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European stock index futures jump on plans to re-open U.S. economy

Published 04/17/2020, 02:11 PM
Updated 04/17/2020, 02:20 PM
© Reuters.

(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
April 17 (Reuters) - European stock index futures surged
more than 3% on Friday, as U.S. President Donald Trump rolled
out plans for a gradual re-opening of the economy and on reports
of a potential drug to treat the COVID-19 disease.
Euro Stoxx 50 futures STXEc1 were up 3.3% at 0600 GMT,
with German DAX FDXc1 , French CAC FCEc1 and FTSE 100 FFIc1
futures jumping between 2.8% and 3.4%, shrugging off data
showing China suffered its worst economic contraction in almost
three decades.
The benchmark STOXX 600 index .STOXX has rallied about 20%
since hitting an eight-year low in March on the back of historic
global stimulus and on hopes strict stay-at-home orders would be
eased as the health crisis showed signs of ebbing.
Late on Thursday, Trump laid out new guidelines for U.S.
states to emerge from the shutdowns in a staggered, three-stage
approach, sending S&P 500 futures EScv1 to a near five-week
high. Also lifting the mood at the end of the week, a report
detailed encouraging partial data from trials of U.S. drugmaker
Gilead Sciences Inc's experimental drug remdesivir in severe
COVID-19 patients.

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