Crude posting its longest winning streak in a year. Opec cuts may be draining the blood. And top fed officials weigh in on negative rates, saying such a move is not on the agenda for the foreseeable future. Shery lets get to a quick check of the markets. We are seeing u. S. Futures holding steady, after we saw the s p 500 fall on rising u. S. China tensions that we saw in the regular session. The s p 500 fell eight tense of 1 . Technology and utility also leading the losses. We have heard from china responding to act as asians from President Trump warning that responding to comments from President Trump warning that nasdaq sides biggest composite fall in more than a week. We also have some abysmal Economic Data. Millions of americans claiming jobless benefits. We are seeing wti under pressure, but still above the 33 a barrel level. This after sessions of gains. We are talking about the longest winning streak in more than a year. Haidi and really that crude story may be a bright spot as we get into trading in asia. Onan stocks are set to flip escalating geopolitical concerns, not just trade relations between china and beijing, but also the situation in australia with concerns that china is finding ways to make it difficult for iron ore and coal exporters. Futureseeing japanese lower, same with korea. Sit the futures looking to extend on thursdays losses sidney futures looking to extend on thursdays losses. Watching out for retail sales when it comes to that market, but we are really feeling like we set up for a risk off start to the end of the week. Haidi lets get started with our top stories. Chinas National Peoples Congress Begins in a few hours to lay out the centerpiece Economic Policy blueprint. One late addition to the agenda, plans to impose a National Security law on hong kong. Tom is at the forbidden city in beijing. Is this even technically possible . They are talking about implementing this new National Security law. We have seen protests in hong kong the past year. But would this mean . Can they bypass the local parliament . Tom that is a key question. It looks like a way to write this law into hong kongs chart. We will have to wait to see if that is indeed the plan. Certainly that would be the concern in hong kong. We heard that expressed as well from prodemocratic lawmakers in the city. One even came out and said this would be the end of hong kong if this law was passed. Previous governments have tried unsuccessfully to get this law enshrined into hong kongs charter. Were03, attempts to do so met by process, and they failed to do it. It seems beijing is trying to work around the Hong Kong Legislature to make this into law, and the concern is it what he wrote hong kongs autonomy further. This would prevent things like secession. There are concerns it will trigger more protests on the streets of hong kong. And we have to see what the u. S. Reaction could be, because in the u. S. They passed the hong kong human rights bill into law last year. That gives them the power to review hong kong status, and that could see hong kong lose some of its trading privileges with the United States. We are looking for u. S. Reaction. President trump saying he will respond. He needs to get the details, but hes saying he will respond to this. Haidi we do see that outrage from congress. In reaction to this news, we are hearing there are two senators proposing fresh sanctions against china as a result of this. What measures could we be looking at from the Trump Administration to respond beijings latest attempt to rein in hong kong . Of as well as that review the status of hong kong potentially removing trading privileges, you do have senators , and it is another bipartisan effort from the democrats and republicans, looking now at a bill that would publish entities involved in enforcing this security law and any banks that deal with those entities. These senators are saying that they are trying to protect the economy of hong kong. House is likely to support this as well. It is in its early stages. In terms of other bills that may be presented to congress as well, youve got suggestions from some lawmakers in the u. S. That they may want to try and punish china over the coronavirus by looking for compensation. We heard from National Peoples Congress Officials last night saying that it no circumstances would china ever payout International Compensation for the virus, pushing back strongly on that. It follows what we saw in terms of 24 hours ago, President Trump for the first time really escalating this, suggesting xi jinping himself was responsible for what President Trump was saying was a Disinformation Campaign against europe and the u. S. Prompt escalating this as well as lawmakers in the United States. Trump escalating this as well as lawmakers in the United States. Shery so what should we expect in the economic blueprint for 2020z . Tom the focus is on the gdp target. Deficitbined with the target will give us a clear as to how much stimulus we should expect from policymakers hear from the National Peoples congress, as they try to put a flaw under an economy that shrink 6. 8 of the First Quarter. The deficit target of 2019 was 3 . It is suggested that if you get ,nything below 3. 5 this year it will be a disappointment. The other area we should look at is extremely important for china, the job situation. B. N. P. Paribas saying as many as 100 30 Million People may have lost their jobs or been furloughed as a 130 Million People may have lost their jobs or been furloughed as a result of the coronavirus. The Unemployment Rate is at 6 . Most economists think it is double that. The legitimacy of the commonest party will be front and center as well. Anything else we hear about trade relationships with the United States and the Defense Budget as well. There is a since the pla will be pushing for more money this year. There is a lot to look for when delivers thatague work report at some point in the next few hours here in beijing. Lot on the agenda. Tom mackenzie continues to bring us the latest. As we get that news, we will for getting plenty more perspective, and we will be joined by our guests, including daniel rosen in half an hours time. Krach at 7 00 a. M. Hong kong. And joining us later will be the u. S. China Business Council as well as views from eurasia. Next, we hear from one stock picker and get their view on where investors should be looking as the world struggles with the coronavirus crisis. Nancy pelosi says the house will review the senate bill that would impose restrictions on Chinese Companies listed new york, though she stopped short of promising a vote. She admitted the legislation has twoparty support in the senate, but says the house will give it consideration. The bill foots further pressure on china ties. Ofan declared a state emergency in tokyo as soon as monday if the downward trend in Coronavirus Infections continues. Restrictions have been eased in osaka and surrounding regions, but the capital and nearby areas must wait longer. Says minister shinzo abe the government will always put peoples safety first amid fears of a second wave of infections. For twobiggest storm decades has cut power to millions in the northeastern city of kolkata. To ayclone is weakening tropical depression as it moves into bangladesh. Aliens have been moved over concerns that coronavirus cases caseslions millions have been moved over concerns that coronavirus cases may surgeon storm shelters. India is already facing its full first fullyear contraction for growthcades, while forecast have been cut from negligence. Isjoining us to discuss fail. Great to have you with us. It is difficult to know what the next steps are in this rally we are seeing, in particular when it comes to cyclical rotation. What is your feel on expectations of how the market will go from here . Phil i see there is a threephase event. Phase one is the shock and. Phase two is the rally we get into as we look for a reason to grind above alltime highs. We are squarely into phase two and trying to get to phase three, where we get significantly higher, and the reason we havent is we are dealing with two poles on the market. We are dealing with draconian data, 38 million unemployed and what that is going to do to decimate the economy. But on the other site, the possibility of this being temporary because of what the Federal Reserve has done could they build a bridge for a vaccine or antivirus to come to the forefront that restarts the economic engine into the United States . Thats where we are, straight in the middle of that. I want to throw up a charge which we have been using a lot, because i think it speaks to the tensions in the rebound rally we have been seeing. If we look historically, bear markets really do not produce a spectacular rally. If you look at this chart, it is unclear whether we are looking at the same trend we have seen in the 1930s. Does this feel like a great rally within a bear market, or a bull market rally . Phil thats a great question. Two things to remember. Seven of the best days of the stock market ever were right before the worst stockmarket days ever. There are significant rallies off bear markets. To me, this is a bear market in the middle of a bull market. This is an eventdriven recession, not a structural one, not a cyclical one. This was a forced upon event. If the narrative plays out that we are able to fund the economy enough to get us to the other side of this situation, in the event it is taken away by a number of different factors, whether it is heat or social distancing or a medical front, it has become somewhat temporary , and that is where we rally going into the fall. Event we have an never seen before. The world has not gone into lockdown the way we have seen it play out during the pandemic. When we see retail sales take a hit, and perhaps even for longer after the pandemic, until at least we get a vaccine, how do you make Investment Decisions when the future is so unclear and we have really no visibility when it comes to Company Earnings . Phil great question. Thats why i think the stock market is offensive, and you have to be tactical where you allocate your money. 72 of the s p 500 is still operating well. 28 is not. Lets avoid the 28 , tourism, travel. There are certain areas that are functioning well. It is in the technology sector,. He Health Care Sector there are aspects of the economy that are still functioning and growing. There is your opportunity. Shery one of your stock picks is marriott international. We have talked about how much travel is going to hit. Why marriott . Phil there is always one name i want to be provocative on. I mention colgate and microsoft and cosco, great names, but there are always folks looking to spend money on a risky name. This is the largest wholesale chain in the world. Its also got one of the strongest Balance Sheets of any wholesale chain in the marketplace, and it is selling at a rate you probably will never see in your lifetime. We do turn the economy back on. It is a volatile position, but i would not expect bankruptcy out of marriott. They are too strong for that. For that reason, you can take a gamble on a stock that is a great name. Point, a lotrys of commentators say this is similar to that impact you would see if an asteroid hit the earth, in terms of the unprecedented, unexpected nature of the crisis. What is the impact for the consumer . It feels like where the markets will go depends on a rebound in consumer demand. Phil lets remember in the United States that we have a demographic issue, like the rest of the world, but in the u. S. Are older population is very wealthy. They are less worried about being unemployed and more worried about, can they go out and safely spend their money . There are two drivers that will hold back spending but not eliminate it. One, we will see a movement to places online, like amazon and so on. Once we get the economy opened up again, i think we will slowly improve but not be nearly as draconian as expected. We will not see a complete fall in spending, because wealthier folks are less worried about being unemployed. They are more inclined to spend when they can do it safely. By july and august, they should be able to safely spend again, and that will drive consumer spending. Haidi the chinau. S. Relationship continues to unravel. We have a bill looking to potentially delist Chinese Companies in the u. S. Chinasa challenge to proposed security law being forced upon hong kong. What kind of stocks would you look at as being particularly vulnerable to this next round of diplomatic and trade tensions . Phil that is interesting to me. When you look at the industrial sector, you have to be concerned about everything that is industrial. Those are areas that are going to be hardhit. I dont expect this to play out. There will be a backing off. Either economy can handle another severe blow to potential growth. Neither economy can handle another severe blow to potential growth. I dont think this turns into a trade war. If it does happen, you have to be careful in the industrial, material, and energy sectors. Thank you very much for your time, phil blancato. The bank of japan is set for an emergency meeting just hours from now. We will tell you whats on the agenda and the urgency behind it. Shery more fed officials are rejecting negative rates to ward off the impact of the coronavirus. Kathleen hays has the story. We heard from top officials at including rich clarida. What did they have to say . Kathleen he said something jay powell probably agrees with wholeheartedly. He talked about the coronavirus creating a situation that is uncharted. It is hard to know where you are going. He does not think the fed will be in a position to give guidance until at least the fall. One thing is for sure he is against negative rates. He noted back at the fomc meeting that every one of the members were against negative rates. The number three man at the fed, john williams, spoke today. He made it clear that he is not positive on negative rates. Lets listen. In my view, we have the tools without going to negative Interest Rates. We are going to use those tools as powerfully as we can to support the economy. I dont see negative Interest Rates as something we need. Kathleen of course, all of this against the backdrop of u. S. Jobless claims they rose 2. 4 million in the late jobless claims. They rose 2. 4 million in the ofest week, with a total 38. 6 Million People losing their jobs since midmarch. That no wonder, then, traders are saying, what are they going to do . The economy is still falling apart. Thats why they are still betting the fed is going to have to inevitably face this. But clearly no move should go there yet. The boj, weve got another emergency meeting today. Will a week inflation rating really force them to do anything different . Kathleen it is interesting because it is going to be negative. Been negative, the cpi, for three years. However, our Bloomberg Team in tokyo saying what they are trying to do is show a couple of things. They want to show a nimble stance on recovery. Maybe the boj is trying to say, look, we are doing whatever it takes, in terms of concrete things, maybe not just optics. They want to finalize the details of their Small Business lending plan. The team in tokyo is saying, dont expect any showstopping policy moves. They are going to be looking at what they can do the main concern now is keeping Small Businesses afloat. They have a direct lending plan that they hope to finalize and probably announced to the world. This is different from the Federal Reserve, like that main Street Lending facility where the Federal Reserve is setting up a Lending Program to go out to Small Businesses. This will funnel money directly to the people who need it. The cpi is down 0. 1 on a yearoveryear basis. It was up 0. 4 yearoveryear in march. I think it is all about the direct Lending Program. They have caught negative rates already. They are already doing the negative yield curve control. They are going to talk about it and the economy, potentially, but mostly its about what they can do for Small Businesses. Haidi we look ahead to that. Economics and policy editor Kathleen Hays with a preview. We do have more on what to expect from the bojs emergency meeting. We are joined in the next hour by a former Monetary Policy board member with her reaction to those numbers. We are also getting breaking news on the bloomberg regarding one of the largest pharmacists in australia. A noncash impairment in kmart group. They are also set to significantly reduce their target store network. Seeing that the majority of proposed closures in target stores will occur in 2021, another indication of the pressure on the Retail Sector here in australia amidst the lockdown. Lets get a quick check of the latest business flash headlines. We are looking at Morgan Stanleys return to work plans. They do not expect a return to normal office space work this year. The ceo told a virtual Shareholder Meeting that the bank is working on a postvirus environment and that it warmed floor staff not to return to the office too soon. Facebook aims to hire more Remote Workers in areas where it does not cover Fiscal Office presence physical office presence, and will let employees work from home permanently. Mark zuckerberg says the hiring plan will start immediately, particularly in engineering. He says remote work could make up as much as 50 of facebooks workforce in the next decade as staff become more productive. Coming up on daybreak australia, President Trump continues to escalate tensions with beijing. We will get the start of the Peoples Congress today. We will get insight from daniel rosen with rhodium group. The Chinese Communist party is focusing on getting its domestic house in order. There are vulnerabilities from the outside, but internally, xi jinping still has supreme confidence in himself and the party to lead china through the period. Growing signs of recognition that this aggressive diplomatic not good and we will see a tactical retooling. Becoming much more attuned to international need will be important for china. One of the Big Questions will be to see what growth target they come up with, because that will tell you something about how much stimulus the government will have to pour into the economy. I think it will be a very good time for the economy to let go of the targets they had in the past. Some of our guests sharing their expectations for chinas parliamentary meeting. For a closer look at the National Peoples congress, lets bring in daniel rosen of rhodium group. Great to have you with us. Lots of people expecting more and more fiscal stimulus coming out of the npc. Do they have the room to do more, especially compared to past years, given the rising levels of debt, for the government as well as households . That makes the question easy if you put it in comparison with the last time you had a Global Crisis 10 years ago. Absolutely no possible way for stimulus to be near the magnitude we saw in 2008 and 2009. Quadruple the size of assets in Financial Assistance in the past decade. Simply cannot do that again. Shery and in this environment, we continue to see rising tensions between the u. S. And china. What are we expecting in terms of where this relationship will go post covid in a year when we do have the president ial election coming up . The surface politics have been quite a bit of theater. Things have bounced back and forth between optimism. Signs of enthusiasm about making deals and those things. Underlying all that, if you look at the fundamentals, the basic driver here is the system, whether chinas system is on track to reform directions that makes it more like an oecd economy or whether they are going back toward more of an administrative command and control, party led way of organizing their economy. The most interesting thing i think for this nationals peoples National Peoples congress is the guidance document issued by the Central Committee a few days ago that purports to restroke the kind Economic Reforms we were promised in 2013 when xi jinping first came out. Question is, are they acknowledging why they were not able to implement the same set of reforms over the past eight years, if they want people to take credibly the notion they will get back on a reform track now . That is going to decide where u. S. China relations go. We heard from xi jinping speaking to the who earlier in the week, putting this on global liberal champion hats, and i want to throw up this chart putting the emerging establishments. The u. S. Versus china when it comes to the share of global gdp. China is quickly catching up to the u. S. I wonder in terms of the diplomatic super aspect, does the u. S. Have a chance to take the high moral ground with its response to what beijing is planning to do in hong kong . Hong kong, there is just no graceful way for beijing to manage the rather special circumstances of hong kong. But coming back to that basic notion that china is carrying the flag of globalization more in recent years, it depends on how you look at it. If we take all Financial Investment in and out of china divided by chinas gdp size, china is less than half as global today as it was eight or nine years ago. While the rhetoric is very much about chinas Global Financial a lender,including as provider of humanitarian assistance, if we look at the magnitude of the global presence, it has been held back by chinas fundamental inability to get basic financial reforms. Currency reform, capital account openings. Those things have been tried, but we all know they havent really worked out the way they were supposed to. Its very difficult for china to be as fully global a player as the u. S. Has been until it gets that a sick homework done. We really need to watch chinas core Home Financial reform agenda and see whether they can get some of these things over the line that they have had a hard time getting done over the past decade. What about these global and visions for the u. N. Ambitions for the yuan that have faded to the background . Do you see any circumstances where the rmb can really challenge the king dollar as a global reserve currency . We have to look at both variables. We have to look at the dollar as the singular global currency for 100 years, even as americas share in global gdp has come down from a peak of 40 down to 25 today, the dollar has remained the dominant international currency. That doesnt mean it will always be so. Policylity of economic making, of fiscal strategy here as we put massive stimulus on the table in the frese face of covid, will determine whether the dollar is as dominant in the future as it was in the past. Is the the renminbi currency that makes up the difference is not up to the u. S. , its up to beijing. That depends on whether china can reconcile all of its ambitions. I can say this. As long as the communist party tries to control Interest Rates, control Crossborder Capital flows, and the currency all at the same time, it will not put the renminbi in position to gain ground if there is a dollar pullback from the dominant role it has played. Continue toen we see more and more measures to tighten scrutiny on capital flows into china, not to mention sales and Technology Sales to huawei and other chinese entities moved to delist Chinese Companies here in the u. S. Will this have any Material Impact on the chinese economy, at least in the next few months . I think the most important thing about this talk of financial decoupling is not taking capital out of the hands of chinese businesses, because china has tremendous financial overcapacity already. There is plenty of money sloshing around in china. The problem is the signal of andinuing deterioration chinas relation with the United States and a lot of it to do with technology concerning europe, israel, japan and other parts of the world as well. While there are dark clouds hanging there over these questions of Technology Interoperability between china and the world, it will make it harder for chinese entrepreneurs and business people, no matter where they get their capital, to justify the next big investment in building up chinese capacity at home to address Global Market opportunities. For the time being anyway, chinese domestic consumption is not exactly in high gear and out of the woods of the virus yet, either. Shery so what are you seeing in terms of domestic consumption . We continue to see more and more Economic Data out of china or perhaps even coming from other countries where they are seeing exports into china declining not as much as the huge plunge they have seen in exports to the United States . Perhaps some signs of stabilization in the chinese economy have ahead of everybody else in the world. Is that also what you are seeing . Where are the key risks as we could perhaps see more infections, especially in the northeast of the country . It is anecdotal information. Some of it is constructive. Some of it is more worrisome. The two numbers im looking at most frequently right now our chinese inventory levels and Producer Price flight inflation which is back in deflationary territory right now. Weve got Chinese Industrial production headed back up. Thats the recurring recovery youre talking about. ,ut we have prices coming down which is still not the same demand consumption necessary to take all that product. If we continue to see this pattern of inventory going up, but domestic consumption not going back Strong Enough as power in in lack of ppi deflation, we are setting up for a problematic situation where the rest of the world does try to get back to business in a month or two and they will find there is such a prevalence of chinese underpriced product out there, that its hard for anybody else to get back into the normal market cycles. Has xi completed this kind of master class in turning public dissent in the wakes of the crisis into nationalistic pride over how well china has managed to quash the virus . Or does that still really depend on how quickly and robust the economic rebound and consumer rebound is in china . We have interestingly a Pew Research Poll data out on what americans think about how their government is doing today, what americans think about what is happening in relationship with china. Of it is just the reality the times that we do not have reliable information on how Chinese People really feel about their government. Its not part of the chinese system today to allow people to speak freely and speak their minds. We cant be confident. We cant really be confident at all, in fact, that we know how xi jinpingpresident has been in turning the narrative around from one of anxiety to one of satisfaction with how the government is done. We know there are still tens of millions of trainees who had a job on this day a year ago who are out of position and do not have productive employment and are back on a farm growing crops to feed themselves the season rather than doing Service Sector work in urban china, for example. We know exports are not going to recover the way people would like to see because the rest of the world is going to be on its back foot so badly and the next quarters to come. I think it is way too early to say that beijing has managed to create the Gold Standard of good policymaking to bring sentiment through this virus crisis, unfortunately. We know from history a century ago that viruses like this can come back in second and even third waves, unfortunately. Im hopeful actually we can learn a lot from how china has handled this, but i think we have to be cautious and say it is toso soon too soon to tell. Haidi thank you for being on with us. Daniel rosen from rhodium group. Much more analysis when it comes to npc. Get views from the u. S. China Business Council, eurasia, and peking university later. Shery breaking news. We have another day of record deaths in brazil. 1188 peopleng about dying from the coronavirus in brazil in the past 24 hours. The country now has a total of more than 310,000 infections. Brazil now ranking third after the United States and russia in the number of coronavirus cases. This of course as we hear President Trump saying the flags will be lowered for three days to honor the virus victims here in the United States. Coming up, vietnam is one of the worlds a few Success Stories and containing the spread of the coronavirus, but its Prime Minister says his country was not spared from the economic fallout. Our interview is next. This is bloomberg. Shery youre watching reporter youre watching bloomberg daybreak australia. Im Karina Mitchell with firstrate headlines. Fed chair jay powell is warning the coronavirus downturn is hurting the most vulnerable in america. Speaking to Small Business and community leaders, he said the burden is widespread but not even. The socalled fed was in session and unemployment has soared 14. 7 , with powell saying those taking the biggest hit are those least able to afford it. President trump is pulling the u. S. Out of a major armscontrol treaty with russia that was designed to promote transparency between the powers. He blames moscow for violating the terms of open skies. The secretary of state mike pompeo says the treaty will be abandoned before the end of the year unless russia complies with terms. More details have emerged about the men accused of helping former nissan boss carlos ghosn escape from japan. A former green beret and his son appeared in court via video link in massachusetts for a hearing that could lead to extradition. Michael taylor and his son peter were arrested wednesday at the request of japanese authorities. Has 35 daysernment to file an extradition request. 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. Im Karina Mitchell. This is bloomberg. Haidi we are just getting data points when it comes to new zealand. The consumer sector, retail sales excluding impact inflation for the First Quarter coming in at a contraction of 7 10 of 1 , actually better than expectations of a contraction of 1. 5 but reversing the 7 10 of 1 gain that we saw in the previous quarter. We have seen retail as well as Inflation Expectations really ease to essentially flat in new zealand given the Strict Lockdown that that country has only recently emerged from. Tensions between china and australia intensifying with china streamlining inspection rules for iron ore shipments. Us. Allen joins how does this change the way it handles australian iron ore imports . A lot of people were saying that they cant affect iron ore. I will get to that point in a moment, but yes, the streamlining and simplification looks good, currently customs examines all iron ore cargoes. Now the examination for toxins and impurities will have a request. The global times says that is aimed at facilitating trade at what it calls a delicate time. Bali hit by 80 tariffs, imports of beef suspended. It is hard to look at the coincidental nature of these trade impasse with the call for the independent inquiry into the origins of the coronavirus. Iron ore is the big one. That could hurt china just as much as it did australia. China trying to get 60 of iron ore from australia. Iron ore already closing in on 100,000 a ton. Brazil has problems of their own managing the outbreak. That would be a significant escalation if we end up going there. Shery not just iron ore, though. That australian coal could be as well. Reporter there have been rumors that could be coming. On wednesday, a publication affiliated with the china coal transport and Distribution Association started speculating about this as well. Chinese power stations are being told not to purchase new cargoes of australian coal. That has been the target of chinas interest before. Last year, china slowed down imports, coinciding with australias ban on huawei. There could be a more innocent explanation. There was a glut. May be trying it is looking to favor domestic producers. But as we have seen, this is how china roles in the current political environment and it is hard to look past the geopolitical motivation around the coronavirus inquiry. Shery paul allen there in sydney. Dont forget, if you are away from the screen, find indepth analysis and the big newsmakers on Bloomberg Radio, broadcasting live from our studio in hong kong. Listen via the app and Bloomberg Radio plus or bloombergradio. Com. This is bloomberg. Shery vietnam is expecting Economic Growth to slow this year despite successful moves to contain the coronavirus outbreak. The Prime Minister told bloomberg the global fallout from the pandemic has affected vietnams tradedependent economy. Like other economies, the covid19 pandemic has affected many facets of the economies of the world and also particularly vietnam. As vietnam is a deeply integrated economy, very integrated into the world economy, our imports and exports are two times higher than the total gdp. The disruption of supply chains caused by covid19 affected vietnam considerably in spite of eric our success containing covid19. Given these circumstances, it is not possible for us to ensure gdp growth we expected in the beginning of 2020 that we met. We have to adjust projected gdp growth and certain macroeconomic indices such as overspending as well as the gains of the national budget. Therefore, we have set the gdp on. Th 2020 to be 5 year i believe this is the highest gdp Growth Expectation in asia at the moment. Exports in the first four months grew considerably and the trade surplus reached nearly 3 the peoples and livelihood has been maintained in spite of the difficulties we have encountered with the coronavirus. Regarding the export of rice, we are expecting the highest we have exported and we should be the number one rice exporter in the world. Thanks to our success in the early containment of coronavirus , we have a lot of investors and tourists from many countries looking forward to soon coming to vietnam and a market of 100 Million People is also a very vibrant one. People in businesses are all looking forward and eager to resume Business Operations as normal. We have also provided support packages for people impacted by coronavirus. As well as businesses and tax growth toave made facilitate businesses. Regarding our monetary policies, we reduced the Interest Rates and borrowing cost of loans to ease the burden on people and the mosts, and important goal we have set is to maintain macroeconomic stability as well as to keep inflation under control. This will help improve the life of people as well as the business. We have put in place the necessary resources as well as necessary policies to call for further investment from investors all over the world, including the United States and japan and we have been successful for many years and attracting fdi, and now we shall put in place even better conditions and more facilitating policies, and we have always believed the success of the investor is the success of vietnam. Haidi that was the vietnamese Prime Minister speaking with us. Lets get a quick check of the headlines. Ness flash alibaba reports fourthquarter earnings friday with investors looking for further signs of an economic recovery in china as it emerges from the coronavirus. Analysts expect a rise in sales, showing improvement in National Retail trends. This comes as alibaba faces increased scrutiny amid rising tensions between the u. S. And china. Shares close lower ahead of those earnings. Reports that baidu is considering delisting from the nasdaq and moving to an exchange closer to home. Discussions are said to be at an early stage and come a day after the u. S. Senate passed a bill to bar u. S. Companies that may be under the control of foreign governments. Next hour,n the Jeanette Garrity and the former boj policy forward member will joining us later. This is bloomberg. There are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. Weve always believed in the power of working together. Thats why, when every connection counts. You can count on us. Haidi very good morning. I am haidi stroudwatts in sydney. We are counting down shery asias major market opens. Shery i am shery ahn in new york. China opens its most important political event of the year amid souring u. S. Ties and threats of tough new curbs on hong kong. We are in beijing. Stocks slide but oil heads for a fourth week of gains with u. S. Crude posting its longest winning streak in more than a ye