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A full U.S. economic recovery will not occur until the American people are sure that the novel coronavirus epidemic has been brought under control, Federal Reserve Chair Jerome Powell said on Tuesday as he began the first of two days of hearings before U.S. lawmakers.

A patchwork of national restrictions and a reluctance among travellers to cross borders mean European airlines face a bumpier return to the skies from coronavirus lockdowns than U.S. and Asian rivals.

U.S. business inventories fell more than expected in April as the COVID-19 crisis depressed imports, suggesting inventory investment could again be a drag on economic output in the second quarter.

Business conditions in the New York region began to show signs of improvement in June, and companies have started bringing their staff back to work and feel slightly more optimistic about the near-term future, according to a report released Tuesday by the New York Federal Reserve.

Oil prices jumped around 4% on Tuesday after the International Energy Agency (IEA) increased its oil demand forecast for 2020 and as record supply cuts provided support.

Truck- and construction equipment maker AB Volvo plans to cut its white-collar workforce by around 4,100 positions during the second half of 2020, it said in a statement on Tuesday, citing the effects of the COVID-19 pandemic.

U.S. stocks jumped on Tuesday after a record rise in May retail sales revived hopes of a swift post-pandemic economic rebound, with sentiment also lifted by data showing reduced COVID-19 death rates in a trial of a generic steroid drug.

Global stocks were back firing on all cylinders on Tuesday as a record rebound in U.S. retail sales and fresh support from the Federal Reserve and Bank of Japan reignited risk appetite after a bumpy few days.

U.S. stocks jumped at the open on Tuesday after a record rise in May retail sales revived hopes of a swift post-pandemic economic rebound, with sentiment also lifted by data showing reduced COVID-19 death rates in a trial of a generic steroid drug.

Truck- and construction equipment maker AB Volvo plans to cut its white-collar workforce by around 4,100 positions during the second half of 2020, it said in a statement on Tuesday, citing the effects of the COVID-19 pandemic.

U.S. retail sales increased by the most on record in May after two straight months of sharp declines as businesses reopened, offering more evidence that the recession triggered by the COVID-19 pandemic was over or drawing to an end.

Four senior executives are leaving Embraer SA , in addition to its commercial aviation chief, in the wake of a failed deal with Boeing Co and as a new chief executive reassess the jet maker's path forward, three sources said.

Oil prices rose on Tuesday, with Brent crude above $40 a barrel, after the IEA increased its oil demand forecast for 2020 and as record supply cuts provided support.

Ingka Group, the owner of most IKEA stores, said on Tuesday it had repaid aid received from the Serbian government to cover wages for furloughed staff during lockdown, and was about to do the same in Romania.

U.S. retail sales experienced a record rise in May as 2.5 million Americans went back to work and people began moving about more freely, although the rebound retraces only a fraction of the historic drops in March and April amid the coronavirus lockdowns.

Airlines are urging aviation regulators to extend a waiver on airport slot rules as they struggle to overcome the coronavirus crisis, their main international body said on Tuesday.

U.S. stock futures rose sharply on Tuesday after data showed a record jump in retail sales in May, far above expectations, as Americans resumed spending after weeks of lockdown, underscoring views that the worst of the coronavirus impact was over.

EU trade chief Phil Hogan will limit public appearances after he put himself forward as a possible candidate to become the next head of the World Trade Organization, the European Commission said on Tuesday.

The global stocks rally got back on track on Tuesday, with more support from the Federal Reserve and the Bank of Japan helping to end a bumpy few days for financial markets.

U.S. stock index futures jumped on Tuesday on hopes that aggressive fiscal and monetary stimulus would kick start an economy crushed by the COVID-19 pandemic, with expectations of a record rebound in May retail sales also driving sentiment.