On Monday, the global stocks surge, led by the S&P 500 gaining 0.3% and MSCI rising 0.65%, primarily due to the firm hopes for the coronavirus treatment as the US FDA (Food & Drug Administration) approved the use of blood plasmas of COVID recovered patients for curing the other people.
The news by the US Food and Drug Administration came on the day of Republic National Convention, where the current American president Donald Trump is nominated to lead the part for next four more years, citing the announcement as “emergency use authorisation.”
The widest Asian-Pacific market index outside of Japan, MSCI, which last week touched its six-month high mark, surged 0.65%. Further, Nikkei, Japan’s market measurer, was 0.4% up, reversing early losses, and China’s Blue Chip market index, CSI 300, advanced 0.8%. Additionally, South Korea’s, KOSPI, also increased by 0.9% after being in a slippery rally.
However, the experts’ warn the investors to be cautious of Wall Street as the US indexes are trading at record highs while the global economy and market is hustling to recover from the coronavirus crisis.
In the meantime, Britain, for the first time, has reported its public debt to a record $2.65 trillion (or 2 trillion pound sterling) in July as the UK administration, led by Borris Johnson, increased public expenditure and tax revenues fell amid the coronavirus pandemic.
The upmarket was also due to the popular news channel, Financial Times, posting that the US president is mulling over relaxations in US regulatory standards for speeding the process of experimenting a corona vaccine from the UK for use in the USA ahead of elections.
Meanwhile, Oil prices advanced on Monday, with US WTI reaching $42.45, or 11 cents up, and Brent crude reaching $44.49 per barrel, or 14 cents up. Gold, on commodities side, saw a struggling phase with 0.4% down, trading at $1931.54 per ounce, encountering some selling pressure from investors. The Dollar index stood firm at $93.154, holding unchanged, with Japanese Yen getting more robust against the greenback, now at 105.74.