Equity Markets on both sides of the Atlantic closed lower as investors worried about the latest reports of fresh outbreaks of the Coronavirus in the U.S and China. Initial Jobless Claims came in worst than expected with a further 1.51 million losing their jobs last week. This brings the total to over 45 million since the U.S Economy was shut down in March. The 67% fall in the share price of German Payments Firm Wirecard AG weighed on both the DAX and the Stoxx Europe 600 Indexes. At its Monthly Meeting, the Bank of England left Interest Rates unchanged at 0.10%. It announced that it would expand its QE Programme by a further £100 Billion. This was less than the market expected and the Pound weakened. Both the DAX and FTSE closed lower by 0.7% and 0.6% respectively. Despite an increase in Covid 19 in China, Germany and the U.S. coupled with the weaker than expected Jobless Claims, the S&P reversed earlier losses to closed unchanged at 3115 on weak volume. Markets rallied into the close on optimistic comments from White House Economic Advisor Larry Kudlow. On a positive note, the Philly Fed’s Business Survey for June was much stronger than expected. Both Treasuries and the US Dollar rallied while Crude reversed yesterday’s loss to close with a gain of 2.3%.Normal trading should resume next week after the June Equity Futures and Options Contracts expire at various times today.
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