The Trump administration plans is seeking a $850 billion stimulus package aimed at buffering the economy against fallout from coronavirus, the Washington Post reported on Tuesday citing four unnamed officials familiar with the plan.
Oil traded near $30 a barrel on Tuesday, close to its lowest since 2016, and analysts said more declines may follow as the coronavirus pandemic hits demand and Saudi Arabia and Russia battle for market share.
U.S. retail sales fell by the most in more than a year in February and the coronavirus outbreak is expected to depress sales in the months ahead, which could strengthen economists' expectations of a consumer-led recession by the second quarter.
World share markets and oil prices struggled to shake off their coronavirus fears on Tuesday after Wall Street's worst rout since the Black Monday crash of 1987.
The U.S. Senate on Tuesday prepared to weigh a multibillion-dollar emergency spending bill passed by the House of Representatives offering economic relief from the coronavirus pandemic as the Trump administration pressed for $850 billion more.
European airlines on Tuesday called on governments to draw up a package of measures including deferring taxes to rescue the struggling industry as the crisis caused by the coronavirus pandemic deepens.
Wall Street's main indexes looked set for a bounce on Tuesday, a day after their biggest drop since the 1987 crash, as efforts to contain the rapidly-spreading coronavirus upended parts of the economy and dampened business sentiment.
(This March 16 story corrects spelling error in headline and first paragraph)
Facebook Inc said Tuesday it plans to award $100 million in cash grants and ad credits for up to 30,000 small businesses in over 30 countries to address the economic impact of the coronavirus outbreak.
Swift government action is needed to help global airlines that are in a desperate situation and running out of cash, the International Air Transport Association warned on a media call on Tuesday.
Volkswagen said its diesel cheating scandal has cost it 31.3 billion euros ($34.69 bln) in fines and settlements, and the German carmaker expects cash outflows to continue until 2021, adding that these have already been provisioned for.
Volkswagen Group , the world's biggest carmaker, is suspending production at factories across Europe as the coronavirus pandemic hits sales and disrupts supply chains, the company said on Tuesday.
When the market drops, it's a time that can test investors' nerves. People with experience of previous market conditions may be able to make more informed decisions.
General Motors Co said on Tuesday an employee at its Cole Engineering Center in Warren tested positive for coronavirus.
Stock markets were routed and the dollar stumbled on Monday after the Federal Reserve slashed interest rates in an emergency move and its major peers offered cheap U.S. dollars to ease a ruinous logjam in global lending markets.