Global markets surge on signs of overcoming the pandemic.
Investors on Friday found reason to cheer despite a disastrous economic report from China, sending shares higher and signaling the start of a strong trading day.
European markets opened about 3 percent higher after a strong trading day in Asia. Futures markets were predicting a similarly cheery opening on Wall Street.
Though the world economy remains under siege, investors were looking to signs of progress. Some looked to a media report that a drug from Gilead Sciences showed early — and, thus far, unproven — promise in fighting the coronavirus. Boeing said it was resuming commercial plane production. China reported for the first time in decades that its economy shrank, but the number was still better than some had forecast.
Prices for U.S. Treasury bonds fell in early Friday trading, suggesting investors were willing to take more risks. Japan’s Nikkei 225 index rose 3.2 percent. Hong Kong’s Hang Seng Index was up 1.5 percent. In mainland China, the Shanghai Composite index rose 0.7 percent. In South Korea, the Kospi finished 3.1 percent.
In London, the FTSE 100 was up 3 percent in early trading. Both the DAX index in Germany and the CAC 40 in France were up 3.2 percent.
