Markets

European Shares Seen Up As EU Leaders Reach Deal On Recovery Fund

(RTTNews) - European stocks may open on a positive note Tuesday after EU leaders approved a landmark 750-billion-euro package along with a trillion-euro budget for the next seven years following a fourth night of talks.

European Council president Charles Michel said it was a "pivotal moment" for Europe. French president Emmanuel Macron said it was an 'historic day for Europe'.

The deal will have to pass the scrutiny of the European parliament, which will shortly convene a special plenary session.

Meanwhile, with the economic outlook dimming, congressional Republicans said they were working on a $1 trillion relief bill. President Donald Trump said he is bringing back his controversial coronavirus briefings back, beginning today.

Asian markets followed Wall Street higher while gold held near nine-year high amid rising coronavirus cases in the U.S.

The head of emergencies at the World Health Organization hailed "good news" in results shown by two Covid -19 vaccine candidates in early trials, but warned "there's a long way to go."

Oil held steady as the U.S. Commerce Department added 11 Chinese companies to its economic blacklist, citing their involvement in human rights violations in the western region of Xinjiang.

Public sector finance data from the U.K. is due later in the day, headlining a light day for the European economic news.

Across the Atlantic, the latest quarterly earnings news may drive trading amid another quiet day on the economic front.

U.S. stocks advanced overnight as promising early data on a host of Covid-19 vaccine candidates countered fears over a surge in infections in some states.

The Dow Jones Industrial Average inched up marginally and the S&P 500 added 0.8 percent, while the tech-heavy Nasdaq Composite soared as much as 2.5 percent to reach a fresh record closing high.

European markets ended Monday's session on a mixed note as EU leaders struggled to reach a deal on a recovery package and investors digested positive results from trials of experimental Covid-19 vaccines by Oxford University, AstraZeneca, Pfizer and BioNTech.

The pan European Stoxx 600 gained 0.8 percent. The German DAX rallied 1 percent and France's CAC 40 index rose half a percent while the U.K.'s FTSE 100 slid half a percent.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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