Coronavirus briefing: Global daily cases continue to climb
Coronavirus briefing: Global daily cases continue to climb

The epidemic

  • Global daily cases continue to climb, and total cases near 11.5 million. Currently, infections continue to rise by around 1 million per week.
  • New cases remain overall steady in Europe, but the rise in new cases continues in South Africa, India, and Brazil.
  • In the US, new cases have continued to increase, but the daily percentage growth has started to slow down in many states. On Saturday, the number of new coronavirus cases dipped below 50 000 for the first time in four days. However, the data may be under-counted due to the Independence weekend.
  • In Sweden, recorded cases recoiled down last week. The WHO commented that the death toll in Sweden had reached its peak in April, and the trend was now heading in the right direction. The number of patients in hospitals and intensive care continues to decline in Sweden. However, the data is not yet updated for the weekend.
Policy
  • In Australia, the border between the state of Victoria and neighboring New South Wales will be closed this Tuesday, due to an increase in new infections in Victoria.
  • The north-western Spanish region of Galicia imposed restrictions on about 70 000 people on Sunday following a Covid-19 outbreak.
  • As expected, Riksbank kept the repo rate unchanged at 0% at its meeting last week. The QE was expanded to SEK 500bn. Purchases will continue until June 2021 and, starting from September, commercial bonds will also be bought.
Economic effects
  • Euro area's economic sentiment was more optimistic in June. The results in April, May, and June combined suggest a contraction in GDP of around 3.5% in Q2.
  • In the US, non-farm payroll increased by 4.8 million in June, while unemployment dropped to 11.1% in June from 13.3% in May. However, initial jobless claims continue to be high despite dropping each week. 


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


Sonja Liukkonen 
Junior Economist 
Swedbank AB (publ) 
FI-00100 Helsinki 
Phone: +358 400 98 21 59 
research.swedbank.se 


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