Businesses in the eurozone suffered "an unprecedented collapse" this month because of the novel coronavirus pandemic, according to a closely watched indicator released Tuesday by IHS Markit.

The International Monetary Fund called for urgent action from Middle East governments Tuesday as the coronavirus pandemic threatens a persistent slump in oil revenues and a "big drop" in growth. 

Democrats on Monday again blocked a nearly $2 trillion rescue package for the teetering U.S. economy, highlighting a bitter partisan battle over how to best protect struggling Americans and crippled businesses from the ravages of coronavirus.

With the deadly pandemic spreading rapidly and forcing entire states including New York and California into lockdown, Capitol Hill was under immense pressure to pass legislation that injects a historic amount of federal funding to prevent a devastating economic collapse.

Stock markets on both sides of the Atlantic resumed their downward trend in volatile trading Monday, as a rollout by the Federal Reserve of another flurry of measures for companies failed to turn the fearful mood around. 

The Fed's move came shortly after a trillion-dollar Senate proposal to rescue the reeling U.S. economy crashed to defeat Sunday, with a devastating impact on stocks first in Asia, and then in Europe and the U.S.

The world economy is facing "severe" economic damage from the coronavirus pandemic that could be even more costly than in 2009 and will require an unprecedented response, IMF chief Kristalina Georgieva said Monday.

Companies are scrambling to adapt as the coronavirus emergency saps demand and governments order them to shut down part if not all of their activities.

Oil prices fell at the open in Asia on Monday after a trillion-dollar Senate proposal to help the coronavirus-hit American economy was defeated and death tolls soared across Europe and the US.

Asian markets were mostly in the red in early trade Monday despite massive economic stimulus efforts worldwide, with investors spooked by the relentless march of the coronavirus pandemic.

The emergency coronavirus relief package that the U.S. Congress is negotiating for businesses and people hit hard by the pandemic calls for up to $4 trillion in aid, Treasury Secretary Steven Mnuchin said Sunday.

Air Canada plans to temporarily lay off more than 5,000 flight attendants due to the new coronavirus pandemic, their union said Friday.