U.S Indices closed lower after a volatile trading session. Markets bounced around before selling off in the last two hours of trading. Weekly Jobless claims missed estimates and were even weaker than last week, while Continuing Claims unexpectedly rose. This sparked concerns that the economic recovery was stalling. But the overall downward trend (as measured by the four-week average) remained intact. In terms of Stimulus, Senate Democrats shot down a $650 billion “skinny” proposal brought forward by Senate Republicans. This continued to fuel worries that a support bill will not be reached. On the vaccine front, AstraZeneca’s CEO said the company will have a good idea by year’s end whether or not its Coronavirus candidate protects people. There were also reports that the company’s trial could restart as soon as next week. Both the S&P and Dow ended the day with losses of 1.77% and 1.45% respectively. Meanwhile European Indices ended lower after the ECB left Interest Rates unchanged and did not introduce anymore Stimulus. While the ECB did not enact any new measures, it said it stands ready to adjust all of its policy tools as necessary to provide ongoing economic support. The European Union was said to be preparing legal action if the U.K. went through with its plan to break the Brexit agreement. France’s Coronavirus hospitalisations hit a one-month high as new cases continue to rise. Elsewhere, Oil closed 2.73% lower as U.S Crude Inventories unexpectedly rose, raising concerns of oversupply while Gold again closed flat.
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