OPEC ministers are beginning to arrive to Vienna on Tuesday as the group debates whether to further reduce oil production to tackle deteriorating demand from the global spread of the new coronavirus.
Kuwait's oil minister said on Tuesday he is optimistic about the outcome of OPEC meetings this week and continued cooperation among OPEC+ countries, Kuwait state news agency KUNA reported.
A recovery in world stock markets and oil prices picked up pace on Tuesday, as global policymakers signalled a united front to address the economic fallout from the spreading coronavirus.
As news broke of more cases of coronavirus spreading across the United States, T-Mobile had a novel response to the threat: fewer hugs, kisses or high-fives.
Bank of England Governor Mark Carney said policymakers around the world were working on a "powerful and timely" response to the economic hit from coronavirus which has raised fears of a new global recession.
The Kremlin told reporters on Tuesday it would not say whether Moscow was ready to make additional oil output cuts as part of the cooperation between OPEC and non-OPEC countries and said it was necessary to wait for their meeting later this week.
Oil prices rebounded more than $1 a barrel after earlier hitting multi-year lows on Monday, as hopes of a deeper cut in output by OPEC and stimulus from central banks countered worries about damage to demand from the coronavirus outbreak.
South Korea's Hyundai Motor said on Monday its sales fell 13% on-year to 275,044 vehicles globally in February amid a coronavirus outbreak that disrupted supply of parts from China.
Asian shares regained a measure of calm on Monday as markets bounced after a searing sell-off last week and as investors pinned hopes on a likely coordinated global monetary response to help soften the economic blow of the coronavirus outbreak.
The hit to U.S. corporate earnings from the coronavirus epidemic is getting harder and messier to predict.
Nike's European headquarters in the Netherlands will be closed on Monday and Tuesday after an employee was infected with the coronavirus.
The Swiss National Bank posted an annual profit of 48.9 billion Swiss francs ($50.71 billion), the central bank said on Monday, and said it would double its payout to Switzerland's regional and central governments.
Nokia Chief Executive Rajeev Suri will step down in September and is to be replaced by Pekka Lundmark, until now the CEO of energy group Fortum, the telecoms equipment maker said on Monday.
Samsung Electronics has started building a $220 million research and development center in Vietnam, the South Korean tech giant's local unit said on Monday.
Asia's factories took a beating in February from the coronavirus outbreak with activity in China shrinking at a record pace, surveys showed on Monday, raising the prospect of a co-ordinated policy response by central banks to prevent a global recession.