Oil prices fell for a third session on Wednesday with U.S. crude futures tumbling to a 17-year low as the outlook for fuel demand darkened with travel and social lockdowns triggered by the coronavirus epidemic.
Germany's HDE retail association called on Wednesday for the government to give immediate state aid and tax relief to stop businesses going bust as stores closed to stem the spread of the coronavirus, losing 7 billion euros ($7.70 billion) per week.
U.S. stock index futures tumbled on Wednesday, pointing to another volatile session for Wall Street on fears that even dramatic stimulus measures would not be able to avert a deep coronavirus-driven recession.
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Middle East airline Qatar Airways laid off about 200 Filipino staff in Doha this week and rival Emirates asked pilots to take unpaid leave as the coronavirus outbreak hammers demand for travel.
Goldman Sachs has instructed most of its staff in the Americas, Europe, Middle East and Africa to work from home from Wednesday until further notice, according to an internal notice seen by Reuters.
Oil and gas companies around the world aim to slash spending as crude prices have plunged due to the impact of the coronavirus and a push by Saudi Arabia and Russia to ramp up output.
Oil prices fell for a third session on Wednesday with U.S. crude futures tumbling to a 17-year low as travel and social lockdowns sparked by the coronavirus epidemic knocked the outlook for demand.
Swiss bank UBS has seen relatively low losses in its lending portfolio and feels comfortable with its liquidity despite market drops amidst the coronavirus pandemic, Chief Financial Officer Kirt Gardner said on Wednesday.
Toyota Motor Corp on Wednesday said it planned to stop output at more vehicles plants in Europe and Asia as the spread of the coronavirus prompts countries to instruct non-essential businesses to suspend operations.
BlackRock Inc executives who set the asset manager's influential proxy votes on Tuesday outlined tougher priorities tied to climate change and executive pay for the upcoming corporate annual meeting season.
Global stocks stumbled back into the red on Wednesday with Wall Street futures pointing to more losses ahead as fears over the coronavirus fallout eclipsed large-scale support measures rolled out by policymakers around the globe.
French unions are urging Airbus to keep its French factories closed beyond March 23, when it plans to resume production after a four-day shutdown, raising questions over the knock-on impact on plants elsewhere in Europe.
Australia and Taiwan joined governments offering financial aid to airlines as coronavirus and stricter travel controls forced carriers to deepen cuts to capacity and staffing.
Oil prices dropped to their lowest level in nearly 18 years as the coronavirus outbreak saps demand.