Market Overview

21 July 2020

Markets give a Round of Applause to the Europe Agreement and a Possible Vaccine

Yesterday was marked by a reversal of market sentiment. The day started out with a feeling of risk aversion, but ended with the possible conclusion of the negotiations on the European recovery fund, as well as with positive expectations regarding an Oxford vaccine, which is most probably the cause of greater confidence in the markets.

The Stoxx600, an index that aggregates the 600 highest quoted shares in the Old Continent, closed at 0.75% to 375.51 points. The US indexes appreciated, with a rise of the Dow Jones  by 0.03% while the S&P500 appreciated by 0.77% and the Nasdaq rose by 2.51%.

Treasury yields were up compared to the minimum of the day with investors following the developments on the fiscal stimulus packages by the US and European Union leaders.

Oil has advanced most probably because of the expectations about a vaccine for Covid-19. However, market expectations may continue to be hampered by fears about the pandemic's impact on the global economy and demand for oil.


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