Gilead: Expect data from phase-3 study available end of April

As a potential dampener for risk appetite Gilead has explained that the anecdotal reports do not provide statistical power necessary to determine safety, efficacy profile of remdesivir as a treatment for COVID-19.

Expect data from phase 3 study in patients with severe COVID-19 infection to be available at the end of April.

This follows the story where CNBC reported that "the ETF that tracks the S&P 500 rallied in after-hours trading Thursday after a report said a Gilead Sciences drug was showing effectiveness in treating the coronavirus. The move pointed to a jump for the stock market on Friday."

More on that here:

• S&P 500 ETF jumping 2% on report Gilead drug showing effectiveness treating coronavirus

• S&P 500 Futures jump above 3.0% as Gilead’s Remdisivir, US Pres. Trump propel risk-tone

In additional COVID-19 news, we saw new global cases rose again yesterday with confirmed cases surpassing 2m and lockdown extensions in the UK and New York while Germany released plans to get the economy started again. Switzerland will also start to reopen over three stages, starting April 27. As for Japan, the state of emergency was extended to cover the whole country. Abe is also looking to secure funds to extend proposed cash handouts.