Reuters

Asian shares and Wall Street futures fell on Wednesday as growing scepticism about Washington's stimulus package to fight the coronavirus outbreak knocked the steam out of an earlier rally.

Mexico and other nations are seeking to mediate between Russia and Saudi Arabia to end a price war that has battered world markets, Mexico's finance minister said on Tuesday, citing his country's prior experience in calming a crude producer feud.

Saudi Arabia said on Tuesday it would boost its oil supplies to a record high in April, raising the stakes in a standoff with Russia and effectively rebuffing Moscow's suggestion for new talks.

Wall Street roared back to life on Tuesday, rebounding from the brink of bear market confirmation as bargain-hunting and hopes of government stimulus calmed investors' fears surrounding the coronavirus and growing signs of imminent recession.

Margaret Bordelon can still feel the hands of the drunk man who tried to pull her in for a kiss at the end of his Uber ride last September in Lafayette, Louisiana.

Corporate America is gearing up for leaner times.

Leading U.S. airlines on Tuesday ditched 2020 forecasts and unveiled more sweeping capacity cuts and cost-saving measures in response to the spreading coronavirus, while United Airlines warned of a deep hit to the sector.

Banks and other large financial companies in major cities across the world ramped up their emergency measures to combat the spread of the coronavirus on Tuesday, with Barclays Plc and BlackRock Inc confirming one case in their New York offices.

Bank of America Corp's chief technology officer, Howard Boville, has left the company, according to a source familiar with the matter.

Hourly wage workers at McDonald's Corp on Tuesday sought paid sick leave for those working at its U.S. restaurants and an update to the safety protocols as coronavirus cases in the United States rise.

A day after Wall Street suffered its worst one-day drop since the financial crisis, investors are faced with an unfamiliar dilemma: bet that stocks will bounce back from the cusp of a bear market, or avoid scooping them up for now over fears they are far from a bottom.

Oil prices jumped over 8% on Tuesday, bouncing from the biggest rout in nearly 30 years a day earlier, as the possibility of economic stimulus encouraged buying and U.S. producers slashed spending in a move that could cut output.

Short interest on the New York Stock Exchange rose 2.74% in late February, the exchange said on Tuesday, suggesting an increase in bearish sentiment in the stock market.

Short interest on the Nasdaq rose 0.3% in late February, the exchange said on Tuesday.

Oil and global equity markets charged back on Tuesday after the prior day's steep losses as the world's biggest economies moved to cushion the impact of the coronavirus, but stock gains in Europe failed to hold as investors remained skittish.

Mexico is seeking to mediate the oil dispute between Russia and Saudi Arabia, its finance minister said on Tuesday, saying the conflict that has battered global oil prices has affected Latin America's second-largest economy.

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Goldman Sachs Group Inc Chief Financial Officer Stephen Scherr said on Tuesday the bank is "very open" to acquisitions, especially those that would speed the growth of its existing businesses.

A highly anticipated trial pitting New York state against McKesson Corp , Johnson & Johnson , CVS Health Corp and others for allegedly fueling the opioid epidemic has been postponed due to the coronavirus outbreak, according to the court.

Fidelity Investments named company veteran Maggie Serravalli as chief financial officer, replacing Gerard McGraw, according to a note viewed by Reuters.