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European shares rise after Trump's plan to reopen America

European shares rise after Trump plan to reopen America

European shares rose during Friday’s trading, after the US President's statements about new guidelines aimed at easing restrictions of social divergence and a gradual reopening of the American economy, in addition to reports of a possible drug for Covid-19.

As of 07:55 GMT, the Euro Stoxx 50 index rose by 3.04 percent to trade near 2,898.60 points.

Britain’s FTSE Index also ascended to 5,770.56 points, bringing its advance in early trading today to about 2.52 percent.

The series of gains in the European stock market did not exclude the German DAX index, which rose about 2.88 percent and now settles near 10,597.27 points.

The French CAC also joined the wave of gains, reaching 4,479.73 points, up 2.95 percent.

Optimism prevailed in financial markets after President Donald Trump's remarks yesterday at coronavirus task force press conference, as he said the United States has overtaken the height of Corona, indicating that he was considering reopening the economy.

"The next front in our war - opening up America again," Trump said, where he outlined three stages to gradually ease the lockdowns.

Moreover, investors' hopes for a possible covid-19 treatment have risen after a heartening detailed report of encouraging drug trials to treat severe coronavirus patients by leading US drug company Gilead Sciences Inc.

More to mention, a growing number of European countries have considered reopening the economy amid cautious plans to begin easing restrictions on public life and businesses.

Markets shrugged off the release of dismal Chinese GDP data, which indicated the world’s second-biggest economy contracted for the first time on record, posting -6.8 percent on as the corona shock hit both producers and consumers.

As of 09:24 GMT, the EUR/USD pair fell today, reaching 1.0826 levels, while the pair opened today’s session at 1.0860. It is also noted that the lowest level reached by the euro today was at 1.0818.

Regarding Coivd-19 latest updates, the number of people infected today worldwide is around 2,185,938, while the total number of deaths totaled 146,969.

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