The euro zone economy will contract by a record 7.7% this year because of the COVID-19 pandemic according to the European Commission forecast.
Oil was on its longest run of gains in nine months as major economies eased coronavirus-led restrictions in an attempt to revive economic activity.
Sentiment in manufacturing fell in April as lockdowns put the brakes on factory activity, leading to steep declines in output and demand, while the outlook looked gloomy.
U.S. President Donald Trump threatens tariffs on Beijing, to punish China for its alleged failure to contain the coronavirus, ratcheting up anti-China rhetoric again, t.
The euro was broadly flat on Thursday after preliminary euro zone economic growth data was even more dire than expected. Investors looked ahead to the ECB meeting.