The EU executive proposed on Wednesday a wage-subsidy scheme to encourage employers to cut workers' hours rather than their jobs amid the coronavirus epidemic, a plan that could be worth 100 billion euros in borrowing guaranteed by all EU countries.
U.S. House Speaker Nancy Pelosi urged the U.S. Treasury on Wednesday not to hold up $25 billion in cash grants approved by Congress last week to airlines for payroll costs.
Uber Eats and Delivery Hero are expanding from providing restaurant meals into supplying groceries to customers stuck at home during lockdowns triggered by the coronavirus crisis.
Brent crude fell while U.S. futures dipped before recovering on Wednesday, after U.S. crude inventories rose last week by the most since 2016, while gasoline demand fell sharply due to the coronavirus pandemic.
Analysts are expecting S&P 500 earnings growth to decline 5.2% in the first quarter, according to FactSet.
The new coronavirus relief law extends unemployment benefits to gig, self-employed and other previously ineligible workers, but they may have to wait to file and receive benefits.
The key S&P 500 index was down more than 4% on Wednesday after a dire warning on the U.S. death toll from the coronavirus and heightened nerves over the upcoming earnings reporting season sent investors running from even the most defensive equities.
Amazon.com Inc said on Wednesday a handful of workers staged a demonstration at one of its warehouses near Detroit, another U.S. protest this week over staff concerns about contracting the novel coronavirus on the job.
U.S. President Donald Trump has invited oil executives to the White House to discuss potential aid for the industry as the coronavirus pandemic spurs a historic slump in energy prices, a source familiar with the matter said on Wednesday.
Russian President Vladimir Putin called on Wednesday for global oil producers and consumers to address "challenging" oil markets while U.S. President Donald Trump complained that oil cheaper "than water" was hurting the industry.
Whiting Petroleum Corp filed for Chapter 11 bankruptcy, the U.S. shale producer said on Wednesday, the first publicly traded casualty of crashing crude oil prices that are expected to bite into record U.S. output.
Boston Federal Reserve Bank President Eric Rosengren said social distancing efforts meant to contain the coronavirus outbreak have "stilled" the economy and could lead the unemployment rate to "rise dramatically."
Oil prices fell on Wednesday after data showed U.S. crude inventories rose last week by the most since 2016 while gasoline demand suffered its biggest weekly drop ever due to the coronavirus pandemic.
The dollar advanced on Wednesday, with markets staring at what looked likely to be one of the worst economic contractions in decades as the world confronts the coronavirus pandemic.
EU industry chief Thierry Breton on Wednesday said he did not see any ulterior motive behind Huawei's donations of face masks to the bloc and that solidarity was the best way to tackle the global coronavirus outbreak.