Coronavirus cases surge in U.S. and Brazil as Germany reports more outbreaks, but markets don’t seem worried

A surge in coronavirus cases in the U.S. and Brazil, and further outbreaks in Germany — where the reproduction rate of the disease has risen substantially — are concerning global health experts, but international financial markets don’t seem too worried.

The largest single-day increase in global coronavirus cases was recorded on Sunday, according to the World Health Organisation (WHO), after more than 183,000 new cases were reported worldwide.

Brazil, with nearly 55,000 new infections, saw the largest number of cases reported, followed by the U.S., with more than 36,000 new cases reported Sunday. India, meanwhile, saw more than 15,000 new infections, the WHO said.

It should be noted that increases in the numbers of coronavirus cases could be down to increased and more widespread testing, and also anomalies in data collection. Brazil’s large spike in cases on Sunday, for instance, was in part due to a lag in reporting from three states (Bahia, Rio de Janeiro and Sao Paulo) compounding data from two days, WHO noted.

Nonetheless, the surge in cases does not appear to be a one off. In the U.S., more than 30,000 new coronavirus cases were reported on both Friday and Saturday, with infections rising in states across the South, West and Midwest.

Still, global markets don’t seem too perturbed by the uptick in coronavirus cases; U.S. stock futures rose early Monday morning following a solid weekly performance on Wall Street, while in Asia, shares were mixed Monday. European markets opened lower but pared early losses to trade 0.2% higher.

The uptick in cases seen worldwide comes after many countries lifted a number of the restrictions imposed on public and business life during lockdowns. The International Monetary Fund warned last week that the global economy was on track for a more significant contraction than the 3% it estimated in April. Economists are watching the global numbers carefully, however, weighing up their potential impact on a global economic recovery.

Coronavirus cases surge in U.S. and Brazil as Germany reports more outbreaks, but markets don’t seem worried, CNBC, Jun 22