The kospi back online after being shut yesterday. We know that president moon securing a big win, capitalizing on success and containing the pandemic. 100 taste 103 seats in parliament, ending a bull market yesterday. Ahead of the earnings later today, the first earnings since the pandemic started. So a gauge of how the Tech Industry is doing. Lets flip the page and take a look at currencies right now. The dollar index up, surging the most in weeks. Weaker today. A question of why that haven like the yen is currently down. On risk aversion and the plunge and ore prices adding to the conscience. Today, almostbers 6000 jobs created. Expectations were for a drop of 30,000. Parttime jobs pretty much responsible for the jobs added. One. Ooking at the rishaad data from the u. S. , retail sales and production numbers not for the faint hearted, cratering in march. Saying businesses are increasingly concerned about even weaker conditions ahead. Kathleen hays has been looking at wall all these figures are telling us about the impact of this pandemic. Reports arenomic setting records for how bad they are, but the fear is it could get even weaker. Kathleen isnt that true . What a time we are living in, and how quickly it came down. 70 of u. S. Economy, retail sales down nearly 9 in march, 8. 7 percent is the biggest drop since 1992 when the commerce departed Commerce Department started collecting the data. People did spend a lot of money to eat and drink before the United States economy shut down. Record. Se, thats a apparel sales go down 50 . People who usually buy new spring close going into lockdown. Restaurants and bars down, manufacturing down 5. 4 . Thats a biggest drop since 1946, the end of world war ii. Jan that, lets look at april. Manufacturing in new york state and homebuilder sentiment. Down unthinkable amounts. Sentiment at an eight year low. Remember one more thing about retail sales, as bad as march was, stores were open for half of the month. April could be worse. The fed coming out with their beige book, its seen as an early indicator. The same bleak economic story repeated. The belief that no sector was spared. Kathleen absolutely. The headline show the take away was that they found the economy contracting abruptly in the period for the six weeks through april 6. And expecting things to get even worse. March,the middle of state governor said you have to shelterinplace. The atlanta fed saying businesses will faces survival crisis in may, saying what is now cash flow problem has become a solvency problem. That if youores start losing business, if you cant meet payroll, you start laying people off. We are waiting for jobless claims to come out, another 6 million person increase of people applying for new unemployment and if its is what we can expect, according to bloomberg economics. China, alsorning to bracing for a new record for weakness like the u. S. Bracing for an epic drop in gdp. Our Global Economics team points out it will probably be the worst since the Economic Reforms in china from the late 1970s. Gdp was up 6 in the fourth quarter, what a difference a coronavirus outbreak can make. It could be down 11 . We are all waiting to see how this will look. There are three important numbers for the month of march, Industrial Production, Property Investments have been very weak. They estimate 90 of companies will be back to work. Retail sales still probably on the weak side and even weaker because of selfimposed social distancing. What people are seeing in the United States and around the world, china has been practicing for a while. We cannot expect the same amount of stimulus in china. China will not bailout asia this time. Haslinda kathleen hays, thank you. Lets get the first part headlines from new york. The coronavirus has passed another giant milestone was global infections now topping 2 million and deaths now it more than 130,000. The news comes as the World Health Organization rejects criticism from President Trump and defends its work with china. The group says its goal is to promote Health Globally and it will work with and for people everywhere, whether in china or anywhere else. Always regaining some ground after falling to his lowest price in almost two decades. Futures in york had dropped below 20 for the First Time Since 2002 as american gasoline demand dropped to its lowest level recorded history. President trump is considering paying u. S. Producers to stop the drop inlleviate prices. A new study shows that president medicineuch touted does not work. Study showed hydroxychloroquine work no better than Standard Health care and was more likely to trigger side effects. Research has not been reviewed by western doctors, and more studies are on the way. Global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. Rishaad president moon enjoying a win in south koreas general election. His party. Win for and later this hour will talk sovereign bonds, saying that policymakers have been more proactive on the coronavirus than they were in the national crisis. Thats all on the way. This is bloomberg. Haslinda a big win for president moons Ruling Democratic Party. According to the Election Commission website, his party has taken 180 seats in a rare outright majority. Good to have you with us. Off, taking into account how he has struggled to put the economy back on track. All, let me say that it is heartening to see how korea was able to hold its parliamentary actions and i think congratulations are in order for this achievement. Facingse korea is important economic challenges. The Current Crisis like no other we have in recent memory. The economy will be negatively affected, for sure. At the same time we see the thanurn in korea is less other countries. The policy response so far has certainly played a role and certainly there is more to be done on forward. Going forward. Haslinda do you see the stimulus implemented so far in korea going far enough in countering that slowdown . I think it is certainly going a good way. When we think about the slowdown in korea, there are two different channels. One is the impact that arises from the domestic measure seeking to stop the spread of ours and there is the impact from abroad, which has been very strong. It has been good in two ways. They have been able to control very quickly the first phase of the outbreak, and also their ategy in general has been weve seen less production interruptions than other countries. In addition to that, the monetary measures that have been taken have clearly helped dampen the impact of this in general. In that sense, i think the measures that have been taken have been positive. We see a, of course fairly drawnout recovery and theres certainly room to support this recovery with more measures. With president moon getting that majority, it makes his political path that much easier. What more do they need to do . I think in terms of the response andealth the efforts to keep infection rates under control and avoid more outbreaks will remain on top of the task list for the government for some time. I think the efforts have to continue to help households withstand the temporary income and revenue shock that has come and it could create more lasting economic scars. This will be an important part of the agenda and has already been and will continue to be. We will probably see more measures, trying to provide more funding to help households pay for debt service and replenish the working capital. Its really important to set the stage for full recovery. Theres also a bigger role for withacroEconomic Policy the country getting back on track. , we know there is a good outlook with trading partners, toh an opportunity for korea get in with longerrange reforms and strengthened the domestic drivers of growth and diversify the exports. Withhas a lot to do reinventing growth for the , may be coaxing more in some emerging industries. The policy support has been quite high in korea, from and mayng incumbents, for the out of the way state. These are reforms that would help feed confidence and help increase the mediumterm growth potential, which is important for korea because the population the economic and speed of the economy is slowly falling. Rishaad how much can the korean example and the way they are dealing with this pandemic be useful for other countries as they deal with their own . Well, i think the medical experts will be able to speak more to the specific medical response, but clearly i think the approach that korea had used , relying on testing, early isolation, Contact Tracing and technology also is something that might be interesting for other countries to look at, in part because it has allowed korea to continue to keep businesses open to a larger extent. In terms of the Economic Policy response, first of all i would say korea entered into the crisis with he goes back to the point that its good to create that space in good times, so maybe its one less obstacle Going Forward. The approach korea has chosen with technology to try to assist in a targeted way different segments of the financial market, i think it could provide some steps toward intervention. Thank you very much for , joining us there from washington. We have to take a break, but on the other side, were looking at the pandemic and it has reached a grim milestone, 2 Million People have now been infected. President trump sees the u. S. Passing a peak. We have the latest on the outbreak, on the way next. Rishaad the coronavirus outbreak has marked another grim milestone. We got 2 million cases now around the world. Nevertheless, President Trump says the u. S. Is past the peak isnew cases and europe starting to draft plans to lift the lockdown. Donald trump eager to reopen the economy, but will states and businesses actually follow . Thats going to be the key question as he is set to unveil his reopening guidelines and relax the state home rules later on today. He mentioned they are past that plateau, they reach the plateau with 600,000 620,000 people in the u. S. Say they urge him to ensure there was robust testing in place before they think people can be comfortable coming back to work. So its not going to be like flipping a switch, people will still need to social distance. We did hear from your Governor Andrew Cuomo saying wearing mask in public now is mandatory. Different communities are different stages of the outbreak, opening up the calm the economy will very statebystate, similar to what we are seeing in europe as well. Haslinda over in china, for the people are testing positive but are symptomfree. And it looks like most never fell ill. Whone of the 6700 people tested positive without symptoms, only 1 5 of them so far have developed symptoms. They have later been reclassified as confirmed cases. The whole phenomenon of asymptomatic transmission is becoming more of a troubling feature for chinese policymakers in the virus fight, which basically has allowed the pandemic to sprite to spread wider and faster and becomes a challenge containing the outbreak. This is where we see eye lateral tensions between china and the u. S. Ramp up. The who has certainly been in the middle of that. Lasting president s trump President Trumps move to pull fundin. Pull its china continuingg. Certainly were not out of the woods yet globally. You mentioned that 2 million mark. It took us four months to get to one million, and only 12 days to get that number to double to 2 million. It just goes to show how fast things have moved in the last couple of days. Haslinda is in singapore, its about foreign Domestic Workers in . . These dormitories, isnt it indonesia expanding its martial law there. What do we know . Yvonne called in singapore reported a Record Number of fresh infections, 440 seven new cases on wednesday. 90 of which were tied to these Migrant Workers who live in close quarters. According to our data, workers in 20 of these dorms have already been affected by this virus outbreak. This is as we have seen the rest of the city state in singapore actually appear to be stabilizing. Singapore saw zero imported cases in the last several days. Local transmission to the storms remains the key challenge right now for singapore. You mentioned indonesia, they are expanding that partial lockdown to areas near jakarta as well, impacting 34 Million People. The president ordering airlines to limit the number of passengers to 50 capacity now, to make sure that travel is more expensive. The government is also open to banning people to from traveling during the end of ramadan, busy, a busy time in the country. So more travel restrictions there. Yvonne man, thank you. Be sure to check out our mapping tool at map virus go. Get visual insight on the developing pandemic story. Virgin australia shares are suspended in sydney as discussions continue over a potential restructuring. Negotiations go on. The carrier has halted virtually all flights amid the coronavirus pandemic and has been exploring options for Additional Capital for weeks. Toshiba to furlough 76,000 workers in japan, in an attempt to halt the spread of the coronavirus. Thel factors in headquarters will shut down through may 26. It follows a call for japanese corporations to ask 70 of staff to work from home. Google is pausing recruitment for the rest of the year. The pace of hiring will slow although those already picked up will be able to start work. Employees are working from home and the company is covering pay and benefits and has not announced any job losses. Alphabet had more than 19,000 fulltime workers. This is how it is looking in tokyo this thursday. A risk on day, the nikkei to 25 down, but in line with the rest of the region. More to come. This is bloomberg. Its 10 29 time p. M. In new york. South koreas president moons handling of the coronavirus, his Ruling Democratic Party won a decisive election victory, taking 180 of the 300 seats in parliament. His Approval Ratings have risen and earned widespread applause. The first time in 12 years his party has enjoyed an outright majority in parliament. Indias planning to ease virus restrictions, i. T. Hardware companies, farmers and Rural Industries will be allowed to resume work as a government tries to exit the biggest lockdown in the world. The restriction have been extended to may 3 and ministers will live curbs and allow movement of goods from ports and airports. Launching marathon calls with business and Health Leaders instead. Corporate figures are being asked for advice on how to bring the country back to Something Like normal after the pandemic. Several of those involved say they only discover their participation after the president announced their names. An average daily arrivals and hong kong have fallen this month. Provisional arrival nobles for march numbers for march slumped with arrivals for Mainland China down 99 point 4 . The tourism board aims to have complete data by april 20 nine. Global news 24 hours a day powered by more than 2700 journalists and analysts in 120 countries. Lets do a check on the markets right now. It is risk off the table this thursday. Bad news especially on the ego front. U. S. Manufacturing and homebuilding numbers suggesting a possible severe global recession. The imf warning of the deepest slowdown since the depression and we are waiting for u. S. Jobs numbers throughout friday. Possible. 20 jump is take a look at where the take a look at the shanghai composite index. It is flat right now. Month on month, it was better than february. The imf says growth in china will decelerate, but it will leak out about 1. 2 in terms of expansion. Lower for arending second day with severe pressure on the index. Taking a look at oil plays and that slump in oil prices we saw yesterday, we have Oil Rebounding in asia today. Energy indexfic down about. 7 . Good. Oking toldewater associates bloomberg best investors could be crazy to hold government bonds now, because the amount of required by banks to rescue the economy. Lets get more on the outlook of sovereign bonds. Do you agree . In the fixed income business, so i would have a slightly different opinion on that because, frankly, the kind of question i would pose back to you or to ray, what else would you buy . Equities or some other risk asset in this kind of environment . At the end of the day, the liquidity that you get from the bond markets is the last game in town here. We are still oriented towards bonds, and as far as asian bonds go, we are focused mostly on the belly of the curve to avoid some of the supply risks on the long and that capitalize on our expectation of rate cuts. Quickly the picture you have painted, what are bonds actually with thend then picture you have painted, what are bonds actually pricing in then . Hello . We seem to have a technical issue there. We are trying to get him back for you. We will try to find out what is going on with his view as to what has been baked into the current position to be financed with sovereign bonds. That is where we are with that, just going back to what is going on with regards to equity markets and beyond there you go, good to see sovereign bonds. ,he yield on the aussie,. 844 looking at 1. 08 yield on the new zealand, looking at 10year there is we had those measures take place at Something Like 14 million, could have an effect on the loan prime rate, which is out on monday. Two. 5 yield on the china tentyear currently. That is where we find ourselves. Lets get you back to her guest if we can. If you are with me still, i just want to get a sense of what you think has been baked into the sover