Reuters

The crisis sparked by the spread of the novel coronavirus is the worst since the Great Depression, IMF Managing Director Kristalina Georgieva said on Monday.

The S&P 500 and the Dow Jones headed lower on Monday following a strong two-week rally as oil prices crashed and investors grew cautious at the start of a week that is likely to bring more dismal quarterly earnings reports and economic data.

The oil market's fears of rapidly filling storage and demand destruction hammered the expiring May U.S. oil futures market, which dropped more than 40% on Monday, opening the widest gap in history between it and the next contract at nearly $12 a barrel.

Britain's biggest listed companies have been urged to hold 'virtual' annual general meetings after two-thirds of the firms to announce meetings so far opted to hold them behind closed doors because of COVID-19.

Virgin Atlantic will only survive the coronavirus outbreak if it gets financial support from the British government, the airline's founder Richard Branson said on Monday.

Investors will be hunting for companies that can rein in costs, preserve cash and avoid amassing big inventories during the coronavirus crisis as Europe Inc. prepares to report the steepest profit fall since the 2008 global financial meltdown.

U.S. Democrats and Republicans feuded on Monday over who was responsible for delay even as they worked on details of a possible $450 billion-plus deal to provide more aid to small businesses and hospitals hurt by the coronavirus pandemic.

British state-backed lender NatWest is pressing ahead with further job cuts, axing more than 30 jobs in its digital ventures arm despite rivals halting redundancies during the coronavirus crisis.

U.S. oilfield services giant Halliburton on Monday reported a $1 billion first-quarter loss on charges and outlined the largest budget cut yet among top energy companies as U.S. crude futures plunged to two-decade lows.

Behind a Saudi-Russian truce to stabilise oil markets with a record output cut, market players are seeing the two production heavyweights still trading blows in the physical market.

(This April 17 story corrects to fix name of company in second paragraph to make it Protective Life Insurance Co instead of Protective Insurance Co.)

A slide in energy stocks weighed on Wall Street on Monday as crude prices crashed at the start of a week packed with quarterly earnings reports and economic data likely to underline the damage from the coronavirus outbreak.

HSBC has reshuffled the leadership of its investment banking division, according to a memo seen by Reuters on Monday, as Chief Executive Noel Quinn presses ahead with changes at the top despite having last month paused a wider job cut programme.

U.S. restaurants are on track to lose $50 billion in April, with losses mounting to an estimated $240 billion by the end of 2020, as the coronvirus crisis ravages the industry, according to a National Restaurant Association survey released on Monday.

The markets are much less confident about Europe and the United States getting back to business ahead of the summer, a Deutsche Bank investor survey showed on Monday, even as some countries begin gradually re-opening their economies.

Oil prices fell on Monday, with a U.S. crude futures contract hitting its lowest level since 1998, as concerns that U.S. crude storage will soon be full and bleak economic data hit sentiment.

Standard Chartered said on Monday it had agreed with Indonesian conglomerate PT Astra International to sell their stake in Indonesia's PT Bank Permata to lender Bangkok Bank PCL at a reduced price.

The Russian energy ministry has told domestic oil producers to reduce oil output by around 20% from their average February levels, two industry sources told Reuters on Monday, which would bring Moscow in line with its commitment under a global deal.

United Airlines said on Monday it expects to report a pretax loss of about $2.1 billion for the first quarter, hurt by a precipitous drop in travel demand from the coronavirus outbreak which has weighed on its investments in Latin America.

Wall Street fell at the open on Monday as energy shares took a hit from a crash in oil prices, with investors bracing for a week packed with earnings reports and economic data that could provide more evidence of the damage wrought by the coronavirus.