U.S. markets should stay open despite intense volatility, the head of the U.S. securities regulator said on Monday, quashing industry speculation that the government might shut down the country's exchanges to stop a plunge in stock prices.
S&P 500 companies lost more than $2 trillion in value in the first few minutes of trading on Monday as investors panicked about the mounting damage from the coronavirus pandemic on the global economy.
Airlines made unprecedented cuts to flights, costs and staffing on Monday, stepping up calls for emergency aid as coronavirus lockdowns and new travel restrictions hit more major routes.
Brazil's government will likely announce a package of measures to prop up the civil aviation sector later on Monday, as business evaporates and flights are canceled due to the coronavirus outbreak, the Infrastructure Ministry said.
Retailers have been closing stores around the globe to reduce the risk of transmission of the coronavirus, which has killed over 6,500 and infected more than 174,000 while disrupting supply and production chains.
The United States could begin purchasing U.S. produced crude oil for the Strategic Petroleum Reserve as soon as two weeks from now, and fill it in several months, an Energy Department source said on Monday.
Brent and U.S. crude fell below $30 on Monday as emergency rate cuts by the U.S. Federal Reserve and its global counterparts failed to tame markets and China's factory output plunged at the sharpest pace in 30 years amid the spread of coronavirus.
The oil products markets globally are caught between a rock and a hard place as the impact of ultra cheap oil, which should be a boon for refiners, is mitigated by record low prices for gasoline and jet fuel.
Brazilian airline Azul said on Monday that it will cut all of its international flights out of its main hub in Sao Paulo state later on Monday because of the coronavirus outbreak, significantly increasing its cancellations.
Norwegian Air will cancel 85% of its flights and temporarily lay off 7,300 employees as a result of the growing coronavirus crisis that has strangled demand for air travel, the carrier said on Monday.
Britain's big airlines said on Monday they would have to ground most of their fleets to survive the coronavirus crisis, with easyJet and Virgin - though not British Airways - appealing for government bailouts to save the industry from collapse.
Airlines across the globe are feeling the pain as travel demand withers because of the coronavirus outbreak. Several have scrapped flights and ditched financial forecasts.
Starbucks Corp has closed its dine-in areas and switched to a "to go" format for at least two weeks to help control the rapid spread of the coronavirus outbreak in the United States and Canada.
Chinese airlines including Air China, China Southern Airlines and China Eastern Airlines are planning to reduce international flights in response to the coronavirus pandemic, the Global Times reported on Monday, citing unidentified sources.
Britain's major supermarkets are working on plans to streamline their operations by cutting cafes, counters and other services to enable a depleted workforce to maintain basic provisions during the coronavirus outbreak, industry sources told Reuters.