The rise in new infections for Covid-19 in the US is a worry. As noted last week, it is hard to see the stock market making much headway when Covid-19 is not under control. The poorly attended campaign rally in Tulsa, and the president’s dejected walk across the lawn of the White House, leave an unmistakable impression. The Trump administration is adrift and rudderless.
Daily new infections jumped to a record 47,341 on June 26th. The trend is alarming. Friday’s total was up 41.0%. The previous day (June 25th) had also set a fresh record, with daily infections rising to 40,211, a jump of 43.9% over the prior week. Yesterday, infections were up 30.4% over the past week, to 43,581.
Globally, it is the same picture: daily new infections of Covid-19 climbed to a record 194,190 on Friday. It is hard to be optimistic about the near-term outlook for US share prices, when both the US and global numbers are rising.
Amidst the troubling news on Covid-19 there are some positive developments worth reflecting upon. All three involve Japan.
Summary
• The economic data in the US has been positive
• But Trump has lost control
• Some good news from Japan
