Reuters

Delta Air Lines Inc said on Wednesday it does not expect air travel to recover for two or three years and is working to halve its cash burn after posting its first quarterly loss in eight years due to the coronavirus pandemic."We should be prepared for a choppy, sluggish recovery even after the virus is contained," Chief Executive Ed Bastian said.

Shares of Expedia Group Inc rose 9% on Wednesday after a report that the online travel services company was in advanced talks to sell a stake to private-equity firms Silver Lake Partners and Apollo Global Management Inc for about $1 billion.

Investment firm Sycamore Partners is seeking to end its deal to buy a stake in L Brands Inc's lingerie brand Victoria's Secret, citing business decisions the retailer took during the coronavirus pandemic, a court filing on Wednesday showed, sending the company's shares down over 20%.

Brent crude oil rose 8.4% on Wednesday, as prospects for extra pledges from major producers to cut output prompted a sharp turn up off a session low that took the global benchmark below $16 a barrel to its lowest since 1999.

It may take European Union countries until the summer or even longer to agree on how exactly to finance aid to help economies recover from the coronavirus pandemic as major disagreements persist, a bloc official said on Wednesday.

The U.S. housing regulator on Wednesday announced its second step in as many days to help ease the liquidity strain in the mortgage market.

Mercedes-Benz is ramping up engine production at its plant in Bad Cannstatt, Stuttgart, this week after Germany eased lockdown measures in a sign Europe's largest economy is getting back to work after the coronavirus brought the country to a standstill.

Shares of American Eagle Outfitters Inc dropped 14% on Wednesday after the apparel retailer withdrew its full-year forecast and said current-quarter results would be significantly hit by coronavirus-related store closures.

Delta Air Lines Inc has taken steps to halve its cash burn to $50 million per day through June after posting its first quarterly loss in eight years, and is bracing for a two to three year recovery from the coronavirus pandemic."We should be prepared for a choppy, sluggish recovery even after the virus is contained," Chief Executive Ed Bastian said in an employee memo on Wednesday.

IKEA, the world’s biggest furniture brand, opened three of its six stores in Israel on Wednesday after the government started to gradually ease its coronavirus lockdown.

U.S. Treasury Secretary Steven Mnuchin warned on Wednesday that larger companies could face investigation if they apply for small business coronavirus rescue money without carefully reviewing whether they qualify for it.

Oklahoma's energy regulator on Wednesday ruled in favor of an oil company's application effectively bars property owners from cancelling leases where production is halted due to low prices.

Norwegian Air , the budget carrier that changed the way people travel across the Atlantic, is fighting for survival as the coronavirus pandemic deepens the company's financial straits, forcing it to furlough staff and cancel flights.

Wall Street's main indexes rose on Wednesday on signs of more stimulus to aid small businesses ride out the coronavirus-induced economic slump and a recovery in oil prices.

Oilfield firm Baker Hughes Co on Wednesday reported a $10 billion first-quarter loss and revenue fell more than expected as an 80% plunge in oil prices crushed demand for services and equipment.

A handful of mostly southern U.S. states will begin loosening economic restrictions this week in the midst of a still virulent pandemic, providing a live-fire test of whether America's communities can start to reopen without triggering a surge that may force them to close again.

Brent crude oil sank below $16 a barrel to its lowest since 1999 on Wednesday, before recovering slightly on the prospect of extra pledges to cut output in addition to a pact by major producers to limit supplies.

Plummeting electricity demand and falling power prices during the coronavirus outbreak could leave EDF in need of a capital injection by the end of 2020 to avoid a spiralling debt crisis, a source close to the French firm and analysts said.

Netflix Inc said on Wednesday it plans to raise about $1 billion in debt, a day after the streaming pioneer doubled its own projections for new customers as stuck-at-home users binged on original shows.

U.S. stock markets opened higher after a two-day selloff on Wednesday as upbeat quarterly earnings reports lifted sentiment following a record crash in oil prices, although companies warned of more pain in the coming months.