The meeting was a success, EU reached a breakthrough deal
European Union’s 27 administrations agreed on a breakthrough deal covering European Union’s 750 billion euro COVID-19 rescue capital, following long discussions in Brussels during the past days.
The President of the European Council Charles Michell announced that he strongly thinks this agreement will be regarded as a “pivotal moment” for Europe. Early today he announced the agreement in a press conference and stated
“We did it! Europe is strong. Europe is united” “These were, of course, difficult negotiations in very difficult times for all Europeans.” he added the agreement “is a good deal, this is a strong deal and, most importantly, this is the right deal for Europe right now.” The leaders of the state were seen in long conversations since last Friday morning and they were discussing the recommended safe fund and the EU’s next budget plan. But, profound disagreements about how to split the amount among awards and credits, how to supervise the investment, and how to connect it with the EU’s democratic conditions made the conversations become very lengthy and be listed as the longest EU summit in history. Ursula von der Leyen, the European Commission President stated “Europe, as a whole, has now a big chance to come out stronger from the crisis”. and she added, “We have a lot of work ahead of us, but tonight is a big step forward towards recovery”.
A strong momentum in technology shares
Stock futures remained even in late trading yesterday following a powerful momentum in technology shares that drove the S&P 500 into the green. Futures on the Dow Jones Industrial Average grew approximately 10 points. Late trading developed a solid performance in technology shares that drove Nasdaq up more than 2%. The most positive was the e-commerce giant Amazon that led the increases against popular tech names with almost an 8% jump yesterday. That jump was the company’s strongest day since late 2018. The Nasdaq 100, which includes 100 of the biggest non-financial companies in the composite, rose 2.8% and registered its biggest single-day increase since last April.
Gold near a decade top
The popular Gold improved today and floated near a nine-year top while concerns over an increase in COVID-19 cases and fears of rising inflation from more economic incentive packages seems to have increased the need for the safe-haven metal. Spot gold gained 0.1% at $1,817.23 per ounce following a touch of its most powerful level since September 2011 at $1,820.06 yesterday.
Euro supported by the EU agreement
The euro registered a new 120-day top and commodity pairs gained assistance today, after European countries allowed a salvation package for the bloc’s countries that got damaged by the COVID-19 pandemic. The agreement supported the euro and pushed it 0.2% higher to $1.1470, registering its most powerful day since March. However, the increase won’t last for long as it soon went back below the support.
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