Der Stand der Dinge - 26.5.2020

News: There is one thing that I cannot grasp during the Cummings-affair, and it is not the guy’s arrogance, insouciance and refusal to apologise for his total disregard of clear lockdown rules and other people’s well-being, nor was it his obfuscation during his one-hour press conference in the garden of 10 Downing Street. Rather, I wonder why Boris Johnson is unable to do the right thing and fire his favourite spin doctor. That shows a singular lack of backbone and implies an absence of political vision on Boris’ part while sending the wrong signal to the public at a time when strong leadership is needed.

But BJ most likely doesn’t “get” that (to use one of his favourite phrases), just as he didn’t “get” the importance of social distancing in mid-March when during the Downing Street press conferences the recommended distances were not kept. It was no coincidence that BJ, DC and Health Secretary Matt Hancock all came down with Covid-19. “Do as I say, not as I do.”

Instead, Boris used his press conference yesterday to throw up a smoke screen in the hope of diverting attention from his leadership failure in the form of a sneak preview of how a lifting of the lockdown may look. Retailers will be able to open up in stages, the larger ones on June 1, the smaller ones on June 15, provided they adhere to the UK Government’s new buzzword, that they are “Covid-secure”, whatever that may mean.

The UK Bank Holiday passed with lovely weather. In England social distancing rules were widely ignored, compliance in the other three UK nations was exemplary. Spain will lift its two-week quarantine requirement for foreign travellers from July 1. That puts the UK’s quarantine requirement after a foreign holiday into question (see yesterday’s blog).

Closer to home, yesterday was the first day since lockdown that Ireland did not have to report a Covid-19 linked death.

In case you have access to the Bundesliga, tonight is the big match: Borussia Dortmund is hosting Bayern München. Currently Bayern is four points ahead with a significantly better goal difference.

Financial Markets: US and UK equity markets were closed yesterday. Overnight Asia was firmer (Nikkei +2.6%, Shanghai =0.8%, Hang Seng +2.4%) and European futures point to a firm opening. US Treasuries were down while oil futures rose. Marcel Ospel, former chairman of UBS, died yesterday. He had an amazing career.

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Stay safe and cheer up: the lockdown applies to you as much as it applies to Dominic Cummings. Follow Downing Street guidelines – or not. Either way, just make sure you do it with “integrity”… You’ll be fine.