- EU, working all weekend, has yet to come to an agreement for the Covid bailout package. Rumors saying deal will be finalized today though has put a bid into the Euro. Talk is 390 Billion euros for grants and possibly 360 billion in loans. The sticking point is the size of the grants as the frugal four countries balked at the 500 B euros of free money and now appear to be happy with the smaller number.BTPs +100 ticks and all European bourses in the green and Spreads to bunds a bit tighter.
- AstraZeneca will release early clinical trial results for a covid-19 vaccine sometime today, the stock touched an all-time high trading higher by some 5%. Euro at 4-month highs looking at 1.1500 handle in the spot market
- U.S. Senate back in session nest stimulus bill discussion to hear up
- -@kaylatausche (CNBC) Trump admin, GOP leaders to meet at White House this morning to discuss next round of stimulus funding, per three sources familiar with matter
Economic News
- Exports from Japan slumped 26.2% yoy to JPY 4.96 trillion in June 2020, compared with market consensus of a 24.9% drop and after a 28.3% plunge in May. This was the 19th straight month of drop in overseas sales, amid deteriorating global demand due to the ongoing COVID-19 crisis.
- German PPI in line
Markets just Blah Spoos unchanged, Nasdaq +.25% Russell lower European stocks sideways. A bit of Excitement as Silver trade above $20 for first time in 4 years, Gold small bid and Dollar sideways to lower. Second tier economic data this week, no fed speak due to black out period, Earnings season in Full swing thus Focus will be on results and this along with Fiscal stimulus headlines might be only items to get markets attention. Nat Gas -2%
