Trending

Stories

Stocks Charge Higher on Hopes for Progress in Fighting Virus

Tidio Live Chat Software - Add Tidio live chat software to your website in minutes. Contact visitors and turn them into happy customers. Enhance their experience and boost your sales. Get it for Free

WP Rocket - WordPress Caching Plugin

Must Read

Stocks charged higher around the world Wednesday following an encouraging but preliminary report on a possible treatment for COVID-19.

The S&P 500 rose 1.9per cent in early trading, and stocks in Europe also jumped after Gilead Sciences put out a statement noting positive data from a trial of its drug remdesivir.

Also Read

The news hit markets at the same moment the U.S. government reported that the nation’s economy shrank at a 4.8per cent annual rate in the first three months of the year, the worst showing since the financial crisis in 2008.

The Federal Reserve releases a statement later Wednesday on interest rate policy.

Elegant Themes - The most popular WordPress theme in the world and the ultimate WordPress Page Builder. Get a 30-day money-back guarantee. Get it for Free

AP’s earlier story is below: Global stocks mostly edged up on Wednesday ahead of US economic growth figures and a Federal Reserve rate decision.

Investors seemed buoyed as more governments plan to ease anti-virus controls and allow businesses to reopen.

Markets in Europe were up slightly, while Shanghai and Hong Kong advanced. Japanese markets were closed for a holiday.

Wall Street appeared set for small gains on the open.

The French and Spanish governments announced plans Tuesday to allow restaurants and other businesses to reopen gradually. They followed Italy, which announced similar plans on Sunday.

Reopening hopes continue to characterize the market, Jingyi Pan of IG said in a report.

In midday trading, London’s FTSE advanced 0.9per cent to 6,008 and the DAX in Frankfurt added 0.3per cent to 10,830. The CAC 40 in France shed 0.2per cent to 4,561.

Earnings reports in Europe are mixed, with Volkswagen saying its business is resilient despite a drop in sales but planemaker Airbus warning that the air travel industry’s troubles are just beginning.

On Wall Street, the future for the benchmark S&P 500 index was 0.6per cent higher and that for the Dow Jones Industrial Average was up 0.5per cent.

Investors will keep an eye on GDP data for the U.S. first quarter, which are expected to show an annual drop of 5per cent or more. The decline will end the longest economic expansion on record.

The Fed is not expected to take any major actions after the end of its two-day meeting Wednesday, having already deployed massive amounts of stimulus to help credit flows and businesses.

However there will be interest in its views, with Fed Chairman Jerome Powell holding a news conference.

In Asia, the Shanghai Composite Index closed 0.4per cent higher at 2,822.44 and Hong Kong’s Hang Seng added 0.3per cent to 24,643.59. The Kospi in Seoul advanced 0.7per cent to 1,947.56.

The ASX-S&P 200 in Sydney gained 1.5per cent to 5,393.40 while India’s Sensex added 1.7per cent to 32,657.03. Singapore and Jakarta gained 0.4per cent while New Zealand shed 0.9per cent.

Investors who want to know when the deepest global downturn since the 1930s might end have been encouraged by plans to reopen factories, retailing and travel.

Economists warn they are too optimistic and say evidence is mounting that the damage is even worse than forecast.

On Wednesday, New Zealand allowed construction sites, restaurants and some other businesses to reopen following a decline in new virus cases.

South Korea’s government reported March industrial production increased by 4.6per cent compared with the previous month.

We won’t get too many positive reports on activity in Asia over the coming months, so we should probably make the most of this one, said Rob Carnell of ING in a report.

In the United States, some governors are rolling back curbs and allowing restaurants, hair salons and other businesses to reopen despite warnings by health experts that moving too fast might lead to new outbreaks.

President Donald Trump, running for re-election amid a slump that has wiped out more than 10 million jobs, is pressing other governors to lift lockdowns.

Gov. Andrew Cuomo of New York, one of the hardest-hit and most populous states, says controls will be eased only after numbers of new cases decline.

Elsewhere, Singapore on Tuesday extended its lockdown by four weeks after reporting its highest one-day toll of new cases a day earlier.

India also reported a one-day record for new infections on Monday.

Many professional investors are skeptical of the U.S. stock market’s big rally, which has driven the S&P 500 up 28per cent from its March low.

They are wary of how fast stocks have rebounded despite the gradual pace of resuming business activity.

The yield on the 10-year U.S. Treasury fell to 0.58per cent on Tuesday from 0.65per cent late Monday. Yields tend to fall when investors are downgrading expectations for the economy and inflation.

In energy markets, benchmark U.S. crude for June delivery gained USD2.03 to USD14.37 per barrel in electronic trading on the New York Mercantile Exchange. The contract lost 44 cents the previous day to settle at USD12.34. Brent crude, used to price international oils, added 89 cents to USD23.63 per barrel in London. It rose 47 cents on Tuesday to USD20.46.

The dollar declined to 106.50 yen from Tuesday’s 106.86 yen. The euro advanced to USD1.0850 from USD1.0847. (AP)

iThemes WordPress Hosting

Stay updated

Subscribe to our newsletter and never miss an update on the latest tech, gaming, startup, how to guide, deals and more.

Latest

Stories

- Advertisement -
- Advertisement -

Latest

Grow Your Business

Place your brand in front of tech-savvy audience. Partner with us to build brand awareness, increase website traffic, generate qualified leads, and grow your business.

- Advertisement -

Grow Your Business

Get these business solutions, tools and services to help your business grow.
Elementor

Elementor -Join 5,000,000+ Professionals Who Build Better Sites With Elementor. Build your website with 100% visual design that loads faster and speeds up the process of building them.

WP Rocket

WP Rocket - Speed up your website with the most powerful caching plugin in the world. The website speed increase means better SEO ranking, user experience, and conversation. It’s a fact that Google loves a fast site.

Kinsta

Kinsta - If you are looking for WordPress managed hosting, Kinsta is in the leading front. Kinsta provides WordPress hosting for a small or large business that helps take care of all your needs regarding your website with cutting-edge technology.

OptinMonster

OptinMonster - Instantly boost leads and grow revenue with the #1 most powerful conversion optimization toolkit in the world. 700,000+ websites are using OptinMonster to turn their traffic into leads, subscribers, and sales.

Related

- Advertisement -
- Advertisement -
ChatGPT Reaches 100 Million Users in Two Months Microsoft’s Teams Get OpenAI-Based Features WhatsApp New Feature that Allows Users to Create Calling Shortcuts Instagram Working On Twitter-like Paid Verification Feature OnePlus Ace 2 Specs Exposed Online Realme GT Neo 5 Full Specs Revealed  Samsung Galaxy S23 Ultra: The New Android King Twitter To End Free API February 9 MLS Season Pass Now Available On Apple TV App Tesla To Increase Giga Shanghai EV Production to 20,000 Weekly 
OpenAI Releases Tool To Detect AI-generated Text Tesla Records Double Net Profit in 2022 India to Produce Upcoming iPhones: Trade Minister Japanese Professor Developed A Power Semiconductor made of Diamond Google Releases New Product for India’s Merchants Indian EV Startup Unveil Two AutoBalancing Electric Scooters OPPO Find X6 Pro Images Render via Weibo Sony Develops New Tech to Reduce Noise of Image Sensors