The U.S. economy shed jobs in March, abruptly ending a historic 113 straight months of employment growth as stringent measures to control the novel coronavirus pandemic shuttered businesses and factories, all but confirming a recession is underway.
The U.S. economy abruptly ended a historic 113 straight months of employment growth in March, as stringent measures to control the novel coronavirus pandemic shuttered businesses and factories, all but confirming a recession is underway.
Aircraft lessor Avolon has cancelled an order for 75 Boeing 737 MAX planes that were due to be delivered by 2023 as it adjusts its order book to the industry disruption caused by the coronavirus pandemic, the Dublin-based firm said on Friday.
Inditex has switched its clothes factories in Spain over to making medical supplies and its logistics hub has almost ground to a halt, effectively freezing the nerve centre of its business from which it supplies stores worldwide.
Benchmark Brent crude oil futures rose as high as $33.37 a barrel on Friday on rising hopes of a new global deal to cut global crude supply.
Global stock markets sank on Friday, as more companies flagged a hit to business from the coronavirus pandemic while oil prices extended their previous day's gains on hopes of a cut to global supply.
Dutch brewer Heineken said on Friday that it will suspend production and distribution from its seven plants in Mexico, in response to the government's decision to halt non-essential economic activity to contain the new coronavirus.
Ford Motor Co on Friday extended the temporary suspension of vehicle and engine production at most of its European manufacturing sites at least until May 4.
FedEx Corp said on Friday it would slash its chief executive officer's pay and draw down $1.5 billion from a credit facility as parcel delivery services take a hit from coronavirus-led lockdowns across the globe.
The U.S. has asked banks to help it dole out at least $350 billion in loans to small businesses, part of the $2 trillion coronavirus stimulus law.
The global recession that economists polled by Reuters say is under way will be deeper than thought a few weeks ago due to the coronavirus pandemic, although most are clinging to hopes for a swift rebound.
OPEC and its allies are working on a deal for an unprecedented oil production cut equivalent to around 10% of global supply, an OPEC source said after the U.S. president called on producers to stop the market rout caused by the coronavirus pandemic.
Benchmark Brent crude oil futures climbed to as high as $34.91 a barrel on Friday on rising hopes of a new global deal to cut global crude supply.
Deep output cuts by OPEC and other oil producing nations will not prevent a huge build up of crude, the head of the IEA said on Friday, urging the world's richest economies to discuss broader ways to stabilise oil markets.
Airbus is studying a sharp cut in output of its top-selling A320 plane series amid an industry-wide slowdown triggered by the coronavirus crisis, sources familiar with the matter said.