European Equity Markets rallied yesterday after German Chancellor Angela Merkel told lawmakers that she expects European Union Leaders to agree on a regional recovery fund next month. Helping the DAX to rally was the announcement that Germany’s Cabinet approved the issuance of Euro 63 Billion in debt to fund the Country’s stimulus package. Meanwhile US Indices fluctuated between gains and losses before selling off in the last hour of trading to close lower for the first time in four days. The S&P 500 closed 0.33% lower at 3113 in a quiet session. Energy, Real Estate and Financials leading the declines while Apple and Microsoft helped the NASDAQ to close in positive territory near last week’s all-time high. Texas reported a 11% surge in hospitalisations while China continues to try and suppress the virus by cancelling flights to and from Beijing. In his Testimony to the House Financial Services Committee, Fed Chairman Powell said that the economic shutdown due to the Coronavirus outbreak required an unprecedented policy response. He noted that Second- Quarter growth could be the worst on record. Powell said that unless drastic action was taken by the Fed to rejuvenate growth then the downturn could grow worse. He then stated that we are now seeing some green shoots of recovery as States started to ease restrictions and restart their economies. Powell also noted that the Fed has been purchasing sizeable amounts of Treasuries and Mortgage-Backed securities over the past 10 weeks. The Fed Chairman expects to see large numbers of people go back to work as the economy bounces back. There is no doubt that the Employment Data is going to be key in the months ahead. U.S Trade Representative Robert Lighthizer also testified before Congress yesterday. He said that China is on track with their purchase of Agriculture under the Phase One Trade Deal. Elsewhere, Gold closed flat while Crude had a small fall after two consecutive advances. Overnight, Asian Stock Markets fell on concerns over the increasing amounts of infections in the region.
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