European Indices closed lower after the White House is said to be looking into imposing an additional $3.1 billion of Tariffs on European Exports. Shortly after I posted yesterday morning, ECB Chief Economist Philip Lane said investors should not to get too optimistic over the recent snapback in Economic Data, adding that the Euro-Zone will take a while to recover. Despite opposition from the U.S, the European Union said it is pushing ahead with a Digital Tax against Internet Companies. In what turned how to be a vicious trading session the DAX and FTSE closed over 3% lower. We saw similar losses in the Dow and S&P after Florida announced a further spike in cases, while in Texas it was reported that beds in ICU are at 97% capacity. The VIX spiked over 13% while the S&P again tested its 200 Day Moving Average at 3020, before rallying into the close and finish 2.6% lower. New York Governor Andrew Cuomo said the State will require 14-day quarantine of travellers of any States deemed Coronavirus hot spots. Total infections in the U.S have risen to levels last seen in May. Sentiment turned negative on the worry that businesses may be shut-down again but for now this seems unlikely according to Mnuchin. Elsewhere, Treasuries rallied while Crude got hit for over 5% as Gold again closed flat.
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