The major European stock indexes are expected to open up about 3% higher supported the futures trade, as U.S. President Donald Trump unrolled plans for a gradual re-opening of the economy and on reports of a possible drug to treat the COVID-19 disease.
At 10:26 GMT, the UK’s FTSE 100 is trading 5806.46, up 178.03 or +3.16%. Germany’s DAX 30 is at 10683.97, up 382.43 or +3.71% and France’s CAC 40 is trading 4516.77, up 166.61 or +3.83%.
Late on Thursday, Trump laid out new guidelines for U.S. states to emerge from the shutdowns during a staggered, three-stage approach, sending U.S. S&P 500 Index futures to a near five-week high.
Also lifting investor sentiment at the top of the week was a report detailing encouraging partial data from trials of U.S. drugmaker Gilead Sciences Inc.’s experimental drug remdesivir in severe COVID-19 patients.
Trump Unveils Three-Stage Process for States to End Coronavirus Shutdown
President Donald Trump laid out new guidelines on Thursday for U.S. states to emerge from a coronavirus shutdown during a staggered, three-stage approach meant to revive the U.S. economy whilst the country continues to fight the pandemic.
The recommendations turn states to point out a “downward trajectory” of COVID-19 cases or positive tests for the disease over 14 days before proceeding with the plan, which gradually loosens restrictions on businesses that are shuttered to blunt the spread of the virus.
“We aren’t opening all directly , but one careful step at a time,” Trump told reporters at the White House.
The plan faces criticism because it didn’t include provisions to build up testing or set a selected standard for levels of the disease before economic opening.
Stocks Jump after Drug Shows Effectiveness in Treating the Coronavirus
European and US stock futures jumped in overnight trading stateside following a report that said a Gilead Sciences drug was showing effectiveness in treating the coronavirus.
Gilead Sciences shares popped by quite 16% in after-hours trading Thursday after details leaked of a closely watched clinical test of the company’s antiviral Remdesivir, showing what appears to be promising leads to treating COVID-19.
The University of Chicago’s phase 3 drug trial found that the majority of its patients had “rapid recoveries in fever and respiratory symptoms” and were discharged in but every week , health-care publications STAT News reported.
“The best news is that the majority of our patients have already been discharged, which is great. We’ve only had two patients perish,” University of Chicago communicable disease specialist Kathleen Mullane said, consistent with STAT News, which obtained a video of her remarks.
European New Car Sales Plunge by 51.8% in March
Passenger car sales tumbled by quite 50% in Europe’s major markets in March as lockdowns imposed thanks to the new coronavirus took their toll, data showed on Friday.
In March, new car registrations dropped by 51.8% to 853,077 vehicles within the European Union , Britain and therefore the European trade Association (EFTA) countries, statistics from the ecu Auto Industry Association (ACEA) showed.
Sales fell altogether EU markets, with Italy – hit particularly hard by the pandemic – reporting the most important drop of 85.4%, while registrations tumbled by 37.7% in Germany, 72.2% in France and 69.3% in Spain.