Canada's GDP plunged 9 percent in March due to travel restrictions and temporary business closures to fight the coronavirus pandemic, dragging down first quarter growth to -2.6 percent, Statistics Canada said Wednesday.

Europe's economic powerhouse Germany plunged into recession in March, with the slump sparked by the coronavirus pandemic likely to last until the middle of the year, the economy ministry said Wednesday.

Oil rebounded in Asian trade Wednesday following sharp falls the day before, as doubts persist about whether a deal to cut output is enough to bolster coronavirus-hit prices.

Asian equities were lower in Wednesday trade, bucking an overnight rally on Wall Street prompted by encouraging signs that US coronavirus infection rates were in decline.

American officials are beginning to tackle the question of how to safely reopen for business and ease lockdowns that have helped slow the pandemic but battered the economy.

The International Monetary Fund projected Tuesday that Lebanon's economy will shrink 12% in 2020 amid the country's worst economic and financial crisis in decades.

The announcement came as the local currency hit its highest pound-to-dollar exchange rate ever on the parallel market.

Wall Street stocks opened solidly higher Tuesday, bouncing back from a lackluster session as major banks kicked off earnings season in the wake of economic hit from coronavirus shutdowns.

The International Monetary Fund on Monday announced immediate debt relief for 25 poor countries to help them free up funds to fight the coronavirus pandemic.

Oil prices rose Monday after top producers agreed to massive output cuts, but gains were capped as doubts grew about whether the move was enough to stabilise coronavirus-ravaged energy markets. 

The world's top oil-producing countries will meet via videoconference at 1600 GMT Sunday, a source close to OPEC said, as they try to address plummeting oil prices due to the coronavirus crisis.

Top oil producers struggled to finalise production cuts during a virtual summit held by G20 energy ministers on Friday, despite US President Donald Trump's mediation efforts to end a standoff with Mexico.