- In the DM world, the US recorded its largest daily increase, standing at 62,117 new cases. It is the second consecutive day with a record in daily cases and is 12.5% increase since last week’s high of 54,205. Daily deaths have also been rising, standing at 900 on Wednesday. On Monday they were only 242. These developments signal a peak wave dynamic.
- In California there was an increase of 11,694 cases on Wednesday. This represents the largest one day jump of any state since the beginning of the pandemic, overtaking New York’s previous record of 11,571. However, California Governor, Gavin Newsom, cautioned that the record increase was partly driven by a backlog of test results from Los Angeles county.
- Nationwide, the number of US hospitalizations jumped to more than 43,000, levels not seen since mid-May.
- On schools, New York’s Bill de Blasio announced on Wednesday the city will organize a mix of online and in-person instruction in which most children come to school between one and three days a week.
- Joe Biden vowed to reverse the US withdrawal from WHO if he wins November’s election.
- In Australia, case increases stayed at low levels yesterday, with only 19 infections recorded. Despite this, residents of Melbourne have re-entered lockdown and everyone is banned from leaving home except for essential shopping, exercise, caregiving and work or school that cannot be done remotely.
- In Japan, Tokyo hit a new daily high of 224 cases.
- In EM, Mexico and Argentina had new records in their single day increases. For the former, yesterday’s increase stood at 6,995 new cases (reaching a total of 275,003 infections), while for the later it was 3,604 (reaching a total of 87,030)
- Indonesia is another country that yesterday reached an all-time high in its daily cases growth. 1,853 new cases were registered and total COVID cases are close to 70,000. In spite of that, the popular tourist destination of Bali opened today for locals. Domestic travellers from other parts of the country should be allowed from 31 July.
- In the Philippines, a new daily high was hit (2486 new cases) bringing total infections to more than 50,000.
- In Hong Kong, there is a new cluster at an elderly care home. Out of the city’s 24 cases, 19 are from this incident.
- For more perspective, we also publish our quadrant charts too.
Bilal Hafeez is the CEO and Editor of Macro Hive. He spent over twenty years doing research at big banks – JPMorgan, Deutsche Bank, and Nomura, where he had various “Global Head” roles and did FX, rates and cross-markets research.
Stefan Posea is a Research Analyst at Macro Hive. His research interests lie in macro-financial interactions and monetary policy analysis. Stefan graduated with an MSc in Economics at Birkbeck, University of London and previously held roles in M&A and the Public Sector.
(The commentary contained in the above article does not constitute an offer or a solicitation, or a recommendation to implement or liquidate an investment or to carry out any other transaction. It should not be used as a basis for any investment decision or other decision. Any investment decision should be based on appropriate professional advice specific to your needs.)