A rapidly spreading coronavirus outbreak will likely be a "material headwind" for the US economy with the hit expected to be longer and deeper than previously anticipated, S&P Global Ratings said on Tuesday as it cut its growth forecast.

The epidemic is plunging the world economy into its worst downturn since the global financial crisis more than 10 years ago, the Organisation for Economic Cooperation and Development warned on Monday, urging governments and central banks to fight back to avoid an even steeper slump.

In a bid to shield the world's largest economy from the coronavirus, the Federal Reserve on Tuesday cut interest rates by half a percentage point to a target range of 1.00 per cent to 1.25 per cent. Also on Tuesday, Australia's central bank cut interest rates to a record low 0.5 per cent.

S&P had earlier expected US GDP growth in the first quarter would be closer to 1 per cent than its pre-virus forecast of 2.2 per cent, with a recovery in subsequent quarters.

The global oil benchmark ended Tuesday slightly lower under pressure from falling equities, but the losses were contained slightly as top producers considered more output cuts to support prices and the Federal Reserve cut US interest rates to support the economy.

Eagle Hospitality Trust's (EHT) sponsor-cum lessee and manager have taken initiatives to preserve and enhance portfolio performance amid softening market fundamentals and uncertainties due to the impact of the Covid-19 virus, EHT said.

Tee International has released its external investigator summary, which reported that former group chief executive Phua Chian Kin had admitted to taking company funds to repay his own debts and satisfy margin calls.

United Hampshire US Reit launches IPO at US$0.80 per unit.

METECH International's Simon Eng has resigned as chairman and chief executive officer (CEO) of the company, in view of its "new business direction and investment parameters", the Catalist-listed firm said in a bourse filing on Tuesday.

Olam International has agreed to sell its remaining 50 per cent stake in its Indonesian sugar joint venture (JV), Far East Agri, for between US$82.5 million and US$85 million, subject to final adjustments as provided for in the sale-and-purchase agreement

Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR