Following Tuesday’s report showing that Moderna’s COVID-19 vaccine produced antibodies in all parties involved in a Phase 1 trial, Oxford University announced yesterday that it had generated a positive antibody and T-cell response in patients, with results due to be released soon. This gave a boost to equity markets on both sides of the Atlantic with the DAX and FTSE closing higher by 2%. German Chancellor Angela Merkel said she is willing to compromise in order to find an agreement on the EU’s Euro 750 billion recovery fund to support the Euro-Zone Economy. In a significant development for Ireland, Apple won a victory in it’s legal fight against the EU over $15billion in taxes when the regions second largest Court said the European Commission’s claim did not meet legal standards. Meanwhile, in the U.S, Economic data was also strong, as Manufacturing and Industrial Production rebounded sharply in June and topped estimates. Earnings were also a tailwind with Goldman Sachs reporting a strong second quarter. In other news, President Trump said he does not want to further escalate tensions with China and has ruled out additional sanctions against top officials for now. The S&P briefly hit positive territory for the year before selling off and then rebounding to close 0.9% higher. Elsewhere, Oil rose 1.71% on news of a larger than expected decline in U.S Crude Inventories while the Dollar closed flat. Overnight Chinese Equities got hit hard and are down 3% as I go to press following record Outflows from overseas investors last Tuesday.
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