Oil rose more than $1 on Tuesday as bargain hunters emerged after recent sharp falls due to the coronavirus pandemic and the price war between Saudi Arabia and Russia, but fears of a recession still dragged on the market.
The coronavirus shockwaves rippling through U.S. stocks are forcing investors to contemplate outcomes more dire than a recession, including several quarters of declining economic activity, a credit crisis or even a depression.
U.S. electric vehicle maker Tesla Inc plans to operate its Fremont factory on Tuesday, when San Francisco's Bay Area begins a three-week lockdown to rein in the spread of a coronavirus, the Electrek online media said.
Asian shares held their ground on Tuesday in a volatile session following one of Wall Street's biggest one-day routs in history as headlines about the coronavirus outbreak and its global economic impact whiplashed investor sentiment.
Tesla Inc Chief Executive Officer Elon Musk sent employees an email on Monday telling them to stay at home if they felt ill or uncomfortable, two people who saw the memo told Reuters.
Oil and gas companies around the world are planning to slash spending in the face of a plunge in oil prices caused by the spread of the coronavirus and a push by Saudi Arabia and Russia to flood the market with supply.
Airbus announced it would stop production and assembly activities at its plants in France and Spain for the next four days, as governments there implement new measures to restrict movements and fight the coronavirus outbreak.
Oil rose more than $1 on Tuesday as bargain hunters emerged after recent sharp falls due to the coronavirus pandemic and the price war between Saudi Arabia and Russia, but fears of a recession still dragged on the market.
French carmaker Renault said on Tuesday that it was halting operations in Spain following the declaration of a state of emergency there in light of the coronavirus crisis.
Airbus is stopping production and assembly activities at its plants in France and Spain for the next four days as governments there implement new measures to restrict movements and fight the coronavirus outbreak, the planemaker said on Tuesday.
Abu Dhabi's Etihad Airways said on Tuesday it was expanding its cargo network to markets where passenger operations have decreased due to the coronavirus epidemic.
Boeing and other U.S. aviation companies are seeking billions of dollars in aid as they battle to survive a plunge in demand caused by the coronavirus pandemic, while Airbus is pausing production at two sites to bolster health and safety measures.
Russia's airlines could lose 100 billion roubles ($1.4 billion) due to the coronavirus outbreak and risk going bankrupt, the head of Russia's Federal Air Transport Agency, also known as Rosaviatsiya, told the Interfax news agency.
U.S. stock index futures turned higher in volatile trading on Tuesday, following Wall Street's steepest fall since 1987 in the previous session, as drastic efforts to contain the coronavirus pandemic paralyzed supply chains and crushed business sentiment.
Airbus announced plans to halt operations at its plants in France and Spain for four days as the coronavirus crisis spread from battered airlines to the manufacturing sector.