Volumes continue to build up as we progress through the week. Participation spiked across the board as we are seeing all EU indices trading well above their AVATs. The news from Gilead yesterday has certainly given investors something to cheer about, however the negative GDP data today meant EU equities weren’t able stay in the green for long. Eurozone Q1 preliminary GDP contracted -3.8% QoQ and -3.3% YoY. This data only covers 2 weeks of lockdown so we expect Q2 GDP data to be even worse (i.e. -20-30% QoQ). This echoes what we saw across the pond last night with the US also disappointing. On the positive side though, US unemployment data showed signs of improvement as Initial Jobless Claims decreased to 3839k from 4427k previously.
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