The bottom line. There is a rising risk that several US states may be forced to take new lockdown measures sooner or later. Europe still has the virus under control but also battles new local outbreaks. The situation in EM/developing countries is still quite bad. Stock markets turned lower yesterday on mounting fears about the US virus development.

The number of new global cases keep pushing higher and is now at 170,000, an increase of around 25% compared to two weeks ago. New deaths are not rising as fast but have increased gradually to around 5,000 per day worldwide from 3,500 a month ago. Given the lag between infections and deaths, we will probably see a rising number of new deaths over the coming weeks.

Read the full report on Danske Bank Research's website