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Euro, euro zone bond markets hold out hope for recovery fund; stocks higher

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The euro and euro zone bond markets held out hope European Union leaders would strike a deal on a recovery fund for the bloc's pandemic-ravaged economy on Monday, while the region's stock markets inched cautiously higher as talks paused.

LONDON - The euro and euro zone bond markets held out hope European Union leaders would strike a deal on a recovery fund for the bloc’s pandemic-ravaged economy on Monday, while the region’s stock markets inched cautiously higher as talks paused.

Stock markets were more reserved in their optimism, however. The pan-European STOXX 600 index was 0.1% higher by mid-morning trade in London, with a risk-off tone expressed in sectoral gainers and losers. A group of wealthy northern European states pushed during the summit for a smaller recovery fund and sought to limit how payouts are split between grants and repayable loans.

“While it remains to be seen if a deal can be done today, we continue to expect an eventual agreement, which would act as a catalyst for the euro and support Eurozone equities and bonds.”Graphic: Euro, euro zone bond markets during coronavirus crisis -Earlier in Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.26%, reversing loses earlier in the day.

 

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