European Indices rose but closed well off their early morning highs after EU Leaders finally agreed a Euro 750 billion Recovery Fund following four days of marathon talks. The Euro soared on this news closing at its highest level in 18 months, since January 2019 at $1.1520. ECB Member Isabel Schnabel said the Central Bank could still increase the rate of bond purchases under its Pandemic Emergency Purchase Programme. In the U.S, the S&P closed higher for the third consecutive trading session after the EU’s announcement boosted risk assets. On the Coronavirus front, California Governor Gavin Newsom said the increase in hospitalisations was slowing as daily infections remained below the July 17 peak for a third straight day. The COVID-19 vaccine front runners gave an update to Congress on their vaccine progress, saying they remain hopeful that a vaccine can be developed by the end of the year. Overnight Treasury Secretary Mnuchin and Speaker of the House Pelosi met to discuss the next round of stimulus where Pelosi said she was hopeful a deal can be made by the end of next week. Elsewhere, Oil closed 2.17% higher on growth optimism after positive vaccine data while Gold surged to close at a new nine-year high, following Silver’s 5.2% rise, closing at its highest level since 2016.
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