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OPEC ministers were starting to arrive in Vienna on Tuesday where they will debate whether to cut oil production further as the spread of the coronavirus hits demand for crude worldwide.

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.

Oil prices extended gains on Tuesday on expectations that central banks will provide financial stimulus to offset the impact of the coronavirus outbreak and on growing optimism that OPEC will order deeper output cuts this week.

Chevron Corp said on Tuesday it planned to return $80 billion to shareholders over five years.

Peugeot maker PSA does not expect to make a call before the end of 2020 on whether to keep its British factory at Ellesmere Port running, depending on how Brexit talks evolve, Chief Executive Carlos Tavares said on Tuesday.

Bank of England Governor Mark Carney said policymakers around the world are working on a "powerful and timely" response to the economic hit from coronavirus which has raised fears of a new global recession.

Impossible Foods on Tuesday announced an average of 15% cut in vegan product prices to distributors in the United States and asked them to pass it on to restaurants as the plant-based meat maker competes against beef products.

The worst is still to come for the airline industry in terms of economic damage from the coronavirus outbreak, European carrier bosses warned on Tuesday, but they predicted that travel demand could stabilise in the coming weeks.

The Kremlin told reporters on Tuesday it would not say whether Moscow was ready to make additional oil output cuts as part of the cooperation between OPEC and non-OPEC countries and said it was necessary to wait for their meeting later this week.

Bank of England Governor Mark Carney said policymakers around the world were working on a "powerful and timely" response to the economic hit from coronavirus which has raised fears of a new global recession.

As news broke of more cases of coronavirus spreading across the United States, T-Mobile had a novel response to the threat: fewer hugs, kisses or high-fives.

A recovery in world stock markets and oil prices picked up pace on Tuesday, as global policymakers signalled a united front to address the economic fallout from the spreading coronavirus.

Kuwait's oil minister said on Tuesday he is optimistic about the outcome of OPEC meetings this week and continued cooperation among OPEC+ countries, Kuwait state news agency KUNA reported.

OPEC ministers are beginning to arrive to Vienna on Tuesday as the group debates whether to further reduce oil production to tackle deteriorating demand from the global spread of the new coronavirus.

Daimler's car production in China is stable and the supply chains are secure but it is too early to forecast the impact of the coronavirus outbreak on the German carmaker's sales, Mercedes-Benz's sales chief said on Monday.