European Equity Markets recovered earlier losses but still closed lower on the day. An easing of new Coronavirus infections in Germany following a spike last week tied to a meat-processing plant helped the recovery. The DAX which was lower by 1.5% eventually closed 0.7% lower in thin trading. US Indices are buoyed by the fact that vaccine expectations are building on Wall Street with the hope that the White House will have one or two approved ahead of the November Elections. Bank of England Governor Bailey said the Central Bank would reduce the size of its Balance Sheet before it raised Interest Rates again. This is still a long-way off. In contrast, US Indices closed higher led by the NASDAQ which closed at a new all-time high. White House Economic Advisor Larry Kudlow said he was not concerned about rising COVID-19 cases stalling the economic restart, saying that the U.S is not seeing a ‘’second wave’’. He said that another stimulus package would likely come by the end of the summer. On top of this, President Trump said he backed another round of stimulus cheques to households, in an interview with Scripps. Apple led the NASDAQ higher after revealing plans to build its own Chips. Elsewhere, Oil gained 2.14% after Bank of America raised it Crude price outlook. Gold closed 0.5% higher while the Dollar weakened as risk increased. Bitcoin rose 3% after reports that Paypal will soon allow the buying and selling of Cryptocurrencies.
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