Oil rose over 3% on Tuesday after the U.S. Federal Reserve said it would take steps to bolster the economy and on growing hopes the United States will soon reach a deal on a $2 trillion coronavirus economic package.
Oilfield services firm Halliburton is accelerating its cost-cutting and will significantly reduce spending this year below its original $1.2 billion budget, its finance chief said on Tuesday.
The healthcare unit of French industrial gases company Air Liquide said on Tuesday it was ramping up production of ventilators needed by hospitals to deal with the coronavirus outbreak.
The dollar slipped for a second consecutive day on Tuesday after the U.S. Federal Reserve unveiled fresh measures to supply precious liquidity into funding markets, sending risky currencies such as the Australian dollar soaring.
Sales of new U.S. single-family homes fell in February after surging in the prior month, and could decline further because of the coronavirus pandemic which is boosting unemployment and severely disrupting economic activity.
Asian equities markets rallied on Tuesday as investors bet the U.S Federal Reserve's promise of unlimited dollar funding would ease painful strains in financial markets even if it could not stop the economic hit of the coronavirus epidemic.
Chevron Corp cut its capital spending budget by $4 billion on Tuesday, leading a wave of cost-cutting announcements across the reeling oil-and-gas industry as the coronavirus pandemic has slashed demand and triggered a dramatic slide in oil prices.
The U.S. Federal Reserve's efforts to shield the economy from the effects of the coronavirus have -- for now - slowed a scramble for dollars that threatened to clog funding markets.
The coronavirus pandemic is straining the U.S. economy. Here's where Americans can look for fast cash in an emergency.
Boeing Co Chief Executive Dave Calhoun said on Tuesday he does not want the U.S. Treasury to take an equity stake in the planemaker as a condition of government loans as credit markets freeze amid the coronavirus pandemic.
British finance minister Rishi Sunak said he expects to make an announcement soon on discussions over a support package for the airlines industry, which has been devastated by travel restrictions, to limit the spread of coronavirus.
Disease outbreaks have led to longer market declines and rebounds that are less sharp as compared with crises that are brought on by natural disasters, according to Credit Suisse.
Boeing Chief Executive Dave Calhoun said Tuesday the company still expects a "mid-year" return to service for the grounded 737 MAX and said the company needs to know credit markets remain open to the aerospace manufacturing sector.
Consumer goods giant Unilever Plc said on Tuesday it would protect its workforce from the financial impact of the coronavirus by continuing to pay contractors and other part time staff for up to three months.
Global airlines are in an emergency situation and government rescue packages are needed as quickly as possible to avoid multiple airline collapses, the head of the International Air Transport Association warned on Tuesday.