Brent and U.S. crude fell below $30 on Monday 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.
The oil products markets globally are caught between a rock and a hard place as the impact of ultra cheap oil, which should be a boon for refiners, is mitigated by record low prices for gasoline and jet fuel.
Brazilian airline Azul said on Monday that it will cut all of its international flights out of its main hub in Sao Paulo state later on Monday because of the coronavirus outbreak, significantly increasing its cancellations.
Norwegian Air will cancel 85% of its flights and temporarily lay off 7,300 employees as a result of the growing coronavirus crisis that has strangled demand for air travel, the carrier said on Monday.
Britain's big airlines said on Monday they would have to ground most of their fleets to survive the coronavirus crisis, with easyJet and Virgin - though not British Airways - appealing for government bailouts to save the industry from collapse.
Airlines across the globe are feeling the pain as travel demand withers because of the coronavirus outbreak. Several have scrapped flights and ditched financial forecasts.
Starbucks Corp has closed its dine-in areas and switched to a "to go" format for at least two weeks to help control the rapid spread of the coronavirus outbreak in the United States and Canada.
Chinese airlines including Air China, China Southern Airlines and China Eastern Airlines are planning to reduce international flights in response to the coronavirus pandemic, the Global Times reported on Monday, citing unidentified sources.
Britain's major supermarkets are working on plans to streamline their operations by cutting cafes, counters and other services to enable a depleted workforce to maintain basic provisions during the coronavirus outbreak, industry sources told Reuters.
A prolonged slowdown could be on the horizon as the coronavirus grinds the economy to a halt. By making these moves, you can get yourself in better financial shape to weather the storm.
Brazilian airline Azul said on Monday it will cut all international flights out of its main hub in Sao Paulo state, while the country's government is likely to roll out a relief package as the sector struggles with the coronavirus pandemic.
CNBC | Steve Liesman | March 15, 2020 Key Points In an emergency move Sunday, the Federal Reserve announced it is dropping its benchmark interest rate to zero and launching a new round of quantitative easing. The QE program will entail $700 billion worth of asset purchases entailing Treasurys and mortgage-backed securities. Markets responded negatively,
Hedge fund manager Ricky Sandler said dire headlines about the coronavirus are "helping to contain the problem."
Federal Reserve Chair Jerome Powell's message in announcing a barrage of monetary policy and liquidity actions was clear: The U.S. central bank will use all the tools at its disposal to keep credit flowing through the U.S. and global financial system.
LATAM Airlines Group, the continent's largest carrier, said on Monday it is canceling 90% of its international flights, in light of the coronavirus outbreak.