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| - Stock markets climbed Thursday as traders reacted to data showing the coronavirus outbreak may be close to reaching its peak. Crude futures meanwhile surged waiting to see if top producers will agree to cut oil output as COVID-19 slashes global demand. "Despite some pretty awful coronavirus statistics traders are optimistic that the outbreak is nearing its peak and that governments would roll out more stimulus," said City Index analyst Fiona Cincotta ahead of a long Easter weekend. "A jump in oil prices amid expectations of an output cut at today's OPEC meeting is also playing its part" in lifting stock markets, she said. Top crude producing nations will hold a crucial teleconference after a collapse in oil demand caused by the coronavirus and a damaging Saudi-Russia price war sparked a crash in the market. The talks between OPEC and its non-member allies, notably Russia, are seen as the best chance to provide some much-needed support to crude prices wallowing around two-decade lows. Meanwhile despite news that thousands more people had died of COVID-19, the slowing rate of new infections is providing some buoyancy to equities as investors eye an easing of lockdown restrictions that have strangled the global economy. Lawmakers in Washington are discussing further possible stimulus measures of around $500 billion for struggling US firms, with Republicans and Democrats looking to work together in a rare sign of unity. While nearly 2,000 Americans died of the disease Wednesday, senior US scientist Anthony Fauci said there could be a turnaround in the battle as soon as next week. Citing a slowdown in hospitalisations owing to stay-at-home orders, Andrew Cuomo, governor of US hotspot New York state, told reporters: "We are flattening the curve." That optimism was shared by President Donald Trump, who said the US was "hopefully heading towards a final stretch, the light at the end of the tunnel". The upbeat tone sent all three main indices on Wall Street surging Wednesday, and the gains extended into Asia and Europe on Thursday, although the latter's gains had cooled somewhat by the half-way stage. Around 1100 GMT, London was up 0.9 percent, Frankfurt gained 0.4 percent, while Paris fell 0.3 percent. Hong Kong, Singapore and Seoul closed up more than one percent apiece, Sydney and Mumbai each jumped more than three percent and Bangkok climbed more than two percent. Shanghai added 0.4 percent, but Tokyo was barely moved. "Signs that the number of new daily coronavirus cases is plateauing is driving expectations that social distancing measures will be lifted soon in parts of the world," said Stephen Innes of AxiCorp. "Pretty much everywhere you look in financial markets there is renewed optimism." While the Vix "fear index" has halved from its levels seen in mid-March there was still caution among observers, with health experts stressing that any premature loosening of restrictions could accelerate the spread of the virus. The economic toll of the crisis is becoming apparent, with France now in recession after suffering its worst contraction since 1945 and European powerhouse Germany expected to shrink by a tenth in the second quarter of the year. Despite this, EU leaders are struggling to agree on a bailout plan to support the region, with a major sticking point being so-called "coronabonds" that would pool debt among nations. London - FTSE 100: UP 0.9 percent at 5,727.05 points Frankfurt - DAX 30: UP 0.4 percent at 10,376.87 Paris - CAC 40: DOWN 0.3 percent at 4,429.51 Milan - FTSE MIB: UP 0.7 percent at 17,506.69 Madrid - IBEX 35: UP 0.7 percent at 6,998.80 EURO STOXX 50: DOWN 0.2 percent at 2,845.76 Tokyo - Nikkei 225: FLAT at 19,345.77 (close) Hong Kong - Hang Seng: UP 1.4 percent at 24,300.33 (close) Shanghai - Composite: UP 0.4 percent at 2825.95 (close) New York - Dow: UP 3.4 percent at 23,433.57 (close) Brent North Sea crude: UP 4.9 percent at $34.44 per barrel West Texas Intermediate: UP 7.4 percent at $26.94 per barrel Euro/dollar: UP at $1.0866 from $1.0850 at 2050 GMT Dollar/yen: FLAT at 108.90 yen Pound/dollar: DOWN at $1.2359 from $1.2375 Euro/pound: UP at 87.92 pence from 87.66 dan-bcp/rfj/jh
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