with the gold price. .20%. it would not seem dollar weakness will be translated into gold strength. that correlation is somewhat weak. that's where we are at the moment. getting more reaction to this mls cut taking place by the pboc, the right now 2.59 percent. it was 3.15 percent. they cut it in the middle of february to 3.15%. it is really to prop up the virus hit companies. it should translate into the reduction of the loan prime rate, which is out on the 20th. let's move to the first word news as we join karina mitchell. u.s.a: a deal taking off, airlines have agreed a preliminary deal with the treasury department to access billions in aid. carriers.all major american airlines will get $5.8 billion in payroll support. southwest will get $3.2 billion. as part of a 25 billion dollar assistance package for commercial airlines as part of the $2.2 trillion stimulus announced last month. fullys agreement will support airline industry workers, preserve the vital role airlines play in our economy, and protect taxpayers. our airlines are in good shape. >> st. louis fed president james bullard expects the u.s. economy to recover in the second half, as long as the government and private sector act forcefully to tackle the virus. he told a virtual discussion there no reason not to expect a v shape the rebound, despite optimism elsewhere. others expect a moderate and drawnout recovery, with unemployment surging. president obama has ended his period of political neutrality, endorsing joe biden and urging voters in what he called "a great awakening." in a 12 minute video, he said choosing biden to be his number two was one of the best decisions he ever made, adding biden has all of the qualities needed to be president. much of the statement has been focused on left-leaning voters who are yet to warm up to biden's message. global news, 24 hours a day on air and at dictate by bloomberg, powered by more than 2700 journalists and analysts in 120 countries. i'm karina mitchell, this is bloomberg. let's get back to one of our top stories. china is helping cut interest rates and injected $14 billion into the financial system, bolstering measures in countering the economic fallout for the coronavirus pandemic. kathleen hays has more on that. pboc.aves from the kathleen: it is interesting. we can't really say this is a surprise. we know china's economy is under pressure. we got the forecast from the imf, a slowdown is expected this year to just over 1%. sawhe last few hours, we the china securities journal reporting that the medium-term lending facilities could be cut on friday. that they were hearing it could happen as soon as today. and of course, the pboc delivered. 2.59%.lion won, the pboc has been moving this rate in these 20 basis point increments. they are adding liquidity. not entirely unexpected, certainly against the backdrop of weakness. and we are going to get gdp for china later this week. -5%.igh number, the median number is -12%. the low number is -20%. economies around the world getting hit hard. is it more of a sense of urgency being signaled by the pboc? we shall see. definitely a significant move that will reverberate to markets around the world. world,: talking of the the imf predicting what it calls the great lockdown recession, seeing possibly the steepest slump in nearly a hundred years. a big change from the imf in january and february. kathleen: it certainly is. great lockdown recession. absolutely. gdp falling 3%s this year globally, as recently as january they were looking for a gain of 3.3%. february, the director said the covid-19 virus is a problem, but a percentage point off of global growth. what a difference a couple of months make. what a difference it makes when the virus goes global, when it becomes a pandemic. let's listen to what the imf chief economist said earlier today to bloomberg television. >> if things are improving in the second half, continuing the way they are now, we are looking at severe downside scenarios. --have contracted constructed scenarios where it can fall -6% in 2020. that would be a time when financial conditions would be tighter than what we see now. kathleen: the international monetary fund is seeing a potential rebound in global growth next year. 2021 gdp forecast now at 5.8%. depends on the length of the pandemic and hardest hit economies around the world, how hard it financial systems, as well. rishaad: thank you so much, kathleen hays, our global economics and policy editor. still ahead, south korea is the first country to hold elections during the coronavirus pandemic. bank of america security's korea economist gives us her outlook for the economy. the asia-pacific chairman and ceo tells us how the hotel industry is preparing for a post pandemic. this is bloomberg. ♪ haslinda: welcome back. indonesia surprised the market by keeping its key rate unchanged in the face of a severe downturn triggered by the coronavirus. chief economist. thank you for being with us. if you look at what they did, trying to prop up growth now that the rupiah is kind of stable? >> i think the decision yesterday from bi is a clear shift in its monetary policy stance from one focused on gross de--- growth risk, to focused on stability, the currency stability. it goes a step further than that. what we saw yesterday is an unprecedented move, in terms of coordination between physical and monetary policy. that same reduction, it is expected to go directly into the government bond market to help the government finance is deficit, which is needed to fund the stimulus for covid-19. >> is it enough? 4 million indonesians thought jobless funds and unemployment is expected to rise, given the 6% or more of indonesian workers being informal workers, informally employed. are all of the measures enough to provide that buffer? >> i think we have to look at this in context. going into the crisis, indonesia is one of the country's fiscal space. limiting the deficit to 3%. the government took decisive measures, removed the 3% gap to provide flux ability. it is targeting a deficit of 5.1%. it is unprecedented, given this fiscal law has angered the macro stability of the country since the asian financial crisis. i think they are doing a lot. it is commendable. at the end of the day, it is difficult to finance this deficit. at the end of the day, indonesia runs a current account deficit, it relies on account spending. we do see the central bank moving in quite decisively to free up domestic liquidity and attract foreign capital. emerging markets are basically seeing a sudden stop in the last few weeks. rishaad: in terms of indonesia, it seems there have been capital plight. look at the bond market. by staying packed, do they have some constants? >> that's precisely the idea. they are hoping to really maintain a high real yield to attract foreign investment to show it will maintain external stability. we don't really think it means cuts.on't do further rate at the end of the day, growth is slowing sharply. it's a question of balancing the growth and stability risks. they can't be cutting like other central banks in the region, which perhaps don't have the same external constraint. they are in a different ballpark compared to the rest of the region. given the circumstances, they are doing the best they can. rishaad: who in this part of the world, in asean, is doing the best with regards to fiscal stimulus? undoubtedly, we have to look at countries like singapore. singapore really is in a very different category, given the country has massive fiscal reserves it can tap in a time of crisis. we see the government paying wage subsidies up to 75% in some sectors. they are basically targeting even more fiscal stimulus in the months ahead. we may see as much as 15% of gdp. outside of asean, we have to look at korea. the government has been running a structural shift towards higher fiscal deficits, mostly in social spending. that also provided a lot of support for that economy. there are a few bright spots in the region when it comes to fiscal policy. is china providing some kind of support, some kind of stability for the asian economy? we saw the pboc adding liquidity. we are seeing some kind of resilience in the economy. trade came in contraction, but better than expected. pmi coming in better than expected, as well. >> that's a very good question. it encapsulates how the debate has shifted. at the beginning, we were looking at the sensitivity to the mainland economy. the economies with the strongest growth leakages, those that would be impacted the hardest by the crisis. as this has shifted from a china issue to a global issue, we see some stability coming from china. chinese imports have been resilient in the last few months. as a result, it is providing summer spy for the region. at the end of the day, policy support in china, while it's moving in the right direction, is less than what we were expecting. total fiscal policy stimulus is definitely much more restrained compared to the global financial crisis. we do have to be realistic about the amount of support that can come from the mainland economy. bright spots some in the external sector. one area not just related to the mainland, but more broadly speaking, is in electronics, where we see the activity hold up better than we expected. haslinda: consequently, and southeast asian currencies be supported because the yuan has been stable? >> exactly. we have seen in recent years that the women be and its stability has been important for broader external security in asia, given china is the biggest trading partner. have aes like vietnam high sensitivity with its currency within china, but also countries like indonesia, where the rupiah is a focus. china is one factor, the bigger factor is the fed. the fed has been doing better to ease the dollar liquidity constraints. most notably for southeast asia. the indonesian central bank confirmed it has access to this latest fed repo line, which when it was announced, really helped ease some of the pressure the currency was seeing. the other countries you cover in asean, which economy is the most worrying, or the one that is most imperiled? >> the way i would frame this answer is really in terms of understanding how bad the outbreak is in the region. china, northin asia, went to europe, the u.s. in most of these regions, we have passed the worst. starting to see some kind of improvement. for most countries in southeast asia, we don't know how bad it is, because testing has been insufficient. per 1000of tests people, indonesia is at 0.1. in the u.s., which has been ramping up testing, the number is 8.5. we don't know how bad it is. from a covid-19 perspective, indonesia is one of the countries where we are seeing relatively strong increase in the number of cases. as they wrap up testing, we expect the number to get worse. is one areanesia where we are monitoring. even the government has been straightforward in expecting the case numbers to get worse. where we go from here depends on government actions. this is one of the governments that hasn't pursued a lockdown. we've had restrictions coming in. really observing how the restrictions go forward and how it contains the virus from here. pleasure,lways a thank you very much. up, could south korea's election amid the virus pandemic provide a model for other nations? we will discuss that with kathleen oh, with bank of america securities. that's next on bloomberg. ♪ rishaad: coming from the china environment, air passenger 53.9% toor nearly 54%, be accurate. this is what we have with airlines. in the first quarter, we take into account what happened in january. everything was normal, then we saw the huge falloff in traffic in february and march. we have march air cargo volumes falling some 23.4% year on year. that's from the civil aviation department. president trump has instructed his administration to temporarily halt funding to the who. he says the who took china's claims of the current of -- coronavirus at face value. >> today, i'm instructing my administration to halt funding of the world health organization review is conducted to assess the world health organization's role in severely mismanaging and covering up the spread of the coronavirus. yvonne man has the very latest. this is pretty unprecedented by president trump, but can he do it? yvonne: yeah, there's a lot of questions about that. how much authority does the president have in suspending these types of disbursements, which are authorized by congress? we have heard democrats step in with criticism. it is still unclear on when the payments will be halted, but the move to limit support in the middle of a health crisis is something we have never seen before. not surprising though. president trump continues to face criticism at home over the government's response to this virus. the u.s. is the epicenter of this outbreak. the president seems to be trying to shift blame, saying the who should be held accountable, they are being too differential to beijing, and made early mistakes that undermine the u.s. and made the situation worse. trump also said one of the most dangerous decisions of the who was opposing travel restrictions from china and other nations early on. the president implemented travel restrictions on china anyway back in late january and later in the eu and the u.k. we have seen the likes of the u.n. secretary general saying this is not the time to be doing something like this. the chance would have to come later. also, haslinda has to wear a mask everywhere apart from in her own home. all types of restrictions put in place in singapore. we have india tightening things. let's start with singapore. what prompted that move? ago,e: just three months singapore told residents to wear a mask only if you are sick. we saw the position shift a couple of weeks ago. they were starting reviews of the who and cdc. it's also because singapore recently sought -- saw this big surge in local transmissions. record high of 386 new cases on monday. another 334 new cases tuesday. those affected have been the foreign workers housed in these tightly packed dormitories and making it much more complicated for the authorities to contain the spread. masks areow is mandatory outdoors. children under two and people exercising will be exempted. the government is planning to close more workplaces, as well. 80% of the workforce is work from home. now the government is looking to pair the remaining 20% that provide essential services, too. in india, prime minister modi extended the lockdown through may 3. the government evaluating every town, district, and state to see if they are enforcing the lockdowns appropriately. areas that are less likely to turn into a hotspot may be allowed to open up essential activities starting from april 20. rishaad: thank you very much, yvonne man joining us. let's take a look at the latest business flash headlines. boeing losing orders for 150 of the 737 max aircraft last month. that slump exacerbating the fallout for what has been a year-long grounding for the aircraft. half of the cancellations had been previously announced by apple on holdings. other users confirmed orders. they will lose more than $300 billion this year because of the virus, jumping from 25% in the earliest forecasts. leasebacked to sell a more than $1 billion as the country tries to raise cash amid the crisis. andtotal is $750 million $250 million. it could be announced in the week to come. delta wanted to boost liquidity from the private sector to reduce dependence on any government support. higheraustralia set investment banks identify virus related funding, morgan stanley relieved the search to keep the airlines aloft. they are seeking about 100 billion u.s. dollars and has ranked several options, including loans from the government. it's also conditioning -- considering equities from shareholders and finding new investors. thenews coming through from philippines. the central bank governor saying cutting will be another rate in the coming days. the state broadcaster says they are mulling another key rate in the coming days. let's look at the philippines stop benchmark. it is currently moving to the upside. over 2.1% thus far in the session. you're watching bloomberg. a lot more is on the way. ♪ >> it is 10:29 a.m. in hong kong. here in new york, i'm karina mitchell with first word headlines. president trump said he's suspending u.s. funding for the world health organization while his administration reviews its response to the coronavirus. he said the who was slow to share information about the outbreak, leading to thousands of deaths and economic damage. suchare not sure one any move would take effect nor if the president has the authority without being authorized by congress. >> i am instructing my administration to halt funding of the world health organization while a the world health of severely mismanaging and covering up the spread of the coronavirus. warns a so-called great lockdown recession will be the deepest in almost a century and says a global contraction and subsequent recovery will be worse than forecast if the virus isn't halted. . in the first world or could rush economic outlook since the freeze, they predict global gdp will shrink 3% this year, the deepest since the depression of the 1930's. >> if things are improving in thesecond half or continue way they are now, we are looking at a severe downside scenario. we have instructed scenarios that global growth could fall to 6% in 2020, and that would be a time -- -6% in 2020 and that would be a time when financial worse.ons would be much reporter:reporter: italy is leading some local shops reopen as long as they maintain social distancing rules. a full list of retailers includes bookstores with a government saying students need to stock up. bain is under fire for letting construction work resume. spanish infections grew monday at the slowest pace so far. meanwhile, asian leaders met by video to plan a coordinated strategy for the virus with their economies increasingly battered by lockdowns and trouble and work restrictions. attended bywas leaders, with delegates saying the impact of the pandemic will be broad and deep. growth targets have been slashed with tourism and retailers particularly badly hit. 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. i'm karina mitchell. this is bloomberg. thank you. is another major nation to hold an election amid the pandemic. the ruling party is set to bench and arguably from the way it handled this outbreak, is it not? >> that's right the ruling party has been claiming some credit over effective containment efforts with covid-19. they have certainly done a good ,ob with aggressive testing transparency and information sharing, as well as treatment with the health care system that has been very well placed in korea. however, we think the economic has not been one of the strengths they take credit for, so we have to see. it could be a close race. if hed: president moon, does manage to win, he's got a great opportunity to remodel the economy, which has been his long pledge. president moon has been majornly pulling up some structural changes in the labor market as well as the welfare sector and hospital income andcy, but for the past two a half years, we have seen the domestic economy struggling, changesly over drastic in the jobs market with minimum changes, with a 52 hour weekly work hour limit. that has also been difficult for that they have not been prepared for. lots of challenges in the economy and the be ok has been cutting rates, pledging to buy bonds. the question really is what to do with that stimulus, when should that stimulus be deployed? beene bank of korea has quite proactive with measures to inject liquidity into the basis, and also made a 50 rate cut, the emergency meeting back in march. we assessed that the bok has been quite timely and swift and -- and countering the risks in the markets because of the virus. be liquiditywould going into the markets. it is mostly the local securities companies offering with liquidities, with their products, linked to the structured notes. provide a the bok to last resort of liquidity at the end. kathleen, the opposition is weighing in on this. it is proposing coronavirus bonds for the public. how feasible is that? is that viable? the opposition party has also been putting a lot of efforts to theter the virus and also government in a way to provide the best containment efforts and support. but what we think the opposition party will be holding against the ruling party is the weakness in the economy so far, the economic policies that have been much of what so we've seen in the past. the past three years, it will be something the opposition party will hold against the ruling party in this election. you --: does it supplies surprise you that and national election is taking place against op of this pandemic? >> it was certainly debatable whether korea should go with amidst a massive outbreak. koreanertainly true the situation has been stabilizing after china, and compared to the u.s. and europe, it has been very well contained. we have seen below 50 new cases in the last week and i think mightr week or two, korea think about transitioning to prepare for more sustainable mitigation strategies from this very extreme social distancing. we are also seeing a rare side of where the voters are wearing masks and plastic gloves and being checked with temperatures on site. if it does go successfully without further outbreak after the election, i think it will be a very good model for other countries waiting to hold the elections. rishaad: absolutely. , how much damage is being done to the korean economy? the stabilization in the number of new cases for the covid-19 situation is well contained, but the story of the economy is quite different. we are looking at technical recessions for the first half of this year. the economy has been suffering already domestically. but from the second quarter onwards, we think the external sector will be the one taking the hit. we have the global growth looking at -2.7%. that's worse than the global financial crisis and the u.s. and euro area also amidst a recession. economyer with korea's open to such external vulnerability, we think the korea export will suffer negative growth for the whole year and also that would impact local manufacturing sectors production and onto the job markets, which we are waiting to see the official data for march this friday. haslinda: the eu is an important market for south korea. we saw exports drop about 20%. expectations say that will continue or even heighten given the expectations of extended lockdown in the eu. how much of a headwind is there? the euro area is certainly a big market as well, combined with the u.s. and europe, ,ooking at 26% of total exports very much at a risk level and both of these areas, posing a big risk for the korean experts. we see just this first ten-day expert data already showing a plunge to the euro area, going to continue into the whole month and we think it's not going to be something quickly recoverable through the second or third quarter. we are expecting some recovery into the first quarter of 2021. oh, thank youleen for your insights. still to come, could emerging stocks in asia outpace wall street? some encouraging signs are emerging. we will tell you more, next. this is bloomberg. ♪ rishaad: we have a look at the latest business flash headlines. scaling back there already limited presence in china, agreeing to transfer 50% stake in its local venture. focus onaying it will light commercial and electric cars and what of the world's -- what is the world's biggest auto market. and of course, the coronavirus seeing china's car demand shrink for three consecutive years. we have the s&p 500 index in negative terrain for the year. amazon though on the up, almost 20%. of $1a market cap trillion. it has been benefiting from the closure of physical schools and a surge in online/shopping. falloutfor an extended from the pandemic. sources say think the second andncing deal in the week, oaktree capital, it builds on the early deal from silverlake and six partners, which are also participating in the new arrangement. johnson & johnson seeing record demand for its pharmaceutical products. that is as coronavirus cases near 2 million globally. world arearound the racing to tackle the pandemic. his timeline for a possible antibiotic. vaccine,espect to the things continue to progress. as early as late january when we found out the secrets of the coronavirus, to identify a lead candidate with backups, we are doing clinical research and hope to be first in human by september. it should lead to a readout of the data in late december with the hopes of producing about one billion vaccines in the early part of next year. upare simultaneously ramping manufacturing capabilities across the globe to ensure we can handle that demand. things are very much on track to what you heard a couple weeks ago. reporter: how are you able to ramp up speed so quickly? my understanding is vaccines take years. what makes this different? >> what we are able to do is rely on a platform we have used in a number of other vaccine trials. virus,ebola, hiv, zika we were able to use the same per manufacturing line which has a higher yield, enabling our abilities to ramp up to such high volumes and gives us a great degree of confidence in terms of safety as well. reporter: fairpoint. previously you said the vaccines would be sold at cost. can you give an update on that? is that just for this pandemic or the duration of the virus, or forever? >> our announcement was to provide this at cost during the to not justeeking recapture manufacturing costs. we realize the pandemic is something johnson & johnson can utilize with expertise as well as financial stability to make this available. that is our plan right now. reporter: so what does that mean for when we returned to normal but people still need the vaccines? is there any clarity? johnson & johnson does not intend to make a profit on this particular vaccine during the pandemic. that's where we are focused. certainly we are responsible in our pricing. we came out with a transparency report last week and again for the fourth year in a row, we have decreased prices in the pharmaceutical sector. we will act responsibly and we want to make sure we get through clinical trials. we have a vaccine widely used across the globe to prevent further impact from the pandemic. reporter: as a human, i really appreciate that. talk about than for health products versus the medical devices and you saw a drop in revenue because of covid in the first quarter. is your ability to grow consumer health products enough to offset prices? the consumer as well as our pharmaceutical unit are pretty much going to be in line with expectations we have with january and when we initial issue guidance for 2020. there was a little frontloading in the first quarter, at least for consumer products, tylenol, motrin, listerine, band-aids, maybe pantry loading. in pharmaceuticals, you saw many of the pbm's change cycles from refill from 30 days to 90 days. it won't offset entirely the medical device impact we expect to see in the second and third quarter and then we anticipate recovery of elective surgeries in the fourth quarter. that's how we are looking at things right now. reporter: and the recovery for the fourth quarter for elective surgeries, does that imply a u-shaped or v-shaped recovery? would we be somewhat back to normal? >> i would say somewhat back to normal with a little bit of an improvement due to improved capacity from hospital systems. we had a chance to speak with a number of ceos and one of the things they are struggling with this financial challenges of being unable to perform elective surgery. that's important to their financial equation. but many hospitals outside the hotspots are not seeing that kind of activity come through the hospital so they are underutilized at this point in time. the johnson & johnson ceo pretty optimistic about the vaccine coming in by the end of the year. emerging asian shares have trailed u.s. counterparts by more than 40% over the past five years, but they have announced they may finally outperform. joining us with that story is our asia reporter. em stocks have been on a tear. can the rally survive? reporter: my short answer is yes. there is some opportunity together. we are entering what could be one of the worst quarters in terms of earnings and economic data. companies not only report bad first quarter's, but they are dropping guidance left and right. but the importance of equity is higher. i see a few things happening in the emerging markets space. first and foremost is the weak dollar. that is prevailing over federal reserve measures to provide emerging markets with dollar liquidity. forces to weaken the dollar actually coming from the fed with a qe program. and the ensuing lockdown, that means u.s. exceptionalism in growth could end. --re's also this all means the dollar is due to decline. the second point i would like to highlight is that even if we face a miserable year for likets, analysts feel emerging markets, especially in asia here, will outperform the s&p 500. that will mean the emerging stocks will close performance with u.s. peers and continue to get higher. there is a tug-of-war here between bulls and bears in this unprecedented time. what should we be watching out for in particular? reporter: there are a lot of unknowns and uncertainties ahead, but in my mind, there will be none unless we have a second wave in china and they go back to lockdowns again. it is a crucial to watch how the chinese people and chinese or not go backgo to normal life after these restrictions put in place. have an implication for the rest of the world and affect the opening of plans in the u.s. and europe. the second important thing that is on my mind is the credit market. we have a massive support from global central banks. the credit market has actually recovered a bit, but corporate spread still remains very elevated and credit markets have not quite endorsed the rally and equities markets. what the credit market does from here is something to watch. emerging-market equities to extend the bear market release, positivee really need progress in the emerging markets. haslinda: thank you. analyst.s plenty more to come on the show including indian markets. they are set to open with tech earnings in focus this week. we will be in mumbai, next. this is bloomberg. ♪ haslinda: we are counting down to the opening of the session and india. let's cross over to mumbai and equities reporter. india extended the virus lockdown period. is this expected to affect investor sentiment at all? reporter: pretty much yes, because india is the world's biggest lockdown, trying to contain the community spread. days.it was 21 it has been extended by another 19 days until may 3. i will give you a perspective on the impact. leadingfrom the industry chambers of india. about $5.2oss of billion per day in the lockdown. we are looking at job losses of 40 million until september. this is a very serious economic impact. we have to balance and ensure lives and livelihoods sustain. haslinda: speaking of the fallout, we know it is earnings season. providers in india expected to be out with numbers this week. what can we expect? reporter: the key focus right now is the only silver lining -- there wasngs is a decent january and february. the main worry is what happens after april. they might and up not giving guidance at all. rishaad: let's have a look at what is going on in terms of what we have coming up. we are looking at the travel business. it is all but shutting up shop around the world. in fact, the global population is staying at home largely. we will be hearing how hotels are mitigating the impact. we will be talking exclusively accor chairman for asia-pacific, michael eisenberg. that's on the way and much more. ♪ haslinda: at almost 11:00 in the lion city, 8:30 a.m. in mumbai. i'm haslinda amend. rishaad: i'm rishaad salamat . we are entering the morning session here in hong kong. let's look at the top stories. china cutting interest rates and injecting billions. the pboc stepping up the fight against the virus-induced economic turmoil. shutl business is all but up shop as the world stays at home. how hotels are coping in an exclusive interview with the accor asia pacific ceo. the imf fears a downturn will be worse than the great depression. haslinda: lots to check on the markets. pretty much a mixed picture here in asia. investors digesting those , looking at the impact of the pandemic on companies. the imf bracing for the great lockdown, saying it's the worst in a century. 300 down by four tense of 1%. financials still down. the pboc cutting rates to adding liquidity, billions of liquidity to the banking system. one year mlf at 2.95%. as entirely unexpected kathleen hays told us, china has been showing some resilience. numbers retracted better than a -- expected. some resilience. the csi still down 4/10 of 1%. lower.o volumes down, about 60% from peak volume. we are looking at mgm china. mgm received the ok to amend revenue for the loan of $9.7 billion hong kong. mgm, 30% down here to date. shares now under some pressure. the government allowing people to dip into retirement to help them overcome the pandemic impact. that could mean billions in dollar outflows. the benchmark in new zealand among the biggest gainers today as we entered bull territory this morning. more support on the way. he finance minister says will tap the tech sector to help small businesses. new zealand on lockdown for about four weeks. flipped the page. take a look at how we are doing for southeast asian markets. speaking of bowls, the index for southeast asia reentering a technical bull market yesterday. indonesia, philippines among the first to rise 20% from lows reached weeks ago. we have vietnam as an outperform her, one of the worst one of the best from march to april. a second, looking at the indian markets. a bit of weakness on the futures for the nifty, trading in singapore, the rupee pretty much stable. the yield on the 10 year, six point 5%. a lot of data coming out. trade numbers, exports and allrts, wholesale prices out later today. on top of that, perhaps more negativity or pessimism coming from bloomberg economics, which suggests there is a lockdown taking place in that country which was initially set until april 14 but has been extended to may 3. 25% from adp to drop year ago in the current quarter. there's a bit of news that the bears can certainly put their hands on now. let's get you to the first word news as we head to new york with karina mitchell. reporter: the imf now warning the so-called great lockdown recession will be the deepest in almost a century and says a global contraction and subsequent recovery will be worse than forecast if the coronavirus isn't halted. in its first world economic outlook since the worldwide freeze, they predict global gdp will shrink 3% this year. that would be the deepest since 1930's.ession in the meanwhile, president trump's top infection experts say the u.s. does not yet have testing and tracing procedures needed to begin reopening the economy. anthony fauci's words struck a note of caution in the increasingly bullish productions from the white house. . the president and others at the white house have talked about releasing restrictions by may. dr. fauci said "we are not there yet." asian leaders met by video link to plan a coordinated strategy for the virus with their economies increasingly battered by lockdowns and travel and work restrictions. the meeting was hosted by vietnam with delegates saying the economic impact of the pandemic will be broad and deep. growth targets have been slashed with, tourism and retail particularly hit. italy has loosened virus curbs, letting local shops reopening as long as they maintain social distancing rules. the list of retailers includes bookstores with the government saying students need to stock up.spain under fire for letting construction work resume. madrid being reckless according to critics. resumed atections the slowest pace monday so far. 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. i'm karina mitchell. this is bloomberg. president trump has instructed his administration to temporarily halt funding to the world health organization. he says the who took china's claims of the coronavirus at put the fault at them. >> today i am telling my administration to halt funding of the world health organization while a review is conducted to assess the world health organization's role in mismanaging and covering up the spread of the coronavirus. haslinda: yvonne man has the latest. lots of questions. can he do it? when will he do it? clear. we are not also questions about how much authority the president has in suspending these kinds of disbursements, which are actually authorized by congress. the move to limit this support in the middle of a health crisis is certainly unprecedented, but not surprising because president trump continues to face criticism at home over the government's response due to this outbreak, as the u.s. has become the epicenter. the president is essentially trying to shift blame here and saying the who needs to be held accountable. the who was toid differential to beijing and that they undermined the u.s. and made the situation worse. trump said one of the most dangerous decisions was opposing travel restrictions from china and other places early on. the president implemented restrictions on china anyway in late january and later in the eu and u.k. we did hear people start to criticize this move from the u.s.. the u.s. secretary general thing now is not the time, limited resources, and the chance to investigate the spread of the disease will have to come later. of the: in this part world, we have tighter measures being put in place in singapore. let's start with the city state. what --live there, that's one of the most stringent regulations. you have to wear masks all the time, haslinda. [laughter] let's ask yvonne. new rules arehe that face masks are mandatory now outdoors. three months ago, we heard from the singapore government saying they were telling residents to wear them only if they are sick. this is a reversal from authorities. things have shifted from a couple weeks back. it's because we also saw this surge in local transmissions recently. a record high, three 86 new infections monday and 334 tuesday. those who have been affected have been foreign workers housed in tightly packed dormitories, so it's making it more complicated to continue the spread. the government now saying not just that masks are mandatory but also planning to curve -- close more work places. the government is looking to pare down the remaining 20% that are usually essential services. and india extending the lockdown as well? yvonne: yes. it is extended to may 3 now. originally, it was supposed to end on the 20th of this month. the government saying they will be evaluating every town, district, and state to make sure they are enforcing lockdowns, but they are also looking now and weighing the option of extra strategies. the areas that they say are less likely to turn into a hotspot and might be allowed to open up essential activities starting april 20. but it will be a clock -- gradual process. aoomberg economics saying deeper recession this year in india is a foregone conclusion and by extending the lockdown, they expect gdp to contract 25% this quarter, the first time they are facing a recession in the last three decades. ,iven the slow pace of testing a much higher population density , india's path out of this crisis looks to be much longer than the experience in china and wuhan in particular. haslinda: a deep recession. yvonne man, our markets coanchor, thank you for that. still ahead this hour, we speak exclusively to the asia pac chairman and ceo of french hotel .iant accor find out how they are working with thousands of hotels under its watch. rishaad: next, the chief economist amid predictions of the biggest global downturns of the great depression almost 100 years ago. this is bloomberg. ♪ haslinda: the imf latest world economic outlook says the current downturn could be the steepest in almost a century. the worldonomist says is facing a one in a century crisis. our baseline is that the crisis, the epidemic, will be concentrated in the second quarter for most countries in the world and containment measures will be also concentrated in the second quarter, and there will be a gradual removal after that. we will start seeing initial signs of a recovery in the second half. that's what's in the baseline, but we also have more inverse scenarios. reporter: let's talk about why you see it more pronounced. are you seeing that being led by countries like china and the united states? is it first in, first out situation?how do you expect it to build ? > china was of course the epicenter of the pandemic and was hit severely in the first quarter. we have a very deep contraction for china and the first quarter. we are seeing signs of recovery, but it is not back to business as usual. also for china's growth, what matters is what's happening in world.t of the while containment measures are coming off in china, there are still severe lockdowns in many parts of the world. that could be extended. emerging markets are still at the beginning of this whole pandemic. for the global economy as a whole, it matters a lot what's happening everywhere with the world. if our baseline is right, most of this will be concentrated in the first half and we should start seeing stronger recovery starting in the second half of this year. reporter: on the forecast, in an environment like this, and for many economists struggling, how difficult is it to forecast when you have no real precedent for reestablishing normalization? >> this is really unprecedented. usually we like to rely on historical data and analysis, but when you don't really have much data from a pandemic, it's hard to do. and also usually when you have a shock, like a housing crisis or financial bubble, it is something we know about. here, we have to rely on epidemiologists and public health officials to tell us how the virus will evolve, what kinds of therapeutics might come about. this is very difficult. the way we are thinking about it is we know that as long as these containment measures are in place, some sectors are much more severely hit than others. it will be trouble, tourism, -- travel, tourism, entertainment. if you rely on that, you will be badly hit. crisiss is also a health and emerging-market collapse. emerging markets are magnified with big reversals in capital flows and current sleep pressures. this is a complex thing to think about. reporter: another point to pick up on. i don't think we have really quite under showed -- understood the shock to em's yet and i don't think we have seen the wave through em and back through the global economy just yet. what do you expect to see play out in emerging markets in the coming months? >> i see that is one very major downside risk to the baseline. things could get a whole lot worse in emerging markets. we are assuming in the baseline that emerging markets will have a more severe health crisis than what we are seeing right now, but not at the same level as what we have seen for instance in the euro area or u.s., in terms of containment measures your that could change. it could be different. secondly, it's not just a health crisis. a big collapse as possible. a big reversal of capital flows into their economies. in commodityrop prices they are. starting out with much more fragile systems, very high debt levels. so these can compound the problem. i think that is one area where the downside risks are severe and why it's very important for the international community to pay very close attention to emerging markets and low income countries. economisthe mf chief -- imf chief economist joining us there. stephan hofer joining us. ♪ rishaad: china's central bank cut interest rates to inject $14 billion into the system. . it is the latest measures aimed at countering the economic fallout from the coronavirus pandemic. let's bring in stefan hofer, chief investment strategist at ltg bank asia. thank you for joining us. this does perhaps set up a loan primary to be announced early next week. tell us about this. were you surprised by it and is it enough? questions.e good doing is taking a more incremental approach to easing both on the monetary side and fiscal side instead of a step-by-step as opposed to the bazookas we have seen in the united states and europe. i think in general, your question of is it enough, i think the markets think, and it is our concern, the second round effects, negative feedback loops which china will likely experience when we have a drop off in demand for exports from china going to europe and the united states, which we have yet to really see. that brings me to just ask you what else needs to be done. why don't they just cut the benchmark rate? they seem loath to do that. they would rather tinker with the whole gamut of other tools in the box. >> that's right. may it harkens back to the perception of lessons learned from 2008, which many will argue that it was too much easing at that time in retrospect. then we had the long deleveraging process that has been carrying on that is sort of stop, go, stop, go. that is a circumstance china wants to avoid going through again. we have to remember there is also the importance of certain deleveraging that has to happen at the same time while managing the complex process of the covid-19 pandemic. the challenges they are facing are not easy. haslinda: we heard earlier from the ion mf -- imf chief economist saying that the base case scenario is emerging markets will get worse from here. yet, we are seeing more and more emerging markets, including those in southeast asia, getting back into bull territory. how do you make sense of that? >> to be honest, it is quite puzzling. as i mentioned earlier, there are very important second round effects which have yet to be seen. and at the end of the day, the u.s. consumer is or was gdp.ximately 17% of global the u.s. is now in the process of losing tens of millions of jobs in a very rapid period of time. consumption is going to go down. we are going to feel that in the very open trade or -- trade oriented economy in southeast asia. we may have a situation where some of the optimism that has been flowing into emerging markets might be a little misplaced. that could be of course because of the flattening of the curve in china, which happened perhaps first more than anywhere else and people are taking that is a cue. i would still hearken on the side of caution and not get carried away with the rally we are seeing in emerging markets right now. haslinda: so what's the downside risk? it's not just a health crisis. ass also a commodity crisis, pointed out by the imf. we have the likes of argentina, brazil, indonesia all commodity exporters. how badly could they be hit from here when things get worse? >> they are certainly in a very difficult position. it's not as though the countries that you mentioned were in a particularly strong position going into this crisis to begin with. defaults,issues with fiscal issues, a lack of reform in some countries. this is not the same like the united states or frankly japan, which is going into this crisis with high levels of cash, both on the household balance sheet side as well as the corporate side. my concern is the runway for emerging markets is not as long as it could have been and that is certainly something we need to watch out for. haslinda: are there opportunities though? we have indonesia among the market trading pretty cheaply. valuations priced among the cheapest. > i agree with that. also, if you look at what's happened with intonation currency, it has come off quite a bit. you could potentially be buying quality longer-term assets if you have the patience for that in selected markets, like indonesia. absolutely. . i'm a fan of this idea. but really, right now, i think the core recommendation we are as investors is to accumulate gold. the 12 month forecast is fairly reasonable. ounce.er we have a tidal wave of quantitative easing coming from central banks. generally speaking, that is a positive environment for gold. the opportunity cost for holding gold is basically zero, or in some cases, negative. that is what i would want investors to accumulate in their pro-folio more than anything else right now. rishaad: we only have 30 seconds. is your base case a depression? >> no, it's not. the unprecedented fiscal and monetary easing should save us from that. rishaad: thank you very much. stefan hofer from lgt bank ag. let's look at what's going on market wise. tokyo on the lunch break right now, looking for the open in a couple minutes. this is as we get shanghai going off on its lunch break. a mixed bag for chinese equities. see down three times of 1%. csi down 3/10 of 1%. the hong kong market, it has buoyed up a little bit. nikkei was feeling a little bit in tokyo as it comes back on after 6/10 of 1% fall back in the session in the morning. let's that you up to speed with what else is happening on the currency markets. the star performer seems to be sterling. $1.26.t a bit of weakness in recent days for what's been happening to the dollar, but coming back to what stefan was talking about, gold coming up, the ounce also moving up. platinum at $787. that's what we have at the moment. you are watching bloombergtechtv. ♪ bloomberg. ♪ haslinda: you are looking at live pictures of the lion city. almost 11:30 a.m. in singapore. we are in the middle of the trading day. sci looking for strength and failing, currently down a 10th of 1%. the dollar also weakening on rising virus concerns and the country. some say it's in oversold territory. singapore grappling with rising cases just about every day. it is getting stricter on enforcement. everyone required to wear a mask outside the home, even in the office. it is a departure from the initial call of wearing a mask only if you are ill. 1% --i down about 1/10 of sti down about 1/10 of 1%. let's get first word news. reporter: president trump says he's suspending u.s. funding for the world health organization while his administration reviews its response to the coronavirus. he said who was slow to share information about the outbreak, leading to thousands of deaths and economic damage. however, it's not clear when he -- when any such hold will take effect nor if the president has the authority. >> i'm instructing my administration to halt funding of the world health organization while a review is conducted to the world health organization's role in severely mismanaging and covering up the spread of the coronavirus. meanwhile, india has extended the lockdown to may 3 while saying some restrictions might be limited soon. prime minister modi said and easing would only happen in areas that showed no growth in infections. india is reporting more than 1000 -- 9000 virus cases and 339 deaths so far. modi says the nation has paid a heavy economic cost but that lives are more important. in indonesia, markets leaving key rates unchanged other they lowered requirements in the face of the downturn triggered by the virus. consecutiveearlier cuts leaving the repurchase rate at 4.5%. most have seen a cut of at least 25 basis points. a u.s. -- u.s. investigators have set malaysia another $300 million recovered as part of the 1mdb inquiry. the money featured in lawsuit targeting fugitive financier jo lo. the latest repatriation means owing more still than half $1 billion to malaysia. 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. i'm karina mitchell. this is bloomberg. let's look at what's going on in the markets. taking a look at major indices. tokyo coming back on stream after the lunchtime break. we were 6/10 of 1% down. we have turned positive on the nikkei, just now. we also have negativity creeping in. what's going on with the hang seng. asian stocks happening. snp futures falling back. earnings reports coming through for the u.s. and europe and evidence of the impact of the coronavirus outbreak, just from a few companies that have reported thus far. tokyo, also chinese equities mixed with major benchmarks with large caps actually doing ok. downside.the small caps moving to the upside. that's where we are at the moment. this is the indian picture as we go to the start of the session. the nifty flat. the lockdown in india extended to may 3. haslinda: europe's biggest hotel has long used budget brands as a major cast -- cash cow, but they are really vamping -- revamping to operate a range of brands globally. chairman andn the ceo for asia-pacific, michael issenberg. aboutof all, you operate 1200 hotels in the asia pac reason -- region. tell us how the hotels of been impacted by the pandemic and how they are doing compared to other regions like the u.s., europe and latin america. >> good morning. it's nice to speak to you again. , a terrible time for our industry. we have been impacted probably more than any other hotel along with the airline industry. could much the entire world is suffering, no question. fortunately, the one bright spot in the world in the region is china. of course, that's the number one question at the moment about what's happening in china, because everyone is looking for that as a telltale sign from the future. so what kind of telltale signs are there? what kind of recovery are you expecting in china and will that be a reflection of the rest of the world? it's big in china, but it's definitely rebounding. february was the bottom in china. it was single-digit occupancies across the country. march, we managed to climb into the teens, but the second half of march was better than the first. and april is better again. and certainly, it varies around the country. beijing for example is still relatively shut. if you go to beijing, you have to serve a 14 day quarantine. even as a resident, if you leave and go back, it's a 14 day quarantine. archer large cities like shanghai are still opening up. if you go into more regional areas, the hotels are performing better. certainly the economy and midscale at the moment is performing better than luxury. what's very encouraging his food and beverage and hotels is bouncing back. particularly restaurants and private dining rooms, chinese restaurants, we are seeing a steady increase. it is still early days, but there's no question there is a positive sign we are seeing in china. haslinda: what kind of measures have you been forced to adopt while waiting for that recovery to happen? have you had to cut stuff -- staff? put on no paid leave? what measures have you adopted? >> it has varied. around the world, about 5000 hotels, more than 3000 are closed. of 1200sia-pacific, hotels, roughly 400 of those are in china, which are now all open. about 300 of the 900 have closed. of course, we have had to furlough a great portion of our teams. the metrics around the region varies. we are doing everything we can to look after those teams. accor has launched a 70 million euro fund to do our best and look after team members, those who are in dire straits. but it is tough times, no question. one of the worst impacted. rishaad: looking outside of china, what are hotel occupancy rates like in places like singapore and hong kong? on top of that, what are we looking at for revenue for available room? singapore is probably a little better than most. that is because the government is actually quarantining and hotels and paying for citizens to stay in hotels. but again, at vastly reduced rates. we are anticipating april to be in the teens across the region in terms of occupancy. there are blind spots. singapore probably performing better at the moment because of the government business. that's happening in other places like australia as well, but it's only major capital cities like melbourne, sydney, brisbane. -- most of the region's actually prohibited to go to restaurants and hotels, so it is quite dire at the moment. in times like this, you of course have this pipeline of hotels opening. are you seeing any postponement of that pipeline? the second part of my question is these are always times to learn and take stock as well as you look at the business. are there things that you have learned from these shutdowns and lockdowns in various cities that you perhaps see improving culture, improving workflow post the pandemic? pipeline, wef the have almost 500 hotels in the asia-pacific. a large pipeline. we are not seeing canceled project, but we will see a slowdown for no other reason that a lot of construction sites are closed. and will slow down openings there will be supply issues , furnishingsyear delivered and other items. there will be a credit plunge. for some projects. we anticipate majorities to still open and they will delay openings. in terms of learning, we hope we never faced anything like this again. there will be things that we will need to do differently for when you go from 80% and 90% occupancy to 10% and 20 percent, it's a different world. it is not the same business. in all effect, you are really running a business so you don't take a lot out of it. i actually think our hygiene is of the highest standards. instances be some just like after 9/11 where you had tight security. i think what we will find is not so much a heightened sense, because it is already very takeg, but we will temperatures of guests into the hotels, thermal imaging, those types of things. until a vaccine comes along, i think the industry will be very different. haslinda: the accor group recently redirected focus to asia and luxury. do you see this pandemic forcing change yourak or strategy especially given we are expecting a deep recession? don't see a change of strategy, because you have a strategy for long-term. no question initially and we are already seeing in china, the the big part of our business, will perform six months post pandemic, but over the long term, i expect the whole business to come back. we have a balanced strategy. also, i think you will also find with the pandemic, there will be a lot of pent-up demand. high unemployment and terrible times, but also people who are actually still working hard and have nothing to spend money on. they are not going out to dinner. they are not going shopping. not traveling. they will be looking for experiences when the pandemic ends. it will not lift and all of a sudden go back to the way we were. it will be gradual and different parts will come back faster than others, but luxury will always be sought after. i think the idea that the world is going to be significantly different post pandemic, i personally don't believe that. i do think the first few months or possibly year will be. but beyond that, we will start to see patterns of return prior to the pandemic. rishaad: that's what i wanted to get at. to ask you when things are going to improve for the businesses is a ludicrous question, nobody knows the answer to that. but what parts of the business, what segment do you think will be the first to benefit? no question that what you will see is shorter travel, so to speak. in terms of volume, the first thing you see is people drive because they feel safe, and they will stay within their state and a large country, then travel interstate within their own country, international travel will come back more slowly. large meetings will come back more slowly. and use restrictions tighten over time. you will see those loosen over time as well. the ability to have meetings over 100 people will not come until there is a lot of certainty around where the pandemic hit. that's the pattern i see. vacationsse, interstate, and then international. we will probably see a stronger rebound in the economy midscale there is pent-up demand for luxury as well. i think there will be people that will be very excited, they live in singapore, there's a good chance to stay with us. i see the luxury segment recovering well. i do see that there will also be benefit as well. much forthank you show joining us, a michael issenberg, accor asia-pacific ceo. coming up, u.s. banks providing a reality check in the loan loss provisions. details on that just ahead. this is bloomberg. ♪ rishaad: some breaking news. a low-cost carrier here in hong kong expressing that originally they would be resuming flight in the next few weeks, but actually what we have is them extending flight operations suspension until the 18th of june. that is when they will resume flying. that is news coming through from the troubled aviation industry at the moment here in hong kong. let's do a check on indian markets. india coming back online after a pretty long holiday. it is currently in positive territory, playing a bit of a catch up. we have india expanding the nationwide long down -- lockdown to may 3. economic activity has pretty much slowed in the country. all transport services are suspended. gdp estimates before the pandemic was set to slow down, the weakest pace in more than a decade. a lot of pressure on the indian economy, but stocks right now up about 1.9%. the first round of u.s. bank earnings from j.p. morgan chase and wells fargo was pretty dismal as expected. with a full slate of financial firms set to report including goldman sachs, a warning this reality check on outlook will continue. let's get su keenan. she has the latest. let's start with investor reaction to that 69% plunge in j.p. morgan's profit. reporter: that was a pretty dramatic plunge. the lowestally to level since 2013. we also learned the bank set aside $8.29 billion from bad loans. that is the biggest provision in . decade in fact from both j.p. morgan chase and wells fargo, it was the biggest set aside in a decade. between the two banks, it was more than $12 billion. that's more than double what most analysts expected. -- jp morgangpo ceo jamie dimon would not be immune for the pandemic, but what's important to note is the damage was offset by gains in j.p. morgan chase's trading revenue. in fact, they had record revenue, $7.23 billion, from the increase of volume in trading of stocks and bonds through all that volatility. we did not see wider strings -- swings in investor reactions for wells fargo. the profit was also decimated, but they eked out a slight gain. the real takeaway was that j.p. morgan cut full-year outlook on .he net interest incomes wells fargo notably withdrew the 2020 income outcome. that further put pressure on wells fargo shares. again, these banks have maintained they are in a better position to get through hard times than they were in 2008, but we are really finding that out this week. from the banks we've had, let's get to the banks we are looking forward to. goldman sachs and morgan stanley are up next. as the focus going to be on the same sort of stuff? reporter: it will really be on how much money is being set aside for the bad loans. we know it will be a pretty large amount based on what we've seen. we have goldman think of america and citibank reporting wednesday. what's important from goldman is isot of analysts are saying the focus on trading. how big could the gain be? we are expected to see m&a stalled because of the pressure in commodities and credit spreads. but trading will be a key focus. the absolute trading revenue and if they gained any market share, because up to 40% analysts say of goldman's revenue comes from that trading and they have been gaining market share. it's also interesting, how long will the pandemic last and will the stimulus make a difference? it would be interesting to see what the banks have to say. back to you. rishaad: thank you, su keenan there for us in new york. we are looking at an election in these times of trouble in south korea. the biggest election since the global coronavirus crisis. we have a look at how the pandemic may shape not only the country's politics, but it's economy. you are watching. bloomberg. ♪ rishaad: you are watching "bloomberg markets: asia." south korea seeing voters turning out in record numbers as the world's first major election since the coronavirus outbreak. ahead with going on this election at a time when other countries have put off virtually all major political events. it's a bit of a surprise they are doing it. measures are used to keep voters safe? reporter: masks, plastic gloves, and temperature checks. those are the prerequisites for the general election in south korea right now. when i went, there were huge lines in front of the polling booth. over the weekend when i went for the early voting period, that is also the case for today. this isn't just because there are so many people lined up to vote, but also because of the distance they have to abide by it when standing in line. there are stickers on the ground indicate a one meter distance, to be kept between each voter standing in line. there's also a person in front of the station checking your temperature before you enter the building and somebody handing out plastic gloves before you go in to touch the ballots, touch cards.mp, handier id once you enter the polling booth, basically everyone inside is visibly wearing players of masks and gloves on and it also ensures sort of an atmosphere where people have to strict we abide by these deadlines that could look a bit silly with all the slayers of plastic gloves on, -- these layer's of plastic gloves on, but if you don't, there is a level of social shame, public judgment if you don't follow the guidelines, because the social distancing guidelines issued by the government has been taken so seriously by the public. just how significant is this vote for president moon jae-in and his ruling democratic party? what do you make of the timing? reporter: it's definitely crucial. general elections are particularly crucial because it is an evaluation of how the president's policies have been doing and especially because it has been such a roller coaster and recently years. he started with lavish providences -- promises of north korean diplomacy. now he's at the spot of enhancing transparency on the government handling of the coronavirus outbreak and certain economic policies to protect smaller businesses that are particularly suffering from the coronavirus outbreak. what's also most important is that swing voters by average in south korea, according to recent polls, actually make up the second largest percentage of nationwide voters in terms of party support. in the lead and opposition party is in the third. exactly where these undecided voters lean toward could be a make or break deal for the rest of his presidency. muchad: thank you very indeed. let's look at what's going on market was. one of the new stories coming through. we talked about hk express, a low-cost carrier here in hong kong, deciding they will continue a flight suspension until june 19. here in india saying they will remain suspended with their operations until may 3. that marks essentially when the indian lockdown will continue towards as well. that's it for "bloomberg markets: asia." 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