That completes the risk off picture. Take a look at that bloomberg 1 . Ar index, up about a haven to bid. Investors going into the breen back into the greenback the midof this dismal data. David are the any individual stocks doing particularly better or worse than what we are doing overall . Abigail relative to the horrible Economic Data, some sectors are down even more. One of the big headlines this morning was u. S. Retail sales for march plunging the most ever, down 8. 7 . Core, pvh corps down 14 . Ge down 18 . Industrial production tumbling the most since 1946. The homebuilding sector tumbling the most ever, even more than 2007. Lennar, one of the largest homebuilding companies, down nearly 8 . The reason that stands out is this is a Health Crisis and many analysts are saying will this turn into a financial crisis . Not signs of that happening yet because of all the liquidity the fed is injecting, but could it turn into a housing crisis . The fact that we have the homebuilding sentiment tumbling even more than into thousand eight during the housing crisis suggest there could be pain ahead for that crisis. Possibly the worst Second Quarter ahead in u. S. History. Probably more terrible Economic Data ahead. David . My. D oh thanks nonetheless for that gloomy economic report. There was Economic Data that did not take the sting out of the market. We turned to peggy collins, our bloomberg managing editor for the u. S. Economy. They were bad numbers, whether retail Sales Numbers are factory output numbers. Where where they worse than we expected . They were stunning in terms of the damage, but a lot of traders and investors were expecting that because we know the economy has been intentionally shut down. In terms of retail sales, they fell 8. 7 from the prior months. That was about in line with estimates. 8 in terms of the expected downturn. Some other things that jumped out as a bright spot were food and Beverage Stores posted a record 25. 6 surge. That is as we have been seeing a lot of people to out and stock up on goods. The report is capturing the historic change in Consumer Habits we have had over the last weeks. We did see terrible numbers as well in terms of manufacturing, record numbers in terms of what is happening at factory output because of the shut down. Are just getting into the Second Quarter right now. Do have any sense of how much worse it could get or when we think it might bottom out . Investorst is what are looking at now. In some cases they are looking past some of these numbers because the figures are so huge, but they are expected to be huge. Looking for signs of any recovery coming, or certainly tracking the virus back for any type of leveling off in terms of the health side of things. Tomorrow we are expecting another week of incredibly high jobless claims. We are looking at another five. 5 Million People estimated to have filed for unemployment last week when the data comes out tomorrow morning. Those numbers continuing to stack up. If we have some surprise and that number looking less than expected, that could be good for markets. We are not expecting that because so many states have had challenges in even collecting all of the employment claims and getting the money out to people. It has been a rolling buildup from states like pennsylvania, california showing huge numbers. Places like new york behind. We are expecting more tomorrow. David really appreciate the report. That is peggy collins, bloomberg managing editor for the u. S. Economy. Now it is time for first word news with mark crumpton. Has the new coronavirus affected more than 2 Million People around the world. It took four months for the virus to infect one Million People and only 12 days for that number to double. Officials say the total case count is likely higher because most countries are testing only a fraction of their population. The u. S. Military is bracing for a long fight against the coronavirus. The Defense Department is looking for ways to keep troops healthy while still protecting the nation. Officials have frozen most forces in place overseas. Fromstops stop troops and stopped access to the pentagon. There are more than 25 hundred cases of the virus among service members. Two people have died. India is beginning plans to ease its massive lockdown. The comp the country will toow makers of get back work after april 20. After may 3, india also plans to lift restrictions on Ecommerce Companies as well as port and air cargo operations. India has more than 11,000 coronavirus cases, nearly 400 people have died. Millions of south korean voters wore masks and maintained social distancing as they voted in parliamentary elections today. Officials at the turnout was surprisingly high despite the coronavirus pandemic. South koreas government resisted calls to postpone the elections. The country has more than 10,000 confirmed cases. 225 people have died. 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 am mark crumpton. Is bloomberg. David . David thanks so much. Power,p on balance of former u. S. Ambassador Samantha Power on the subject of the u. S. Role in the pandemic, or at least what it should be. That is coming up on balance of power on Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. Crisis, the world recently turned to the United States in times of for leadership. His United States playing that role now and isnt willing to play that role . We turn to Samantha Power, former u. N. Ambassador and the author of memoirs of an idealist. Welcome and thank you for joining us. Samantha delighted. David lets start with the news from last evening at the white house, where President Trump said he would suspend contributions to the world health organization. From your experience with the ebola crisis, how important was the who infighting that virus and what does it say about our withholding funds from the organization at this time . Is an extremely illadvised move and it has far more to do with trumps domestic pollics and his dipping ratings in terms of his handling of the crisis that it does the who and any desire to strengthen the global health. Three quarters of u. S. Funding in terms of voluntary contributions goes to such tasks as fighting polio, measles, tuberculosis. What he is eating into is steadystate funding, the funding the United States has been giving for many years. United states has made no major new announcement about how it is going to respond to the pandemic and halep will use the who and other International Agencies to avert catastrophe in the developing world and a catastrophe that will blow back to the United States because of states because of our links through trade, through Global Supply chains, to even remote parts. It is more of an act of spite and divergent than anything. That said, the who has not performed optimally. There was too much deference to china at the beginning. It also speaks to the absence of u. S. Leadership within the organization, the fact that china has been able to leverage a modest contribution to the who speaks to the u. S. Retreat from organizations like that. The who needs to go back and look. Billions being infected. There are people in the world who cannot wash their hands at home, who do not have clean Running Water to do so. With all of these people at risk, right now the who is working to ensure governments in the developing world who do not have the kind of cushion we have come and we have seen our challenges managing our response, but who do not have stimulus packages coming, impoverished communities, the who is trying to offer Technical Advice as to how this communities can withstand what is about to hit them. This will mean the who is scrabbling to figure out how it fills the gap trump is leaving, but also how it normalizes the new front. David you make an important point, you talk about being able to wash her hands. He wrote in the New York Times about this great disparity, not just in the ratio of doctors to populist, but a lot of people around the world can not even wash their hands. As much as we struggle with this crisis in the United States, how much worse will it be in lower Income Countries . Amb. Power it will be devastating on both axes you are experiencing. First in terms of the lethality and the contagiousness of the because ofself overcrowding in the close quarters in which people in poor communities often live, the ability to practice the kind of social distancing we are managing in some of our neighborhoods in the United States, that ability is not there. When one individual brings a virus home, it is likely not only to infect whole families, but potentially whole neighborhoods or whole city blocks or slum blocks. If you think about refugee camps orit live in idlib southern turkey, but even if you think of zillow or this of brazil or the slums of informal settlements in south africa or india. It is going to race through those communities. Concern int health the ravaging of the virus concern is the Health Facilities to manage the spread, to get people in early, to hydrate them , put them on ventilators, these communities do not have ventilators. If we had trouble getting masks for our health workers, we can imagine what a refugee camp will be experiencing. Is what the virus does and how much more contagious it can be because of the absence of health care. Then you combine that with the economic toll we are experiencing. That is why so Many Americans need desperately the 1200 checks because they do not have another source of income. They have their families to feed , they have insulin they have to buy for their diabetic children. That is in a developed country like this one. We had the stimulus package passed and more to follow. In that economic livelihood is taken away for families living hand to mouth in those slums or who are dependent upon International Aid that has dried up because it is being diverted to domestic response, you can imagine the risk not only of malnutrition but of outright starvation. You saw in kenya the riots wrapped in the riots erupt think because food has become so scarce, not just the virus wiping people out, but now because the markets are not available for the goods being produced in kenya because flights have been suspended. No way to get them to market. Already we are seeing that economic toll and that is before this has hit in the way we know it will in the coming days. Powerful point a about given the fact that it is this bad in the United States how much worse will it be elsewhere. Tot is the u. S. Capacity lead right now . Unlike ebola, we had some cases, but it did not ravage the country or the economy. We have the capacity to form a leadership role globally on the pandemic at the same time we are trying to protect ourselves back here . Amb. Power that is exactly the right question. The answer is yes. We do have that capacity but the perception is we do not. Why do we . The kinds of people who would be pulling their expertise, whether scientific or Public Health or Lessons Learned in terms of what earlier countries have done. The one advantage of the way the epidemic has spread is it is staggered and we have the ability to learn so much about what has worked and when is too soon to reopen sectors and what can we learn about antibodies and whether that allows a greater preparedness to begin to flow people back to jobs that are not existing right now because we are shutting everything down. There is a pulling function that stems from convening countries and drilling into the insights that can be gathered. That is already happening in scientific circles as relates to the vaccine. It appears to be without frontal u. S. Leadership. Then there is the sort of lookahead in terms of our manufacturing cycles. Those of others in developing countries. It is not only about who is providing ppe, it is about hugh about who is organizing distribution. We have huge experienced aid agency and the state department, our diplomatic corps. There are parts of health and Human Services and very significant parts of the cdc that are only internationally oriented. That is where the specialties lie of experts who work within these agencies. Only a smallif subset of Public Servants active and thinking about krone generally, it is not as if they are working about trying to get ppe to new york hospitals. They are individuals who could very much be taking a leadership role at the United Nations pushing a plan, either u. S. Chinese plan, which would be one that would gather the entire world, or just u. S. Plan and getting countries to do their share of the task. There will be many tasks ahead. There are different personnel involved, different resources. The stimulus did include 1. 3 billion for the International Response but no senior officials deemed to be taking charge to figure out how it gets allocated. David very powerful. Thank you so much for that. Samantha power, former u. S. Ambassador to the allegations and the author of former u. S. Ambassador to the United Nations. David g20 finance ministers met earlier today virtually to talk about relief to be given to lessdeveloped countries. We are joined by one of the people on the call, the Saudi Arabian finance minister, Mohammed Aljadaan. The end or the beginning of a series of actions the g20 will have to take to help the World Economy . Thank you very much. It is ongoing and we are continuing to monitor the covid19 as it is unfolding. The spirit and severity of the covid19 outbreak is unprecedented. It requires a strong and swift hand and seeing if get actions. Y the g20 we have put together a strong strategy with the g20 members to ensure we are ready and responsive. Assesses the situation constantly with health and economy and insurers we put together a protection for the people, for businesses, and prepare to rebuild the economies. S things unfold the containment measures that have been made by the various countries of the world have put the economy in hibernation and we need to make sure that while we are protecting people and their livelihoods, we also ensure their income is protected, businesses are protected, and we prepare the world for a recovery amongst the g20 members. David one step is to say we will spend time being put in suspended animation on sovereign debt which allows them not to employ the capacity they have. Are there suggestions we might be injecting cash into some of the economies that need it . Minister aljadaan absolutely. , swift actionsen by the g20 and the world bank is unprecedented. Togetherlone has put u. S. Dollarsillion so far. That means they are able to economyrom and move the of other countries at this time. Two is the imf support package that has been approved by the ministers and governments of the g20. It insurers liquidity is in addition to the swap lines and the reboots available to the central bank packages that have already announced. At what point will the bette 10 will the g20 getting back together to reconsider this . Minister aljadaan we are in constant dialogue. We have had four meetings over the last six weeks. We continue monitoring this. We will work with imf and we will meet as needed to ensure we deliver on the clear mandate to the finance ministers to ensure we do everything we can to support the economy, the people, the businesses. David thank you very much. We will be back with the Saudi Arabian finance minister Mohammed Aljadaan coming up shortly on balance of power on Bloomberg Television and radio. David this is balance of power. I am david westin. We are back with the saudi finance minister. We have been talking with him about this remarkable move by the g20 to try to support some of the economies around the world. Lets go back to something more specific. An important pardon part of this is to suspend payments on sovereign debt. Of course. Restructuring may take time for financial agreements to be put in place. G20 andto make sure the saudi presidency have committed to a strong and significant action immediately. The suspension will give us time. Will give poor countries time to consider rescheduling relief from some of the debt throughout the next three to six months. That we think will be needed to ensure that we close that chapter. David we have a question from a viewer. I find it interesting. The viewer asks, is it possible that this crisis is an opportunity to consider for the further opening of the saudi Capital Markets . Absolutely. The saudi markets have been relaxed significantly. We receive a significant investment. Absolutely we will do whatever it takes to ensure that easier access to International Investors in todays saudi markets. A saudi cannot talk to arabian official without talking about oil. We had a global agreement to curtail production. Do you anticipate more will need to be done to