World powers scrambled on Thursday to build a global response to the human tragedy and once-in-a-century economic catastrophe caused by the coronavirus epidemic, as death tolls in the US and Europe soared higher.

Equities rose Thursday as traders bought into optimism that the coronavirus crisis could be nearing its apex, while hopes that top oil producers will agree to a massive output cut added to the positive vibe and pushed crude prices up.

Oil prices rose Thursday after Russia said it was ready to slash output, fuelling hopes that key producers are poised to seal a deal aimed at boosting coronavirus-hit energy markets.

Top crude producers will on Thursday hold a crucial teleconference to discuss a possible cut in output after a collapse in demand caused by the coronavirus and a damaging Saudi-Russia price war caused a crash in the market.

In its worst performance since 1945, the French economy shrank around six percent in the first quarter of this year as the coronavirus pandemic decimated business activity, the Bank of France said Wednesday.

Oil prices rebounded Wednesday as traders jockey for position ahead of a key producers' meeting this week aimed at cutting output to support coronavirus-hit energy markets.

Most Asian equities retreated Wednesday after a two-day rally as investors closely track developments in the coronavirus crisis, while the oil market continued to fluctuate ahead of a crucial producers' meeting.

The European Commission will on Wednesday consider how to craft a plan to ease the bloc out of a virus lockdown that has dealt a body blow to the economies of EU members.

Commission president Ursula von der Leyen will hold an "orientation debate" with commissioners by videoconference, after some EU countries announced they were already planning to relax measures.

Lebanon’s SGBL bank on Tuesday announced a second initiative addressed at small depositors, in line with the central bank’s latest circular on exchange rates and withdrawal limits.

“Our bank would like to assure that, as of the morning of Wednesday, April 8, 2020, it will begin implementing (the central bank’s circular) through an easy electronic process, to the benefit of all small depositors who have accounts containing up to LBP 5 million or $3,000,” it said in a statement.

Equities rallied again Tuesday as investors seized on signs of a slowdown in the spread of the coronavirus in key hotspots and some governments began making plans to ease restrictions aimed at containing the disease.