Global stock markets sank on Friday, as more companies flagged a hit to business from the coronavirus pandemic while oil prices extended their previous day's gains on hopes of a cut to global supply.
Wall Street's main indexes fell on Friday as the coronavirus abruptly ended a record U.S. job growth streak of 113 months, leaving little doubt that the economy is in a recession.
Benchmark Brent crude oil futures rose as high as $33.37 a barrel on Friday on rising hopes of a new global deal to cut global crude supply.
Inditex has switched its clothes factories in Spain over to making medical supplies and its logistics hub has almost ground to a halt, effectively freezing the nerve centre of its business from which it supplies stores worldwide.
Aircraft lessor Avolon has cancelled an order for 75 Boeing 737 MAX planes that were due to be delivered by 2023 as it adjusts its order book to the industry disruption caused by the coronavirus pandemic, the Dublin-based firm said on Friday.
The U.S. economy abruptly ended a historic 113 straight months of employment growth in March, as stringent measures to control the novel coronavirus pandemic shuttered businesses and factories, all but confirming a recession is underway.
The U.S. economy shed jobs in March, abruptly ending a historic 113 straight months of employment growth as stringent measures to control the novel coronavirus pandemic shuttered businesses and factories, all but confirming a recession is underway.
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3M Co said on Friday it would continue to increase the production of respirators, after U.S. President Donald Trump announced he was invoking the Defense Production Act to get the company to manufacture more face masks.
American Airlines, the largest U.S. airline, confirmed Friday it has applied to the U.S. Treasury for a chunk of the $25 billion payroll assistance grants approved by Congress last week.
"I don't think we're forming a bottom yet. I think we're going down at a slower rate," Allianz's Mohamed El-Erian said Friday.
The U.S. has asked banks to help it dole out at least $350 billion in loans to small businesses, part of the $2 trillion coronavirus stimulus law.
Sweden's H&M , the world's second-biggest clothing retailer, said on Friday it expected a loss in the second quarter after reporting a 46% plunge in March sales as the coronavirus pandemic took a toll on the retail sector.
Global currency fund managers racked up gains in the first quarter as they benefited from the extreme volatility that the coronavirus pandemic has stoked across financial markets.
Who's watching over the U.S. government's largest bailout in history - the $2.3 trillion in fiscal stimulus to fight the economic impact of the coronavirus?