European Stocks End Higher Ahead of EU Summit
European stock markets closed in the green on Friday, with the DAX 30 climbing 1.2% to 12,634, as investors cheered new data from Gilead Sciences Inc, which showed its drug remdesivir improved clinical recovery and reduced the risk of death in patients infected with COVID-19. Meanwhile, traders braced for the next EU summit on July 17-18 at which policymakers will be discussing a common Recovery Fund plan. The European Council President presented a 2021-27 EU budget of €1.074 trillion, below €1.094 trillion proposed by the the European Commission, and a recovery fund of €750 billion, with two-thirds in grants and a third in loans, in an attempt to get support from the northern countries. Still, concerns about the second wave of infections and its impact on the global economic recovery mounted. For the week, the DAX 30 gained 0.8%.
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