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The S&P 500 and the Dow Jones Industrials hit record highs minutes after the open on Wednesday on signs that the coronavirus outbreak is slowing in China.

Nissan Motor Co could be heading for its first quarterly loss in more than a decade, three company sources said on Wednesday, as news emerged the Japanese carmaker is seeking $91 million in damages from ousted former boss Carlos Ghosn.

Shares of Bed Bath & Beyond Inc were on pace for their worst day ever on Wednesday, as disappointing sales numbers raised concerns on Wall Street that the retailer's turnaround would take longer and be much tougher than anticipated.

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Organisers of the Mobile World Congress (MWC) will decide on Wednesday whether to cancel the event, two sources said, after several major European telecom companies pulled out due to the coronavirus outbreak.

Oil prices rose 3% on Wednesday as China reported its lowest daily number of new coronavirus cases since late January, stoking investor hopes that fuel demand in the world's second-largest oil consumer may begin to recover.

French train maker Alstom's board will meet on Wednesday evening to decide on a possible offer for the rail business of Canada's Bombardier , a source familiar with the situation told Reuters.

Vodafone , the world's second largest mobile operator, said it was pulling out of Barcelona's Mobile World Congress because of the coronavirus outbreak, joining an exodus of major European players on Wednesday.

Telecoms industry lobby GSMA will hold a virtual board meeting on Wednesday to discuss a major conference later this month which is looking increasingly threatened by fears of coronavirus, a person with knowledge of the matter said.

The organizers of the Mobile World Congress (MWC) said on Wednesday they were monitoring "the fast-changing" development of the coronavirus, in a statement issued after sources said the event in Barcelona was likely to be called off.

Britain's biggest telecoms group BT said on Wednesday it was pulling out of the Mobile World Congress in Barcelona because of the coronavirus outbreak.

French telecoms group Orange has also decided to pull out of the Mobile World Congress telecoms event in Barcelona due to concerns over the coronavirus, said a source close to the matter on Wednesday.

PVH Corp said on Wednesday it had temporarily closed majority of its Calvin Klein and Tommy Hilfiger stores in China due to the coronavirus outbreak.

BP plans deep cuts to its carbon emissions by 2050, setting one of the oil sector's most ambitious targets, as part of the biggest overhaul in the company's 111-year history by new chief executive Bernard Looney.

Spanish health officials said on Wednesday there was no reason to cancel the Mobile World Congress in Barcelona over coronavirus fears, despite major companies pulling out of the event.