* Asian stock markets : https://tmsnrt.rs/2zpUAr4
* Asia markets turn choppy, give back some recent gains
* Oil rebounds in Asia, after steep slide
* U.S. dollar holds steady, Aussie hit by rating change
By Wayne Cole
SYDNEY, April 8 (Reuters) - Asian stocks were mixed 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 hospitalisations seemed to be levelling off in New York state, deaths across the United States jumped by a record of more than 1,800. China's new coronavirus cases also doubled in 24 hours due to infected travellers returning from overseas. to the uncertainty were wild swings in the oil market, where prices rebounded in Asia after sliding on Tuesday, leaving traders feeling dizzy. O/R
U.S. crude CLc1 futures jumped 6.4% to $25.18 a barrel, having shed 9.4% the session before, while Brent crude LCOc1 added $1.02 to $32.89.
The erratic action was mirrored in equities with MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS first falling almost 1% before clawing back to be little changed.
Japan's Nikkei .N225 stood out with a rise of 2.3% as the confirmation of a state of emergency led some to buy back hard-hit transport and retail stocks. Shanghai blue chips .CSI300 lost 0.3%. .T
E-Mini futures for the S&P 500 ESc1 recovered from an early drop to rise 1%, while EUROSTOXX 50 futures STXEc1 eased 0.3% and FTSE futures FFIc1 0.5%.
"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 0.5% to $0.6137 AUD=D3 and gave its U.S. peer a lift. The U.S. dollar added 0.2% on the yen to 108.93 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= were stuck at $1,648, 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)