Bloomberg The world’s largest oil producers are hammering out the terms of an unprecedented deal to mitigate the devastating impact of the coronavirus crisis as they prepare for an extraordinary meeting this week. Saudi Arabia and Russia are closing in on an agreement to curb output, which could drain some of the oil surplus threatening to overwhelm storage tanks and …

Bloomberg It’s crunch time for the European Union (EU) as it strives to overcome internal differences and agree to a plan that would stem a virus-led downturn, which may eclipse the severity of the Great Recession more than a decade ago. The EU’s finance ministers on Tuesday will seek to endorse a list of measures worth more than half a …

Bloomberg India’s unemployment rate could have climbed to more than 20% as the economy lost jobs after a nationwide lockdown took effect in the last week of March, according to a survey by the Center for Monitoring Indian Economy Pvt. The jobless rate was 23.4% for the week ended April 5 based on a sample size of 9,429 observations, Mahesh …

Bloomberg Some old-guard Texas oil drillers are urging state regulators to clamp down on crude production to halt a price collapse more severe than any of them have ever lived through. The largest US oil-producing state hasn’t restricted crude production in almost 50 years but a growing chorus of explorers and related industries are advocating just such a move. The …

Bloomberg State-owned China Three Gorges Renewables Group Co is seeking to raise 25 billion yuan ($3.5 billion) in what could be one of the country’s biggest initial public offerings this year. The company plans to sell as many as 8.57 billion shares in Shanghai, according to a prospectus posted on the website of the China Securities Regulatory Commission. The assets …

Bloomberg The few gasoline stations still open in Caracas are manned by armed soldiers, and those waiting to fill their vehicles in day-long lines are only security personnel and designated medical and food suppliers. Under coronavirus quarantine like most of the world, Venezuelans are used to shortages after seven years of economic meltdown. But in the past few weeks, as …

Bloomberg Indian stocks soared as trading resumed after a holiday, tracking gains in equities across Asia, on optimism that the deadly coronavirus pandemic may be waning in some key global hot spots. The benchmark S&P BSE Sensex rose 7% as of 1:21 pm in Mumbai, while the NSE Nifty 50 Index advanced a similar amount. Markets are only open three …

Bloomberg Stocks in Europe and Asia gained on Tuesday alongside US equity futures amid continuing optimism the spread of coronavirus may be slowing in major economies. Bonds extended declines and the dollar weakened. The Stoxx Europe 600 Index jumped at the open as every major national gauge in the region advanced. Futures for the three main American benchmarks also all …

Bloomberg Prime Minister Shinzo Abe’s plan to declare a state of emergency in parts of Japan to contain the coronavirus was surprisingly well-received in the stock market, with many participants feeling confident that local equities have bottomed. Abe unveiled a stimulus package totaling $990 billion on Monday, and later on Tuesday declared a state of emergency for Tokyo, Osaka and …

Bloomberg HSBC Holdings Plc’s dividend suspension threatens to cost the lender some of its core investor appeal in Hong Kong. Payouts have been an important reason to own HSBC shares in the city. Its stock price has lagged the Hang Seng Index by more than 600 percentage points since 1986, the earliest available Bloomberg-compiled data from when a unified Hong …