1,346 new daily coronavirus cases were reported in China today, which marks the largest amount seen since April 30th.  Cases have still not peaked and have now gone into the 1,000+ daily count, which is a level not seen since March – April’s dramatic surge (new daily cases during that period peaked at 5,659 on April 29th). 

We continue to urge caution if anticipating any near-term reopening in China.  We remain of our view that near-term sentiment has been too bullish regarding any potential reopening in China.