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Global stock futures and Asian shares tumbled in choppy trade on Wednesday, as worries about the coronavirus pandemic eclipsed hopes broad policy support would combat the economic fallout from the outbreak.

Global airlines are fast running out of cash after cutting capacity by 90% or even grounding entire fleets due to the broad travel restrictions to contain the spread of the coronavirus, calling into question the survival of several firms.

SoftBank Group Corp shares fell as much as 11.6% on Wednesday, with its market capitalization dipping below the value of its domestic telco, as uncertainty grows over its management of a portfolio of unproven startups.

Tesla Inc cannot continue to operate its main U.S. vehicle plant normally as its San Francisco Bay Area home began a three-week lockdown on Tuesday to slow the spread of coronavirus, a county sheriff's office spokesman said.

U.S. stock futures and several Asian shares fell in choppy trade on Wednesday, as worries about the coronavirus pandemic eclipsed hopes broad policy support would combat the economic fallout of the outbreak.

Oil prices steadied on Wednesday after slipping to new four-year lows, sapped by fears for fuel demand and the global economy amid travel and social lockdowns triggered by the coronavirus epidemic.

Oil and gas companies around the world are planning to slash spending in the face of a plunge in oil prices caused by the spread of the coronavirus and a push by Saudi Arabia and Russia to flood the market with supply. [O/R]

HSBC Holdings PLC has appointed Noel Quinn as chief executive officer, handing the insider and interim boss the reins of Europe's biggest bank and ending months of speculation an external candidate could get the role.

U.S. airlines are seeking to quickly reduce their workforces through early retirement packages or unpaid leave of up to 12 months with medical benefits in an effort to cut costs as the rapid spread of the coronavirus keeps people from flying.

The Detroit Three automakers and United Auto Workers agreed on Tuesday to curtail production at U.S. factories and limit the number of workers on the job at one time to prevent the spread of the coronavirus among roughly 150,000 factory employees.

United Airlines on Tuesday announced a 60% schedule reduction in April, citing the impact of the coronavirus pandemic on travel demand.

Tesla Inc cannot continue to operate its main U.S. vehicle factory normally as the San Francisco Bay Area has begun a three-week lockdown to rein in the spread of coronavirus, a spokesman for the county sheriff's office said on Tuesday.

Shares in Japan's Fujifilm Holdings Corp were untraded at their daily limit high amid a glut of buy orders on Wednesday after a Chinese official said the company's Avigan anti-flu drug appeared to help coronavirus patients recover.

A U.S. banking regulator proposed a set of standards Tuesday for how it would consider special charters to allow non-banks to accept deposits and engage in other limited banking activities.

The World Bank on Tuesday said it had increased to $14 billion the amount of fast-track financing available to members to respond to the global coronavirus pandemic, adding $2 billion to an initial package announced on March 3.

U.S. stock futures stepped back in choppy early Asian trade on Wednesday as concerns about the widening coronavirus epidemic weighed against hopes policy support would combat its economic fallout.

Latin American airlines need prompt government aid or many of them could go out of business as the global coronavirus outbreak forces widespread flight cancellations, the chief of regional airline association ALTA said on Tuesday.

Exxon Mobil Corp paid a big premium to raise $8.5 billion in new debt on Tuesday, as a rout in energy prices and stock market jitters fueled by the coronavirus outbreak eroded investor confidence in the largest U.S. oil producer.

SoftBank Group Corp is considering pulling out of a $3 billion bid to buy additional shares in WeWork, because it feels the office-space sharing firm has not met the conditions for the deal, people familiar with the matter said on Tuesday.

Credit Suisse sharply lowered its forecast for Mexico's economic performance this year and now expects a 4.0% contraction, according to a note sent to the bank's clients on Tuesday, adding to a series of downgrades since the coronavirus spread.