The total number of coronavirus cases worldwide is approaching 140 million and will surpass this number by tomorrow. There have been over 3 million Covid-related deaths globally. The number of daily infections is currently at one of the highest levels since the pandemic began, with the exception of the record-breaking peak in early January this year.
India remains the most affected region at present. It has continued to break its own records for most cases confirmed in one day, with over 216,000 new Covid-19 infections yesterday alone. With over 14 million total coronavirus cases, India is second in the world after the United States (32 million).
Turkey reflects similar tendencies, as the daily number of Covid-19 infections has been over 60,000 most every day this week.
The situation remains worrisome in South America as well, where Brazil had over 80,000 new cases yesterday, while Argentina had around 25,000.
In Europe, countries such as France, Germany, and Italy are demonstrating inconsistent trends as they struggle to contain the pandemic with partial lockdowns and vaccinations.
Speaking of the Covid-19 vaccines, today Pfizer’s CEO announced that the immunity to the virus granted by the vaccine will most likely need to be sustained with annual booster shots, at least until the virus disappears, which could take years (and may not even happen, as is the case with the flu).
Though this is a testament to the resilience of the coronavirus and the long-term challenge the pandemic presents, it is also a reminder that pharmaceutical companies like Pfizer, BioNTech, Moderna, AstraZeneca (if it eventually stops selling its vaccine at factory prices), and any new players in the vaccine market will continue to be profitable in the years to come, making them a good choice for investment.
Today we expect the US stock market to remain positive, continuing the rally brought about by encouraging fundamentals published in the United States yesterday. The bank earnings season continues today with Morgan Stanley, Bank of New York Mellon, and more.
In terms of the economic calendar, today China presented its GDP growth rate report for the first quarter of 2021, which disappointed investors. Although it was better than the previous reading, it narrowly missed the forecast. The industrial production in March also failed to impress.
The eurozone published its YoY final report on core inflation for March, which confirmed that the inflation rate decreased to 0.9% last month, in line with the forecasts. Other data from the EU performed similarly.
Amid positive reports on housing starts and building permits today, investors will keep their eyes on the US later for the Michigan consumer sentiment survey.
