Florida sets one-day record with over 15,000 new COVID cases, more than most countries - Reuters

Florida has reported a record increase of more than 15,000 new cases of COVID-19 in 24 hours on Sunday, as the Trump administration renewed its push for schools to reopen and anti-mask protests were planned in Michigan and Missouri.

Reuters has explained that if Florida were a country, it would rank fourth in the world for the most new cases in a day behind the United States, Brazil and India, according to their analysts. 

Florida's daily increases in cases have already surpassed the highest daily tally reported by any European country during the height of the pandemic there. It has also broken New York state's record of 12,847 new cases on April 10 when it was the epicenter of the U.S. outbreak.

Market implications

Equity markets remain firm despite the risks. Investors are banking on US  President Donald Trump keeping the pressure on states to reopen shuttered businesses and schools.

Also, talks of a fourth phase of fiscal stimulus is gaining momentum in the US.

Republicans are still very keen to try to keep the size of this package below USD1 trillion.

Congress is aiming to reach an agreement by the end of the month although both sides remain far apart on key initiatives like stimulus cheques,

analysts at ANZ Bank noted.

At the close of business on Friday the S&P 500 was up 1%. The week ahead will monitor the bank's earnings reports while keeping a close eye on the spread of COVID-19.