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Global equities rebounded almost 2% on Tuesday, off near four-year lows, and the dollar slipped as investors pinned hopes on unprecedented stimulus steps by the U.S Federal Reserve and other policymakers to ease strains in financial markets.

The shock from coronavirus to banks is set to be greater but less prolonged than lenders faced in last year's stress test and the financial system remains resilient, the Bank of England said on Tuesday.

Oil jumped 5% on Tuesday to above $28 a barrel, supported by steps by the U.S. Federal Reserve to bolster the economy and hopes the United States will soon reach a deal on a $2 trillion coronavirus aid package.

The pandemic is taking its toll on aerospace manufacturing, with Boeing Co saying it would halt production of most widebody jets and Airbus SE restarting only partial output after a four-day shutdown as suppliers cut jobs.

Ryanair on Tuesday said it does not expect to operate flights in April or May and has offered its aircraft to European governments for rescue or the essential movement of medicines and personal protective equipment.

Democratic U.S. lawmakers on Monday proposed giving struggling U.S. airlines and contractors $40 billion in cash grants that would not have to be paid back but require significant new environmental, labor and other conditions.

Tesla bought hospital ventilators in China and shipped them to the United States, CEO Elon Musk said on Tuesday.

U.S. President Donald Trump's desire to rapidly reopen the economy despite signs the coronavirus is still spreading may backfire, with higher deaths and citizens remaining fearful of going out, some investors said.

Volkswagen will suspend its car production in Russia over a supply shortage caused by the coronavirus outbreak in Europe, Volkswagen Group Rus said on Tuesday.

S&P 500 futures hit their daily upper trading limit on Tuesday, rebounding from another brutal session caused by investor panic over the rapidly spreading coronavirus.

The dollar slipped for a second consecutive day on Tuesday after the U.S. Federal Reserve unveiled fresh measures to supply precious liquidity into funding markets, sending risky currencies such as the Australian dollar soaring.

The meltdown in financial markets over the coronavirus has sparked a huge jump in foreign exchange trading volumes, with average daily turnover so far in March up 27% on February as volatility soared, CLS said on Tuesday.

Wizz Air has suspended all flights to and from Bulgarian city of Varna in an attempt to help curb the spread of the coronavirus, the low-cost carrier said in a statement on Tuesday.

German sportswear company Puma announced on Tuesday that 1,400 staff would switch to shorter work hours until April 13 as sales slump due to the coronavirus and said its three top executives would not take their pay for April.

Norwegian Air has secured an initial cash infusion of 300 million Norwegian crowns ($26.6 million) from a government rescue package for the airline industry, the budget carrier said on Tuesday.

Britain's biggest sportswear retailer JD Sports said on Tuesday it has delayed the publication of its financial results to May and has enough cash resources to ride out the coronavirus crisis.

Oil prices rose around 4% on Tuesday on hopes that the United States will soon reach a deal on a $2 trillion coronavirus aid package that could blunt the economic impact of the outbreak and in turn support oil demand.

Asian equities markets rallied on Tuesday as investors bet the U.S Federal Reserve's promise of unlimited dollar funding would ease painful strains in financial markets even if it could not stop the economic hit of the coronavirus epidemic.

Oil prices rose on Tuesday on hopes that the United States will reach a deal soon on a $2 trillion coronavirus aid package which could blunt the economic impact of the outbreak and in turn support oil demand.

The dollar slipped on Tuesday on signs tight funding conditions are easing slightly after the U.S. Federal Reserve pulled out all stops to supply much needed greenback liquidity.