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The house grabbing headlines overnight is that America has not exceeded the number of cases of China in terms of the virus yeah I've said it is getting ready grid Madison in a flea spade frauds and loss night will chase a clog I couldn't believe my age people were banging pots and pans cheering for healthcare workers here in the U. K. the messages ready gotten through to people obviously but it is very boring into the crowd of our situation and yet in the markets Roger we have this rally in Asia we also had a the first three day continuous rally for U. S. equities we seen since made fabrics of the east all up to me isn't that part of the central banks and governments can get a grip on this at U. S. beaches having said that Arshi dropping out the basement seeing gains in Asia of two and a half percent on the topics to visit on the Nikkei two two five the hang Seng up by one percent the Dow also has rallied twenty percent above its recent lows it's technically it's in a bull market despite the U. S. jobless claims yesterday that surged to a staggering three point two eight million lost week it says the bond markets also that Jerome Powell interviews or speaking to main street in America conceding that may be a recession but the the fed would be that U. S. yields at the moment trade at eighty basis points a dropping five basis points at the moment the Bloomberg dollar spot index also heading for its biggest weekly retreat since two thousand annoyed so down just over three percent the pound euro and yen all strong that this morning right well let's Sir take up some of that we've got Phil Reynolds on the line from Sydney offerings the market live team joins is gone for good morning to you I mean he's quickly impressive equities rally in Asia command does not yes two and the similar sort of bounces back to yeah what would you what you were mentioning for the cow where equity index has come a long way off of course it's a lot easier for indexes to make impressive percentage guys up one that just had such a massive declines down the bar for those big games as low as well still if you look at what the reserve bank of India has just done now coming out with a surprise simply five basis point cut and looking to support the bond market also reducing the amount of reserves that banks must hold just are you willing to lose a friend who the firehose to help the economy get through the that sort of thing that equity investors are looking at and they're putting that in central banks and also in government when they had a week and bridge the gap that is being created by the impact of the crime the bars on our economy okay don't feel thanks very much to go off the rebels that real time market commentary analysis check out monkeys live MLA V. on your terminal yeah if you want to hear more on what the reserve bank of India governor is saying I you can look at TI live go and you'll be back time in the all the comments of that we will let's take you to our top stories this morning European leaders are struggling to agree on a way forward to contain the fallout from the coronavirus that rejecting an appeal from the ECB president Christine Lagarde to show more solidarity she says all available tools should be used including joint debt issuance bottles Langemarck who is resisting those schools warning against unrealistic expectations and his European leaders struggle to agree on a concrete steps to the number of cases in Europe continues to rise the World Health Organization says the block now accounts for seventy percent of nine fatalities if the reported its biggest jump in infections in the past five days of most cluster in the region around Milan and another key figure who's not choosing to self isolate is the ECB president Christine Lagarde she did say last week following exposure to a person who has the coronavirus meanwhile the number of global cases now tops Hoffa million and the number of deaths from the pandemic has reached two thousand four hundred most notably the US has now overtaken China as the nation with the most coronavirus infections that's often you cases surged by more than one thousand seven hundred M. to battle the economic impact of such a search the fed says it will keep credit flowing the check your own Powell spoke yesterday in a rare TV interview we're not going to run out of ammunition that doesn't happen you know we set the interest rates in time and what we think is the right get it given the economy the right level of support if we'd raised interest rates more we would've been higher than we thought and economic growth would have been a little bit slower so it wouldn't matter in the end so I we really are always sending our interest rates at the level we think is appropriate and once the massive aid package to fight the virus and its aftershocks is signed into law the fed is set to drop drop trillions of dollars into the U. S. economy a massive program of helicopter credit the actions from the central bank of unprecedented okay way beyond anything it did during the two thousand eight financial crisis the fed's balance sheet in front could double to nine to ten trillion dollars and separately the treasury secretary Steve Mnuchin reiterated that he wants to keep financial markets open and he said he's focused on helping mortgage firms so that's everything that's happening in the US three ma Hey in the U. K. the chancellery she soon act allows a relief package full self employed people seriously affected by the corona virus outbreak the government will pay self employed people who have been adversely affected by the corona virus a taxable groaned with eighty percent of the average monthly profits over the last three years up to two thousand five hundred pounds a month the chancellor says that about three point eight million workers will be eligible for the crowns payments will be in lump sums covering three months I will start to be paid in early June what are the complaint has been that that's too late yeah I've heard people saying exactly that I will say that the and they need the money now right now they have bills to pay I think that's the real pain in the **** meanwhile in China profits from industrial companies of some of the most on record Bloomberg's Brian Curtis is more from Hong Kong industrial profits fell thirty eight point three percent in the first two months of the year compared to last year the government blames the coronavirus both production and sales fell in profits were squeezed by rising costs and falling prices of industrial products on top of that new orders from the U. S. and Europe are getting canceled due to their own outbreaks we do see stimulus coming in big batches around the rest of the world but in China not so much you know gone Brian Curtis Bloomberg daybreak Europe and to be well when it comes to corporate affairs thousands of bankers have some with you job security that's off the city group and Wells Fargo joined Morgan Stanley it'll so handful of European lenders in pledging to preserve employment to the coronavirus prices earlier HSBC Lloyds Credit Suisse and Deutsche Bank said that they would pose job cuts and Volkswagen's decision to hold out put on both sides of the Atlantic is costing more than two billion dollars a week sales outside China have effectively stole over to mom that has clawed back to about fifty percent over the preform zero have a D. says VW can injure a factory shutdowns in Europe and the Americas for several weeks but he isn't ruling out what he calls structural measures okay so there is a one of our top stories at let's get over the details of Wilson national musically and.