Does the resurgence of COVID cases in Europe derail its investment story?

Back in mid-June, we noted five reasons why investing in European equities might finally pay off . One of the reasons was that Europe had crushed its COVID-19 curve and had better success than the U.S. in breaking the link between reactivating economic activity and rising infection rates. Unfortunately, daily new COVID-19 cases have begun to rise again in Europe, especially in Spain and France, to levels not seen since mid-April. This begs the question, does the recent resurgence in new cases derail the European investment story?