BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European stocks are likely to open higher on Thursday after steep losses in the previous session on concerns about the rapid escalation and global spread of coronavirus infection.
Asian markets are trading mixed as a dire warning about the U.S. coronavirus death toll added to fears about a steep slump in global economic activity.
It is worth noting that in little over 24 hours, the number of global coronavirus cases jumped from eight lakh to nine lakh while deaths neared 50,000.
The death toll in the United States surpassed 4,700 by late Wednesday with more than 212,000 confirmed cases.
Italy currently accounts for the highest number of coronavirus deaths in the world at 13,155, followed by Spain and France. The global death toll stands at 46,809.
According to Bloomberg, a classified U.S. intelligence report had concluded that the Chinese government had under-reported the total number of coronavirus cases and deaths in the country.
A new report from the U.N. Department of Economic and Social Affairs says the global economy could shrink by up to 1 percent in 2020, and may contract even further if restrictions on economic activities are extended without adequate fiscal responses.
Gold edged lower as the dollar held gains on safe-haven demand. Oil prices rose about 5 percent in Asian trade after Trump said he expected Saudi Arabia and Russia to reach a deal in the next few days to end their oil price war.
Producer price data from euro area and unemployment figures from Spain are due later in the session, headlining a light day for the European economic news.
Across the Atlantic, the Labor Department's report on weekly jobless claims will provide a more updated look at the employment situation in the world's largest economy.
The jobless claims report is likely to overshadow separate reports on the U.S. trade deficit and factory orders in the month of February.
U.S. stocks tumbled overnight, with the Dow and the S&P 500 turning their worst first quarter performances ever, after White House officials warned of nearly a quarter million deaths from the pandemic. The three major averages fell around 4.4 percent.
European markets fell sharply on Wednesday amid worries of a recession due to coronavirus-led lockdowns. The pan European Stoxx 600 plummeted 2.9 percent. The German DAX gave up 3.9 percent, France's CAC 40 index declined 4.3 percent and the U.K.'s FTSE 100 ended down 3.8 percent.
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