The White House is proposing a roughly $850 billion economic rescue package Tuesday amid the coronavirus outbreak, a sweeping stimulus for businesses and taxpayers amid unseen since the Great Recession of 2008.

Treasury Secretary Steven Mnuchin planned to outline the package to Senate Republicans at a private lunch, with officials aiming to have Congress approve it this week.

French Finance Minister Bruno Le Maire warned Tuesday the country faced recession this year as he announced a 45-billion euro ($50-billion) aid package to help businesses and employees cope with the coronavirus crisis.

Oil rebounded Tuesday, with investors buying at bargain levels after prices plunged to four-year lows as governments worldwide ramped up measures to contain the spread of the deadly coronavirus.

Leaders of the G7 industrial powerhouses pledged Monday to join forces to halt economic freefall in the wake of the coronavirus pandemic, which they called "a human tragedy."

European automakers began shutting down factories Monday as governments impose confinement and other measures to curtail the coronavirus outbreak, which is expected to take a heavy toll on national economies.

The Bank of Japan on Monday unveiled a series of emergency monetary policy measures to shore up the world's third-largest economy, as the coronavirus pandemic threatens a global recession.

Oil prices extended the gloom on Monday after a Saudi-Russian price war and an equities meltdown sparked by the coronavirus pandemic saw their biggest weekly losses in more than a decade.

Saudi Aramco reported Sunday a 20.6 percent drop in 2019 net profit due to lower crude prices and production levels, in its first earnings announcement as a listed company amid an escalating price war.

Canadian lawmakers hastily approved a North American free trade deal Friday before announcing parliament would be suspended until late April over concerns about the new coronavirus.

The European Central Bank scrambled Friday to ease eurozone jitters a day after president Christine Lagarde spectacularly failed to convince financial markets with big-bang measures against the coronavirus shock.