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Why did European stocks rally today?


Lillian McKenna

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The rally witnessed across most global equity markets today was driven by new that scientists had discovered drugs that could inhibit the coronavirus allaying fears of a global pandemic. The first report was from Chinese scientists who said that they had found two separate drugs that could stop the coronavirus and had tested the same on in-vitro (test tube) samples.

Another report by UK researchers indicated that they had found a way to shorten the development time for a coronavirus vaccine from two years to 14 days. The two sets of reports seem to have triggered a buying streak across most equity markets as investor appetite for riskier assets soared.

However, none of the two sets of scientists has reported positive results on human victims but markets seem relieved by the news. The coronavirus is unlikely to have a long-term negative impact on the global economy as it will likely be contained soon.

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