Stocks Rally on Vaccine Hopes; Copper Gains

European stocks rallied to a one-week high and equity futures climbed on signs that the Trump administration may fast-track vaccines and treatments for coronavirus.

Market sentiment was supported by news over the weekend that the U.S. Food and Drug Administration is working to expand access to a virus treatment involving blood plasma from recovered patients. Separately, the Financial Times reported that the Trump administration is considering whether to bypass regulatory standards to accelerate an experimental vaccine.

Earnings from companies including, ICBC, PetroChina, HP Inc., Royal Bank of Canada, Best Buy and Dollar General.The U.S. Republican National Convention takes place, with President Donald Trump speaking the final day, Aug. 27.The Bank of Korea sets monetary policy and will hold a briefing on Thursday.Fed Chair Jerome Powell speaks at event on Thursday.

Stocks

Futures on the S&P 500 Index jumped 0.9% as of 11:41 a.m. London time.The Stoxx Europe 600 Index surged 1.8%.The MSCI Asia Pacific Index jumped 0.9%.The MSCI Emerging Market Index surged 1.2%.

Currencies

The Bloomberg Dollar Spot Index fell 0.3%.The euro jumped 0.3% to $1.1834.The British pound gained 0.3% to $1.3123.The Japanese yen strengthened 0.1% to 105.73 per dollar.The offshore yuan strengthened 0.2% to 6.9053 per dollar.

Bonds

The yield on 10-year Treasuries gained one basis point to 0.64%.The yield on two-year Treasuries gained less than one basis point to 0.15%.Germany’s 10-year yield jumped two basis points to -0.49%.Britain’s 10-year yield climbed less than one basis point to 0.209%.Japan’s 10-year yield declined one basis point to 0.027%.

Commodities

West Texas Intermediate crude rose 0.9% to $42.65 a barrel.Brent crude jumped 0.9% to $44.67 a barrel.Gold strengthened 0.5% to $1,950.23 an ounce.

Stocks Rally on Vaccine Hopes; Copper Gains, Bloomberg, Aug 24