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| - European stock markets steadied Wednesday after rallying the previous session, as easing lockdown measures offset record-low economic data and forecasts triggered by the coronavirus fallout. Asian indices mostly rose, though gains were far from spectacular, while the dollar climbed and oil prices flattened. "Currently the markets have been pricing in the expectation that economies will be able to pick up reasonably well from where they left off pre-coronavirus crisis," said Fiona Cincotta, analyst at City Index trading group. "However, with growing job losses and a change in dynamic in certain industries, such as aviation, and potentially many other sectors such as retail, restaurants, gyms and bars, it's becoming increasingly clear that this will be a rocky road to recovery," she added. The European Commission on Wednesday predicted the eurozone economy would contract by a staggering 7.7 percent in 2020. Calling it a "recession of historic proportions", the EU's executive said the 19-member single currency zone would then rebound by 6.3 percent in 2021, in an uncertain recovery that would be felt unevenly across the continent. It came after official data showed German manufacturers' new orders plunged by a record 15.6 percent in March. The release came as a draft agreement revealed that Germany, Europe's biggest economy, will take new steps towards normalisation in May, including reopening shops and schools after weeks of shutdown imposed to control the spread of COVID-19. Federal Reserve Vice Chairman Richard Clarida has meanwhile provided an upbeat outlook, saying the US economy could see positive growth in the second half of the year, though tempered that by saying it was dependent on containment of the virus. "Risk sentiment continues to be buoyed on news of more countries/states rolling back containment measures, followed by reports of more companies re-opening operations," said Tapas Strickland of National Australia Bank. "That is giving hope that rollback will allow economic activity to resume and that we may be passed the trough in economic activity." In Asian stock market trading Wednesday, Hong Kong and Seoul rose more than one percent, while Shanghai put on 0.6 percent and Wellington added 0.8 percent. Taipei was flat but Sydney slipped slightly. Singapore won one percent, with Singapore Airlines surging as much as 21 percent at one point on hopes for a pick-up in business thanks to the easing lockdown measures. Fears of a second virus wave as the lockdown eases were keeping traders on their toes. Observers are meanwhile keeping tabs also on China-US relations after President Donald Trump hit out at Beijing over its handling of the pandemic, sparking fears of a renewal of the economic superpowers' trade war that hit markets last year. "Worries that China could retaliate against the US virus and trade accusations are real," said OANDA's Jeffrey Halley. "If anything can undermine a peak virus rally, a US-China trade war would do the job nicely." Friday sees the much-anticipated release of US jobs data for April, with consensus forecasts that unemployment has surged to an incredible 16.2 percent -- the highest since 1948 -- from 4.4 percent. However, some economists expect it to rise even higher. London - FTSE 100: UP 0.5 percent at 5,880.64 points Frankfurt - DAX 30: DOWN 0.1 percent at 10,713.94 Paris - CAC 40: DOWN 0.3 percent at 4,467.88 Milan - FTSE MIB: UP 0.2 percent at 17,423.50 Madrid - IBEX 35: DOWN 0.2 percent at 6,733.00 EURO STOXX 50: DOWN 0.3 percent at 2,867.80 Hong Kong - Hang Seng: UP 1.1 percent at 24,137.48 (close) Shanghai - Composite: UP 0.6 percent at 2,878.14 (close) Tokyo - Nikkei 225: Closed for a holiday New York - Dow: UP 0.6 percent at 23,883.09 (close) Brent North Sea crude: UP 0.5 percent at $31.00 per barrel West Texas Intermediate: DOWN 0.3 percent at $24.49 per barrel Euro/dollar: DOWN at $1.0815 from $1.0834 at 2045 GMT Dollar/yen: DOWN at 106.11 yen from 106.53 yen Pound/dollar: DOWN at $1.2387 from $1.2435 Euro/pound: UP at 87.29 pence from 87.11 pence dan-bcp/rfj/rl
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