Coronavirus briefing: Denmark and Norway open travel, leaving out Sweden
Coronavirus briefing: Denmark and Norway open travel, leaving out Sweden

The epidemic

  • Daily cases in Brazil passed the US. Cases in Europe edged up with an increase in France.
  • Stability in Russia and the US while cases in the rest of the world show exponential growth.
  • The number of patients in intensive care in the largest EU countries has fallen to very low levels.
  • Brazil, the US, Russia, and India still record the most daily cases among all countries. The situation elsewhere in Latin America and South Asia has continued to deteriorate.
  • Sweden’s daily cases trend edged up over the weekend while the number of coronavirus patients in hospital and intensive care was stable.

Policy

  • Greece will reopen for tourism from most EU countries, including Sweden, from June 15.
  • In India, restrictions on restaurants, malls and religious venues will be lifted from June 8 except in the most high-risk areas. Bangladesh lifted its lockdown despite continued escalation.
  • South Korea cancelled the planned reopening of over 800 schools due to a pickup in case growth.
  • The WHO commented that an available vaccine before year-end is possible.
  • Denmark and Norway decided to remove travel restrictions between the countries from June, but Sweden will remain excluded. Denmark is gradually opening for tourism.
  • In Sweden, high schools may open in the fall. Sports competitions will be allowed from June 14.
  • In Finland, restaurants and different services will be opened as planned from today.
  • The Spanish cabinet has approved a basic income scheme, guaranteeing an income of 462 EUR per month to the poorest. The process to approve the reform was accelerated due to the crisis.

Economic effects

  • Swedish manufacturing PMI rose somewhat in May but remains at a very low level.
  • Swedish May data from UC shows that bankruptcies stabilised to normal levels. Part of this is explained by positive development in construction, while the number of bankruptcies in the hotel and restaurant sector was still higher than in May 2019.
  • China’s official manufacturing PMI declined slightly while the services index increased. Caixin manufacturing PMI rose to just above 50. The data indicates continued recovery at a muted pace.
  • The US weekly new jobless claims dropped further from 2.4 to 2.1 million. Still high numbers but the trend is positive. Continuing claims also declined.


PDF-Document Read the full analysis/report here (pdf)


Maija Kaartinen 
Economist 
Swedbank AB (publ) 
SE-105 34 Stockholm 
Phone: +46 8 700 92 73 
research.swedbank.se 


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