GLOBAL MARKETS-Shares gain after encouraging COVID-19 drug data, oil jumps

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

(Updates with open of U.S markets, changes dateline, previous
London)
By Lewis Krauskopf
NEW YORK, April 29 (Reuters) - A gauge of global stocks
climbed 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 1.86%. Major U.S. averages rose about 2% in early
trading, while the pan-European STOXX 600 index .STOXX rose
1.40%.
Gilead Sciences Inc GILD.O said its experimental antiviral
drug remdesivir helped improve outcomes for patients with
COVID-19, and provided data suggesting it worked better when
given earlier in the course of infection. The development of treatments for the virus has been seen by
strategists as critical for markets as they could help countries
emerge from self-imposed lockdowns to quell 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. "What matters to the market is forward-looking information
like when we're going to get a cure or a vaccine," said Chris
Zaccarelli, chief investment officer with Independent Advisor
Alliance in Charlotte, North Carolina. "Any news on treatment or
a vaccine for COVID-19 is going to outweigh backward-looking
economic numbers."
On Wall Street, the Dow Jones Industrial Average .DJI rose
444.37 points, or 1.84%, to 24,545.92, the S&P 500 .SPX gained
61.54 points, or 2.15%, to 2,924.93 and the Nasdaq Composite
.IXIC added 245.85 points, or 2.86%, to 8,853.58.
As the heart of first-quarter corporate results season
arrives, Google parent Alphabet's GOOGL.O shares jumped 9.2%
after the company said a drop in Google ad sales steadied in
April. Boeing BA.N shares rose 4.2% 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
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 jumped after U.S. stockpiles rose less than
expected and gasoline stocks fell, with support also coming from
hopes that demand will improve as some European countries and
U.S. cities moved to ease the coronavirus lockdowns.
U.S. crude CLc1 recently rose 26.42% to $15.60 per barrel
and Brent LCOc1 was at $22.89, up 11.88% on the day.
In currencies, the dollar index =USD fell 0.089%, with the
euro EUR= up 0.24% to $1.0844.
Benchmark 10-year notes US10YT=RR last rose 6/32 in price
to yield 0.5922%, down from 0.61% late on Tuesday.
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 assets http://tmsnrt.rs/2jvdmXl
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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