The World Health Organization (WHO) overnight described the outbreak as a pandemic. Italy, where deaths rose by nearly a third overnight, has shuttered all shops except supermarkets, food stores and pharmacies.
On Wall Street, the longest-ever bull market for U.S. stocks ended overnight with the Dow Jones index sliding into bear market territory.
Australia announced it would pump A$11 billion ($7 billion) in fiscal stimulus into its economy by June.
On Thursday, Investors expect the ECB will cut its main deposit rate by 10 basis points. But it is no certainty since rates are already at a record-low -0.5% and further cuts could hurt bank margins and so squeeze lending.
The euro held its nerve, as markets wait to see how aggressively the European Central Bank will move to combat the corona-virus' economic shock, following emergency rate cuts in the U.S. and Britain.
Sterling meanwhile nursed modest losses after the Bank of England made a surprise half-a-percentage-point rate cut in tandem with a $39 billion government stimulus package.
Under mounting pressure to take action against the spread of the corona-virus, President Donald Trump on Wednesday suspended travel from Europe to the United States, except for the UK, for 30 days starting on Friday.
Brent crude was trading down 6.7%, at $33.59 switched in and out of positive territory before the U.S. announcement. U.S. crude was down 5.73%, at $31.05 after dropping 4% in the previous session.
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