There was no let-up whatsoever on Thursday, with another shocking rise in global coronavirus cases – the WHO is reporting 1 million per week – causing fresh panic from investors.
Though China seems to have got the latest outbreak in Beijing somewhat under control – new cases in the city are down to just 13 – the same cannot be said for the United States.
In the last 24 hours another 34,700 covid-19 cases have been announced stateside, the highest one-day total since late-April’s 36,400 peak. The fact the US is seeing such an acceleration, more than 3-months into the Western phase of the pandemic, is both stunning and unsurprising. After all, it didn’t take a genius to foresee this happening, with the country headed up by a leader who puts winning elections first, the economy second and, at best, human life a distant third.
Those kinds of numbers would, in theory, necessitate a far stricter lockdown in the US than was first implemented. Whether that will actually happen, however, is another matter entirely; Trump and co. won’t be keen to double-down on the economic toll caused by the initial round of restrictions.
Worried about the disastrous impact a second significant lockdown would have on the American (and therefore global) economy – rather than, say, the loss of life caused by such a spike – Europe opened sharply in the red, if avoiding the kind of cliff-dive seen on Wednesday.
Falling 1.2%, the FTSE found itself trading at 6060, returning to levels seen around a week and a half ago. The CAC was similarly distressed, dropping 1.1% to sink under 4800, but with DAX posting a slightly more measured 0.7% decline.
The Dow Jones, meanwhile, is currently set for a 280 point slide, one that would leave the US index the wrong side of 25200, and nearing one-month lows.
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