The re-acceleration of Covid infections has hit mobility hard over the past two weeks.  Although there are clearly seasonal factors at work (which the Google data series do not account for), we’ve clearly seen a pronounced deterioration in both mobility and economic activity above and beyond what could have been normally expected. This has been concentrated in Europe, with a particularly severe drop in Germany where our economic activity measure suggests things are even worse than at the peak of the crisis last April.  Italy and the UK have also registered steep falls, while Spain and France have seen more modest drops.