• Russia approved the world’s first Covid-19 vaccine
• S&P near its pre-pandemic high
• Gold tumbles nearly 4%
European indices finished today's session in green after recent data showed that investor's morale in Germany rose to 16-year high in August, well above analysts' estimates. In addition, a fourth month of increase in China's vehicle sales boosted demand for auto stocks. Investors also welcomed news regarding world's first COVID-19 vaccine and hopes for additional stimulus in the US. DAX added 2.1%, CAC 40 jumped 2.4% and FTSE 100 finished 1.7% higher.
Meantime in the US, Dow Jones jumped above 28,000 for the first time since February and the S&P 500 is trading near its al-time high, following news that President Donald Trump was “very seriously” considering a capital gains tax cut.
Sentiment was also supported by hopes for more stimulus after the White House signaled readiness to resume negotiations with Democrats on a coronavirus aid package, while Senate Majority Leader Mitch McConnell said he was hoping a deal could be reached this week. Also investors continue to monitor US-China tensions ahead of Phase 1 trade deal review which will take place on 15th August. Meanwhile, Nasdaq is trading lower for the 3rd session in a row as major tech stocks struggle to move higher.
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