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World share markets and oil prices struggled on Tuesday after coronavirus panic caused Wall Street's worst one-day rout since the Black Monday crash of 1987.

As the coronavirus outbreak and global growth worries cause global stock markets to sink, stock exchanges are tweaking trading rules to protect their markets from intense volatility and speculative trading.

Credit Suisse sharply lowered its forecast for Mexican economic growth this year and now expects a 4.0% contraction, citing "significant downside risks," according to a note sent to the bank's clients on Tuesday.

Wall Street's main indexes looked set for a bounce on Tuesday, a day after their biggest drop since the 1987 crash, as efforts to contain the rapidly-spreading coronavirus upended parts of the economy and dampened business sentiment.

U.S. House Speaker Nancy Pelosi told the CEOs of U.S. airlines on Tuesday that Democrats agree on the need for "big immediate action" to boost the sagging U.S. aviation industry but have not reached agreement on what a bailout would look like.

(This March 16 story corrects spelling error in headline and first paragraph)

Oil prices fell below $30 per barrel on Tuesday, extending losses after shedding a tenth of their value on Monday, as the coronavirus pandemic hit demand while Saudi Arabia raised output to a record as it battles with Russia for market share.

Oil traded near $30 a barrel on Tuesday, close to its lowest since 2016, and analysts said more declines may follow as the coronavirus pandemic hits demand and Saudi Arabia and Russia battle for market share.

U.S. retail sales fell by the most in more than a year in February and the coronavirus outbreak is expected to depress sales in the months ahead, which could strengthen economists' expectations of a consumer-led recession by the second quarter.

The U.S. Federal Reserve moved Tuesday to ensure the flow of credit to U.S. companies, banks and even local governments amid a nationwide scramble for ways to blunt the economic fallout from the coronavirus crisis.

World share markets and oil prices struggled to shake off their coronavirus fears on Tuesday after Wall Street's worst rout since the Black Monday crash of 1987.

Credit Suisse will be giving employees needing to care for children and family members affected by the coronavirus outbreak a month of paid leave through mid-April, its chairman and CEO told staff in a memo late on Monday.

Uber Technologies Inc on Tuesday began suspending shared rides on its ride-hailing platform in the United States and Canada to limit the spread of the coronavirus.

Virgin Australia Holdings Ltd said on Wednesday it would suspend all international flying from March 30 to June 14 and cut its domestic capacity in half because of government travel restrictions and lower demand because of the coronavirus.

China's e-commerce company JD.com Inc said on Tuesday it would buy back up to $2 billion of its shares as the coronavirus outbreak grows bigger.