U.S Indices closed higher as vaccine optimism gathers pace. Moderna announced that it has received another $472 million from the U.S Government’s Biomedical Advanced Research and Development Authority to support the development of the company’s COVID-19 vaccine candidate. The U.S Government has now awarded $6 billion in funding to companies developing vaccines. Meanwhile, Republicans and Democrats will continue to negotiate to get a deal done as soon as possible. European Markets declines as Spain saw Coronavirus infections reach the highest-daily rate since May, causing the U.K and Norway to quarantine travellers from the country. Italy’s Government warned the recently passed EU Recovery Fund would not come quick enough to prevent a liquidity crisis in the autumn, while ECB Vice President de Guindos said most European Banks were strong enough to cover the losses from the virus. Setbacks in the global fight against COVID-19 will probably push the FOMC to say Interest Rates will stay low for longer in tomorrow’s Central Bank Meeting. High Frequency economic indicators are pointing to a slowdown and this will be reflected in the Fed’s continued dovish stance. Elsewhere, Gold jumped to a new all-time record while the US Dollar fell for a sixth consecutive trading session.
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