Global stocks advance on coronavirus treatment hopes, dollar gains
By Herbert Lash NEW YORK (Reuters) - A gauge of global equity markets neared a record high on Monday, as coronavirus treatment hopes bolstered risk appetite and lifted the S&P 500 and Nasdaq to all-time peaks, which buoyed the dollar. U.S
By Herbert Lash
NEW YORK (Reuters) - A gauge of global equity markets neared a record high on Monday, as coronavirus treatment hopes bolstered risk appetite and lifted the S&P 500 and Nasdaq to all-time peaks, which buoyed the dollar.
U.S. regulators on Sunday authorized the use of blood plasma from recovered COVID-19 patients as a treatment option. Shares of AstraZeneca rose on a Financial Times report that the U.S. government was considering fast-tracking its experimental vaccine.
The U.S. Food and Drug Administration's move to give emergency authorization for the use of anti-body rich plasma was hailed by President Donald Trump. It came a day after he accused the FDA of impeding the roll-out of treatments until after the Nov. 3 presidential election.
The World Health Organization was cautious about endorsing the use of the plasma to treat those who are ill, saying evidence that it works remains "low quality."
The announcement came on the eve of the Republican National Convention. Trump on Monday was formally nominated as the party's candidate for the presidency for another four years.
Craig Erlam, senior market analyst at OANDA in London, said that while it was a highly political move on Trump's part, "everyone wants to be the first to market, everyone wants to get the economy back on track and slow down the death rate."
"When you add it all up, it's positive COVID news for the market," he said.
Equity markets worldwide rose on the vaccine hopes. Europe's broad FTSEurofirst 300 index <.FTEU3> closed up 1.62% at 1,439.54, while MSCI's all-country world index <.MIWD00000PUS> rose 0.83% to 575.72 after overnight gains in Asia.
The benchmark for global equity markets is less than 1% from scaling its all-time peak reached in February.
Shares of Apple Inc
On Wall Street, the Dow Jones Industrial Average <.DJI> rose 0.87%, the S&P 500 <.SPX> gained 0.61%, and the Nasdaq Composite <.IXIC> added 0.21%.
A sharp dollar sell-off against the euro paused after the U.S. currency got a boost on Friday when data showed a recovery in U.S. business conditions, while European data showed slowing improvement.
The dollar edged higher, holding above two-year lows against the euro. Federal Reserve Chairman Jerome Powell this week will give a highly anticipated speech about the U.S. central bank's policy framework review at the Fed's annual Jackson Hole symposium.
The dollar index <=USD> rose 0.097%, with the euro
The Japanese yen
Oil prices strengthened as storms threatening the Gulf of Mexico shut more than half of the U.S. region's oil production and on expectations of progress in the development of a COVID-19 treatment.
Brent crude futures
Gold prices fell as optimism over the FDA's authorization of a COVID-19 treatment lifted Wall Street stocks to record highs. U.S. gold futures
(Reporting by Herbert Lash; Editing by Dan Grebler and Leslie Adler)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.