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.