• Riots continue to spread across the US
• Gold prices edged lower despite
European indices finished today's session in green as investors remain optimistic about the global economic recovery. Recent PMI data showed the Eurozone and US manufacturing contractions eased last month and China's factory activity increased unexpectedly. Tomorrow German government is likely to announce another stimulus package worth €100 billion which aims to support German economy. The measures could include debt relief for struggling municipalities, cash bonuses to stimulate car sales, the extension of a state wage-support program and the introduction of a family bonus. DAX gained 3.8% and is trading at its highest level since March 4th. CAC 40 added 2% and FTSE 100 finished 0.9% higher.
US indexes are trading mixed. While S&P 500 and the Dow Jones both hit three-month highs today, Nasdaq is trading 0.24 % lower. Investors continue to ignore the risk associated with the coronavirus and the possible escalation of the US-China conflict. Street protests that have spread all over the US also seem to have a negligible impact on financial markets. Massive stimulus and the restarting of businesses have helped the benchmark S&P 500 (US500) recover about 40% from its March lows, leaving it only about 10% below a record high hit in mid-February. "The U.S. equity market continues to rally despite the fact that we're clearly in a recession," said Keith Bliss, managing partner at iQ Capital (USA) LLC. "Most investors believe that companies will be able to come out of this on the other side, actually in better shape.. more efficient and more streamlined."
Today's macro calendar was practically empty, which is why the market lacked impulses that could lead to more dynamic moves. However there are some events scheduled for tomorrow that are worth paying attention to. A lot of PMI indices from the Eurozne will be released on Wednesday. Australian GDP figures will be the key release of the Asian session while Germany unemployment figures will be on watch during European trading hours. US ADP report and ISM manufacturing are key readings scheduled for the US session. Apart from that, investors will get to know BOC decision on interest rates. Oil traders should pay attention to EIA Cushing Crude Oil Stocks Change. Meanwhile, investor focus turned to the ECB's meeting on Thursday at which policymakers are seen extending the bond-buying programme.

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