Futures jump on reports of coronavirus treatment breakthroughs

U.S. stock index futures surged on Wednesday on reports of medical breakthroughs in the fight against the fast-spreading coronavirus and expectations of more stimulus from China to limit the economic fallout of the epidemic.

A Chinese university found an effective drug to treat people with the new virus, according to a local TV report. Separately, researchers in the UK told Sky news that they made a"significant breakthrough" in finding a vaccine.Reuters has not verified the media reports, but several traders cited them for the sharp moves in global stock markets. U.S. stock index futures turned positive and the world equity index moved sharply higher after the reports.

The benchmark S&P 500 posted its best one-day gain in about six months on Tuesday, while the Nasdaq hit a record high after China pumped in hundreds of billions of dollars into the financial system this week to limit the impact of the epidemic. At 7:28 a.m. ET, Dow e-minis were up 221 points, or 0.77per cent. S&P 500 e-minis were up 24.25 points, or 0.73per cent and Nasdaq 100 e-minis were up 85 points, or 0.91per cent.

ASKED ABOUT REPORTS OF CORONAVIRUS TREATMENT 'BREAKTHROUGHS', WHO SPOKESMAN SAYS 'THERE ARE NO KNOWN EFFECTIVE THERAPEUTICS' AGAINST THIS VIRUS

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