* Asian stock markets : https://tmsnrt.rs/2zpUAr4
* Asia markets turn choppy, give back some recent gains
* Oil rebounds in Asia, after steep slide
* US dollar holds steady, Aussie hit by rating change
By Wayne Cole
SYDNEY, April 8 (Reuters) - Asian stocks stepped back on Wednesday after two sessions of sharp gains as investors tempered their optimism about the coronavirus while death tolls were still mounting across the globe.
While the number of COVID-19 hospitalizations seemed to be levelling off in New York state, deaths across the United States jumped by a record 1,800. China's new coronavirus cases also doubled in 24 hours due to infected overseas travellers. helping sentiment were wild swings in the oil market, where prices rebounded in Asia after sliding on Tuesday to leave traders feeling dizzy. O/R
U.S. crude CLc1 futures jumped 5.5% to $24.93 a barrel, having shed 9.4% the session before, while Brent crude LCOc1 added 75 cents to $32.62.
The erratic action spilled over into equities with MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS losing 0.7%.
Japan's Nikkei .N225 went the other way and added 0.4%, while Shanghai blue chips .CSI300 lost 0.6%.
E-Mini futures for the S&P 500 ESc1 wobbled either side of flat, while EUROSTOXX 50 futures STXEc1 dropped 1.1%.
"There is reason to be cautious as this looked to be a relief rally ahead of next week's start of Q1 earning season and before data reveals the depth of the virus impact," said analysts at JPMorgan (NYSE:JPM) in a note.
"Data shows the recent move higher has been accompanied by short covering and de-risking rather than active risk taking on the long side."
The S&P 500 .SPX had ended Tuesday down 0.16%, having been up as much as 3.5% at one stage. The Nasdaq .IXIC dropped 0.33% and the Dow .DJI 0.12%.
After U.S. stock markets closed, President Donald Trump said the United States may be getting to the top of the coronavirus curve. Trump administration asked Congress for an additional $250 billion in emergency economic aid for small U.S. businesses reeling from the pandemic. the virus' 'curve is flattening', the economic effects of the corona crisis will linger for years in our view," Commonwealth Bank of Australia economist Joseph Capurso said in a note.
"Economies will take time to re-open, some businesses will not re-open, and unemployment will take years to return to levels reported at the end of 2019."
Ratings agency S&P Global on Wednesday warned the cost of combating the virus would weigh heavily on Australia's finances and changed the outlook for the country's rating to negative. knocked the Aussie dollar down 0.6% to $0.6130 AUD=D3 and hit risk sentiment generally. The U.S. dollar eased 0.1% on the safe-haven yen to 108.80 JPY= , while the euro dipped 0.2% to $1.0865 EUR= .
Against a basket of currencies, the dollar edged up 0.2% to 100.170 =USD .
Gold prices XAU= eased back to $1,645, after touching a 3-1/2-week high on Tuesday at $1,671.
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Tracking the spread of the novel coronavirus
https://graphics.reuters.com/CHINA-HEALTH-MAP/0100B59S39E/index.html
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Editing by Sam Holmes & Shri Navaratnam)