Breakthrough in Brussels …EU leaders finally agree on a €750bn record virus recovery plan and a budget for the bloc after marathon five-day negotiations. The so-called ‘Frugal Four’ were swayed by increased rebates and a lowered €390bn in grants for the hardest-hit countries. Swiss lender UBS posts a higher-than-expected Q2 net profit, despite taking a hit in corporate and consumer lending. The bank expects credit loss expenses to be lower in the third quarter as market activity picks up. US indices are buoyed by a return from Big Tech stocks which add $290bn in market value. Amazon has its best day in two years, pushing the Nasdaq up by 2 per cent. And IBM shares also rally after the computer giant beats estimates for the second quarter on strong cloud performance.  

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