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Local distancing

  • The global COVID-19 outbreak continues unabated, rolling from one region to another. Europe is the only continent where the case load is slowing.

  • Governments’ playbook has changed from nationwide to local and targeted restrictions, while central banks take a breather to fine tune their policy response.

  • In the US, personal expenditures outpaced income in May, with consumption making up for lost ground to just 11% below its February level.

  • EU and UK negotiators will resume face-to-face Brexit talks with the aim to define the contours of a minimalistic trade arrangement to be operational by year-end.

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