Global stock futures and Asian shares tumbled in choppy trade on Wednesday, as worries about the coronavirus pandemic eclipsed hopes broad policy support would combat the economic fallout from the outbreak.
Global airlines are fast running out of cash after cutting capacity by 90% or even grounding entire fleets due to the broad travel restrictions to contain the spread of the coronavirus, calling into question the survival of several firms.
SoftBank Group Corp shares fell as much as 11.6% on Wednesday, with its market capitalization dipping below the value of its domestic telco, as uncertainty grows over its management of a portfolio of unproven startups.
82% of business leaders expect declines in revenues over the next six months, but more than half (54%) anticipate revenues will be back to normal in a year's time, according to YPO's survey on the impact of coronavirus.
Barclays is 'very very unlikely' to meet its goal of a 10% return on equity this year given the impact on its business of the coronavirus pandemic, its Chief Financial Officer Tushar Morzaria said on Tuesday.
Oil prices fell for a third session on Wednesday to be down about 17% so far this week as the outlook for fuel demand darkened amid travel and social lockdowns triggered by the coronavirus epidemic.
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.