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European stocks and Dow futures rise after Trump pushes coronavirus treatments – MarketWatch


FDA Commissioner Stephen Hahn watches as President Donald Trump announces the Food and Drug Administration is issuing emergency clearance for blood plasma as a treatment for coronavirus at an in-room press conference James S. Brady Briefing at the White House on August 23, 2020 in Washington, DC.

Pete Marovich / Getty Images

European stocks rose on Monday, as drug stocks climbed after President Donald Trump signaled an aggressive stance to push medical treatments to bring the economy closer to normal.

After slipping 0.8% last week, the Stoxx Europe 600 SXXP,
+ 1.45%
jumped 1.4%.

The French CAC 40 PX1,
+ 1.89%
rose 1.9%, and the German DAX DAX,
+ 1.71%
and UK FTSE 100 UKX,
+ 1.61%
has also gained ground.

Futures on the Dow Jones Industrial Average YM00,
+ 0.63%
increased by 175 points.

After Trump accused the Food and Drug Administration of trying to sabotage his re-election efforts, the FDA gave emergency approval for the use of blood plasma from recovered coronavirus patients, which failed been proven by scientific tests. The Financial Times said Trump may order the FDA to grant approval for the University of Oxford vaccine to be distributed by AstraZeneca in the same manner.

AstraZeneca AZN,
+ 2.38%
stocks rose 2%.

Although no major economic report is released on Monday, attention is drawn to the annual Jackson Hole conference, where Federal Reserve Chairman Jerome Powell is expected to present the central bank’s new inflation strategy. The Governor of the Bank of England, Andrew Bailey, will also address the conference.

BT Group BT.A shares,
+ 6.18%
climbed 6% after Sky News reported that the telecommunications giant asked Goldman Sachs to update its defense strategy against potential suitors. BT shares were hit after reducing its dividend. BT has not yet received any buyout approaches, according to the report.

Bunzl BNZL shares,
+ 3.90%
grew nearly 4% as the distribution and outsourcing company reinstated dividends and announced two acquisitions.

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