The stark difference between Wall Street and Maine Street could not be more clear than in the case of corona. Hospitalizations and deaths are sky-rocketing but financial markets clearly are saying: "It's hurting less this time" (for the economy that is).

Deutsche Bank: "Our mobility heatmap suggests that the impact of the second wave on economic activity may have peaked. Hence, the clear slowing in case growth in both the US and Europe is not coming at the expense of a creeping decline in economic activity. Activity in the US has remained at relatively high levels. And with case growth now showing signs of stabilization across the country, the downside risks may have diminished"