LONDON, Global shares
rallied on Friday as investors cheered signs of improving Sino-American
relations and looked towards more governments gradually reopening their
economies, Reuters reported.
The positive mood stands in sharp contrast to the economic data. U.S. unemployment numbers due later on Friday are expected to be the worst in a lifetime as the coronavirus pandemic ravages economies.
Top U.S. and Chinese trade representatives discussed their Phase 1 trade deal on Friday, with China saying they agreed to improve the atmosphere for its implementation and the United States saying both sides expected obligations to be met.
Asian markets, which had opened higher following gains on Wall Street, were lifted by news of a phone call between U.S. and China trade representatives.
Improving sentiment also put European futures comfortably in the black, with the pan-European Stoxx 600 up 0.6% at 339.86 points, Germany’s DAX up 0.75% at 10,840 and France’s CAC 40 0.6% higher at 4,526.
U.S. stock futures for the S&P 500 were up 0.92% to 2,906.
The MSCI world equity index, which tracks shares in 49 countries, was half a percent higher, while MSCI’s main European Index was up 0.64%. The Euro STOXX 600 was 0.6% higher, helped by the construction and materials sector.
Source: Saudi Press Agency