Wall Street stocks resumed their downward slide on Wednesday, falling sharply in opening trading amid rising fears the coronavirus outbreak will lead to a recession.

Oil prices tumbled Wednesday after Saudi Arabia and Gulf partner UAE stepped up the price war with plans to flood the global markets while a rally in equities evaporated as investors nervously await a U.S. coronavirus relief plan.

Energy giant Saudi Aramco has sought to distance itself from accusations of "racism" triggered by images of a migrant worker wearing a dispenser to hand out sanitizer to white-collar staff.

Britain's economy will suffer a "significant but temporary" impact from the coronavirus, finance minister Rishi Sunak said Wednesday in the government's first post-Brexit budget dominated by action to tackle the crisis.

Chancellor Angela Merkel vowed Wednesday to do everything it takes to tame  the coronavirus crisis, signalling she is even ready to suspend the cherished dogma of keeping Germany's budget balanced.

EU chief Ursula von der Leyen on Tuesday pledged to mobilize "all the tools" available to the bloc to lessen the economic impact of the coronavirus epidemic, which has roiled markets across the globe.

Italy prepared Tuesday to allow families to suspend mortgage and some tax payments to help deal with a coronavirus outbreak that has killed 463 people and forced the government to restrict movement for its 60 million citizens.

Argentina has finalised a proposal to restructure some $69 billion of the country's massive public debt, the government said Tuesday, hoping to delay the maturity of some institutional loans and reduce the amount owed to private creditors.

Stock markets in the energy-rich Gulf states made a strong rebound in opening trade Tuesday, led by the Saudi bourse which jumped 5.6 percent, as oil prices bounced after heavy losses.

Energy giant Aramco, which dominates the Saudi Tadawul market, gained 5.5 percent after a series of sessions in the red where it tumbled below the price where it listed last December.

The soaring price of pork and other food kept Chinese consumer inflation close to eight-year highs in February, official data showed Tuesday, as authorities battled the coronavirus outbreak.