Today marks the start of another week on the financial markets. As of today, there are 4.2 million people worldwide who have contracted Covid-19. Over the weekend more cases were registered in Russia, which is now the third most affected country in the world, with 220,000 cases. Other places where the virus is currently spreading rapidly are Mexico and India.
The rest of the world is gradually easing out of the lockdowns that paralyzed it over the past two months. Even the United States, the only country with over a million coronavirus cases, is seeing decreasing numbers of new patients and lethalities. The most troubling news from the US is that White House staff members have contracted Covid-19, which means President Trump and Vice-President Mike Pence might have to be quarantined again.
Speaking of easing, China has vowed to implement even more stimulus measures to support its economy. China was the first country where the pandemic spread and had one of the longest lockdowns, which will negatively affect its economic expansion. The People’s Bank of China did not clarify what the new measures will be, considering it has already taken some steps to support the economy.
Stock indices today are slightly on the downside. Most likely this is just some short-term pressure resulting from coronavirus fears persisting in the United States. Still, there are a number of earnings reports expected today that are worth keeping an eye on, especially the Chinese company Alibaba.
Lastly, today we expect to hear more about the global economy and any further stimulus plans from the Federal Reserve and the European Central Bank.
