On Wednesday, stock markets witnessed a sharp jump amid reports. Chinese and European scientists made a significant breakthrough in the development of drugs for the new coronavirus.
Business surveys have shown that high levels of activity in the European economy have strengthened the IHS Markit’s consolidated procurement index in the eurozone. In five months, it rose to 51.3, breaking an unchanged forecast of 50.9.
Consequences of an Outbreak of Coronavirus
China accounts for 20% of global GDP. The effects of the coronavirus outbreak on Chinese demand pushed oil and copper prices into freefall.
DAX, STOXX 600, FTSE Left Former Highs
By 05:15 am ET (10:15 GMT), the STOXX 600 benchmark index was up 1.0% at 422.58. German DAX increased by 1.1%, and the FTSE 100 by 0.7%. All three indices left their previous highs, as the initial surge in the market in response to good news went out.
Local Patent Application
On Tuesday, the research institute filed for a local patent for the antiviral drug Remdesivir, developed by Gilead Sciences. However, the drug has not yet received the approval of the relevant American authorities. The news overshadowed the revenue stream from European “blue chips”, which were mixed.
IAG British Airways raised to 7.6%
IAG, the parent company of British Airways, has grown by 7.6%. Since it has shown poor performance in recent days due to concerns about the impact of coronavirus on the tourism sector.
Vestas Wind Systems A / S
Vestas Wind Systems A / S from Copenhagen showed growth of 3.5% after forecasting three years of sustainable development. It expects that an increase in the share of services in the sales structure will offset the decrease in margins in its largest unit. That is the production of land turbines.