European markets bounce on coronavirus drug hopes, lockdown pullbacks

declining economy
declining economy

In efforts to jump-start the rapidly declining economy, the US and Germany plan to reopen their markets. 

However, the IMF reports an expected shrink of 3% in the global economy before it grows by 5.8 % the following year. 

Emotions of respite follow as STAT news reports positive recovery of Coronavirus patients in Chicago who were being treated with Remdesivir. 

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Late morning today showed the pan European Stoxx 600 increase by 3%. It also indicated a 6.3% jump in travel and leisure stocks. 

Even though China’s economy saw a setback of 6.8% in the first quarter, overall Asian stocks showed considerable growth on Friday noon with South Korea’s Kospi index leading by 3%. 

Euro-zone inflation slowed drastically to 0.7% year on year in March. It was 1.2% last February. 

Meanwhile, Cineworld stocks increased to more than 13% leading the travel and leisure sector. But things don’t look so well for Italy’s Diasorin as its shares fall by 8.5%.