Reuters

World stocks jetted to their highest in almost six weeks on Tuesday as plans to ease coronavirus lockdowns in a number of major economies helped offset more chaos in oil markets and warning of mounting bad credit at HSBC and Santander.

The U.S. Treasury Department will audit every loan for more than $2 million given under the Paycheck Protection Program for businesses hurt by the coronavirus fallout, Treasury Secretary Steven Mnuchin said on Tuesday.

Wall Street was set to open higher on Tuesday after a round of quarterly earnings reports brought upbeat signs from Pfizer and respiratory mask-maker 3M for investors increasingly hopeful of a relaunch of business across the economy.

Harley-Davidson Inc cut its quarterly dividend to just 2 cents and suspended share buybacks on Tuesday to boost its cash reserves as global lockdowns due to the coronavirus pandemic hit motorcycles sales in the first quarter.

Merck & Co Inc warned of a $2.1 billion hit to its 2020 revenue on Tuesday as social distancing due to the COVID-19 pandemic is expected to hammer sales of medically administered drugs including its blockbuster Keytruda treatment.

PepsiCo Inc warned on Tuesday organic revenue and operating profits would suffer in the second quarter as major buyers of its sodas, such as restaurants, theaters and stadiums, were forced to shut down to help control the spread of the coronavirus.

The idea of German flagship carrier Lufthansa using a type of protection from creditors is not yet off the table, a source at the airline said on Tuesday.

The premier of the German state of Bavaria on Tuesday said a warning issued by Lufthansa's CEO - that governments should not have too much influence on the airline - should be taken seriously.

U.S. stock index futures rose on Tuesday after a round of quarterly earnings reports brought upbeat signs from Pfizer and respiratory mask-maker 3M for investors increasingly hopeful of a relaunch of business across the economy.

Southwest Airlines Co on Tuesday posted a $94 million quarterly net loss, its first in nine years, and warned of drastic revenue drops ahead as it sought to raise another $2.6 billion to help weather the coronavirus pandemic.

Europe's biggest copper smelter Aurubis is set to win EU antitrust approval for its planned 380 million euro ($412 million) acquisition of Belgian-Spanish metal recycling group Metallo, people familiar with the matter said on Tuesday.

Harley-Davidson Inc cut its quarterly dividend to just 2 cents and suspended share buybacks on Tuesday to boost its cash reserves even as it reported a smaller-than-expected decline in quarterly profit.

Merck & Co Inc beat analysts' estimates for quarterly profit on Tuesday on strong demand for its blockbuster cancer drug, Keytruda, but expects coronavirus-led lockdowns to weigh on the treatment's sales in the next few quarters.

Nissan Motor Co on Tuesday said it expected to post its first annual operating loss in 11 years as the Japanese automaker struggles to recover from plunging vehicle sales as the coronavirus pandemic has sapped demand for cars.

Lufthansa would be hard to steer if governments had too much influence on the company, its CEO was quoted as saying by German weekly Die Zeit on Tuesday, as the airline is struggling with the impact of the coronavirus pandemic.

When Microsoft Corp reports earnings on Wednesday, analysts expect some areas of its business to take a hit from the novel coronavirus pandemic, with lower-than-expected sales in areas like advertising on its LinkedIn social network.

Merck & Co Inc on Tuesday posted a 10.4% rise in first-quarter profit, helped by strong sales of cancer therapy Keytruda, but the drugmaker lowered its 2020 profit forecast due to uncertainty from the COVID-19 pandemic.

Apple Inc's discounts on the iPhone 11 in China and the release of a new low-price SE model have put the company in a better position than rivals to weather a coronavirus-related plunge in global smartphone demand.

Harley-Davidson Inc reported a drop of about 45% in quarterly profit on Tuesday as motorcycle sales took a hit from global lockdowns due to the coronavirus pandemic.

U.S. stock index futures climbed higher on Tuesday ahead of the next round of quarterly earnings reports, with investors also keenly looking at the safety of reopening economies hit hard by the coronavirus-induced shutdowns.