The outbreak of Covid-19 in Beijing has been a good demonstration of how Asia has led in the fight against the virus. The authorities have “responded with fierce determination to rein it in”. By June 17th, 356,000 people had been tested. The city has locked down some residential compounds, closed all schools, and cancelled hundreds of flights.
The contrast with the Trump administration’s laissez-faire approach could not be clearer. Daily new cases of Covid-19 rose to 33,539 on Friday (June 19th), an increase of 22.5% over a week earlier. Saturday was down only slightly, to 33,388 (still up 31.1% over the previous week). The last two days have seen the highest, for new infections since April 24th/25th.
Globally, the number of new infections reached 180,874 on Friday, a record. In Brazil, infections jumped to 55,209, more than double a week earlier. India also hit a record yesterday (15,915). The rise in infections across an array of Emerging market countries is a big concern.
Safety measures were introduced at last night’s rally in Tulsa, which kick-started the president’s campaign for re-election. However, the rally was not well attended. Cases of Covid-19 are still trending higher in Oklahoma.
Summary
• The economic data in the US is encouraging
• But the ‘second wave’ is here
• First wave accelerating across EM countries too
