(19 MAY 2020)DAILY MARKET BRIEF 1:Markets’ sentiment emotionally driven

<p>Markets appear losing steam following yesterday’s gains motivated by Fed Chairman Powell comment that monetary stimulus is still on the table as well as headlines concerning the potential discovery of a vaccine by Moderna Inc that could create an immune-system response in the body, bringing extra remedy ammunition against Covid-19 at the side of Gilead’s Remdesivir. However, questions over the sustainability of the upside are high considering that the latter is closing phase I and does not plan to start critical Phase III before July despite emergency use status while early fast-tracking drug to market does not deliver a solution to the current tight supply side of novel medicines. This is for instance the case of Remdesivir, which benefits from accommodative conditions in the US, Japan and in Europe. In the meantime, investors’ mood appear to turn after optimistic news from top EU leaders German Chancellor Angela Merkel and French President Emmanuel Macron confirmation of a EUR 500 bi</p>