The stage wasn’t set for a friendly Friday today in Asian markets. Overnight, another 5.25 million Americans lost their jobs overnight, and New York extended its lockdown until mid-May.
Today, China’s shrank 6.8% this morning, and its stubbornly refused to bounce in March, falling a massive 15.8%. There was a plethora of other COVID-19 economic doom headlines from around the globe overnight, including the IMF again, but I shan’t bore you with the details.
With markets set for a negative Friday under the weight of negative data and expectations, it was instead a surprise when U.S. equity futures leapt by over 3.0%, followed shortly after by strong moves higher in Asian stock markets.
The culprit was Gilead Sciences (NASDAQ:), a biotech company in the United States, and their legacy anti-viral drug, Remdesivir. Media reports on a study at the University of Chicago, suggested that Remdesivir had comprehensively reduced symptoms in most COVID-19 patients.
It is only one…