European markets opened higher Thursday as global markets are buoyed by trials of a potentially effective coronavirus treatment.
The pan-European Stoxx 600 climbed 0.6% at the start of trading, autos jumping 2.4% to lead gains while basic resources bucked the upward trend to edge 0.3% lower.
Investors in Europe will be reacting to news from the U.S. Wednesday regarding the use of Gilead Sciences’ antiviral drug remdesivir as a potential new treatment for Covid-19 patients.
Gilead Sciences said Wednesday preliminary results of a coronavirus drug trial showed at least 50% of patients treated with a five-day dosage of remdesivir improved and more than half were discharged from the hospital within two weeks.
Later Wednesday, White House health advisor Dr. Anthony Fauci said NIAID’s remdesivir drug trial, which enrolled about 800 patients, showed “quite good news” and that the drug would set a new standard of care for Covid-19 patients.