FTSE 100 up she goes again30 Apr 2020 08:57
The FTSE 100 was called to open 80 points higher at 6,115.
CMC Markets analyst Michael Hewson said: "It's scarcely believable, that at a time when the US economy shows a contraction of 4.8% in Q1 with the prospect of an even bigger contraction in Q2 that equity markets in Europe and the US, saw some of their biggest gains this month, after reports emerged from the US that data from a drug trial of Gilead Sciences Remdesivir showed "quite good news" in the treatment of Covid-19 patients.
"This news simply acted as an even stronger tail wind for stocks as markets looked beyond the data for the promised land of an economy coming out of lockdown, and slowly restarting against a backdrop of a treatment for Covid-19, quickly followed by a vaccine. Let us hope that this rose-tinted view of the rest of the year doesn't collide with the hard reality of an earnings wipe-out, as consumer spending struggles to recover against a backdrop of caution and high unemployment.