Earnings of major global companies could fall 10% this year, Citigroup analysts said, citing the steep fall in oil prices and economic disruption due to the coronavirus.

China will modify the environmental supervision of companies to boost post-coronavirus recovery, giving firms more time to rectify environmental problems, but stressed it was not relaxing standards.

Italy will approve measures worth around 10 billion euros ($11.35 billion) to counteract the virus impact, the industry minister said on Tuesday.

Global luxury brands including Gucci and Louis Vuitton are scaling back orders with Italian suppliers, as the spread of the coronavirus from key market China to Italy hits business, industry sources said.

As far as Markets are concerned, Asian shares and Wall Street futures fell as growing scepticism about Washington’s stimulus package to fight the coronavirus outbreak knocked the steam out of an earlier rally.