- In the DM world, the US recorded a 1.7% increase in cases. At 49,150, it represents one of the largest increases so far. The US currently accounts for 2.8mn out of the 11mn cases confirmed worldwide since the pandemic began.
- Florida set a new daily record this weekend, registering 11,458 new cases on Saturday. Since the pandemic began, this represents the highest single day increase of any state other than New York. Texas also recorded its largest daily increase this weekend. Many Independence Day celebrations were cancelled.
- In the UK, there were 519 new cases recorded on Sunday. Second wave fears are growing after pubs and restaurants reopened this weekend. Popular locations were crowded and social distancing rules were not respected. On the public spending side, the government just unveiled £1.57bn support for arts venues.
- Japan had an increase of 206 new cases, marking the 3rd consecutive day with more than 200 cases. This comes at a time when the country is hit by floods and landslides. Authorities have ordered more than 200,000 people to evacuate.
- Meanwhile, New Zealand recorded only 1 new case on Sunday.
- In EM, the Philippines recorded a 5.8% increase in cases. At 2424, it represents the largest single day increase. Authorities believe the rise can be attributed to the increased social interaction amid the lockdown easing decisions.
- Israel had a daily increase of 788 cases and is currently experiencing a second wave. At a local level, lockdowns are being brought back. Similar measures have been recently taken in Australia and Spain.
- India saw an increase of 3.8% which translates into 24,850 new cases. Currently, India totals almost 700,000 cases and surpassed Russia to become the 3rd worst hit country in the world.
- Iran recorded a 1.1% increase in cases and a 1.4% increase in deaths. The latter translates into 163 new deaths and represents the country’s largest single day increase. Meanwhile, Saudi Arabia and UAE are experiencing rises in cases after curfews were lifted.
- Brazil recorded a 1.7% increase in cases which amounts for 26,051 new cases. More than 1,000 workers from a pork plant recently tested positive. While almost all recovered, the infection rate was 26%.
- For a visual representation of daily changes, we also feature our quadrant charts too.
Bilal Hafeez is the CEO and Editor of Macro Hive. He spent over twenty years doing research at big banks – JPMorgan, Deutsche Bank, and Nomura, where he had various “Global Head” roles and did FX, rates and cross-markets research.
Stefan Posea is a Research Analyst at Macro Hive. His research interests lie in macro-financial interactions and monetary policy analysis. Stefan graduated with an MSc in Economics at Birkbeck, University of London and previously held roles in M&A and the Public Sector.
(The commentary contained in the above article does not constitute an offer or a solicitation, or a recommendation to implement or liquidate an investment or to carry out any other transaction. It should not be used as a basis for any investment decision or other decision. Any investment decision should be based on appropriate professional advice specific to your needs.)