(Bloomberg) — Spain reported a surge in cases, though fewer deaths than a day earlier. The number of infections in Europe has tripled over the past week, the World Health Organization said, adding that the continent now accounts for 7 out of 10 reported fatalities.Federal Reserve Chairman Jerome Powell vowed to support the flow of credit in the U.S. economy after the Senate approved a $2 trillion package. Earlier, the European Central Bank will scrap limits on bond purchases, giving it almost unlimited firepower to fight the economic fallout.Singapore estimated that its economy contracted the most in a decade, an early sign of what’s in store for many. Japan slashed its assessment of the economy, characterizing it as “extremely depressed,” and French business confidence plunged at a record pace in March.Key Developments:Cases top 480,400; 21,571 dead, 115,800 recovered: Johns HopkinsU.S. death toll tops 1,000; confirmed cases in Canada surge 72%Kudlow says jobless claims to show a big increase on ThursdayFauci warns of potential for another cycle of coronavirus infectionsChina’s Wuhan lockdown may delay feared second wave, study showsSpanish doctors are forced to choose who to let die from virusTune in to a Q&A Blog with health experts at 2 p.m. London time (10 a.m. New York) via this link. Subscribe to a daily update on the virus from Bloomberg’s Prognosis team here.Click VRUS on the terminal for news and data on the coronavirus and here for maps and charts. For analysis of the impact from Bloomberg Economics, click here. To see the impact on oil and commodities demand, click here.Powell Says Fed Will Keep Credit Flowing (7:18 a.m. NY)“We will keep doing that aggressively and forthrightly, as we have been,” Powell said in an interview on NBC Thursday. “When it comes to this lending we’re not going to run out of ammunition.” Over the past three weeks, the U.S. central bank has introduced an unprecedented series of measures pushing it deep into uncharted territory.Powell said the U.S. may well be in recession, but expects activity to resume and move back up in the second half of the year. He said “we would tend to listen to the experts” on when normal activity should resume and added that the virus would dictate the timetable.Prisoners Riot in Luxembourg (6:45 a.m. NY)Luxembourg’s main prison erupted in violence overnight after about 25 inmates started rioting, forcing several police units to intervene. The correctional facility of Schrassig is subject to strict confinement measures amid rising numbers of infections. While prisons haven’t yet confirmed any cases, inmates can no longer receive visitors, or meet their lawyers.Spain Reports Fewer Deaths, Cases Surge (6:32 a.m. NY)Total cases rose to 56,188 from 47,610 and fatalities jumped by 655, fewer than on Wednesday, to 4,089.Europe Accounts for 7 out of 10 Virus Deaths, WHO Says (6:20 a.m. NY)The number of cases tripled in the past week in Europe, with the disease spreading faster in Spain, France, Germany and Switzerland, Hans Kluge, the World Health Organization’s director for Europe, said at a press briefing in Copenhagen. Italy’s infection rate has slowed slightly, but it’s too early to say the disease has peaked there, he said. The country has 6,200 infected health-care workers, he added.Kluge said Europe needs to attack the disease in solidarity, because if the European Union manages to fight it but it takes hold in eastern Europe, it will just come back.Norway’s Wealth Fund is Down 16% (6:10 a.m. NY)Norway’s sovereign wealth fund, the biggest of its kind, has lost 16% so far this year as global stock markets slumped. The fund’s stock portfolio had lost 23% as of Wednesday.Cases Almost Double in Belgium (6:07 a.m. NY)Belgium reported 1,298 new confirmed cases, the highest number on a single day and almost double the prior day’s tally of 668. The death toll in the country of 11.3 million has increased to 220. Virologists expect the local peak of the pandemic to occur in early April, if Belgians reduce social contact by 50%.Meanwhile, Germany now has 37,179 cases, up from 32,705 24 hours ago, according to Bloomberg-compiled data. Fatalities have risen to 203 from 154. Siemens AG is offering up its 3D printers to make medical equipment and calling on other companies on its printing network to do the same, after the German government called on its domestic manufacturers to help out.Iran Reports 157 New Deaths (5:38 p.m. HK)Iran reported 157 new deaths and an additional 2,389 cases. About 29,400 people have been infected in total, of which 2,234 have died and more than 10,000 recovered.Austrian GDP Seen Down 2.5% if Economy Back to Normal in Summer (5:30 p.m. HK)Austrian output of goods and services will contract 2.5% this year if lockdown measures lift gradually from May and the economy returns to normal over the summer, researcher Wifo said.Irish Unemployment Set to Hit 30-Year High (5:20 p.m. HK)Irish unemployment may surge to the highest level since the 1980s, as the coronavirus takes an unprecedented toll. The jobless rate could rise 18% in the second quarter, the government-backed ESRI think-tank said on Thursday, should current restrictions remain in place for 12 weeks as planned. About 350,000 people would lose their jobs, the think tank said, with unemployment jumping from below 5%.EU Leaders to Hold Virtual Summit (5:15 p.m. HK)European Union leaders will on Thursday pledge to protect companies from foreign takeovers, discuss an exit-strategy from the looming recession, and likely agree on credit lines to help keep borrowing costs low while governments go on a spending spree. As EU nations move to tackle the fallout, leaders will tacitly admit that they were unprepared for the “unprecedented challenge” of the rapidly spreading disease, according to the latest draft of a joint statement to be issued following a video conference.Their discussion is expected to highlight divisions, especially when it comes to possible joint debt issuance and the conditions attached to any borrowing from the euro area’s bailout fund.Self-Employed British Workers Promised Help (4:58 p.m. HK)Millions of Britons who work for themselves will be promised a rescue package as the coronavirus pandemic threatens their incomes. U.K. Chancellor of the Exchequer Rishi Sunak will announce assistance to the self-employed on Thursday in what will be his fourth set of emergency measures to cope with the economic fallout from the coronavirus crisis.It comes as Prime Minister Boris Johnson’s government battles growing criticism of its response to the spread of the virus, which has been slower than some other countries.Cases Rise in Asia (4:51 p.m. HK)Fatalities from novel coronavirus infection in Indonesia jumped to 78, the most in Southeast Asia, as the world’s fourth-most populous nation continues to see a surge in fresh cases. The total number of peopled infected rose to 893 on Thursday from 790 a day earlier. The number of new infections topped 100 for a third consecutive day.Malaysia added 235 confirmed cases of the new coronavirus, the biggest daily jump so far, after Prime Minister Muhyiddin Yassin decided to extend the lockdown until April 14. And Hong Kong reported 43 additional cases, the second biggest daily jump in confirmed cases.Thailand, a Southeast Asian country now entering what’s traditionally one of its hottest periods of the year, saw total cases surpass 1,000 following confirmation of 111 new cases. The total number may reach 3,500 by the end of April if the infection rate continues at this pace, according to Anupong Sujariyakul, senior expert in preventive medicine at the Disease Control Department.Virus Response Topples First European Government (4:30 p.m. HK)Kosovo lawmakers voted to remove Prime Minister Albin Kurti, becoming the first nation in Europe to vote out a government over the way it handled the coronavirus outbreak. The government collapsed late on Wednesday, just months after it took office. The vote was called by a junior coalition partner who criticized steps taken to curb the contagion.Romanian Health Minister Victor Costache resigned on Thursday as the country struggled to contain the spread.Stocks Retreat, Bonds Rally (4:16 p.m. HK)European stocks dropped with U.S. equity futures and most Asian shares on Thursday as investors looked past stimulus packages to the mounting human impact of the coronavirus outbreak. European sovereign debt rose after the ECB said it plans to scrap limits on bond purchases for its 750 billion-euro ($819 billion) emergency program in a landmark decision that gives it almost unlimited firepower to fight the economic fallout.India Unveils $22.6 Billion Stimulus (4:10 p.m. HK)The measures will include cash transfers as well as steps on food security, Finance Minister Nirmala Sitharaman said in New Delhi Thursday. The package will benefit migrant workers, she said. India is on a total lockdown for three weeks from Wednesday in the world’s biggest isolation effort, as Prime Minister Narendra Modi seeks to prevent the virus from spreading locally.Faster Virus Tests (4 p.m. HK)Robert Bosch GmbH said it developed a test that can diagnose Covid-19 in less than 2.5 hours and might help efforts to fight the coronavirus outbreak. The new test uses the Vivalytic molecular diagnostics platform made by Bosch’s healthcare division, used in hospitals, laboratories and medical practices. Patients typically must wait one or two days before they get test results.Separately, U.K.-based Mologic Ltd. has sent prototypes of a 10-minute coronavirus test to laboratories for validation before it can begin full-scale manufacturing. The company and its partner, the Senegalese research foundation Institut Pasteur de Dakar, have developed a finger-prick test to determine whether a person had the illness and the state of his or her immune system. The company is also working on a separate saliva test to detect the presence of the virus.Singapore Boosts Virus Package as Economy Shrinks (3:53 p.m. HK)Singapore delivered a second stimulus package of S$48 billion ($33 billion) to fight the coronavirus outbreak, drawing on national reserves for the first time since the global financial crisis to support an economy heading for recession.The city-state’s gross domestic product fell an annualized 10.6% in the first quarter from the previous three months, far worse than the median forecast for an 8.2% contraction in a Bloomberg survey. The government said it now sees a sharp contraction in the economy of 1% to 4% for the full year.Singapore was among the first outside of China to be hit with coronavirus cases earlier this quarter, and it is often seen as a bellwether for global trade given the openness of its economy.U.K. Companies Get More Time to Publish Accounts (3:50 p.m. HK)U.K. listed companies struggling with deadlines because of the coronavirus outbreak will get an extra two months to publish their financial statements, regulators said in a series of coordinated measures designed to reassure Britain’s businesses. Companies will have until six months after their financial year end to deliver their statements, the Financial Conduct Authority said on Thursday.Moscow to Shut Restaurants, Stores, Parks (3:37 p.m. HK)Moscow Mayor Sergey Sobyanin ordered a sweeping shutdown in Europe’s biggest city Thursday after infections in the Russian capital spiked. Restaurants, parks and stores except for pharmacies and food shops will shut down from Saturday for a week. Moscow reported a sharp increase in the number of cases, with the total jumping by a third over the last day to 546. The national total rose to 840.Russia is taking the illness increasingly seriously, with President Vladimir Putin on Wednesday declaring a next week a non-working one nationwide in a bid to reduce contagion and the government halting all international flights, effective March 27.Tokyo’s Cases Climb by a Record as Cherry Blossom Season Hits (3:30 p.m. Hong Kong)Tokyo confirmed more than 45 additional coronavirus cases Thursday, national broadcaster NHK reported, citing an unidentified metropolitan government official. That exceeded the count of 41 for the previous day. The city has become the new center of coronavirus cases in the country, overtaking Hokkaido as the area with the most infections. The jump comes as the annual cherry blossoms appear across the capital, bringing crowds out for traditional viewing celebrations in public parks.Japan will set up a panel as soon as Thursday to consider declaring an emergency over the coronavirus pandemic, Economy Minister Yasutoshi Nishimura said. While he told reporters at a briefing Thursday that the Abe administration isn’t thinking of declaring an emergency now, Health Minister Katsunobu Kato said he has told the prime minister there’s a high risk of the virus spreading broadly.Japan’s government also slashed its assessment of the economy. In its monthly report for March released Thursday, the Cabinet Office cut its view of the economy, characterizing it as in a “severe situation” and “extremely depressed” by the virus outbreak. It dropped its view that the economy was recovering or moving toward a recovery for the first time since 2013.French Business Confidence Tumbles by a Record (2:35 p.m. HK)French business confidence plunged at a record pace in March as shutdowns to contain the coronavirus have left the economy running at 65% of normal activity. The index fell to 95 in March from 105 the month before, statistics office Insee said Thursday. The drop echoes that seen in Germany in figures earlier this week, and reflects French President Emmanuel Macron’s move to put the country in lockdown in an effort to contain the spread of the virus.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.