The bottom line is that there are still no signs of a rebound in new infections following the reopening in Europe and US, although some US states bear watching (California, Florida). Emerging markets/developing countries are still on a rising path, although some of the 'problem countries' show tentative signs of a peak. Germany is set to allow citizens to travel throughout Europe from 15 June. Reopening without a resurgence in virus has lifted stocks.

Read the full article on Danske Bank Research's website