Coronavirus briefing: Cases in Europe continue to surge
Coronavirus briefing: Cases in Europe continue to surge
The epidemic

  • The seven-day average number of new global cases has nudged up slightly during last week. 
  • India still accounts for the most cases, but the country’s trend continues to move downward.
  • New cases continue to climb in Russia and in the US.
  • The overall trend continues to be concerning across Europe. Daily cases continue to surge in the UK and Netherlands. In Paris, hospitals have moved to emergency mode.
  • In Sweden, daily cases have been rising fast in Uppsala and Örebrö, while the concerning upward trend in Stockholm continues.
  • The decline in daily cases has continued in Denmark. Daily cases in Finland have exceeded Norway, measured as per capita levels.
  • The number of people in hospitals has increased slowly across the Nordics, but the number of people in intensive care remains low.

Policy

  • On Saturday, Trump made his first public appearance since returning to the White House. The US president has also said he will not attend this week’s debate after the group organizing the contest said it would be held virtually
  • On Sunday, the Trump administration called on Congress to pass $ 135 bn in unspent aid to small business after its latest offer for a big $1.8 tn economic stimulus package was rejected.
  • In Finland, restrictions to restaurants and bars have been tightened in five providences, where the epidemic is accelerating. Restaurants and bars need to stop selling alcohol at 10 pm and close at 11 pm. 
  • Sweden will postpone the plans to let more people attend sport events and concerts. 

Economic effects

  • EMU composite PMI suggests the economic recovery has halted. Manufacturing is still improving, while services are back in the contraction zone as infection rates are rising.
  • Swedbank Pay card transaction data shows a stable development in recent weeks, but consumption, in Sweden, is still about 4% below last year's level, read more here.

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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