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Wall Street's main indexes surged and the Nasdaq hit a three-month high on Wednesday, as investors clung to hopes of a recovery from a coronavirus-fueled slump amid signs of more stimulus for ailing sectors.

OPEC is encouraged by a rally in oil prices and strong adherence to its latest output cut, its secretary general said, although sources say the group has not ruled out further steps to support the market.

The French government will insist on preserving Renault production plants in France and wants it to remain the group's global centre for engineering, research, innovation and development, Prime Minister Edouard Philippe said on Wednesday.

Johnson & Johnson will stop selling its talc Baby Powder in the United States and Canada, it announced on Tuesday, saying demand had fallen in the wake of what it called "misinformation" about the product's safety amid a barrage of legal challenges.

Global stocks rose to a 10-week high on Wednesday as investors regained hopes of recovery from a coronavirus-fuelled recession, while oil prices also strengthened.

Oil prices firmed on Wednesday on signs of improving demand and a drawdown in U.S. crude inventories, but worries over the economic fallout from the coronavirus pandemic and weak refining margins capped gains.

Rolls-Royce plans to cut at least 9,000 jobs, or more than a sixth of its workforce, in the latest blows to the UK economy and aviation industry dealt by the coronavirus pandemic.

Britain's government stands ready to help those affected by a plan at engine maker Rolls-Royce to cut at least 9,000 jobs, a spokesman for Prime Minister Boris Johnson said on Wednesday.

U.S. stocks jumped more than 1% at the open on Wednesday on upbeat quarterly earnings reports from retailers and hopes of a recovery from a coronavirus-fueled slump amid signs of more stimulus for ailing sectors.

JPMorgan Chase & Co shareholders voted to reelect all of the bank's board members on Tuesday, including a former Exxon Mobil Corp CEO who drew criticism from environmental groups and New York City's comptroller and pension system leader.

There appears to be agreement in Washington to give companies more time to utilize their coronavirus aid under the Paycheck Protection Program, the head of the U.S. Senate's small business committee said on Wednesday.

Several Ryanair trade unions say they will resist an attempt to cut pay and conditions for a five-year period, citing management promises of a swift recovery from the coronavirus crisis and the fact its CEO has committed to a pay cut for just one year.

Food giant Nestle said on Wednesday it would spend 100 million swiss francs ($103.58 million) on expanding its manufacturing footprint in China to include a new plant-based food facility and widen its production lines.

Shares in Luckin Coffee Inc slumped almost 40% to a record low in premarket trade on Wednesday, as they resumed trading after more than a month's halt and a day after the Chinese coffee chain said it received a delisting notice from Nasdaq .

Harley-Davidson Inc is reopening its factories this week at lower production rates and sending dealers a narrower range of motorcycles, the Wall Street Journal reported on Wednesday.

JetBlue Airways Corp and United Airlines Holdings Inc announced fresh safety measures on Wednesday aimed at restoring confidence in travel that has been crushed by the coronavirus pandemic.

A German court said on Wednesday it was ending proceedings against the chairman and chief executive of Volkswagen AG after the carmaker agreed to pay a fine of 9 million euros ($9.9 million) over the diesel emissions scandal.

The reasons for Fiat Chrysler and Peugeot-owner PSA's merger are "stronger than ever," the FCA chairman said on Wednesday, as the COVID-19 pandemic adds to the car industry's existing challenges.

Wall Street was set to open sharply higher on Wednesday as investors clung to hopes of a recovery from a coronavirus-fuelled slump amid signs of more stimulus for ailing sectors, while retailer Lowe's jumped on upbeat quarterly results.

There appears to be agreement in Washington to give companies more time to utilize their coronavirus aid under the Paycheck Protection Program, the head of the U.S. Senate's small business committee said on Wednesday.