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Luckin Coffee Inc said on Wednesday it would not file its annual financial report on time as it was dealing with investigations into hundreds of millions of dollars worth of fabricated sales.

Boeing Co said on Wednesday it would cut its workforce by about 10%, further reduce 787 Dreamliner production and try to boost liquidity as it prepares for a years-long industry recovery from the coronavirus pandemic that drove the planemaker to a net loss for the second straight quarter.

The Swiss government is working primarily with UBS Group and Credit Suisse on a nearly 1.9 billion Swiss franc ($1.95 billion) package of state-backed loans for the coronavirus-hit aviation sector, it said on Wednesday.

Royal Bank of Scotland chairman Howard Davies said on Wednesday the coronavirus pandemic had "changed everything" and its impact on society and the economy would likely be "stark and long-lasting".

A gauge of global stocks climbed on Wednesday following encouraging news for an experimental COVID-19 treatment and some positive earnings reports, while beaten-up oil prices surged.

A plan to axe up to 12,000 jobs at IAG's British Airways underlines CEO Willie Walsh's desire to survive what is expected to be aviation's worst downturn without a state bailout.

The U.S. economy contracted in the first quarter at its sharpest pace since the Great Recession as stringent measures to slow the spread of the novel coronavirus almost shut down the country, ending the longest expansion in the nation's history.

General Electric Co said on Wednesday the coronavirus pandemic dealt a $1 billion blow to cash flow at its industrial business in the first quarter, while total revenue fell almost 8% and the company warned the damage would worsen in the next three months.

Boeing Co said on Wednesday it would cut its workforce by about 10% and further reduce 787 Dreamliner production after reporting a loss for the second straight quarter as the coronavirus pandemic hits global travel demand.

U.S. stocks opened higher on Wednesday after Gilead Sciences gave an encouraging update on a potential COVID-19 treatment, while upbeat earnings reports from Boeing and Google-parent Alphabet added to the sentiment.

The Federal Reserve, which has pumped trillions in emergency funding into U.S. financial markets to stem the damage from the coronavirus pandemic, is expected on Wednesday to reiterate its promise to do whatever it takes to support the world's largest economy.

Volkswagen on Wednesday said it expected to be profitable on a full-year basis even as the coronavirus pandemic caused first-quarter earnings to plunge.

Daimler said it expected the operating profit of its Mercedes-Benz Cars & Vans division to be above the prior-year level, even as the corona pandemic forced the Stuttgart-based car and trucks maker to abandon its outlook earlier this month.

German carmaker Volkswagen is expecting an operating loss in the current quarter due the impact of the coronavirus pandemic, its chief financial officer said on Wednesday.

German auto supplier and technology company Robert Bosch [ROBG.UL] on Wednesday said it expected automotive production to fall by at least 20% this year, as the coronavirus pandemic slams the brakes on factory production lines and saps demand.