Coronavirus briefing: Disappointing results from Chinese vaccine trial
Coronavirus briefing: Disappointing results from Chinese vaccine trial

The epidemic

  • Daily cases continue to be led by fast growth in many countries in Latin America, South Asia and the Middle East. Cases trend in Europe declined slightly, driven by fewer cases in France and the UK. Germany’s reproduction rate has again declined below 1.0.
  • Both deaths and cases increased slightly in the US. Data from New York has improved markedly, and the state’s governor declared victory over the virus.
  • Swedish daily cases trend continued to climb. Testing picked up last week, however, and the number of recorded cases per 100 tests declined. If more testing continued this week, it could explain at least some of the increase in cases.
  • Sweden’s number of coronavirus patients in intensive care has remained stable while the total number of hospitalised patients declined slightly.


  • Austria will open its land borders except the border with Italy from today. Switzerland has also announced all other land borders except the one facing Italy to be opened from June 15.
  • The Netherlands will allow travel to and from some EU countries from June 15, but excludes Sweden and the UK, among others. Reopening continued in several US states as well.
  • A study on a Chinese vaccine candidate, which was the first one to enter clinical trials, showed that only 50-75% of those vaccinated developed enough antibodies for immunity, a disappointing result. However, many more vaccine candidates are already being tested.
  • The latest study on the malaria medicine hydroxychloroquine showed no signs of the drug deterring coronavirus infection.
  • The German government agreed on a 130 bn EUR stimulus package, larger than expected. The package includes a value added tax cut, support for electric car purchases, aid for families and municipalities, and a 50 bn fund targeting climate change, innovation and digitalisation.
  • The Fed announced it would expand its emergency lending program for state and local governments to cover smaller borrowers.

Economic effects

  • Services PMIs increased in May in both Europe and the US but remain at low levels and continue to indicate weak sentiment among services' businesses. 

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

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

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