Spain's economy is likely to crash by between 6.6 percent and 13.6 percent in 2020 as a result of the deadly coronavirus pandemic, the Bank of Spain warned on Monday. 

The estimated contraction would be "unprecedented in recent history" even if the figures were subject to "huge uncertainty" depending on how long the current lockdown lasts, the central bank said in a statement. 

Emirates NBD, Dubai's largest bank, on Monday reported a 24 percent slide in first quarter net profits after making huge provisions for risks resulting from the impact of coronavirus.

Oil prices collapsed to more than two-decade lows Monday as traders grow concerned that storage facilities are reaching their limits, while signs that the coronavirus may have peaked in Europe and the United States were unable to help Asian equities extend their recent advances.

Havana is a ghost town. The American convertibles swooned over by tourists are back in the garage, while most restaurants and cafes are closed.

Iran has allowed some shuttered Tehran businesses to reopen despite the Middle East's deadliest coronavirus outbreak, as many faced a bitter choice between risking infection and economic ruin.

American families slammed by the coronavirus pandemic are turning more and more to food banks to get by, waiting hours for donations in lines of cars stretching as far as the eye can see.

The 189-nation International Monetary Fund and its sister lending agency, the World Bank, on Friday pledged to step up their efforts to cushion the blow to the global economy from the coronavirus pandemic.

The two agencies' assurance came at the end of their spring meeting where they heard calls for them to provide more debt relief to poorer nations being battered by the health crisis.

Europe's stock markets rallied in opening deals Friday on news that China's economy has not been hit as badly as feared by the deadly novel coronavirus outbreak.

Sentiment was also bolstered by overnight Wall Street gains after US President Donald Trump laid out guidelines for a gradual reopening of the economy. 

The United States will take "a year or two," if not longer, to recover from the devastating economic impact of the coronavirus, a top Federal Reserve official said Thursday.

European stock markets mostly climbed on Thursday as investors focused on plans to ease some coronavirus lockdown restrictions, while the dollar rose as well.