European Shares Set To Open On Cautious Note

European stocks are likely to open a tad lower on Wednesday after sharp gains in the previous session on optimism over phased easing of coronavirus restrictions by some countries.

Despite growing evidence that the coronavirus pandemic is still raging, U.S. President Donald Trump said the coronavirus task force would be shut down in the coming weeks and replaced with an unspecified new advisory body that would focus on restarting the economy.

Trump said he wants the U.S. economy to reopen but acknowledged some people will be "badly affected" as curbs are eased.

The number of Covid-19 deaths in the United States topped 70,000, representing over a quarter of all the virus deaths reported worldwide.

The deaths in the U.K. from coronavirus rose to 32,375, making it the worst-hit country in Europe from the pandemic.

Asian markets are trading mixed and gold inched lower, while oil prices slipped back after two days of gains.

Walt Disney Co, the world's largest entertainment company, said Tuesday the coronavirus pandemic took a $1.4 billion bite out of its earnings in the first three months of the year, as it closed its parks, cancelled movie releases and reduced advertising sales.

In economic releases, factory orders data from Germany, final composite Purchasing Managers' survey results from euro area and the ADP's report on U.S. private sector employment are due later in the session ahead of the release of the more closely-watched U.S. jobs report on Friday.

U.S. stocks rose overnight to extend gains from the previous session as oil prices soared to their highest level in a month, lockdown restrictions began to ease in the U.S. and Europe, and Pfizer and BioNTech announced that their potential coronavirus vaccine began human trials.

Meanwhile, Federal Reserve Vice Chairman Richard Clarida told CNBC that the economy will likely recover in the second half of the year and that more fiscal and monetary support may be needed.

The Dow Jones Industrial Average gained 0.6 percent, the tech-heavy Nasdaq Composite climbed 1.1 percent and the S&P 500 advanced 0.9 percent.

European markets posted strong gains on Tuesday as several countries in Europe and elsewhere started lifting coronavirus-led restrictions.

The pan European Stoxx 600 gained 2.2 percent. The German DAX rallied 2.5 percent, France's CAC 40 index jumped 2.4 percent and the U.K.'s FTSE 100 added 1.7 percent.