European Indices closed mixed after ECB President Lagarde said in her virtual press conference following the unchanged announcement in Interest Rates at yesterday’s ECB Meeting, that she will not let Monetary Policy be constrained as she fights to support the Euro-Zone’s economic recovery from the Coronavirus. Ms Lagarde said that she expects the ECB to spend the full amount of the Pandemic Bond buying programme. Italian 10-Year Bonds fell to a four-month low on this news and helped support the equity markets where the DAX closed 0.43% lower, reversing an earlier 1.5% fall while the Italian MIB closed with a gain of 0.3%. The ECB at its monthly meeting agreed to keep the bond buying programme unchanged at Euro 1.35 trillion and the Deposit Rate at -0.5%. Meanwhile the EU Leaders are meeting later today to try and agree on the unprecedented Euro 750 billion recovery fund. In the U.S., another 1.31 million people filed Initial Jobless Claims, which was worse than Wall Street’s estimate of 1.25 million. There are concerns over the pace of declines of Jobless Claims slowing. This comes on top of worries that any potential Coronavirus vaccine may not provide a long-term immune response. Other economic data was positive. Retail Sales rose 7.5% in June compared to May’s revised surge to 18.2%. Meanwhile Homebuilder Sentiment rose for a third straight month, reaching pre-pandemic levels of optimism. Elsewhere, Oil retreated from a four-month high while the Dollar closed 0.3% higher. The up-move in the Dollar saw Gold fall 0.7% .
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