US Indices traded in a narrow range before having a late rally into the close. Markets got a late boost after the National Allergy and Infectious Diseases Director Fauci said he was optimistic a Coronavirus treatment could be ready by this fall. Meanwhile Consumer Confidence unexpectedly fell as another wave of potential shutdowns weighed on sentiment. House Speaker Nancy Pelosi is still confident that a fifth stimulus package can be passed in the coming weeks with negotiations to begin this week when Congress returns from its recess. Helping the positive mood was the sharp rebound in June for Housing Starts and Building Permits as they logged their best month since March. European Markets closed mixed as so far there is no agreement on the Euro 750 billion recovery fund with the Dutch PM reticent to any meaningful solution. Spain reported its highest level of daily Coronavirus cases since May 10, leading to some areas of the country to reimpose restrictions, including Barcelona. Elsewhere, Chinese shares were steady after a 4% fall on Thursday while both the Dollar and Oil closed lower. After marathon talks over the weekend, EU leaders look like they have finally reached an agreement and will reconvene at 3.00 pm this afternoon to finalise the details. As I go to press, The Netherlands, Austria, Sweden and Denmark finally agreed that Euro 390 billion of the recovery fund will be in the form of grants and the balance by way of low-interest loans.
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