European shares flat ahead of EU summit, Ericsson soars after earnings

📆 7/17/2020 6:05 AM
📰 Reuters

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European shares were little changed on Friday, with stocks trading in a narrow range as focus turned to Brussels where European Union leaders are expected to hammer out details of a 750-billion-euro recovery fund.

FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, July 16, 2020. REUTERS/Staff

The United States shattered its daily record for coronavirus infections on Thursday, raising fears of slower recovery in the world’s largest economy.Euro zone stocks .STOXXE slipped 0.2% after rallying earlier this week to highest since early March, mostly on hopes that an EU-wide fund to support the pandemic-stuck economies could lift the bloc out of a recession.

“The hope is tempered by the fact that the obstacles to an agreement remain high with 4-5 countries insistent that any grants be allocated with conditionality on the part of the countries receiving them,” CMC Markets’ Michael Hewson said in a note.

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