European Stocks and Wall Street Soar in Anticipation of the Reopening Economy

European stocks opened higher on May 5, 2020, as investors awaited the reopening economy after months of lockdown to contain the spread of coronavirus.

 

German’s DAX rose 1.86%, London’s FTSE gained 1.70%, French CAC jumped 2.39% and European Stoxx 600 increased 1.83%. Meanwhile, Dow Jones Futures rose 1.44%, S&P 500 Futures advanced 1.32% and Nasdaq Futures hiked 1.26%.

 

New York Governor Andrew Cuomo said that the daily number of hospitalizations and deaths started to decline, implying that the outbreak might have passed its peak. Many businesses across the nation are looking forward to their reopening as soon as this Friday.

Stocks surged despite the escalated tension between the U.S. and China over the trade deal. The U.S. President Donald Trump threatened to cancel the trade deal if China failed to buy $200 billion worth of American goods. Moreover, the U.S. was claiming that the lab in Wuhan, China was the cause of the coronavirus pandemic.

 

Meanwhile, SET Index dropped 18.26 points or 1.40% to 1,283.40 points as of 15:13 on Tuesday local time in Thailand.