GLOBAL MARKETS-Oil skids on oversupply fears, U.S. stock futures jump

* Oil prices fall as Russia-Saudi Arabia reach impasse on
supply
* British pound skids as PM Johnson admitted in hospital
* Equity investors focus on slowdown in COVID-19 death rate

By Swati Pandey
SYDNEY, April 6 (Reuters) - Oil prices skidded on Monday
after Saudi-Russian output discussions showed no immediate signs
of progress while U.S. stock futures jumped as investors were
encouraged by a slowdown in coronavirus-related deaths and new
cases.
Sterling GBP= fell after British Prime Minister was
admitted to hospital following persistent coronavirus symptoms
as the pandemic rapidly spreads.
Brent crude LCOc1 fell as much as $3 in early Asian
trading after Saudi Arabia and Russia postponed a meeting over a
potential pact to cut production to Thursday. O/R
Analysts said the news could lead to some sell-off in
currency markets too.
Also weighing on the pound were fears other senior
government officials who were in the same briefing as Prime
Minister Boris Johnson could be affected by the virus, said Karl
Schamotta, chief market strategist at Cambridge Global Payments
in Toronto, Canada.
The pound fell 0.4% in early trade on Monday in a knee-jerk
reaction and was last down 0.3% at $1.2222.
The U.S. dollar was up a touch against the yen at 108.58.
JPY=
Equity investors were looking at the positives though.
U.S. stock futures ESc1 jumped more than 1.5% in early
Asian trading on Monday after U.S. President Donald Trump
expressed hope the country was seeing a "levelling off" of the
coronavirus crisis. The gains came despite New York Governor Andrew Cuomo
cautioning that it was not yet clear whether the crisis in the
state had reached a plateau. Australian YAPcm1 and Nikkei NKc1 futures also pointed
to gains.
Investors took solace from the fact that COVID-19 cases also
appeared to be reaching a peak in Europe with Italy seeing the
number of patients in intensive care falling for the second
consecutive day.
"Focus in markets will now turn to the path out of lockdown
and to what extent containment measures can be lifted without
risking a second wave of infections," National Australia Bank
analyst Tapas Strickland wrote in a note.
"Key to a strong rebound in China will be the ongoing
lifting of containment measures with Wuhan – the epicentre of
the outbreak – set to lift containment measures on April 8."
Strickland, however, noted many in China were still subject
to social distancing and isolation restrictions to prevent a
resurgence in infections.
The pandemic has claimed more than 64,000 deaths as it
further exploded in the United States and the death toll climbed
in Spain and Italy, according to a Reuters tally. Concerns about heavy damage to the global economy have
pushed investors into the perceived safety of government bonds.
US/
Brent crude futures LCOc1 slipped 6.2%, or $2.13, to
$31.98 a barrel while U.S. crude CLc1 dived 7.4%, or $2.12, to
$26.12. O/R
Spot gold XAU= was down 0.2% at $1,612.9 an ounce.

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(Editing by Sam Holmes)