Coronavirus briefing: Swedish data remains concerning but experts point at testing
Coronavirus briefing: Swedish data remains concerning but experts point at testing

The epidemic

  • New cases in Europe declined slightly over the weekend, with fewer cases in the UK and France, among others. Poland reported an acceleration in case growth, however.
  • While cases in the US have remained stable, US deaths have continued to decline.
  • Large developing countries in Latin America and South Asia continue to drive global cases.
  • South Africa saw a large increase in cases at the end of the week.
  • Swedish data continued to show accelerated case growth, concentrated in western Sweden and among young people. However, experts from Sweden’s Public health agency commented that this was associated to a large increase in testing in the Västra Götaland region.
  • At the same time, Sweden’s daily deaths have continued to decline. The number of patients in intensive care has remained stable, while the total number of hospitalised patients declined slightly. Data this week will likely give a clearer picture of the situation.

Policy

  • The WHO now advices the use of three-layer masks to deter infections, and surgical grade masks for risk groups.
  • The antiviral drug remdesivir is now recommended as coronavirus treatment in Australia.
  • A small-scale study on 19 people suggested positive effects from an AstraZeneca cancer medicine on hospitalised patients suffering from immune system overreaction.
  • Despite large state support announced last week, Sweden’s regions have signaled that they do not have the staff and facilities needed to scale up testing according to the government’s plans.
  • The French government is preparing a plan to support the country’s aerospace industry.

Economic effects

  • US non-farm payroll labour market data for May surprised on the upside, with an increase in employment and a decline in unemployment. The data suffers from classification issues, but the outcome was still a positive signal.
  • Chinese trade data from May showed a smaller than expected decline in exports, with support from exports of pharmaceuticals and masks. China’s imports declined more than expected.
  • In Sweden, SEB’s housing price index picked up slightly, showing some stabilisation in housing price expectations. The share expecting increasing prices declined slightly, however. 


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 


Subscribe »
This letter is distributed by Swedbank in cooperation with Brightly. The letter is personal.
You need Adobe Acrobat Reader to show PDF documents. (download here)