Although Chinese economic data didn’t show any positive signs this morning (YTD GDP fell to -6.8% vs est. -6% and YoY Retail sales to -15.8% vs est. -10%), equities surged after the White House set a three phase plan to reopen the economy overnight and some positive results from a trial of Gilead’s covid-19 drug (remdesivir). Volumes spiked and we are seeing most EU indices trading above their AVATs. The IBEX is the only exception, which is fair given recent volumes were driven by BBVA. Investors have their risk-on mood and amongst the SXXP sectors, Travel & Leisure is the top performer and Healthcare the worst.
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