European stocks and Dow futures put pressure on coronavirus treatments after Trump

FDA Commissioner Stephen Hahn looks forward to when President Donald Trump announces that the Food and Drug Administration is issuing an emergency permit for blood plasma as a treatment for coronavirus during a press conference at the James S. Brady Briefing Room at the White House on August 23, 2020 in Washington , DC.

Pete Marovich / Getty Images

European stocks rose Monday as drug stocks climbed after President Donald Trump signaled an aggressive stance to push medical treatments to bring the economy closer to normal.

After slipping 0.8% last week, the Stoxx Europe 600 SXXP arrived,
+ 1.38%
jumped 1.4%.

The French CAC 40 PX1,
+ 1.72%
rose 1.9%, and the German DAX DAX,
+ 1.63%
and UK FTSE 100 UKX,
+ 1.60%
also got ground.

Futures on the Dow Jones Industrial Average YM00,
+ 0.61%
rose 175 points.

After Trump accused the Food and Drug Administration of trying to sabotage his re-election attempts, the FDA gave emergency approval for the use of blood plasma from recovering coronavirus patients, which has not been proven by scientific tests. The Financial Times said Trump could instruct the FDA to approve Oxford University’s fax to be distributed in the same way by AstraZeneca.

AstraZeneca AZN,
+ 2.65%
shares rose 2%.

Although no major economic report is available on Monday, attention is drawn to the annual Jackson Hole conference, where Federal Reserve President Jerome Powell expects to outline the central bank’s new inflation strategy. Bank of England Gov. Andrew Bailey will also address that conference.

Shares of BT Group BT.A,
+ 4.91%
6% climbed after Sky News reported that telecom giant Goldman Sachs has asked to update its defense strategy of potential suitors. BT shares were hurt after the dividend was distributed. BT has not yet received takeover approaches, the report said.

Shares of Bunzl BNZL,
+ 3.32%
rose nearly 4% when the distribution company and outsourcing company reinstated dividends and announced two acquisitions.