Wall Street's three major indexes fell more than 4 per cent on Wednesday, after President Donald Trump's dire warning on the US death toll from the coronavirus sent investors running from even the most defensive equities.

Mr Trump warned Americans late Tuesday of a "painful" two weeks ahead and health officials highlighted research predictions of an enormous jump in virus-related deaths.

Economic data did little to lift the mood. While US manufacturing activity contracted less than expected in March, new orders received to factories fell to an 11-year low. And business closures pushed private payrolls down by 27,000 jobs last month, the first decline since September 2017, according to the ADP National Employment Report.

Starbucks on Wednesday said it will extend special coronavirus provisions, including pay increases for US workers and closed dining areas, for two weeks to May 3. The world's largest coffee chain is also considering the use of non-medical grade face masks and possibly handing off mobile orders to customers at doorways to help ease drive-thru pressure in some stores, the company said in a letter to employees.

The coronavirus pandemic is putting increasing strains on emerging market economies, but the International Monetary Fund (IMF) has sufficient resources to meet their needs for now, IMF officials said on Wednesday.

The US Federal Reserve (Fed) announced on Wednesday it was temporarily easing its leverage rules for large banks by exempting certain investments from a key leverage calculation, part of the effort to combat the economic slowdown inflicted by the coronavirus pandemic.

Oil prices fell on Wednesday after US crude inventories rose last week by the most since 2016, while gasoline demand suffered its biggest weekly drop ever due to the coronavirus pandemic.

SPH Reit on Wednesday announced that it would distribute just 0.30 Singapore cent per unit for its second quarter ended 29 February 2020. This represents a 78.7 per cent year-on-year decline in its distribution per unit, from 1.41 cents a year ago.

AEM Holdings has named Chandran Nair as its chief executive officer, with the post taking effect on July 1. The 51-year-old will manage the group’s strategy, business, operations and financial matters, AEM Holdings said in a bourse filing on Wednesday.

Eagle Hospitality Trust forms committee for talks with lenders, strategic review.

Singapore banks may see a 14 to 18 per cent hit to their revenue in 2020 following the latest virus relief measures for consumers.

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