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Second half: second wave or second wind?

The Edge Singapore
The Edge Singapore6/12/2020 07:00 AM GMT+08  • 5 min read
Second half: second wave or second wind?
Financial markets, poised to enter the second half with a “second wind” beneath the wings, have been doused with cold water.
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SINGAPORE (June 12): Financial markets, which were poised to enter the second half of the year with a “second wind” beneath the wings, have been doused with cold water. The spectre of a “second wave” of Covid-19 cases has grown as more locations lifted lockdowns in varying degrees, thereby allowing the virus to spread.

This past week, three major US states reported a higher number of confirmed Covid-19 cases. A month into its reopening, Florida reported 8,553 new cases — the highest weekly number to date; California’s hospitalisations are at their highest since May 13. And on June 10, Texas reported 2,504 new cases, the highest one-day total since the Covid-19 outbreak started.

Earlier in the week, market experts were betting on a “second wind” to carry markets even higher. The “wind”, of course, is generated by the unprecedented trillions in stimulus from policy-makers and central banks across practically every major economy.

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