The news on the virus front lines does sounds better. Although the media fluster about new "second wave" outbreaks in Asia, Europe and the States, the scientists say it will be winter before the real second wave emerges – the key lesson of the Spanish Flu - giving us time to prepare, maintain distancing, improve logistics and build up stocks, innovate treatments and maybe even crack the vaccine (and subsequent vaccine wars..). Tumbling infections mean London could be "free" of the virus in weeks – apparently.
Even more importantly, it's time for hapless governments to ensure testing regimes are in place, contact tracking apps work and demonstrate they have a plan. If a second wave doesn't come later this year – fantastic. But if it does… lets be ready.
Otherwise, the economic news is unremittingly bad.
Where to start in terms of just how unlikely the V-Shaped recovery is likely to be? Its not even worth commenting on yesterday's late stock rally – fueled by bank rumors, and FOMO. Its mad that stocks remain so high when the news is so bleak. But it makes curious investment sense in a world where investors believe Governments and Central Banks have little choice but to bail out battered businesses, pay for jobs, and push prices higher though monetary stimulus.
Yesterday it was Transport for London that warned it was going bust. If I never see the inside of the Drain (Bank to Waterloo) again, it will be too soon…