lot of very difficult policy discussions and we know those have been have not civil, ify been very you will, going into it. Curious just to kind of tease out that point you made about remote. We are seeing it in the spotlight. I am wondering on the other side of this, what sort of broader investment themes youre looking at that have to do with laborforce behavior and the Way Companies deal with employees . Perhaps permanent changes in consumer behaviors. What are some of those themes that are starting to play out that you think will actually have longevity . Carol i think some of the themes will be do we facilitate more multimodal, if you will, work from home so that instead of a salesperson flying every month to see somebody, they might zoom meeting once or twice and then go once a quarter instead of once a month . Are we able to do multimodal where people are in person and some people come in through video chat . Do we have a bigger and broader discussion about facilitating work from, not just work from but school from home on a broader basis. That entails we need to have basically highspeed reliable wifi as a basic human right as opposed to something we are paying for. Will we have data caps anymore now that the whole globe is working from home and the internet is actually performing pretty well . Personal digital Monitoring Systems that we can take deepers temperatures peoples temperatures or heart rates . Especially elderly populations that want to age in place and dont want to be relegated to a nursing home. Are there ways we can technologically keep track of them and ensure their Health Without having a physical person to do it all the time . On the other hand, we are also connecting them through different videoconferencing so they are more connected and not so lonely if they are aging in place. Lots of different venues for things. Delivery, more of it happening by drone. The different ways to spin out what we are doing and what are actually positive, and can we take forward into a post covid environment. Yes, some huge questions when it comes to the supply chain side, we will have to leave it there. Always great to have you, Carol Schleif with us. Coming up next, credit risks and dividends. Investors get their first look this week at the impact of the coronavirus on u. S. Banks. This is bloomberg. Shery j. P. Morgan and wells fargo kick off the Bank Earnings season later tuesday right before the opening bell on wall street. Analysts say every line of the bank results could be impacted by the pandemic with credit risk posing the biggest unknown. Su keenan gives us a preview. We are really focusing on the credit outlooks coming from j. P. Morgan but also big focus on Balance Sheets. Su absolutely. It is important to point out this is a very big week because weve got bank of america, citi, goldman sachs, morgan all reporting this week. Wealthy the investors are going to focus on is first of all nonhow they are going to fair because banks have already been hit hard. If you take a look at the charts, you can see the banks have lagged behind the s p 500. The First Quarter index fell from 43 . Banksons and the exposure to the hardest industries travel, hotel, airlines as well as trading revenue will be closely scrutinized. Lets talk about the Loan Loss Provisions because a lot of analysts say they are set to jump. Some are saying they could more than double at the largest of the u. S. Banks, particularly in the consumer units were a lot of investors will want to see how much was set aside. Haidi in the meantime, mike mayer has cut his estimate for banks for a third time in a sobering time. It goes to the question that is being asked what credibility could we assign to these estimates given these unprecedented times . What is mayor seeing . Su because he has cut his results so many times, they missed them are not, it really goes down the window. Mayo says what we are really looking at is can they face the worst Case Scenario . Take a listen. Banks are about to live the stress test they have been practicing for decades for a decade. If successful, this could justify a rerating higher. First, it is earnings hell. No large bank is immune to the negative impact of higher unemployment and lower Interest Rates. Chases ceogan jamie dimon concurs, saying a minimum two of a bat recession and even his bank is not immune. Stay tuned. York, su keenan in new the preview of the big banks. Coming up tomorrow at 4 30 p. M. In new york, bloomberg is watching leadership live. The new series will take viewers into the home offices of executives and find out what is top of mind as th