European Indices rebounded from early morning losses to close higher, in another volatile trading session. Markets were helped by better than expected German Consumer Confidence, while the Minutes from the latest ECB Meeting stated that Monetary Policy Measures and Fiscal response has reduced downside tail risks. ECB Board Member Pablo Hernandez de Cos urged the EU to approve its recovery fund to help European Countries to weather the impact of the Pandemic. The DAX ended the day with a gain of 0.7%, having opened 1% lower. U.S Indices were initially mixed on COVID-19 lockdowns, before rallying into the close. New Coronavirus infections in the U.S continued to surge, approaching the daily high set in April. After announcing that the ICU beds were full in Texas, it paused any future re-opening steps. US Jobless Claims came in worse than expected with a 1.48 million print, which was the second consecutive week of missed expectations. However, the pace at which Claims are falling is slowing and this helped the S&P to rally into the close ending the day with a gain of 1.1%. Markets were also encouraged by announcement by the New York Fed purchasing $80 billion in Treasuries over the next month. Elsewhere, Crude closed 2.63% higher, while Treasuries and Gold closed flat.
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