Danske Bank: High Frequency Activity Tracker. Europe nearing normality



  • Despite the increasing  number of reported COVID-19 cases in Europe, the past week’s activity  indicators have  improved and now lie around normal levels. For the first time since March, the Bundesbank weekly activity indexwasp ositive, indicating economic imp rovementin Germany. Furthermore, German retail trade largely recovered fromthe drop  reported last week.
  • Google mobility numbers have also improved  and  are  back  to  near-normal levels in large parts of Europe. Spain and the UK lagbehind in this regard, largely becauseof the stringency  of their efforts to control the virus.
  • The infection rate in the US seems to have p eaked but economic  activity is still at very  low levels. The past week gave us a further 0.77 pp drop in the Fed’s weekly economic index, while restaurant bookings are still 55.7 percent below 2019 levels.

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