Oil prices rose on Tuesday but remained below session highs reached after the U.S. Federal Reserve cut interest rates in an emergency move designed to shield the world's largest economy from the impact of the coronavirus.
The main U.S. stock market indexes inched lower in volatile trading on Tuesday, as investors worried even a shock emergency half-point cut in interest rates might not be enough to shield the world's largest economy from the impact of the coronavirus epidemic.
U.S. President Donald Trump called for further cut rates after the Federal Reserve earlier on Tuesday slashed rates by half percentage point in an emergency move designed to insulate the nation's economy from the impact of the coronavirus.
U.S. Treasury Secretary Steven Mnuchin on Tuesday said he supports the Federal Reserve's decision to cut interest rates in response to the fast-spreading coronavirus, its first emergency rate cut since 2008 at the height of the financial crisis.
Thermo Fisher Scientific Inc has agreed to buy German genetic testing company Qiagen in a $11.5 billion deal as the U.S.-based group looks to bolster its health diagnostic business.
European Central Bank policymaker Robert Holzmann said he would not support an interest rate cut to insulate the euro zone from the effects of the coronavirus epidemic but he could consider giving firms ultra cheap loans.
The World Bank said it would announce a package of financial and technical support later on Tuesday to assist with the health and economic impacts of the global coronavirus outbreak.
Federal Reserve Chair Jerome Powell on Tuesday said the coronavirus poses a material risk to the economic outlook, and that change to the balance of risks drove the U.S. central bank to deliver its first emergency interest rate cut since the financial crisis.
The U.S. Federal Reserve cut interest rates on Tuesday in an emergency move designed to shield the world's largest economy from the impact of the coronavirus.
Hudson's Bay Co Chairman Richard Baker will take over as chief executive officer, a source familiar with the matter told Reuters on Tuesday, after his bid to take the owner of Saks Fifth Avenue private was approved by shareholders.
The U.S. Federal Reserve cut interest rates on Tuesday in an emergency move designed to shield the world's largest economy from the impact of the coronavirus.
Mercedes-Benz is embarking on a sweeping cost cutting plan to free up cash to build electric and self-driving cars, a step which could see entire engine families and platforms eliminated, Daimler board member Markus Schaefer said on Tuesday.
In a rare move, the Fed slashed rates by half a percentage point. That will have far-reaching consequences for everyday Americans.
Exxon Mobil on Tuesday called for tighter regulation of the greenhouse gas methane and offered up its own in-house rules as a model for companies and lawmakers worldwide.
A sharp rebound in world stock markets lost only a little steam on Tuesday despite a lack of any immediately gratifying measures after global policymakers pledged to address the economic fallout from the coronavirus outbreak.