Breaking News
Investing Pro 0
Cyber Monday Extended SALE: Up to 60% OFF InvestingPro+ CLAIM OFFER

Stocks - Europe Climbs as Hope Over Virus Cure Grows

Stock Markets Apr 17, 2020 03:54AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.
 
EUR/USD
-0.09%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
UK100
+0.06%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
XAU/USD
+0.61%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
FCHI
+0.46%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
DE40
+0.74%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
LVMH
+0.18%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Peter Nurse 

Investing.com - European stock markets pushed higher Friday, as investors dismissed weak Chinese growth data to focus on reports of a potentially promising treatment for the coronavirus and plans for re-opening major economies.

At 3:55 AM ET (0755 GMT), the U.K.'s FTSE index traded 2.5% higher, France's CAC 40 was up 3.2%, while the DAX rose 2.9%. The broader based Stoxx 600 Europe index climbed 2.5%. 

Earlier Friday, China registered a contraction in its economy in the first quarter - the first in almost three decades of records, as gross domestic product fell 6.8% in January-March year-on-year. 

This offered up a foretaste of what is to come in Europe and the Americas in the second quarter, but investors have been buoyed by a media report on Gilead (NASDAQ:GILD) Sciences’ experimental drug remdesivir in severe Covid-19 patients, which detailed encouraging partial data from trials of its experimental drug remdesivir.

This, along with countries starting to open up their economies in Europe and President Donald Trump detailing guidelines for something similar in the U.S., has led investors to take a positive stance Friday.

In corporate news, French cosmetic group L’Oreal SA (PA:OREP) and luxury group LVMH (PA:LVMH) both rose strongly after giving encouraging outlooks for the rest of the year in China, where both generate a large share of sales. L'Oreal's first-quarter revenue also beat expectations, thanks partly to surging sales of skincare products.

The only economic indicator of note due for release Friday will be the final consumer price inflation number for the euro zone in March, at 5 AM ET (0900 GMT).

This “will likely confirm that inflation pressures eased in the euro area during the month,” said Danske Bank, in a research note. “As this coincides with the fall in the oil price and economic activity, deflation worries have returned to the market.”

Oil prices remained under pressure Friday, with the rolling-over of long position in the May WTI contract into June sending the former down as much as 8.3% lower at $18.03 a barrel, a new 18-year low. However, the more representative June contract was down only 6c at $25.47. The international benchmark Brent contract fell 0.1% to $27.80.

Elsewhere, gold futures fell 1% to $1,714/oz, while EUR/USD traded at 1.0835, flat on the day.

Stocks - Europe Climbs as Hope Over Virus Cure Grows
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (11)
Damoon Taheri
Damoon Taheri Apr 17, 2020 7:27AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
CNBC: Investors should be cautious on the potential for Gilead's drug Remdesivir, analysts says. PUBLISHED FRI, APR 17 2020 7:08 AM EDTUPDATED 7 MIN AGO
JohnHenry Rabb
JohnHenry Rabb Apr 17, 2020 6:34AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Fake news, GILEAD DENIES RUMORS: google " Gilead Pours Cold Water On Report That Sent Market Soaring: zero 0 hedge".  COMPARE to irresponsible authors who DIDN'T FACTCHECK BY ASKING GILD ITSELF, e.g. just "2 hours ago": Peter Nurse's https://investing.com speculations-without-factchecks.
JohnHenry Rabb
JohnHenry Rabb Apr 17, 2020 6:34AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
...and it made GILD go up 12% last night after the closing bell.
Get Sirius
Get Sirius Apr 17, 2020 6:08AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I am just waiting downturn. All lies will fall when downturn happens but I must admin I will not feel any satisfaction because unfortunately economy is finished but Trumpist can not see that. I would be more than happy if Trump&co could solve this situation but as far as I can see He is manipulating with stock and that means even bigger fall.
hami Durmaz
hami Durmaz Apr 17, 2020 6:00AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
whatbcure they mention about remdesivir and malaria drug since 1month
Luis Angulo
Luis Angulo Apr 17, 2020 5:50AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
There is no cure. Only the hope for some
andre perrin
andre perrin Apr 17, 2020 5:45AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
there 'smore fuss around Moderna than Gilead ..
Matt Kay
Matt Kay Apr 17, 2020 5:25AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
What cure? Read the news headline writer guy. There is no cure. This is, in fact, fake news.
Ademola Isola
Ademola Isola Apr 17, 2020 5:01AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
let us be optimistic.we need all the positivity we can get
Pól Hansen
Pól Hansen Apr 17, 2020 5:01AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
we need real news, because people are dying
Andi Peruško
Andi Peruško Apr 17, 2020 4:39AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
American propaganda, same like chicongNo cure at least 18 months
Pól Hansen
Pól Hansen Apr 17, 2020 4:22AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
what cure are you talking about? there is no cure
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email