European stocks sink as pandemic hits business, oil prices grind higher

Oil, shares slip on doubts over Saudi-Russia deal

LONDON - European stock markets sank on Friday, erasing meagre gains for the week, as more companies flagged a hit to business from the coronavirus pandemic while oil prices extended their previous day’s gains on hopes of a global supply cut.

A number of firms flagged a hit to business from the pandemic, foreshadowing a deeper earnings recession ahead of the reporting season. The amount cited by Trump would represent an unprecedented cut equal to 10% to 15% of global supply, in output per day terms, a common unit of measurement. More evidence of the damage from widespread stay-at-home orders to contain the spread of coronavirus emerged in the United States, with an unprecedented number of workers - 6.6 million - filing jobless claims.

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