LONDON (Reuters) – World stock markets made a super-charged sprint towards a 2nd straight week of gains on Friday after President Donald Trump set out strategies to slowly resume the coronavirus-hit U.S. economy following similar relocations elsewhere.
The bulls were back in organisation, with reports that patients with extreme COVID-19 symptoms had responded favorably to a drug made by U.S. company Gilead Sciences ( GILD.O) giving traders an additional reason to brush off an extensively expected slump in Chinese GDP data.
Europe’s main markets FTSE GDAXI and Wall Street futures rose more than 3%, putting the pan-regional STOXX 600 up nearly 8%over the last two weeks and MSCI’s 49- country world index.MIWD000 00PUS. 23%off last month’s four-year lows.
” The market continues to browse horrible information … on anticipation of economies reopening,” said Steen Jakobsen, Chief Investment Officer at Saxo Bank. “And hopes that a new drug treatment will assist lift longer-term uncertainty about the COVID-19 pandemic.”
Almost 150,000 people have actually now died from the disease, while Friday’s data from China had shown the world’s second-largest economy had actually contracted for the first time given that acknowledged records started in1992
Gdp (GDP) diminished 6.8%in the quarter year-on-year, a little more than expected, and 9.8%from the previous quarter. Chinese retail sales also fell more than anticipated in March, however industrial output dipped just slightly, recommending manufacturing might be recov