From DB’s Jim Reid

Wednesday was the busiest day at US airports since the pandemic began. The Transportation Security Administration screened  more than 1.07 million people at US airports on Thanksgiving eve. For context this number was still down 41% on the same Wednesday last year.

We are very positive about the chance of a return to normal life in 2021, especially from Q2 onwards. However it is quite clear that Thanksgiving and Christmas pose Covid super spreader event risk in various countries. Canada held Thanksgiving on October 12th and many public health officials there have blamed this for the recent spike in cases.

If the US follows this pattern, tighter restrictions and weaker activity could still dominate in the near term before the positive trends of vaccines and mass testing kick in across the globe as we go through Q1.