WHAT’S NEW - Market volatility looks calmer in these summer days: both the VIX and the VSTOXX have traded at around 25 since mid-July, while 10-year yields have remained around +0.5% for Treasuries and -0.5% for Bunds. Ongoing government and central bank support seems to overlap negative Covid-19-news in equity and bond markets. With Washington’s negotiations on a fifth fiscal programme continuing and yesterday’s unchanged Fed policy outlook, the US is in the spotlight these days - including its triple-A-tech giants, as Apple, Amazon and Alphabet deliver secondquarter results today. They and Facebook’s CEO appeared before a Capitol Hill panel yesterday to discuss possibly anti-competitive dominating practices. In addition, today first US (and German) GDP estimates for the worst quarter in a lifetime will bring the coronavirus consequences to the market.
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