GLOBAL MARKETS-Shares jump after upbeat coronavirus drug data, oil surges

* MSCI global stock index up over 2%
* Gilead: remdesivir trials show improvement for COVID-19
patients
* Wall Street rises; Alphabet, Boeing gain after results
* Oil jumps after U.S. crude inventories rise less than
feared
* Fed policy statement due at 2 pm EDT/1800 GMT

(Updates with latest trading, comments)
By Lewis Krauskopf
NEW YORK, April 29 (Reuters) - World stock markets surged on
Wednesday following encouraging news for an experimental
COVID-19 treatment and some positive earnings reports, while
beaten-up oil prices surged.
MSCI's gauge of stocks across the globe .MIWD00000PUS
gained 2.25%. Major U.S. averages were up well over 2%, while
the pan-European STOXX 600 index .STOXX rose 1.75%.
Gilead Sciences Inc GILD.O said that in a clinical trial,
its experimental antiviral drug remdesivir helped improve
outcomes for patients with COVID-19, the disease caused by the
coronavirus. The development of treatments for the virus has been seen by
strategists as critical as they could help countries emerge from
self-imposed lockdowns aimed at curbing the outbreak that have
crippled economies.
Data on Wednesday showed the U.S. economy contracted in the
first quarter at its sharpest pace since the Great Recession,
falling at a 4.8% annualized rate. "While we wait for a vaccine, we are looking out for
anything that will help us get back into society, and we're all
hanging on this data on a day-by-day basis," said Linda Duessel,
senior equity strategist at Federated Hermes in Pittsburgh,
Pennsylvania.
On Wall Street, the Dow Jones Industrial Average .DJI rose
532.33 points, or 2.21%, to 24,633.88, the S&P 500 .SPX gained
76.77 points, or 2.68%, to 2,940.16 and the Nasdaq Composite
.IXIC added 288.67 points, or 3.35%, to 8,896.40.
As the heart of first-quarter corporate results season
arrives, Google parent Alphabet's GOOGL.O shares jumped 9.3%
after the company said a drop in Google ad sales steadied in
April, with shares of other tech titans also rallying. Boeing
BA.N shares rose 9.0% after the planemaker's report.
In Europe, shares of automakers .SXAP were lifted after
German carmaker Daimler DAIGn.DE forecast operating profit at
its Mercedes-Benz Cars & Vans division above the prior-year
level and rival Volkswagen VOWG_p.DE said it expected to be
profitable on a full-year basis. Investors across the world are growing confident the
coronavirus pandemic may be peaking as parts of the United
States, Europe and Australia gradually ease restrictions. New
Zealand this week allowed some businesses to reopen.
Oil prices surged after U.S. crude stockpiles grew less than
expected and gasoline posted a surprise draw, adding to optimism
for an improvement in demand as some European countries and U.S.
cities move to ease coronavirus lockdowns. U.S. crude CLc1 recently rose 28.93% to $15.91 per barrel
and Brent LCOc1 was at $22.72, up 11.05% on the day.
"As long as we see openings in the economy, we will not see
plunges like we saw a week ago," said Gene McGillian, vice
president of market research at Tradition Energy in Stamford,
Connecticut.
In currencies, the dollar index, tracking the greenback
against six major peers =USD , fell 0.109%, with the euro
EUR= up 0.28% to $1.0848.
Benchmark U.S. 10-year notes US10YT=RR last rose 3/32 in
price to yield 0.6017%, down from 0.61% late on Tuesday.
Italian government bond yields rose after a downgrade of the
country's credit rating by Fitch. Markets were also focused on the U.S. Federal Reserve
meeting, with the central bank's policy statement due at 2 p.m.
EDT (1800 GMT).

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Global currencies vs. dollar http://tmsnrt.rs/2egbfVh
Emerging markets http://tmsnrt.rs/2ihRugV
MSCI All Country World Index Market Cap http://tmsnrt.rs/2EmTD6j
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