COVID-19 UPDATE: Deaths still defying a surge. F-CAT daily cases +27k, down -6.8K from 1D ago. Granny Shot re-balance. +7 names. +1,880bp outperformance in 1H2020.

Please join Brian Rauscher, Head of Global Portfolio Strategy and Asset Allocation at FS Insight, on Wednesday, July 15th at 2:00 pm Eastern Time for a Webinar "Climbing the COVID Wall of Worry – Positioning for 2H20" with Q&A. Register here to attend

Earnings season starts later this week, and for the next few weeks, financials will follow the dual tracks of COVID-19 developments and the company commentary reflecting the experience of a full 90 days worth of COVID-19 impacts.  The COVID-19 data reported today, is on the balance, constructive:

- US daily deaths fell to 345, down from the elevated 800-900 per day last week
- the epicenter, FL, CA, AZ, TX, or F-CAT saw a drop in daily cases to  27,634, down -6,859 from 1D ago 
- TX and AZ show signs of being past the peak
- CA is further course-correcting by shutting down dine-in and bars, and while a potential over-reaction, is going to slow the spread

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Source: COVID-19 Tracking ProjectF-CAT cases and death relationship diverging sharply from what was seen in NY tristate area...There remains the curious but positive divergence between the surge in US COVID-19 cases and the relatively flat/muted daily deaths.  Any death from COVID-19 is a needless tragedy, but the rate of mortality today is far ...

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