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tv   Bloomberg Surveillance  Bloomberg  April 3, 2020 4:00am-5:00am EDT

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confirmed- coronavirus cases rise as governments around the world struggle to deal with the fallout. initial jobs numbers show 10 million people out of work. some say 10% of workers are filing front employment. holds virtual talks after president trump calls for massive cuts. is "bloombergthis
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surveillance." quite a lot going on with your markets. let's have a look at what they are doing and some data out of the euro area. services pmi are coming in short of the expectations. preliminary figures were 28.4. services pmi are at 26.4. important jobs data will give us a clue as to the scale of damage to the world's biggest economy as the damage spreads arid the dollar is actually edging higher. fluctuating following the jump yesterday. investors are weighing the assertion that saudi arabia would cut production. let's get straight to bloomberg news. >> coronavirus infections have
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topped one million, reaching a milestone just four months after it surfaced in china. deaths are accelerating in europe but new infections are starting to slow in both spain and france arid -- france. officials say it is too early to relax restrictions. in the united states, the unemployment rate could rise 15% these comments come after 10 million americans lost their jobs over the past two weeks. yesterday's jobless claims far exceeded estimates. over 2.6 million americans applied for on employment just last week. mike pence says over 100,000 american are being tested every day. that's at the government ramped up its response to the outbreak he says the government will rebound strongly due to the coronavirus pandemic.
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familiest to see their , see their businesses, and see their communities through the course of the coronavirus. chinaonavirus testing in finds more in a -- more a symptom at cases. four out of five people who were tested showed no obvious signs of covid-19. it did not say how many developed symptoms, presymptomatic transition poses an increasing problem to stemming the outbreak. we end with the u.k. health secretary pledging to ramp up coronavirus testing by the end of april. it's a massive increase to current capacity is still far short of the daily targets promised by the prime minister. described testing as mission
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critical to get through the pandemic. global news, 24 hours a day on air, on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. francine? francine: thank you so much, viviana. spiked asacebook has communities around the globe are trapped at home. messaging and voice calls have jumped more than 50% and the live feature has seen viewership search. the company has also built products to help businesses affected by the pandemic. i'm delighted to be joined by the vice president at facebook for em ea. thank you so much for giving us a little bit of your busy schedule. i know facebook has pledged quite a lot to help smaller companies out there, giving
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hundreds of millions to help small businesses. is that because the government is not doing enough or you are just reaching a different graphic -- demographic? >> good to talk to you again. i look forward to the day when we can do it person. we work with small businesses all over the world. it's tough for everybody at the moment. we think this is a situation where it's not just going to be one government or company, but it will take all of us to get through this. that's why we have made the announcement will give out millions in grants to businesses around the world. yesterday, we made further what theents about criteria will be. we have been focusing on small businesses that have between two and 50 people that have been in
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business for at least a year. we will be doing this in the u.s. through a third-party and we will be sharing how we do that internationally as well. how much of the focus is on reaching the right communities? >> i'm sorry, i'm not hearing you very well. francine: will try again. i don't know how you are going to reach people. can you hear me? >> go again. youcine: i was going to ask about how you reach communities. our people using facebook to try and find information about how they can get paid? >> i think when you are asking is how we are using our reach to get information out to people. is that correct? francine: yes.
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>> we are doing a number of things. people abreast of how we can play our part that is very important to us. one thing we have done is create a coronavirus information center at the top of people's newsfeeds and that is giving people updates about what local health authorities are saying at the advice they are giving. since the buyer started in the crisis emerged, we have directed over a billion people to these resources. that's not the only thing. we have encourage people to stay at home through a stay-at-home sticker we've had on instagram, has hadthe first week over 100 million people put onto their feet as well -- feed as
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well. so we are alert work -- we are working with organizations and individuals like the dhs, which is helping to aleve pressure on the resources of the nhs by putting out answers to a lot of the frequently asked and commonly asked questions. roll services to like that out in other countries around the world. how will facebook monetize the boost in use of facebook, messenger, and whatsapp? >> we have seen a big spike in a lot of our services. messaging, video calling. in companies that are hardest hit, we have seen messaging increase by up to 50%. in italy, a 70% increase. of these are not areas
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where we monetize. we don't monetize a lot of those services. so our business will be taking a hit as well, but our focus is around doing things we can that can help more businesses scale. talking to small businesses around the world to introduce gift cards. u.s. andd this in the are looking to roll this out internationally. we are introducing a place for people to buy digital gift cards for their favorite local restaurants so they can put money in the accounts now and when the crisis is over they can cash them in. think small businesses are saying at the moment is cash is the most important thing, so anyway we can help is something we are committed to doing.
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francine: how is facebook supporting governments with data on the virus? have you had conversations with officials on how facebook can sick?people who are >> we are not showing any data, as you say, there's a lot of interest in the work that we do and through the maps we can create. we can do this is we anonymize data at a macrolevel and then work with researchers around the world. virus doing that on the so they consent their conclusions back to broader communities. that's the focus at the moment. francine: earlier this week, facebook removed a post from the president of brazil about misleading information. does that mean you will fact
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check everything? >> i think i heard the question about fact checking things from politicians. was that the question francine: -- question? francine:. . yes. apologies for the line. >> we were clear that we will remove content with any false claims who could cause real-world damage. that is regardless of who posted of if it'sgardless organic content or and and. -- an ad. this information is something we are working hard to keep off our platforms. world and around the we are very much in keeping with the science and experts. you're also working with fact in 45rs around the world
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different linkages to be accurate. languages to be accurate. francine: thank you so much for your time. coming up, more from our interview with mike pence. about theo us unemployment rate and how the government is going to help. this is bloomberg. ♪
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francine: this is "bloomberg surveillance." the's get straight to bloomberg business flash in new
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york city. >> tesla's first quarter deliveries fell less than expected. had over 80,400 vehicles in the last three months, down 20% from its record. but they did beat estimates, analysts expecting an average of 78,000. t-mobile has sold $19 billion of debt to help its acquisition of sprint. billion inlaced $75 orders for the offering. the companies formally completed their merger on wednesday. walmart has put a pause on its stake in nasa, instead focusing on running the business amidst unprecedented demand. fore told is no timetable talks with bidders. growth sales hit a record in the u.k. in march.
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francine: mike pence is the economy will strongly rebound from mounting unemployment from the pandemic. she told bloomberg that the spiking jobless claims are no worry. you, david,n tell is because of the partnership we have forged with these vast commercial labs that your listeners know well, we are now testing over 100,000 americans per day. break, againicant moving with record speed. the fda approved abbott laboratories'point-of-care test. they literally 15 minute test people could have administered at their local doctor's office. we are in the process of identifying thousands of
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laboratory machines around the country. we are making sure we are distributing those not just to areas seeing an impact today but we want to distribute those as they make about 50,000 tests a day now. we want to distribute those to areas where we can do when you have implied is the kind of surveillance testing that would allow states that currently don't have significant outbreak to be forewarned and to do the kind of contact tracing that would limit exposure and spread of the virus. to last point is an answer to the other part of your question. every single day the number of cases coming out and where. a have already received briefing of county by county, state-by-state analysis.
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that is informing our coordination with fema and health care distributors around the country about where we are sourcing and focusing everything from personal protective equipment to the supplies are health-care workers need. where theusing it outbreaks are and working closely with governors for their continueand we will that around the clock. talk about personal protective equipment and ventilators. you are monitoring and encouraging. is there consideration being given to centralizing this allocation? we have heard that states are having to bid against each other for ventilators. is there a central location that ?hould decide where these go
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signed the president national disaster declaration a few weeks ago, he stood up fema as the lead coordinator about nations response and fema has been working closely through all of its regional administrators to process requests. we are working with distributors and directingntry them where we need that personal equipment to go. we have actually established with the president has called an air bridge. allill be 51 flights from over the world bringing in supplies for health-care workers. we are wheels down sunday at jfk and staccato. -- chicago. those flights will continue literally around the clock. david isre doing,
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taking 90% of those resources and deploying them directly to the point of need where hospital workers are asking for and requesting personal protective equipment. use theay we can strength of the private sector's distribution system and the direction of our logistics team to meet this moment. and as we track the initial ,utbreak in the seattle area now the epicenter is the greater new york city area. we are working with distributors to bring the supplies in and increase production here at home and then directing them to where they are needed most. francine: that was mike pence speaking to david weston. coming up, it is u.s. jobs day
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and we are expecting losses for the first time after 113 straight months of gains. we will be speaking to larry kudlow a little later. we also had breaking news out of singapore, moving to full-time learning for schools. have 20 more on what's happening in singapore as well. this is bloomberg. ♪
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francine: this is "bloomberg surveillance." losses ass reversed the russiaverse price work. for more on this is bloomberg's annmarie hordern. what can president trump or the u.s. actually do right now? >> good question when he came out with this tweet, the market reacted. oil,w a massive jump in canned the united states actually join a production deal? we did see the massive spike but the market came back and there's a lot of skepticism. if russia and savvy were to cut that amount of oil, it would be more than 40%. if the u.s. was to get involved, it's a question of if they even could.
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a thousand producers in the united states and it just does not operate that way. now we have this virtual meeting on monday. the big question is whether or not united states would attend. clearudi's made it very yesterday that they want to call for an urgent meeting but also with other members, notably the united states. francine: annmarie hordern they are with the very latest on oil. coming up we will be speaking to the h&m financial officer. the second quarter will be negative as the outbreak tenures that's up next, and this is bloomberg. ♪
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infections,on governments around the world try to deal with the economic
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fallout. in the u.s., its jobs day. initial numbers show 10 million people out of work in just two weeks. some say 10% of workers are filing for unemployment. and an emergency meeting with opec-plus having a virtual talk on monday after president trump calls for massive output cuts from russia and saudi arabia. afternoon, and evening. i'm francine lacqua and london. we are getting the u.k. march services pmi coming in at 34.7, preliminarily at 35.7. i don't know if we have a contract but i will get that up for you in a few minutes. we have a lot of volatility in the pound. there is a big current account deficit. and we heard from the current governor andrew bailey putting a suref money and making that there are small and medium-size enterprises. let's get straight to the
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bloomberg first word news in new york city with viviana hurtado. viviana: confirmed coronavirus victims topped one million. this is four months after first surfacing in china. new infections in italy are starting to slow and intensive care admissions have declined in both spain and france. officials say it is too early to lift restrictions. in the u.s., unemployment could rise to 15% according to fed president loretta messenger. 10 million americans lost their jobs. more americans applied for unappointed benefits just last week. u.s. vice president mike pence says thousands are being tested every day as the federal government ramps up the response to the outbreak. he says the economy will rebound strongly from mounting
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unemployment due to the coronavirus pandemic. >> we will get to this. we are working closely with governors to make sure that those that are impacted have the family, tosee their seetheir businesses, and well-being through the coronavirus. >> four out of five people have tested positive show no signs, no obvious signs of covid-19. they did not say how many develop symptoms. we are posing -- transmission is posing an increasing problem. matt hancock is pledging to ramp up coronavirus testing to 100,000 a day by the end of april. it is a massive increase. the current capacity is just
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under 13,000. it is far short of the 250,000 a day target promised by the prime minister. secretary hancock describing testing is mission-critical to get to the pandemic. will news, 24 hours a day on air and on quick take by bloomberg powered by more than 2700 journalists and analysts in more than 120 countries. i'm viviana hurtado and this is bloomberg. francine: as countries around the world have got into lockdown, the public has been forced to stay home to curb the spread. online demand and shopping has dropped. footfall could last for months. retailers could see revenue erased almost entirely. results have been posted. i'm anticipating a loss in the second quarter because of the coronavirus. 3500 stores and
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several of the biggest markets include in germany, the u.s., and thousands of workers. adam carlton joins us on the phone. i know it is a busy and difficult time. the past 10 minutes, figuring out what the situation is. when do you see this getting better and how bad will it be in the meantime? adam: thank you, and good morning. thank you for having me. andave just concluded march we will see a drop in retail activity. it is very difficult at this stage to make any clear predictions for how this will evolve.
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we will do this with his quicker recovery is possible. to me about mark specifically. what happened and how different is it from region to region? is a truly national company here. as we disclosed, parts of the world that were affected by the virus are showing slow recovery. others are in the midst of this uncertainty. bigger markets. francine: have consumers just stop spending? adam: concluding march, we had a
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healthy growth. of 2019.arch so we see a slight shift of consumer behavior. useomers are starting to the digital touch points. it is too early to say anything about the overall effects. safekeeping, they are not recovering for the drop in physical stores. what percentage of your labor force has moved to government support programs? adam: it is different between each market. as i mentioned previously, we are in different stages. we are in different parts of the world. stores as many as 4000 being closed, a big portion of
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colleagues will be affected in one way or the other. as countries have taken different measures, this will apply to colleagues in the markets. rentine: how much of your are you actually paying? are you deferring everything? i know it is difficult because every country is in different and various lockdowns, but can you give us a general idea of what works better and what is happening? adam: was a regarding rent or salary? francine: it's about rent. how much rent are you trying to defer? structure is that we pay rent in advance, so we are now trying to figure out what will be the appropriate rent levels given the market situation. it is too early to say a fixed
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number, but we are assessing the situation to make sure that we find a way tors mitigate the situation. exactdifficult to say an number but we are assessing the situation from what is the current market levels and what can be expected going forward. anncine: can you give me idea about what you are planning for winter? when will you place orders? how flexible can you be about that season? we are currently using, to the best ability, indications we get from each market on when the lockdown will start to be eased. it based on that, we make conservative estimates about how this thing will gradually come back. currentlyhat, we have
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curbed purchasing, but we will slowly start to buy again so we know how the situation will evolve. adam, thank you for giving us your precious time. stay with surveillance. there is ponte coming up with european stocks dipping with u.s. futures ahead of today's u.s. jobs data. we will bring you the latest market moves up next. this is bloomberg. ♪
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francine: this is bloomberg surveillance, i'm francine lacqua and london. this is what markets are doing. a lot of focus has been on oil for quite some time, but now we have virtual meetings. exciting to see how that will go ahead. the virtual opec-plus meeting on monday as president trump is pushing for a cut. this is what the markets are doing overall. stocks are dipping on friday. turmoil caused by this pandemic which has now infected more than one million people worldwide. for market perspective, it's the
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managing director -- [indiscernible] always great to have you on surveillance. what happens next? when do we know markets have found a floor? guest: it looks like the first phase of this crisis is coming to an end. in the sense that it has taken a to weeks for markets understand what the financial curve is about. and surely, markets are unprecedented. so word for word, we are behind the curve all the time. likewise, for the globalized world, the market has been able to apprise that. and i'm not sure it's going to be quite bottled yet.
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but basically, the markets have volatilitythat the is going to be elevated for a while. is at a very, 50 high number. companies are going to do the kitchen sink. it is a premium. this volatility is hard. this is where the markets can recover.
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this will be the discussion about the shape of the recovery thereafter. francine: is this a health crisis that can turn into an economic or financial crisis? guest: and precisely what i was, that it has been realized. we would argue quite the issue is to whether -- and i suspect that there is complacency. but there are issues to whether or not we have the product behind us and we have the famous v-shaped recovery.
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that thei suspect curves will roll over and the areage will be if these going to go better. this will be political decisions. even if, at one point in time, we do get this. and the behaviors of people, setting the ways for people. you think in the u.s., half of and countries are going to manage the business with wider safety margins and so on.
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i expect it will be a very subdued recovery because of a change in the way both consumer companies will behave. go to a veryll subdued recovery rate. that way, what we are buying is what we are holding onto. in that sense, it won't change, really. tose companies will be able adjust earnings growth. that will be the scale of commodity. we are finding that primarily in china. because of the curve and because they have this strong domestic market which is not being -- andd by the global that's where we are making most of our bets right now.
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francine: yesterday, we were talking about this with the chief executives whether there was a shift, may be making asia as one of the bigger financial hubs because they are further ahead dealing with the crisis. but today, there is a headline from singapore saying that they are going back to home school learning and closing most workplaces amid the virus. how difficult is it to keep track? and where the virus is being reintroduced. >> visibility remains very low. remains phase two. visibility, of which is going to keep markets very unstable. in china, they are being very
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concerned. a lot remain in place. production coming back into china right now. we have a fair amount of online business that is really doing quite well. the economy should remain concerned, but as an investor, you are starting to find some businesses and some sectors, of course. i think as an investor again, there will be passive investing because indices will remain very much under pressure. you're looking to the internals of the market. will stop turning
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the corner. -- start turning the corner. francine: closing all theme parks and casinos starting april 7 and closing all sports and recreation casillas he's -- facilities. what about gold right now? guest: it is a bitterly. still,sense that we are right now, in this deflationary chart, there is still a lot of deleveraging. pressure is more on the flipside. move to phase three which may be a few moments down the line, we see a lot of does it doound what
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to the intrinsic value of the currencies. and that will be the yen and the euro as well. whileluable currencies explicitly you are budget deficits. possible that there are alternative currencies. in favor of that time, it could be here. we will take some there. coming up, it's u.s. jobs day. after axpecting losses 113 straight month gain. this is bloomberg. ♪
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>> we will get through this. we have supported unemployment insurance benefits for the
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states. we're working closely with governors to make sure that those that are impacted have the their family, to see their businesses, and to see their communities through the course of the coronavirus. that was u.s. vice president mike pence speaking to bloomberg. fromis what the latest singapore is. we have been trying to keep you up-to-date all day. singapore saying that they will go back to homeschooling and close all nonessential businesses. they will close all theme parks and casinos from april 7. they will also close all sports and recreation facilities. this is what is going on in your markets. a lot going on in your markets when it comes to oil. we had an update from annmarie hordern on monday. president trump has pushed for a cut. stocks are down with u.s. futures. a lot of folks will be on u.s. jobs. we had a pretty bad figure
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yesterday in the u.s.. investors trying to figure out the latest corporate and economic turmoil caused by the pandemic. -- has nowic hasn't affected more than one million people worldwide. march payrolls have declined for the first time since 2010. the data is lagging. it is unlikely to show the full extent of the impact. flavorertainly giving us of what's to come. larry kudlow and bloomberg hourillance in the next with tom keene in new york. this is bloomberg. ♪ these days you need faster internet that does all you
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faster speed, coverage, and free advanced security at an unbeatable value with xfinity xfi. can your internet do that? francine: one million infected
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and 50,000 that has coronavirus cases rise around the world and governments scramble to handle the economic all out of the humans whole. 10 million people out of work in just two weeks. some say 10% of workers are filing for unemployment. meeting forency opec-plus holding virtual talks on monday after president trump calls for massive output cuts from russia and saudi arabia. evening,ng, and everyone. i'm francine lacqua in london. tom keene is in new york. a number of stories today. it is oil, oil. u.s. jobs also. we don't have the full effect of what we are seeing with coronavirus. but singapore is back and locked down with the closure of all sports and recreation facilities and the closure of all nonessential business.


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