Wall Street stocks finished higher on Friday as a positive update from Gilead’s antiviral drug to treat COVID-19 overshadowed concerns over a record rise in coronavirus cases in the country. The Dow Jones Industrial Average rose 1.4%, the Nasdaq Composite added 0.7%, and the S&P 500 gained 1.1%.
Asian equities rose on Monday as investors shrugged off worries about the rising number of coronavirus cases. Japan’s Nikkei 225 ended 2.22% higher ahead of the central bank meeting due on Wednesday and May trade figures scheduled for tomorrow. Also, investors are looking ahead to the release of China’s economic growth data due this week including trade balance figures and the GDP report. The Shanghai Composite gained 1.3% on Monday.
In Europe, stocks climbed amid the prevailing optimism surrounding second-quarter earnings that gets underway this week and ahead of the gathering of European leaders to discuss the European Union recovery fund proposal. The European Central Bank policy meeting is scheduled for Thursday. Meanwhile, Florida on Sunday reported the highest number of coronavirus cases for any state during the pandemic.
Meanwhile, the greenback is mixed to start the week. EURUSD is marginally higher just above the 1.13 handle. the euro derived some support from the German Economy Ministry’s latest report. The authorities reaffirmed that the economic low point has passed and the road to recovery is underway. However, the bullish potential in the pair remains limited as there elevated uncertainty on the coronavirus and economic front persists.
Elsewhere, gold prices bounced back into positive territory following two days of losses. The bullion closed just below the $1,800 handle on Friday and has been reclaiming the $1,810 support since the start of the European session. The fact that the safe-haven gold demand reemerged confirms that investors remain cautious amid the coronavirus developments despite risk-on tone prevails in the global financial markets at the start of the week. A daily close above the $1,810 area will confirm bullishness in gold prices that could climb to fresh long-term highs in the days to come.
