Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Stocks jump on media reports of drug breakthroughs for coronavirus: traders

Stock MarketsFeb 05, 2020 04:21AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Stocks jump on media reports of drug breakthroughs for coronavirus: traders

LONDON (Reuters) - European stocks jumped sharply on reports that a Chinese university found a drug to treat people with the new coronavirus and researchers in the UK saying they made a "significant breakthrough" in finding a vaccine, several London-based traders said.

A scientist leading UK's research into a coronavirus vaccine told Sky https:// news that his team have made a "significant breakthrough" by reducing a part of the normal development time from two to three years to just 14 days.

Meanwhile, traders also cited a Chinese TV report that a research team at Zhejiang University has found an effective drug to treat people with the new coronavirus sharp for a rise in stocks.

Reuters has not verified those media reports, but several traders have attributed the sharp move in markets to the reports.

The benchmark pan-European STOXX 600 (STOXX) index, which started the day on the backfoot, reversed early losses and rose as much as 0.8% on day.

U.S. stock futures also turned positive, rising 0.5%.

"Equity markets in Europe have had a sharp turnaround on the back of unconfirmed reports," said David Madden, market analyst at CMC Markets UK.

"Traders have taken the view that the situation is now more likely to be under control and hopefully the spread of the health crisis will be stemmed and it hopefully leads to a return to normality in China and around the world."

In the forex market, riskier currencies including the Australian dollar climbed 0.3% at $0.6758. The Swedish crown hit a near two-week high at 9.56 crowns per dollar while the euro/Swiss franc (EURCHF=EBS) exchange rate, a barometer of risk sentiment, strengthened.

Stocks jump on media reports of drug breakthroughs for coronavirus: traders
 

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 (7)
Fa Zakee
Fa Zakee Feb 05, 2020 10:06PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Unless they say they are skipping clinical trials, I don't see how the drug is coming on board any time soon. XD
Raymond See
Raymond See Feb 05, 2020 5:37AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
It is weired for European stock traders to speculate a piece of news that the report is neither verified and confirmed by an international medical expert.
Raymond See
Raymond See Feb 05, 2020 5:29AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
This is quite ridiculous to boost up the market based on an unverified report and the test was not studied and confirmed by an international medical expert.
Zambi rambi
Zambi2019 Feb 05, 2020 5:29AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Very hood news , apple will benefit most, stock will fly.
SPX Trader
SPX Trader Feb 05, 2020 5:15AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The vaccine isn't even newsworthy. It said in the article that tests won't begin till Summer. As for the treatment, tests have been done in vitro only, meaning in a lab setting and not in real people. They've been trying it on people in Zhejiang, but we don't know how effective it is yet.
Chris Sundo
Chris Sundo Feb 05, 2020 5:11AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Hope the side effects aren't gonna be too big -- drug implementations in a rush .. watch out
Space Lord
Space Lord Feb 05, 2020 5:04AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
New year - new theme. Trade war = Coronavirus epidemic. Waiting for news: new remedy isn't good enough. In any case I glad to see strong up down movements in oil price.
 
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
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email