Futures Soar On Media Reports Of Drug Breakthroughs For Coronavirus

Futures Soar On Media Reports Of Drug Breakthroughs For Coronavirus

Global equity futures soared around 0300 ET on reports that a Chinese university has discovered a new drug to treat coronavirus, reported Reuters.

  • TRADERS CITE SPIKE IN STOCKS TO CHINESE TV REPORT THAT RESEARCH TEAM AT ZHEJIANG UNIVERSITY HAS FOUND EFFECTIVE DRUG TO TREAT PEOPLE WITH THE NEW CORONAVIRUS  
  • U.S. STOCK FUTURES ESc1 RISE SHARPLY, NOW UP 0.6%, ON MEDIA REPORTS OF CORONAVIRUS DRUG BREAKTHROUGHS – TRADERS

Chinese TV on Wednesday said a medical team at Zhejiang University had found a promising drug to treat infected people. 

Reuters notes that the media reports have yet to be verified.

S&P500 E-mini has jumped 70bps to 3,325 level on the report.