European stock index futures jump on plans to re-open U.S. economy By Reuters

© Reuters. FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt

(Reuters) – European stock index futures surged more than 3% on Friday, as U.S. President Donald Trump rolled out plans for a gradual re-opening of the economy and on reports of a potential drug to treat the COVID-19 disease.

Euro Stoxx 50 futures () were up 3.3% at 0600 GMT, with German (), French () and () futures jumping between 2.8% and 3.4%, shrugging off data showing China suffered its worst economic contraction in almost three decades.

The benchmark STOXX 600 index () has rallied about 20% since hitting an eight-year low in March on the back of historic global stimulus and on hopes strict stay-at-home orders would be eased as the health crisis showed signs of ebbing.

Late on Thursday, Trump laid out new guidelines for U.S. states to emerge from the shutdowns in a staggered, three-stage approach, sending S&P 500 futures to a near five-week high.

Also lifting the mood at the end of the week, a report detailed encouraging partial data from trials of U.S. drugmaker Gilead Sciences Inc (NASDAQ:)’s experimental drug remdesivir in severe COVID-19 patients.

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