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Stock markets soar on coronavirus drug report

Stock markets soar on coronavirus drug report

Global equities surged Friday as reports of encouraging trials for a possible coronavirus drug injected optimism into investors, reports AFP.
Asian indices posted healthy gains also as official data showed the fatal COVID-19 pandemic had not hit China’s economy as badly as some had feared.

However, WTI oil prices tanked to 18.03 per barrel to strike a fresh 18-year low point, punished by crude oversupply and virus-hit weak energy demand.Wall Street rose overnight after President Donald Trump laid out guidelines for a phased reopening of the US lockdown.

After the closing bell in New York, reports emerged of encouraging trials for potential coronavirus drug remdesivir, made by US biotech firm Gilead Sciences.

The result was slightly better than the fall of 8.2 percent forecast by economists in an AFP poll, though analysts in China and abroad have long harboured doubts about the accuracy of official GDP figures.