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7/10, 5:30 PM (Source: TeleTrader)
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Europe closes higher amid virus cure expectations

Major European indexes closed higher on Friday amid the reassuring data from Gilead Sciences regarding remdesivir, the company's candidate drug for the treatment of COVID-19. According to the report released earlier today, remdesivir could reduce the mortality rate among the coronavirus patients by 62%.

Earlier, European Council President Charles Michel revealed his plan to propose the fund worth €750 billion to combat the effects of the coronavirus in the EU, and a new budget for the period from 2021 to 2027 worth €1.074 trillion.

The DAX jumped 1.09% at 5:30 pm CET as HeidelbergCement led the gains with a 5.09% increase. At the same time, the FTSE 100 gained 0.77% as Barclays Plc soared 5.18%. In Paris, the CAC 40 inclined by 1.01% at the closing bell, with STMicroelectronics as a top performer.

The euro rose by 0.23% against the dollar, selling for $1.13110 at 5:33 pm CET, while the pound increased by 0.31% versus the greenback, changing hands at $1.26457 at the same time.

Breaking the News / BU