Weekly News Summary for July 17-23, 2020

Friday, July 17, 2020: Euro Nears Four-month Highs as EU Summit Starts

The euro hovered under four-month highs against the US dollar on Friday, following the start of the European Union (EU) summit that investors hoped will move forward with the agreement on the €750 billion ($860 billion) rescue fund that would help pull the bloc’s economy out of recession.

The euro gained 0.38% against the dollar to $1.143, which was close to Wednesday’s peak of $1.145, the currency’s highest since the COVID-19 market crash in March.

Monday, July 20, 2020: AstraZeneca Falls Despite Positive Vaccine Trial Results

Shares of pharmaceutical giant AstraZeneca PLC slipped on Monday, despite revealing positive results from the group’s first human trials of its experimental COVID-19 vaccine.

The British-Swedish drug maker’s shares fell 3.4% after a medical journal released a study that found AstraZeneca’s vaccine candidate, which is being developed in partnership with Oxford University, created antibody and T-cell responses in participants in a Phase ½ clinical trial.

Tuesday, July 21, 2020: US, European Stocks Up on EU Rescue Fund Deal

The US and European stocks climbed on Tuesday, as investors welcomed the European Union (EU) leaders’ agreement for the €750 billion pandemic recovery fund, while a top Republican in the US Senate signaled a potential for additional stimulus.

The broader STOXX 600 added 0.3% and the DAX index advanced 1% on the agreement, while the S&P 500 posted its third consecutive day of gains with a 0.17% rise, although tech-heavy Nasdaq Composite index slipped 0.8%.

Wednesday, July 22, 2020: Oil Prices Fall after API Reports Supply Buildup

Oil prices withdrew from four-month highs on Wednesday after data from American Petroleum Institute (API) revealed a 7.54 million-barrel increase in crude supplies last week, almost completely undoing the previous week’s retreat.

The news sent the US West Texas Intermediate (WTI) crude oil futures down by 1.1% to $41.45 per barrel, while Brent crude oil futures shed 1.0% to $43.88 per barrel.

Thursday, July 23, 2020: Asian Shares Drop as US-China Tension Worsens

Asian shares dropped after the US ordered the shutdown of China’s Houston consulate, which followed the announcement that Chinese hackers were caught targeting American companies working on coronavirus research.

The Shanghai benchmark fell by 1.67%, the Hang Seng index reversed earlier gains to lose 0.08%, while American indices Dow Jones Industrial Average, S&P 500, and the Nasdaq Composite gained in today’s trading.