Stocks rally on treatment hopes, currencies await ECB
Europe saw a cautious start with oil firm Shell’s first dividend cut in 80 years, a record drop in French first quarter GDP and surge in German unemployment all giving traders an excuse for some pre-ECB profit taking.
“Today we will also see if the ECB is going to go to 1 trillion or beyond with its PEPP programme,” he added, a reference to the central bank’s beefed-up bond buying scheme. More caution was evident in other asset classes, with the U.S. dollar steady against most of the other major currencies and German Bund yields - which move inverse to price - dipping to a one-month low ahead of the expected ECB moves.
Partial results from the 1,063-patient U.S. government trial of Gilead’s remdesivir were hailed as “highly significant” by the top U.S. infectious disease official, Anthony Fauci.
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