Reuters Business News

Global equity markets closed little changed on Wednesday as a rally on economic and vaccine hopes faded, while fresh coronavirus outbreaks and rising geopolitical tensions in Asia boosted demand for the dollar and safe-haven debt.

The U.S. dollar was slightly higher on Wednesday afternoon as evidence of a surge in coronavirus cases in some U.S. states and in Beijing sent investors into safe-haven assets.

The U.S. economy is beginning to recover from the worst of the coronavirus crisis, but with some 25 million Americans displaced from work and the pandemic ongoing, it will need more help, Federal Reserve Chair Jerome Powell told lawmakers on Wednesday.

Bankrupt Hertz Global Holdings Inc on Wednesday suspended its plan to sell up to $500 million in new shares after the U.S. Securities and Exchange Commission (SEC) raised objections to the sale, the car rental firm said on Wednesday.

Oil prices settled lower on Wednesday on fuel demand worries due to an uptick in coronavirus cases, with emerging hotspots in China and the United States, and as U.S. crude stocks grew again, taking commercial inventories to another all-time high.

A U.S. House of Representatives panel is debating on Wednesday a Democratic plan to boost infrastructure spending that aims to fix crumbling roads and highways and reduce carbon pollution.

LATAM Airlines Group on Wednesday said its Argentine subsidiary will cease operations indefinitely, canceling all domestic flights, its first major cutback since filing for bankruptcy protection.

German airline Lufthansa warned on Wednesday that it might need to apply for protection from creditors if its state-backed bailout deal failed to win sufficient support at a shareholder vote on June 25.

A U.S. senator said on Wednesday he was hoping for bipartisan support in Congress for mandatory rules on masks for air travel after the head of the Federal Aviation Administration again resisted calls for a mandate.

Oil prices edged lower on Wednesday as a drawdown in U.S. distillate stockpiles for the first time since March and a sharp drop in U.S. crude production faced concerns over fuel demand due to fresh outbreaks of COVID-19.

The S&P 500 and the Dow edged higher in choppy trading on Wednesday as hopes of a swift recovery from a coronavirus-driven downturn were dented by fears of a record rise in coronavirus cases in six U.S. states.

PepsiCo Inc will change the name and brand image of its Aunt Jemima pancake mix and syrup, it said on Wednesday, dropping a mascot that has been criticized for a racist history.

The U.S. Justice Department proposed on Wednesday that Congress take up legislation to curb protections that big tech platforms like Alphabet's Google and Facebook have had for decades, a senior official said, following through on U.S. President Donald Trump's bid to crack down on tech giants.

U.S. homebuilding increased less than expected in May, but a strong rebound in permits for future home construction suggested the housing market was starting to emerge from the COVID-19 crisis along with the broader economy.

Equity markets around the world seesawed on Wednesday as the prior day's rally on economic and vaccine hopes faded, while fresh coronavirus outbreaks and rising geopolitical tensions in Asia boosted demand for the dollar and safe-haven debt.

With a full U.S. economic recovery out of reach until the coronavirus pandemic is brought to heel, the Federal Reserve will use its "full range of tools" to cushion households and businesses, Fed Chair Jerome Powell told lawmakers on Wednesday.

The U.S. Senate Ethics Committee has cleared Senator Kelly Loeffler of wrongdoing in connection with stock trades, her office said on Wednesday, after the wealthy Republican - who is in a tough election race - was criticized over share sales during the coronavirus outbreak.

U.S. shale producers are expected to restore roughly half a million barrels per day (bpd) of crude output by the end of June, according to crude buyers and analysts, amounting to a quarter of what they shut since the coronavirus pandemic cut fuel demand and hammered oil prices.

The U.S. Securities and Exchange Commission (SEC) has told bankrupt Hertz Global Holdings Inc it has issues with the car rental firm's plan to sell new shares, the agency's Chairman Jay Clayton told CNBC television on Wednesday.

The U.S. dollar rose from early lows on Wednesday as investors wary of wider geopolitical risks sought its relative safe haven ahead of midday remarks by Federal Reserve Chair Jerome Powell.