You are watching cnbc. Good morning, good afternoon or good evening from wherever in the world youre watching. Im Brian Sullivan im glad to be with you during this troubled and turbulent times. Coming off friday 700point game gain for the dow futures are lower, indicating a drop of about 200 points for the dow, slightly less for the nasdaq 100 your big story right now is the price of oil and a new week bringing the same old story prices, they are falling in a big way. The may contract right now at an incredible 14 and change per barrel now down 22 overnight. The may contract, keep in mind, does expire tomorrow its also important to look at other contracts. Primarily the june or july contracts for oil. They are slightly less dire. The june contract at about 23 bucks. The problem with oil is very simple there is so much oil being produced around the world and so little demand right now for gasoline or jet fuel that unneeded and unused oil is simply piling up everywhere. Many storage tanks and pipelines are full and the world is even running out of room on anchored ships that are being stored at sea. In some places in texas, north dakota and canada, you can get a barrel of oil for just a couple of dollars in some cases, they may pay you to even take it. The world is fighting the same battles on a number of fronts first and foremost, krod kr covid19 and the economic slowdown that to follow. Julianna tatelbaum in london, and matt well first get to you and i understand a pretty big move by Chinas Central Bank absolutely right, brian we saw a weaker side for the most part to the asian trading session to kick off the new week, with the exception of china that moved higher. The likes of japan down 1 we saw weakness in south korea and hong kong as well. That move we got out of the pboc to call the loan prime rate was as expected, didnt do a lot to lift sentiment across the asian region lets look at the shanghai composite up by half of 1 , the central bank cutting the oneyear loan rate by 20 basis point and the fiveyear rate, which is most closely correlated to the Mortgage Market in china by ten basis points. The oneyear rate down to 3. 85 and the fiveyear down to 4. 65 . In japan, some woeful trade numbers out as well. These are for the month of march. On year we saw japanese exports sliding by 11 no let up in march when it comes to that countrys market getting back on track when it comes to exports. In new zealand, an interesting one were watching, the market basically closing flat we saw a pop for the new Zealand Dollar after the Prime Minister announced the government would be extending the nationwide lockdowns, which is pretty strict lockdowns everyone has to stay in their home at all times for one more week before reducing those restrictions on april 27th the country will move to whats known as phase three restrekz. But people can still not socialize, means limited business and the construction sector will get back up and running. Back to you. Well see you in a bit. In london where the markets are looking a little more rosy than ours are now Julianna Tatelbaum in our london news room with that. Good morning. Good morning, brian great to see you european markets are seeing a little choppy session this morning. Overall moving higher. We have the german index, the dax trading 23 basis points higher, 0. 2 the French Market underperforming a little bit, down 0. 14 we have had some hopeful signs coming out of various governments here in Europe Germany and spain both looking to move forward and ease restrictions currently in place. Both governments very keen to emphasize it is still a long road ahead when it comes to fully lifting though restrictions in italy the ftse mib trading 0. 07 . A european leader summit taking place where well be watching closely to see if we can get more coordinated actions from european policy makers to cushion the blow of the coronavirus on these different economies. Lets take a look at the different Sector Performance we also have earnings coming into focus this week for the european names. The nearterm earnings are expected to take a substantial hit, but investors will be looking for insight into what the future will hold for various sectors. This Morning Health care media, Household Goods on the upside outperforming the Broader Market basic resources, one of the more cyclical underperforming down 1 mt. 7 construction, really, ooil and responding to the drop in oil price that you emphasized, very important not only for american but european markets. Julianna tatelbaum, well get more on oil in a second but lets send it over to Frank Holland at cnbc hq with more on the virus as well as the growing backlash in the country over the lockdowns. Heres the latest over the weekend a number of protests springing up in florida, new hampshire, california, texas, and others all demanding their States Reopen for business despite the nations death toll surpassing 40,000 pressure has been building on governors in recent weeks to begin the reopening as initial jobless claims surged past 22 million since this outbreak began. New trouble for google and apples collaboration to track the spread of covid19 experts telling the Financial Times some 2 billion older mobile phones will not be able to take part because they lack the ability to track the data, that includes lower income and older. Shake shack says it will return its entire 10 million loan from the u. S. Government amid widespread criticism over who got access to the fund that was initially aimed at saving Small Businesses more than a dozen publicly traded companies topping 100 million received funds before that program ran out of money. Brian, back over to you. Frank, thank you. Lets stay on Small Business, the heart beat of americans because millions are struggling as they are forced to close and congress is rushing to sign a second round of emergency loan programs as President Trump says his administration is preparing to use the defense production act once again to compel an as yet unspecified American Company to boost production of testing swabs as tracie potts joins me with more on this. Good morning. Reporter good morning. The president does say hes going to force more production of those swabs but still insists testing is the job of the states and the governors. The big news this morning is we do see there appears to be a deal in the works for those Small Business loans according to the treasury secretary, the senate could act today, the house could act tomorrow and we could see this finalized and more money poured into the fund by wednesday the senate could act as early as today on 250 billion for the Paycheck Protection ProgramSmall Business loans billions more would be set aside to help rural and minority businesses we think another 300 billion, thats what were talking about, should be sufficient to reach almost everybody. Reporter the coronavirus stimulus would include an additional 100 billion in the Public Health space, 75 billion for hospital support and another 25 billion for testing. Reporter President Trump announced on sunday hell use the defense production act to force manufacturing of more testing of swabs but insists testing is up to each state. You cant have it both ways testing is a local thing. Thats just delusional to be making statements like that. Reporter parts of the country are already reopening. Beaches in florida, marinas in the northeast, farmers markets in seattle texas and vermont will open some businesses today other governors say its too soon. We have increasing numbers every day here in the washington region. Reporter michigans governor is concerned protesters may be putting others at risk. Without those important protections, it means they might have gone back to these parts of our state and, perhaps, brought covid19 along with them. Reporter Vice President pence has a Conference Call with the nations governors today so, what to do about easing restrictions our nbc wall street journal poll shows 50 , over half of the country think its too soon to scale back on restrictions but 33 think its taking too long and hurting the economy. Tracie potts in washington, d. C. When you look at this from your reporting angle around the d. C. Area, the protests, at least right now, do appear to be fairly small reporter theyre not huge but weve seen some, for example, in annapolis, in maryland interesting the governor of maryland, governor hogan, says its not time to fully reopen the state yet. They have a plan but the plan cant be put in place yet because their coronavirus cases in maryland are still rising the oldest state capital in the united states, i believe tracie potts in washington thank you very much. Well see you soon thank you very much. So much more to do on this very busy morning to get your week going are we now in the ultimate case of dont fight the fed when it comes to the markets and your money or will a deep recession ultimately send stocks lower oil crashes, nearing 14 a barrel were down 22 how will this terrible economic slowdown impact dealmaking . We have an exclusive on that for you. Its a very busy hour ahead. Youre watching cnbc and Worldwide Exchange. Ever since weve gone mobile on the now platform, somethings gotten into the office. I hear you. Feels like theres no barriers between departments now. Servicenow. The smarter way to workflow. Its been a tale of markets this year, and its only march 20th when the Virus Outbreak first broke, the dow lost 10,000 points in over a month some of the fastest declines the market had ever seen in the last 20 or so trading day, the index has jumped back, nearly 30 just as quickly what are these rapid fire markets telling us right now jim iuorio joining us on the cnbc business line good to chat with you again, buddy, but i want to talk to you about oil. The may contract expires, its at 14 and change. We should probably look at the june contract. I understand that. But what in the world is 22 drop in the price of crude oil right now telling you . The oversupply has turned into a panic the belief you have oil on your hands and nobody wants to buy. That seems understandable to me. You shut down 75 of a working economy, particularly in our country where we consume the most oil, again, its a panic. Panics like this feed off each other. Im not sure 14 a barrel is the right price for it to be right now, but once the ball starts rolling down the hill, its difficult to stop. I think were getting relatively close. Theres a lot of shorts in the market, too. A lot of things can go wrong in the next week regarding the opening up of the economy. If things start to go smoothly, i think things could turn around quickly and you could squeeze some shorts out as well. Were showing june, july and august contracts no way, jim, am i calling that optimistic whatsoever, but there is a big difference between 23 and 28 and 14. In some places, the price of crude oil is going for low Single Digits as they pay you to take it away this is not a supply problem this is a demand problem i think the data i saw, jim, is that gasoline and jet fuel demand in the country is down 60 . I was actually surprised it wasnt more than that. Its crazy. Im surprised its not more than that, too, by the way. Air traffic was down in the more 80 to 90 could even be worse like i said a second ago, this week, as far as the reopening of the economy, again, a lot of things could go wrong but it seems a lot could go right as well were seeing small pockets open up in texas and some Southern States if things go well and confidence starts to come back i have a Small Business here. I see people all the time come in our restaurant for carryout people still remain scared i think its fear. It could just be complete compliance, but theres masks, people who are keeping a sixfoot barrier from everybody they go by its going to be tough to get back from that, i think. I want to ask you about that in a second. Lets go to the markets. Nearly 11,000point drop for the dow in a matter of 30 days weve had a violent snapback in the last two weeks some think its on optimist of remdesivir or optimism on reopening of the economy or is it just these bear market bounces, i hate to reference the 190s on, but when you look at the biggest rebounds and snapbacks in history, they almost all took place in the 30s how do you read this i think its last week i thought it was just a bear market rally i think its more than that now. I think its optimism from all the things you said. The biggest thing, i hate to even say this, i feel dirty saying its mostly the fed im not saying its all the fed. So people can stop the hate mail i think the fed and policy response from the government is a huge part of this. Its mostly the fed versus the economic shutdown. Well see who the winner will be in the next couple of weeks. I think you have to dont fight the fed is the action weve gone with forever. I dont know thats an absolute but i think thats one of of the biggest pushers. In midjune is it going to be are we still going to be shut down to a certain extent and petrified . My thinking is that part is going to go away but the fed isnt ever going to go away. Once they come in its difficult for them to pull back the punch bowl and i dont think they will this time either. We have to let you go want to hear how your restaurant is doing in these tough times. Thank you very much. Thank you very much. Coming up, what we just talked about, a possible road map for reopening parts of the economy, courtesy of germany well give you a live report from there as they start to reopen today todays big number 15. 51 thats how much the s p 500 gained in the last two weeks its the indexs second straight week of gains. 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. 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No doubt many of you, maybe all of you out there are wondering how things may look in america when we begin to slowly reopen our economy. Of course, nobody can truly know, but we may get a big clue today because germany is taking steps to get some businesses back in business, albeit with a lot of caveats cn cnbcs annette joining us from germany. Yeah, exactly today is the day when smaller retailers are going to open their businesses once again. And the reason for that is because the government is very much concerned they can all go bankruptcy because we have situation where they are closed now for five weeks we have a lot of support from the government like liquidity measures, loans, et cetera still, its a very tough situation. Retail is going to open. Schools will only gradually, partially open in two weeks time just for the graduation class. Its nowhere back to normal very soon today Angela Merkel was quoted as saying once the reproduction, meaning how many people are getting infected by one sick person jumps above one, we can also take these measures away again. Its an interim success, how Angela Merkel is calling it. Interim success what specifically are the metrics theyll be looking at to realize, a, we can continue and reopen more or, hold on, we need to pull back and maybe even shut down some of these experiments exactly, its that reproduction ratio how many people will get reinfected by one person who has coronavirus. That ratio should be below one, otherwise what Angela Merkel explained to the public recently, otherwise we end up in a situation where our Health System will be overburdened. For now we have ample space of intensive care beds. We have some 14,000 empty beds hospitals are more or less complaining and reopening for other sick people to get their operations which are due still, the ratio has to be below one, if its going higher, as you were alluding to, we could also see a partial going back to more lockdown measures still the social distancing rules stay in place. Its nowhere close to normal we have car producers who are resuming production now. Volkswagen saying theyre restarting productions, daimler restarting production. Again, its an interim success but hopefully it will stay like that back to you. I know the entire world is watching annette, thank you very much just what annette was talking about, they call it the rt, to put things in perspective, at the height of this, the transmission ratio in new york city was over four in new jersey it was close to that, one person was getting three or four other people sick. Thats why it expanded so quickly. When we come back, it is back to business and a potential bankruptcy for a big retail name you know and potentially a very big red flag for Department Stores everywhere. Plus, congress racing against time to refill its already tapped out Small Business loan program. We have a live report on how likely it is we inject another 310 billion in that