Trump, Putin discuss oil, Japan stops some postal services

The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed. Following are developments on Wedy related to the global economy, the work place and the spread of the virus.

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DROWNING IN OIL: President Donald Trump said he spoke with Russian President Vladimir Putin about oil prices during a call Monday and also has spoken with Saudi Crown Prince Mohammed bin Salman.

“They are going to get together, and we’re all going to get together and we’re going to see what we can do because we don’t want to lose an industry,” Trump said during a White House press conference about the coronavirus pandemic. “You’re going to lose an industry over it, thousands and thousands of jobs.”

Trump bemoaned that with Saudi Arabia and Russia engaged in a price war despite weak demand, “there’s oil all over the oceans right now. The boats are all filled.”

“There’s so much oil,” he said. “In some cases, it’s probably less valuable than water.”

MIXED SIGNALS: The latest survey of Chinese manufacturers showed industrial output was resilient in March, despite shutdowns related to the coronavirus, which first emerged in central China. The Caixin purchasing managers index for March was 50.1, just above the 50 level that indicates expansion rather than contraction. That was an improvement from 40.3 in February and forecasts for a 45.5 PMI. Official PMI data released Tuesday also were better than expected. Jittery financial markets gained some solace from news that Chinese Premier Li Keqiang met with the State Council, or Cabinet, on Tuesday. An official statement indicated a need for more support for those hit by the outbreak and also included reserve rate cuts meant to ease pressure on banks.

In Japan, the central bank's...