Business Hope for a drug to treat corona and corporate...

Hope for a drug to treat corona and corporate expectations raise European shares

Reuters

Global stock exchanges in light of the spread of corona

European stocks rose on Wednesday, supported by positive developments towards a possible treatment for Corona, while a rally in banks and oil companies led AMS sensors after strong results.

Global sentiment was boosted by the release of the US drug maker GLYAD Sciences, that its experimental anti-viral drug, Ramsdevir, helped improve symptoms in Covid-19 patients, who received the drug early.

“The appetite for risk is coming back strongly, thanks to news that Rumsfeld has achieved the initial goal,” said Edward Moya, chief market analyst at Oanda in New York.

He added, “Customers should be a little cautious, because it has not yet been proven safe or effective in treating the epidemic.”

The European benchmark “Stokes 600” closed up 1.8 percent, with the shares of “Airbus” 10% even with its quarterly profits tumbling, while aircraft manufacturer shares recorded their highest levels for the session after its American competitor “Boeing” announced quarterly losses.

The shares of oil giants BP, Total and Royal Dutch Shell rose more than 3%, as crude prices rose, thanks to an unexpected increase in US inventories.

After the German Daimler forecast, automakers benefited from an operating profit growth in the Mercedes-Benz unit of cars and trucks in 2020, while its competitor, Volkswagen, said it “expects profit for the whole year.”

Barclays and its rival Standard Chartered, whose business is concentrated in Asia, led a rally in bank shares.

The shares of “AMS” to the sensors, topped 24.4%, after the company announced that it “expects the impact of the Corona virus in the second quarter of the year to be limited.”

Source: “Reuters”

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