This week the total number of coronavirus cases have surpassed 9 million. The United States has firmly established itself as the most affected country, with now over 2.3 million Covid-19 infections. After a brief respite during the lockdowns, the US is now seeing new infections again after states have reopened, which is increasing investors’ fears of a second wave of the pandemic.
Most notably, this week New York, which was the most heavily hit part of the United States, is going to reopen even further, though some counter-pandemic measures like masks and social distancing will still remain in place.
Brazil has also surpassed 1 million coronavirus cases; the WHO is not yet talking about Brazil peaking, so more infections are still possible there. Russia, which is in third place, is still adding 7,000-8,000 new cases each day to its tally. Central Asia also remains heavily affected by what is still the first wave of the pandemic there.
Europe remains stable for the moment, with the United Kingdom set to relax some of the lockdowns this week as well.
Despite the fears of a second wave of the coronavirus pandemic or the pressures of the current wave in many countries still, today the stock markets are doing fairly well. The easing of lockdowns at present is outweighing the risks of triggering more infections.
The situation on the oil market is slightly different today, with prices moving lower than last week’s maximums. The reason for this lower consolidation is most likely the apprehension of a second wave of the pandemic, which might cause more lockdowns and cuts in the demand for oil.
The price of the Brent crude fell to $42.13, while the WTI reached $39.73 per barrel.
