The U.S. Federal Reserve and global central banks moved aggressively on Sunday to buttress a world economy unraveling rapidly amid the coronavirus pandemic, with the Fed slashing interest rates to near zero, pledging hundreds of billions of dollars in asset purchases and backstopping foreign authorities with the offer of cheap dollar financing.
NASA, Boeing, Lockheed Martin and Blue Origin are taking measures in response to coronavirus but SpaceX appears to move forward unabated.
Oil prices extended losses on Monday, slumping by more than $1 a barrel, as an emergency rate cut by the U.S. Federal Reserve failed to soothe global financial markets panicked by the rapid spread of the coronavirus and mounting economic disruptions.
U.S. stock index futures tumbled to open trading on Sunday, hitting their daily down limit, after the Federal Reserve took drastic action to cushion the economic blow from the escalating coronavirus.
More major retailers said on Sunday they would shut stores in the United States to limit the spread of the coronavirus, including Nike, Under Armour, and Lululemon Athletica, a day after similar moves by several other U.S. retailers.
Stocks were slammed on Monday and the dollar battered after emergency rate cuts in the United States and New Zealand, and a raft of steps by policymakers worldwide failed to stem the rout in markets spooked by the broadening fallout of the coronavirus.
The U.S. Federal Reserve unleashed new emergency measures on Sunday night to limit the economic harm from the coronavirus, including making it easier for banks to get money and slashing its benchmark borrowing rate to near zero.
Oil extended losses on Monday as an emergency rate cut by the U.S. Federal Reserve failed to soothe global financial markets panicked by the rapid spread of the coronavirus while a price war rages on between top producers.
United Airlines Holdings booked $1.5 billion less revenue in March than the same time last year and warned employees that planes could be flying nearly empty into the summer, even after drastic flight capacity cuts.
New Zealand on Saturday announced the world's tightest border controls to combat the spread of coronavirus, requiring all incoming travellers, including its own citizens, to self-isolate for two weeks starting midnight Sunday.
U.S. President Donald Trump encountered a second individual last weekend who later tested positive for coronavirus, but the president did not require testing for the virus or quarantining, the White House physician said on Friday.
Apple Inc said late on Friday it will close all its retail stores outside Greater China until March 27, to minimize risk of coronavirus transmission.
Warren Buffett's Berkshire Hathaway Inc said on Friday that former American Express Co Chief Executive Officer Kenneth Chenault has been nominated to the conglomerate's board of directors, replacing Microsoft Corp co-founder Bill Gates.
The British government will ban mass gatherings from next week in an attempt to curb the coronavirus outbreak, an escalation of its crisis plan that critics had said was too relaxed.
U.S. President Donald Trump encountered a second individual last weekend who later tested positive for coronavirus, but the president did not require testing for the virus or quarantining, the White House physician said on Friday.