Brent fell by 10% on Monday, and U.S. crude to below $30, as emergency rate cuts by the U.S. Federal Reserve and its global counterparts failed to tame markets and China's factory output plunged at the sharpest pace in 30 years amid the spread of coronavirus.
Stock markets and oil prices continued to nose-dive on Monday after the second emergency cut in U.S. interest rates in as many weeks -- effectively to zero -- and supportive measures from all corners failed to quell coronavirus fears.
Ryanair will ground most of its aircraft over the next seven to 10 days as Europe's biggest low-cost airline braces for an up to 80% cut in capacity over the next two months and could even ground its entire fleet due to coronavirus travel restrictions.
Starbucks Corp has moved to a "to go" model in all its company-owned stores in the United States and Canada for at least two weeks to facilitate social distancing among customers amid the spread of coronavirus, the coffee chain said on Sunday.
Hong Kong's Cathay Pacific Airways Ltd on Monday said it would sell six Boeing 777-300ER aircraft and its associated equipment for $703.8 million to BOC Aviation Ltd .
France's competition watchdog on Monday fined iPhone maker Apple 1.1 billion euros ($ 1.23 billion), saying it was guilty of anti-competitive behavior towards its distribution and retail network.
Unions at the Czech car factories of Volkswagen's Skoda Auto and Hyundai Motor Co. have called for a 14-day quarantine for employees, which would halt production for that time, news agency CTK reported on Monday.
The Treasury secretary told CNBC's Jim Cramer there will be a surge in demand for stocks once the coronavirus threat abates.
Stocks tanked on Monday, triggering a key market-wide "circuit breaker" designed to prevent the market from falling through the floor.
Lockheed Martin Corp said on Monday company veteran Marillyn Hewson will step down as chief executive officer, and tapped board member and American Tower Corp boss James Taiclet as her replacement.
German airline Lufthansa said it would further cut its flight schedule after Monday's announcement that its Austrian Airlines division was scrapping all flights in response to the coronavirus-induced collapse in passenger demand.
French carmaker PSA said on Monday the company will close its European factories until March 27 due to the coronavirus outbreak spread.
The S&P 500 tumbled 8% at opening on Monday, triggering an automatic 15-minute halt of Wall Street's three main indexes for the third time in six days, as traders reacted to drastic weekend measures from the Federal Reserve to stave off a global recession.
Millions of Americans may lose their jobs if the coronavirus pulls the U.S. into a recession, which could mean financial trouble for those who don't get severance pay.
The S&P 500 index plunged over 9% on Monday as trading resumed after an initial automatic 15-minute cutout, driven by mounting fears of the damage the coronavirus is doing to the global economy.