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British Airways said on Thursday it has struck a deal with its unions to suspend more than 30,000 cabin crew and ground staff in one of the airline industry's most dramatic moves yet to survive the coronavirus pandemic.

Nivea-maker Beiersdorf on Thursday scrapped its 2020 outlook due to the coronavirus pandemic, and also released preliminary first-quarter sales that showed a 3.6% fall from a year earlier.

Oil prices soared on Thursday after U.S. President Donald Trump said he expects Russia and Saudi Arabia to announce a major oil production cut, and Saudi state media said the kingdom was calling an emergency meeting of oil producers to deal with the market turmoil.

The global oil refining industry is facing a reckoning from falling fuel demand that is the deepest and fastest ever.

Honda Motor Co said Thursday it will extend a shutdown of all U.S. and Canadian auto plant production through April 10 and at its plant in Celaya, central Mexico, until April 13, because of the ongoing coronavirus outbreak.

Bank of America on Thursday cut its 2020 forecast for Brazil's gross domestic product (GDP) to a 3.5% contraction from a 0.5% fall, it said in a report, citing the strong impact on consumption and investment stemming amid the coronavirus pandemic.

World equity markets climbed on Thursday on the back of a surge in risky assets like oil, offsetting concerns over an increasing death toll from the coronavirus pandemic that is expected to push the global economy into a recession.

The Bank of England said on Thursday it will double the size of its corporate bond purchase program to at least 20 billion pounds ($24.7 billion), part of a previously announced stimulus package to help the economy during the coronavirus crisis.

U.S President Donald Trump said on Thursday he had brokered a deal with top oil producers Russia and Saudi Arabia to cut output and arrest an oil price rout amid a global coronavirus pandemic, sending crude prices up by 45%.

Thousands of U.S. banks, including some of the country's largest lenders, have said they may not participate in the federal government's small-business rescue program due to concerns about taking on too much legal and financial risk, five people with direct knowledge of industry discussions told Reuters.

Production at Nissan's British factory, the country's biggest car plant, is suspended throughout April, continuing a shutdown in place since mid-March as the coronavirus outbreak continues across Europe.

The number of Americans filing claims for unemployment benefits shot to a record high of more than 6 million last week as more jurisdictions enforced stay-at-home measures to curb the coronavirus pandemic, which economists say has pushed the economy into recession.

The number of Americans filing claims for unemployment benefits last week shot to a record high for a second week in a row - topping 6 million - as more jurisdictions enforced stay-at-home measures to curb the coronavirus pandemic, which economists say has pushed the economy into recession.

Boeing Co Chief Executive Officer Dave Calhoun outlined a plan of voluntary layoffs for employees on Thursday, while warning that the coronavirus pandemic would have a lasting impact on the global aerospace industry.

Wall Street bounced on Thursday as a recovery in oil prices outweighed the shock of weekly jobless claims soaring past 6 million.

Eyewear maker Luxottica said it would cut to just one week its customary August closure, a move which other firms may seek to replicate to relaunch production after the forced shutdown in the current coronavirus crisis.

Saudi Arabia and Russia signalled on Thursday they were ready to cooperate to help stabilise the oil market after calls with U.S. President Donald Trump to discuss the slump in prices triggered by the end of a deal to curb output and a collapse in demand.

Russian Energy Minister Alexander Novak said on Thursday that Moscow may return to oil negotiations with Saudi Arabia after talks collapsed last month, which, coupled with the spread of the new coronavirus, dragged oil prices to their 18-year lows.

Planemakers are looking at drastic cuts in wide-body production amid a slump in demand for the industry's largest jetliners, manufacturing and supplier sources said on Thursday.

New orders for U.S.-made goods were unexpectedly flat in February, and could remain weak as a global coronavirus outbreak strains supply chains and undercuts the manufacturing sector.