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Federal Reserve Chair Jerome Powell, in a sober review of where the U.S. economy stands on the cusp of its reopening, said on Wednesday the country could face an "extended period" of weak growth and stagnant incomes, pledged to use more Fed power as needed, and issued a call for more fiscal spending.

U.S. producer prices fell by the most since 2009 in April, leading to the largest annual decline in nearly 4-1/2 years, which could bolster some economists' predictions for a brief period of deflation as the novel coronavirus depresses demand.

French luxury house Chanel said on Wednesday it was increasing prices on its handbags and some small leather goods worldwide to take into account a rise in the cost of raw materials amid the coronavirus pandemic.

The S&P 500 and Dow Jones fell shortly after the open on Wednesday as Federal Reserve Chairman Jerome Powell warned of a prolonged recession due to the coronavirus and dispelled speculation over negative interest rates.

Federal Reserve Chair Jerome Powell, in a sober review of where the U.S. economy stands on the cusp of its reopening, said on Wednesday the country could face an "extended period" of weak growth and stagnant incomes, pledged to use more Fed power as needed, and issued a call for more fiscal spending.

Dow and S&P futures turned negative on Wednesday as Federal Reserve Chairman Jerome Powell warned of a prolonged U.S. recession due to the coronavirus outbreak in his prepared remark before the address.

Tesla Inc can take additional steps ahead of a potential reopening of its California assembly plant as soon as Monday after Chief Executive Elon Musk had vowed to defy authorities and won the backing of President Donald Trump, officials said.

U.S. stock index futures rose on Wednesday, after Wall Street's main indexes fell sharply in the previous session, with markets also awaiting comments from Federal Reserve Chairman Jerome Powell amid recent speculation over negative interest rates.

Sony Corp expects operating profit to drop at least 30% this financial year to its lowest in four years as the company anticipates a hit to demand for its TVs, cameras and smartphone image sensors from the coronavirus outbreak.

Swedish-Danish airline SAS said on Wednesday wearing a face mask would be compulsory on all its flights through to the end of August to reduce the risk of coronavirus contagion.

Global stocks fell on Wednesday as fears about a second wave of coronavirus infections gripped financial markets.

Qatar Airways, one of the Middle East's biggest airlines, is in talks with Airbus and Boeing to defer aircraft orders for several years, its chief executive was quoted as saying on Wednesday.

Mitsubishi Heavy Industries (MHI) said it was more than halving the annual development budget for its SpaceJet regional jet as the coronavirus pandemic squeezes profit, and will suspend plans for a possible variant seen as key to winning future orders, particularly from U.S. airlines.

Shipping group CMA CGM has obtained a 1.05 billion euro ($1.1 billion) loan to be 70% guaranteed by the French government as it seeks to bolster its cash position during the coronavirus pandemic, which has hammered international trade.

Easyjet and Lufthansa's Germanwings on Wednesday lost their challenge against an EU ruling ordering Italy to recover illegal state aid granted to airlines serving Sardinia.

Shipping group A.P. Moller-Maersk warned of a sharp drop in global container volumes due to the coronavirus pandemic, with weaker retail sales and depressed car production dampening demand.

Travel group TUI will cut 8,000 jobs and look to shed 30% of its costs as it gears up for a July restart to European tourism, the German company said on Wednesday.

U.S. stock index futures edged higher on Wednesday, a day after Wall Street's main indexes fell, as investors kept an eye out for Federal Reserve Chairman Jerome Powell's address.

Tourism will recover to its pre-coronavirus levels by 2022 at the latest and European holidays will restart in July said Fritz Joussen, the chief executive of travel group TUI .

Tesla Inc Chief Executive Elon Musk's fight with local authorities over the reopening of its California plant has gotten the attention of those who scout sites for new factories and corporate offices, as well as economic development officials hungry for more jobs.