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.
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.
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 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.
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.
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.
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.
Japan's Fast Retailing said only 30 of its 750 Uniqlo stores in China were still closed, meaning most of its shops outside Hubei province, the epicenter of the coronavirus outbreak, had reopened.
The three major airline alliances — Star, SkyTeam and oneworld — on Monday jointly called on governments and stakeholders to extend extraordinary support to airlines to alleviate pressure caused by the coronavirus outbreak.
Wall Street looked set to crater on Monday as fears of a coronavirus-driven recession intensified following a second emergency interest rate cut in a fortnight by the Federal Reserve.
Argentina's ambitious target to strike a deal with bondholders to revamp almost $70 billion in debts by the end of March was never going to be easy. Now a coronavirus outbreak and crashing bond markets threaten to complicate things further.
The U.S. Federal Reserve and its global counterparts moved aggressively with sweeping emergency rate cuts and offers of cheap dollars to help combat the coronavirus pandemic that has jolted markets and paralyzed large parts of the world economy.
The owner of British Airways said it would cut its flying capacity by at least 75% in April and May and its outgoing boss Willie Walsh would defer his retirement in its fight to survive the coronavirus outbreak.
The owner of British Airways and easyJet, Europe's no.3 and no.4 airlines, said they would cut capacity drastically to try to survive the coronavirus outbreak which has stopped people traveling around the world.
Oil fell on Monday as an emergency rate cut by the U.S. Federal Reserve failed to soothe global financial markets panicked by the rapid spread of the coronavirus, while a price war between top producers added to a growing supply glut.