Stock markets struggle as antiviral drug hopes fade

• April 26 2020
• http://www.jamaicaobserver.com/sunday-finance/stock-markets-struggle-as-antiviral-drug_192808

LONDON, United Kingdom (AFP) — Stock markets struggled on Friday as hopes of quickly finding a treatment for the novel coronavirus were dashed, analysts say, and more crushing economic data delivered a body blow to confidence.

Reports are that the initial trials of the remdesivir coronavirus drug being developed by Gilead Sciences has flopped.

Investors were “reacting badly” to the information, Oanda analyst Craig Erlam said.

“This was a ray of hope earlier this week and already we're learning the pitfalls of getting too excited about these cures at the early stages of testing,” Erlam told AFP.

Key European markets were all lower at the close, while Wall Street trod water throughout the morning session in New York.

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