U.S and European Indices closed higher yesterday, helped by a combination of vaccine optimism and the fact that the EU Leaders agreed on Euro 750 billion Recovery Fund, with 390 billion given by way of grants and the balance by a low Interest loan. Earlier, ECB President Lagarde said she would rather see an ‘’ambitious’’ financial aid package versus a rushed deal. The EU Leaders finally reached agreement at 5.30 am this morning after a marathon 90 hours of talks that began last Friday. This agreement required the unanimous approval of all 27-Member States and is seen as victory for Chancellor Merkel and French President Macron after four days of acrimonious negotiations. ‘’I am very relieved’’ Merkel said after as ‘’we have come up with the biggest crisis the EU has faced’’. The U.K. reached a deal to secure 90 million doses of a Coronavirus vaccine from companies in Germany and France, while British Pharmaceutical Company Synairgen announced positive data on its COVID-19 treatment, saying it reduced risk of ‘’severe infection’’ by 79%. On the vaccine front, Oxford University and AstraZenca published early data on their Coronavirus candidate saying that the vaccine showed an ‘’acceptable safety profile’’ only causing minor side effects. It produced a strong neutralising antibody response. Congress returned from recess yesterday and will now formally begin negotiations on a fifth Coronavirus Support Bill. These positive developments helped the NASDAQ to post a 3% gain. The S&P turned positive for the year as its rally took it to levels last seen just as the pandemic was starting. Elsewhere, Gold closed 0.8% higher at $1818 which is its highest level in nine years. Meanwhile the US Dollar and Treasuries closed unchanged.
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