Number of worldwide coronavirus cases reaches 4.5 million

As the number of worldwide coronavirus cases reaches 4.5 million and 300k deaths are reported by Johns Hopkins, China continues to report new cases.

Key notes

• China eports four new coronavirus cases in the mainland as of end-may 14 vs 3 a day earlier.
• China reports 11 new asymptomatic coronavirus cases in the mainland as of end-May 14.

Meanwhile, the fears of a second surge of coronavirus infections are keeping investors on their toes and sidelines for the most part. The markets overnight were more positive, but that was down to financials cheering the prospects of further stimulus. CNBC earlier reported that the White House would likely support another round of stimulus checks, according to two senior administration officials who told CNBC on Thursday.

The White House released a statement which said:

As President Trump has said, we are going to ensure that we take care of all Americans so that we emerge from this challenge healthy, stronger, and with economic prosperity, which is why the White House is focused on pro-growth, middle class tax and regulatory relief.

 

However, there is a toxic mix of trade wars, real wars and a flare-up of COVID-19 looking over already disgruntled investors who are unable to catch a decent wave. It is one step forward and two-step backs for equity markets at this juncture with the S&P 500 double topping in its valiant attempt of recovery to the 61.8% Fibonacci retracement, a level which is proving to play out its golden ratio rule and one Fibo too far from the bulls. 

Early-hit countries are having to rethink plans for re-opening as new cases come to light. Due to the recent increase in cases, China is pulling out all the testing stops that it can, now testing millions of people to catch new infections. We are seeing the same form South Korea which has recently dispatched several thousand police officers in a renewed push for contact tracing.  

Earlier this week, Dr. Anthony Fauci took up the headlines as he offered his own insights. These were including some sombre warnings much to the displeasure of US President Donald Trump. Trump has accused Dr Anthony Fauci of wanting "to play all sides of the equation" in his testimony to lawmakers showing his dissatisfaction with Dr Fauci's caution around reopening schools too quickly. The virus has infected nearly 1.4 million people in the US and killed 84,000.