Coronavirus: Markets rise on vaccine hopes and lockdown easing in England
The sun rises over the River Thames in east London, while Britain remains locked to curb the spread of the corona virus.
European stocks rose as markets opened on Tuesday, and hope grew that a potential coronavirus vaccine might be available sooner than expected.
The British FTSE 100 (^ FTSE) rose 0.7%, the German DAX (^ GDAXI) rose 1.4% and the French CAC 40 (^ FCHI) rose around 1:30 p.m. in London by 1. 2%.
Leading French pharmaceutical company Sanofi (SNY, SAN.PA) announced on Tuesday that, according to Reuters, a potential vaccine could be approved by regulators in the first half of next year. It is working with the British pharmaceutical manufacturer GlaxoSmithKline (GSK.L), who has announced that if the trials are successful, vaccines will be available from the second half of next year.
Asian stocks closed higher overnight as global trade fears eased slightly. This happened after US President Donald Trump declared that the US-China trade agreement was "fully intact" to address concerns about his trade advisor Peter Navarro's claim that the agreement was "ended".
China's Shanghai Composite Index (000001.SS) closed 0.2% higher, Japan's Nikkei (^ N225) rose 0.5% overnight and the Hong Kong Hang Seng Index (^ HSI) rose 1.3%.
READ MORE: Ex-Chancellor says Britain needs to "now" prepare for job losses
Britain's lifting of restrictions on coronavirus blocking for the economy has also occurred earlier than is generally believed. Prime Minister Boris Johnson is expected to confirm that England's cinemas, galleries, museums and restaurants will reopen on July 4th if social distancing measures are taken.
Hotel companies are also expected to relax a two-meter rule on social distancing after heavy lobbying. The news is likely to be welcomed by many companies and investors, but has raised new concerns about the risks of resurgence in certain cases.
US stock futures also indicated a higher open. The futures on S&P 500 (ES = F) and Nasdaq (NQ = F) traded 0.4% higher, and futures on Dow Jones (YM = F) rose at around 3.25am Eastern Time. 5%.
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