Asian shares gained on Wednesday in the wake of Wall Street's massive rebound as U.S. senators and Trump administration officials reached an agreement on a giant economic stimulus bill to alleviate the economic impact of the coronavirus outbreak.
Occidental Petroleum Corp will cut employee salaries by up to 30%, according to an internal memo reviewed by Reuters, as the debt-laden U.S. oil producer tries to save cash amid tumbling energy prices.
Those pining for a bottom to the gut-wrenching stock market selloff may be disappointed to learn that mega one-day rallies like the historic one witnessed on Tuesday are typically not the start of a durable recovery.
U.S. stock index futures rose on Wednesday, putting Wall Street on course to extend its massive bounce from the previous session, as Washington reached a deal on a $2 trillion stimulus package to help ease some economic pain from the coronavirus pandemic.
South Korea's Kia Motors Corp is considering making face masks at its Chinese factory to help battle the spread of the coronavirus, a spokesman said on Wednesday.
India is likely to agree an economic stimulus package of more than 1.5 trillion rupees ($19.6 billion) to fight a downturn in the country that is currently locked down to stem the spread of coronavirus, two sources familiar with the matter told Reuters.
British supermarket Sainsbury's said on Wednesday it would help its smaller suppliers during the coronavirus emergency by paying them immediately and making finance available.
German conglomerate Thyssenkrupp will cut 3,000 jobs and invest 4.2 billion euros ($4.6 billion) at its struggling steel division by 2026 as part of a wage deal struck with powerful labor union IG Metall, it said on Wednesday.
The head of the European Central Bank Christine Lagarde asked euro zone finance ministers at a videoconference on Tuesday evening to seriously consider a one-off joint debt issue of "coronabonds" to help fight the epidemic, two officials said.
A rebound in world stocks reached a lofty 11% on Wednesday and commodities made gains too, as coronavirus-battered markets leapt on news of a $2 trillion U.S. fiscal stimulus package.
Walmart Inc on Wednesday named Sameer Aggarwal chief executive officer of Best Price, its Indian cash and carry business, and said it was in touch with supplier partners for adequate stocking at its stores during the 21-day government sanctioned lockdown.
China has begun buying U.S. liquefied petroleum gas (LPG) again after a hiatus of nearly 20 months as Beijing waived punitive tariffs to boost imports of U.S. goods as part of the Sino-U.S. Phase 1 trade deal, industry sources said.
The central bank official was in the news earlier this week when he forecast that the unemployment rate will skyrocket to 30%, higher than it was even during the Great Depression.
The S&P 500 was set to open lower on Wednesday after a strong rebound in the previous session as optimism about an imminent $2 trillion coronavirus package waned, with investors still concerned about the lasting economic hit from the pandemic.