No let up to the s p 500. After all that negative Economic Data, we have the 10 year yield back down to 65 basis points. Crude oil is trying to make a run for 20 a barrel, a whole . 14 lower their. The vix is trading just below 42. Halfway into the trading day. Lets get to Abigail Doolittle for some more detail. Abigail that was certainly a risk off picture. Thatinancial markets on dire Economic Data we have seen today. Subsector picture it gets worse. Look at the s p 500 energy index. Down 6. 3 . This antipathy in sympathy with the volatility for oil. We also have the bank index down sharply for a third day. More bad earnings from citigroup and bank of america. A global macro picture is not great. Auto down, airlines down even with a bailout. One area that is doing better is the faang index. It is doing quite well. A piece of this is tesla. Take a look at tesla over the last 19 sessions. Tesla has actually doubled. Goldman sachs has initiated on tesla with a buy rating, but it is extraordinary that in the time of the virus and the dire impact it is having on the economy, we have shares of tesla doubling. That speaks to the quality of the buying. It will be interesting to see whether that can hold. Some of the data we have had has to do with retail. March sales plunging in the most ever. Another bright spot amazon is up. 5 . Another alltime high. A real case of the have and havenots in retail. Amazon doing quite well during this difficult what difficult stretch. We will be speaking about retailers with adam portnoy and a little bit. Interesting. Adding to the outlook on the oil market. About the g20. R in the last few days, there were two very important efforts, one from opecplus countries and a g20 meetingas organized by the chair with saudi arabia. Brought some good news to the markets, but the market is falling so badly that they could only limit the damage. We expect, this year, Global Oil Demand to decline by 9 Million Barrels per day. , demand is to collapse by 9 Million Barrels per day. Decline around the world. A few minutes ago, you showed the imf. A steep decline in the economy, 3 . This would mean we are going to 2019 economicere, growth. In terms of oil demand, we are erasing an entire decade, the last 10 years of oil demand. Visavis one year of economic growth. What does it mean for further production cuts . You are involved in negotiations at the g20, where we heard that g20 members would help with production cuts. Is this actual production cuts or is it the fact that they are not pumping because the price is too low . There are different approaches from different countries. This happens as a result of some countries seeing that the Market Conditions pushed them. In some countries, there is a you lookl but when at for countries, the u. S. , canada, norway, who did participate in these meetings, our anticipation is that they will have an altogether production decline. About 3. 5 Million Barrels per day on top of the opecplus countries. If these efforts from opecplus and the g20 if we are not able to see those efforts from those countries, we will see a higher it helps us to shave the peak somewhat. Good morning. Thank you for joining us today. I want to go back to what i am sure you studied at the Vienna University of technology a long time ago, which is how people cheat within the cartel and now the new addition, how did they cheat outside the cartel . When do we begin to see people cheat on the recent promises . Thank you. It is one of the things that i remember from my studying in vienna. You are right. , would say that our numbers big numbers, are based on the compliance of those countries. If there is not 100 compliance by the producers, the targets they have set up may be more serious than we had planned this morning. That was the iea director. In the last few minutes, we have the new jersey death toll for the past when he four hours. More than 300 covid19 doubts for the second day in new jersey. The new york number was 752, down slightly. Hospitalizations are a different story. Peak. Re continuing to intubations a little lower in new york according to andrew cuomo. Lets get the first word headlines with mark crumpton. The worlds richest countries have agreed to help the poorer ones cope with the coronavirus pandemic. Finance ministers of the g20 group said they will free debt obligations. Leaders and african made a joint appeal for a Massive International effort, including a moratorium on debt payments until the pandemic is over. The coronavirus has infected more than 2 million people. It took about four months to the virus to infect one million people, and only 12 days for the number to double. Officials say that the total case count is likely higher because most countries are testing only a fraction of their populations. 700 61. Says another people died from the coronavirus in the past when he four hours. That was down slightly from the day before. The u. K. Has more than 98,000 confirmed cases, more than 12,000 have died. The figures are being closely watched as an indication of how much longer the countrys lockdown will last. The governor government must decide thursday whether to renew the lockdown and for how long. 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 mark crumpton. This is blumberg bloomberg. Vonnie this is Bloomberg Markets. New headlines from Andrew Cuomos news conference. He will issue an executive order to force people in new york to where a mask or a facial covering. He says new yorkers must wear masks. The executive order is going to suggest that all people in new york must have a mask or a facial covering. That is a development. The Federal Reserve stepping up in recent weeks coupled with announcements from the treasury and that supporting an economy. It will be at least 5 trillion. Joining us to discuss the coming months for the economy is joanna kirkland. We are through some of the volatility. It does seem to be calmer waters. We know some of what is going to happen at an executive level. How are you advising investors . We got through some of the extreme stress and now it is time to step back. We came through this crisis with failing anemic fairly anemic growth rates. We have been comparing that recovery with what we call a wobbly bicycle. Any gust of wind could blow you off course. I think that even once we get out of extreme versions of lockdowns we have seen in recent weeks, the return to normality will take some time. We will still be dealing with weak growth environments even after the more extreme measures are lifted and that is something we need to start thinking about now. Vonnie when you look across the multiasset strategy you have built up, what tweaks would you be making . Area is clearly the fed a week or so ago. Some of then extreme risks have been removed. Being further out Capital Structures is probably a good idea where growth has been quite weak. Weve been reallocating capital there. Bonds as an some hedge, although they have gotten expensive. We did also lift some of our hedges. Vonnie not the first time we have heard that about bonds. You say you are staying away from equities and looking at that. Is that primarily in the u. S. . Are you looking also in europe . Latera we are running exposures the normal later exposures the normal. Theou look at the level of s p 500, it does not look like it has priced in much stress at all. We all seeing we are seeing some interesting situations. Values as a strategy has underperformed. The more cyclical areas of the market like industrials were hit very hard. Under the surface, things are quite and there are potential opportunities in the more cyclical areas of the market is we come out of these lockdowns. Vonnie there have been some interesting moves in emerging markets. Is there something that schroeder is doing Schroder Investment is doing . They continue to warrant a place and a portfolio. We need to be careful. Going back to this idea of an anemic growth environment. I dont see global trade picking up any meaningful way this year. Emphasize thatto we see value in emerging markets, but i would not be allocating a lot of capital there. Vonnie is this the end of the beginning or are we in from a protracted difficult period . We saw the bank of america talking about recession until at least 2021. Some people are saying that the social distancing is going to remain the case for a lot longer. Johanna for me, it is the end of the beginning. We need to remember that churchill said that in 1942. I think it is the end of the beginning because we have we are starting to understand when he to be done to keep the virus under control. That helps markets. What the market hates more than anything is uncertainty. We understand the virus in a way that we did not even four weeks ago. That is a good thing. It is good to see the infection rates coming down in places like italy also. This log is really working out the economic implications the slog is really working out the economic applications. Vonnie we would love to have you back again soon to take the temperature of the markets. Johanna kyrklund. , investors are looking out for signs of a real estate meltdown. We will discuss with alan per doi alan portnoy. This is bloomberg. 0 vonnie this is Bloomberg Markets. Acrossyments cascading real estate. A scurry of activity to find a port in the storm. Rmr group is a Company Involved with real estate. Lets welcome adam portnoy, president of rmr. Give us an update on who is paying their rent and who is surprising you. Said, we have a large portfolio of tenants across the United States. Over 2000 properties, 90 million square feet that we manage. Touching all much types of commercial real estate with the exception of traditional multifamily. We have a good feel for what is going on with regard to rent. To answer your question directly, most tenets tenants are holding up well, especially in the office and industrial side of the business. We are seeing close to 100 rent being paid on the office and industrial side. The biggest area weakness we are seeing is on the retail side. We have about 700 different retail sites around the United States. We have only collected about 40 of the rents in april for retail, but we have been working closely with the other 60 . This is one of the advantages we have. We have been in business for over 30 years. We have Close Relationships all these tenants. Makinge are probably deferred rent in april, we are confident that the vast majority of those rents will ultimately be corrected collected later. Right now, the name of the game, especially with retail, is trying to work with our tenants, especially once we have had a long relationship with to help them get through this difficult period. Vonnie a huge amount of distress and retail. Rates andve mortgage you are in the position of not having any debt to repay and your relationship with your bank is giving you leeway here. Im curious as to some of the other types of properties that you own. For example, Senior Living facilities. Do you anticipate problems with those sectors Going Forward . Adam and the Senior Living space, we have a large port folio large portfolio. We take care of about 24,000 in folks and about 200 about 260 communities. We do not see significant problems financially in that sector. Is onector, of course, the front lines of what is going on in the United States with regard to the pandemic. Amazed at theen dedication of the employees on that side of the business. We operate that business as well and it is great to see how people are volunteering to put in extra hours to help take care of these folks. Of course, they may be among the most vulnerable. I think we are doing everything we can and we are doing a very good job of keeping that population very safe. Vonnie we were speaking with craig fuller of freight waves. He talked about it being challenging for Trucking Companies exposed to the stock market. Own an amount of truck stock, which happens to be a leading indicator in many ways. Andsale of gasoline there visits from truckers. How are your truck stops going . Adam i agree that it is a leading indicator. We sell about 2 billion gallons of diesel fuel to truckers a year. They have been deemed inessential service so they are up and operating an essential service so they are up and operating, keeping what we believe is a vital part of the economy operating well. That is servicing Truck Drivers moving across the country. What we saw as the pandemic actually aere was spike in fuel volumes. That was really our best guess is that that was restocking inventories and food services. What we have seen since the beginning of april is a weakening in the fuel volume. Right now, we are trying to figure out if this is just a temporary thing that is a direct result of the closing of the this a leading indicator that we have begun the is this anand indication of things to come in that space . And iod news is personally was happy to see this is that supply chains are working and have been working throughout this pandemic. Fuel just the volume of that we have been able to sell in march and into april. Have but i not am curious as to what you think we will see at the end of this. Will retailers reopen, will fast casual restaurants reopen . Will it be the same . Adam great question. It really hinges on Consumer Behavior and how this opens up. An area we spend a lot of time thinking about we do not own a lot of malls but we do own a fair bit of casual dining restaurants. Isare trying to figure out what is the effect going to be on that sector Going Forward. Obviously, it has been hard on that pedant on that sector during this pandemic, but as the to open up, will behavior change . That will dictate what happens in that sector. Vonnie we have to leave it there, but we will check back in with you to see how everything is going. Adam portnoy, rmr president and ceo. This is bloomberg. Mark the u. S. Military is bracing for a long fight against the coronavirus. The Defense Department is looking for a way to keep troops healthy while protecting the nation. Officials have frozen most forces in place overseas, stopped troops from moving to new assignments, and cutback access to the pentagon. There are more than 2600 confirmed cases among in Terry Service members. India is making plans to ease its massive lockdown. Ofwill allow makers information technology, farmers, and industries and rural areas to get back to work after april 20. After a, india plans to lift restrictions on ecommerce operations. India has more than 11,000. Coronavirus cases nearly 400 people have died. Voterss of south korean or masks and maintained social distancing as they voted in elections today. The turnout was surprisingly high despite the pandemic. South koreas government resisted calls to postpone the elections. The country has more than 10,000 confirmed cases. 225 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. This is bloomberg. I am amanda. Welcome to Bloomberg Markets. Audiencesned by our to hear the top stories we are following. U. S. Stocks plunging as rush Economic Data adds to global fears about a recession. The s p 500 erasing yesterdays gains and turning red for the week. A 25 billion bailout for the Airline Industry. Will it be enough . Getting americas business back to work. Speak with the u. S. Chamber of commerce president suzanne clark. That conversation still ahead. I want to get a closer look at those markets. As you said, a combination of negative news to consider. We have incredibly weak reads on retail, manufacturing. The reality starting to hit home here. We are watching these markets. The worst of all the groups for the s p 500 is energy. It was down 7 . Materials right behind. Financial seeing a 4 decline. Some of the biggest names, jp morgan, down for percent down for percent. A lot of concern about how this pandemic lasts. We should note that this is a time of day we often get news from europe that feeds into market sentiment. 1400 new virus deaths. That is the highest to date. That is the data point that will weigh on these markets. We are getting a lot of fiscal packages coming from governments. 25 billion in aid for u. S. Airlines. A big question about whether that is going to be enough. Jonathan root, senior vpn moodys joins us now. Lets start there. Lets start with whether this will get them over the shut down and whether it will get them back to where they need to be. Jonathan the payroll grants are if it wills pass get them to the other side, we do not know how i the other side is. Grants will cover compensation through september 30. They are intended to keep the airlines from having to furlough or lay off employees. It is a very big help. At fullve that Payroll Employment represents about 60 of the current monthly cash burn for the airlines. Having the government pick that up is going to be very helpful and free up other cash for other needs. Still have a couple of Regional Airlines that have not been able to strike a deal. We are talking about express jet. Will there be some carriers that will be left behind and what will this mean for industry consolidation . I appreciate that. I do not have a good view for those two names. Our ratings cover the big seven of the larger airlines. The regional jet model is going to remain relevant to delta, american, and united. There will be a for those services. I cannot speak to whether they will be left behind. The government is casting its net pretty wide. If there is a way, i have to believe there will be something there for those companies. To what extent is