- In the DM world, the US recorded 58,187 new cases on Monday. Sunday’s surprisingly low value of 25,624 was revised up and is now 58,953. It marks the second day of easing in new daily cases. Deaths are also dropping, although reporting lags may be a contributing factor. On Monday there were only 402 fatalities across the US which is almost three times lower than last week’s maximum of 1173.
- California rolled back its reopening plans, issuing a state-wide closure order for restaurants, bars and cinemas. Governor Newsom also ordered the closure of gyms, barbers, and places of worship in 30 of the hardest-hit counties.
- School districts in Los Angeles and San Diego announced they would not reopen campuses in autumn. In New York, Governor Cuomo announced that schools will be approved for reopening if their region is in Phase 4 and the daily infection rate remains 5% or lower over a 14-day average.
- On a potential vaccine, US health officials are ramping up the large scale manufacturing process so they can immediately facilitate market access to a vaccine once it arrives and is proven safe.
- In the UK, there were 537 new cases in the past day. Face masks will be required in all shops across England effective 24 July and failure to comply will result in a £100 fine. The move aligns England with Scotland and other European countries like Spain, Italy, and Germany.
- In Australia, 274 new infection were recorded yesterday. While the number is still high, it is down from last week’s peak of 475. Australian states have imposed travel restrictions and quarantine rules between themselves. All conditions can be found in this article.
- In the EM world, South Africa recorded 11,554 new cases, one of its largest single day increases so far. It marks the fifth consecutive day when case increases are higher than 11,500. Among the countries we follow, South Africa is now the hardest hit country in terms of cases per capita, overtaking the US, Brazil, and Chile. (see first chart).
- Israel saw yesterday its largest single day increase since the start of the pandemic, standing at 1,962 new cases. As the first chart shows, Israel is also one of the fastest growing countries in terms of cases per capita.
- India also set a new daily record. Monday’s increase stood at 28,701 with densely populated megacities such as New Delhi, Mumbai and Chennai driving the outbreak. Despite still inconclusive studies on plasma treatments, Indian officials have actively publicised them even though experts and physicians call for caution. Given the spike in demand websites matching donors with patients have started to appear.
- For more perspective, we also publish or 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.)