• Silver climbs to over 7-year high, Gold hit new ATH
• Oil prices rebound amid positive economic data
European indices finished today's session higher as recent PMI data showed that business activity in the Eurozone returned to growth in July. Also upbeat news regarding the potential agreement on a US coronavirus relief package boosted market rally. On the earnings front, both Allianz SE and DHL quarterly earnings came above expectations while Commerzbank AG projected a full-year loss. DAX 30 rose 0.5% CAC added 0.9% and FTSE 100 finished 1% higher.
US indices are trading higher as better than expected macroeconomic data and positive earnings results from several US companies lifted market sentiment. ISM's non-manufacturing activity index increased to 58.1 last month, the highest since March 2019, meantime Disney unexpectedly reported quarterly profit. Also CVS Health, Humana and Regeneron Pharmaceuticals reported better than expected results while Johnson & Johnson announced a deal with the US government to manufacture millions of doses of its candidate vaccine to treat COVID-19 in case it proves successful. These news completely overshadowed the fact that ADP report, which is considered a precursor to the NFP report which will be released on Friday, came in far below analysts' expectations. Today's reading showed private payrolls increased only by 167,000 while market expected 1.5 million rise.
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