Reuters

Wall Street surged on Monday as investors hunted for bargains following reassurances by central banks that they stood ready to counter the economic impact from the coronavirus following last week's steep sell-off.

G7 finance ministers and central bank governors will hold a conference call on Tuesday to discuss measures to deal with the widening coronavirus outbreak and its economic impact, a U.S. Treasury spokeswoman said on Monday.

The coronavirus outbreak is plunging the world economy into its worst downturn since the global financial crisis, the Organisation for Economic Cooperation and Development warned on Monday, urging governments and central banks to fight back to avoid an even steeper slump.

Amtrak said Monday it had tapped Atlas Air's chief executive to run the money-losing U.S. passenger railroad that has seen record traffic.

Amazon will on Thursday seek to overturn an EU order to repay about 250 million euros ($277 million) in back taxes to Luxembourg at Europe's second-highest court, one of a series of high-profile cases marking the bloc's crackdown on unfair tax deals.

Oil prices rose over 4% on Monday, reversing an early fall to multi-year lows as hopes of a deeper cut in output by OPEC and stimulus from central banks countered worries about damage to demand from the coronavirus outbreak.

Wall Street surged on Monday as investors hunted for bargains following reassurances by central banks that they stood ready to counter the economic impact from the coronavirus following last week's steep sell-off.

U.S. factory manufacturing activity slowed in February as new orders contracted, reflecting worries about supply chain disruptions related to the fast-spreading coronavirus outbreak, which has revived financial market fears of a recession.

The International Monetary Fund and the World Bank on Monday said they stood ready to help member countries address the human and economic challenges of the fast-spreading coronavirus outbreak, including through emergency funding.

Honda Motor Co Ltd will temporarily cut back production in Japan due to difficulty in sourcing parts from China amid the coronavirus outbreak, Nikkei Asian Review reported on Monday citing sources at auto parts suppliers and dealers.

Italy's Banco BPM is rushing to set up new "disaster recovery rooms" after an area close to one of its existing crisis facilities emerged as the epicenter of the coronavirus outbreak, three sources familiar with the matter said.

U.S. stock indexes rose sharply on Monday, prompted by bargain hunting and on reassurances by central banks that they stood ready to counter any economic impact from the coronavirus.

UBS Group Chief Executive Sergio Ermotti is poised to become chairman of Swiss Re next year after leaving the helm of Switzerland's biggest bank, three people familiar with the matter told Reuters.

Oil prices rose over 5% on Monday, reversing an early fall to multi-year lows as hopes of a deeper cut in output by OPEC and stimulus from central banks countered worries about damage to demand from the coronavirus outbreak.

Britain on Monday unveiled its mandate for trade talks with the United States, with Prime Minister Boris Johnson vowing to drive a hard bargain in negotiations that are set to test the two allies' "special relationship".

British trade minister Liz Truss said she wanted with the United States to agree to the removal of retaliatory tariffs on some British and U.S. products over EU subsidies on large aircraft early in trade negotiations to show goodwill.

Shares in Apple surged 6.9% on Monday, helped by a broad Wall Street rebound and an upgraded rating from an analyst who said the iPhone maker's stock had become oversold following last week's rout related to fears about the new coronavirus.

G7 finance ministers are expected to hold a conference call on Tuesday to discuss measures to deal with the economic impact of the coronavirus outbreak, people familiar with the arrangements told Reuters.

Jack Welch, one of the most influential business leaders and former chief executive officer of General Electric Co , has died at the age of 84.

The U.S. central bank will deliver a big dose of stimulus starting this month in a bid to protect the world's biggest economy from the impact of the coronavirus, traders of futures contracts tied to Federal Reserve policy are betting.