The raging pandemic isn’t holding back the equity market rally – at least not US equities that is. S&P 500 futures are extending last week’s gains. That means we’re having another go at taking out the September high of 3,580.8. Asian equities are up too this morning, led by Chinese markets. Coronavirus case growth in Europe is accelerating, and in the 15 countries that we track case growth has now equaled the high point of the summer surge in cases in the US. US case growth appears to be picking up too, albeit only slightly:

 

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