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18:31 · 3 July 2020

Daily summary: European shares decline in quiet trading session

• COVID-19 has mutated to become more easily transmissible
• 40 US states reported rising number of COVID-19 cases
• Gilead's (GILD.US) antiviral drug remdesivir approved by EU

It was a largely quiet session with nothing much for traders to work with, considering that US markets are closed in observance of the 4th of July festivities. Major European indices finished last session of the week in red amid lower liquidity. DAX lost 0.8 %, CAC 40 dropped 1.1 % and FTSE 100 finished 1.5 % lower. For the week,  DAX climbed 3.6%,  CAC 40 rose 2%, FTSE 100 remain unchanged.
 
European indexes started the session on positive note supported by better than expected Chinese PMI reading which signaled the fastest increase in service activity for over a decade. However recent PMI data from the Eurozone showed that the private sector activity continues to decline despite the fact that most countries have lifted coronavirus-related restrictions.
 
In addition, concerns about a second wave of infections mounted as well as its impact on the global economic recovery after United States reported more than 55,000 new COVID-19 cases, setting a third record in a row. The daily US tally stood at 55,274 late Thursday, which exceeds the previous single-day record of 54,771 set by Brazil on June 19. Also according to some reports coronavirus cases are rising in 40 out of 50 states across the country now. Florida's is one of the worst-affected regions. Yesterday the state Department of Heath reported  another daily record, with 10 109 cases, surpassing Saturday's record of 9 585 cases. In order to contain spread of the virus many US states ordered citizens to wear masks in public.
 
Meantime WHO expert Van Kerkhove cited it in today's briefing that coronavirus may have mutated to become more infectious, however  he also noted that there's no evidence that it's more  or less dangerous.
 
Today European Commission  given conditional approval for the use of Gilead's (GILD.US) antiviral remdesivir in severe COVID-19 patients following an accelerated review process, making it the region's first authorized therapy to treat the virus. "We will leave no stone unturned in our efforts to secure efficient treatments or vaccine against the coronavirus," said Stella Kyriakides, EU Commissioner for Health and Food Safety, in a statement.
 
Now investors will try to assess whether rising number of infections will cause fear among the general population and negatively impact consumer spending and consumption. If this happens, then financial markets would find themselves under severe pressure.
 
On the commodities front, spot gold traded at $1,775 per ounce today close to the eight-year high of $1,789 reached on Wednesday, while Oil prices fell around 1%.
 
Economic calendar for Monday does not seem to be particularly interesting. German Factory Orders  will be the key release of the European session while US ISM Non-Manufacturing PMI will be on watch during US trading hours. Apart from that  investors will get to know New Zealand Business Confidence reading. Of course, news regarding the spread of the coronavirus should have the biggest impact on the markets.
USDCHF continues to swing within a 0.9422 -0.9547 range. Yesterday currency pair tested lower limit of the range but failed to break below. Bullish divergence occurred on the Momentum indicator, which might be a sign that sell-off  run out of steam. However if sellers will manage to break below the support at 0.9422 then 0.9374 level may be at risk. Source: xStation5
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