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Global stock markets sank Friday following more signs that the COVID-19 pandemic would take a massive toll on economic growth, while oil prices continued to rally on hopes of a cut to global supply.

Deep oil output cuts by OPEC and other producing nations would not be enough to prevent a huge build in global crude inventories in the second quarter as measures to contain the coronavirus lead to "unprecedented" demand loss, the head of the International Energy Agency, Fatih Birol, said.

Benchmark Brent crude oil futures rose as high as $33.37 a barrel on Friday on rising hopes of a new global deal to cut global crude supply.

OPEC and allies are working on a deal for an unprecedented production cut equivalent to around 10% of global supply, an OPEC source said after U.S. President Donald Trump called on oil nations to stop the oil rout caused by the coronavirus pandemic.

Ford Motor Co said on Friday Chief Executive Officer Jim Hackett's total compensation fell to $17.4 million in 2019 from $17.8 million in 2018.

Wall Street's main indexes opened lower on Friday as the novel coronavirus brought the longest U.S. employment expansion on record to an abrupt end.

Aircraft lessor Avolon on Friday announced the cancellation of an order for 75 Boeing 737 MAX planes that were due to be delivered by 2023, saying it was adjusting its order book to the disruption caused by the coronavirus pandemic.

U.S. Treasury Secretary Steven Mnuchin said on Friday that community banks have processed hundreds of small-business loans aimed at shoring up the economy during the global coronavirus pandemic, and sounded a positive note about a new program that lenders have greeted with skepticism.

The dollar resumed its climb against major currencies on Friday as investors took refuge in safety bids amid worsening economic fallout from the coronavirus pandemic.

The U.S. economy shed 701,000 jobs in March, abruptly ending a historic 113 straight months of employment growth as stringent measures to control the novel coronavirus outbreak shuttered businesses and factories, confirming a recession is underway.

The U.S. economy abruptly ended a historic 113 straight months of employment growth in March, as stringent measures to control the novel coronavirus pandemic shuttered businesses and factories, all but confirming a recession is underway.

3M Co said on Friday it would continue to increase the production of respirators, after U.S. President Donald Trump announced he was invoking the Defense Production Act to get the company to manufacture more face masks.

The U.S. economy shed jobs in March, abruptly ending a historic 113 straight months of employment growth as stringent measures to control the novel coronavirus pandemic shuttered businesses and factories, all but confirming a recession is underway.

Air France-KLM is in talks with banks to receive up to 6 billion euros ($6.5 billion) in loans guaranteed by the French and Dutch governments, as the airline group braces for a sustained coronavirus shutdown, sources told Reuters.

Google on Thursday published reports for 131 countries showing whether visits to shops, parks and workplaces dropped in March, when many governments issued stay-at-home orders to rein in the spread of COVID-19.

Alphabet Inc's Google has published charts showing how the coronavirus has brought hard-hit Italy to a standstill, led to runs on grocery stores around the world and prompted a stark drop in going-out between Mardi Gras and St. Patrick's Day.

With the future of many coronavirus hit firms in their hands, British banks, still scarred by the financial crisis, are worried that they are being asked by a desperate government to make loans that will never be repaid.

Britain's Finance Minister Rishi Sunak on Friday announced updates to a scheme designed to get banks to help businesses hit by the coronavirus.

Inditex has switched its clothes factories in Spain over to making medical supplies and its logistics hub has almost ground to a halt, effectively freezing the nerve centre of its business from which it supplies stores worldwide.

U.S. stock index futures retreated on Friday, with investors awaiting data on business activity and non-farm payrolls to get a clearer picture of the economic hit from the novel coronavirus.