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Europe is seeing a second wave of coronavirus infections. The U.K., France and Spain have seen a sharp rise in cases since late August and early September. Italy and Germany are now seeing numbers starting to pick up dramatically, and have around 449,000 and 398,000 confirmed infections, respectively. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

There’s no doubt that Europe is seeing a second wave of coronavirus infections, but the surge is not affecting its major economies in the same way.

The U.K., France and Spain, as well as the Netherlands, have all seen a sharp rise in cases since late August-early September. But Italy and Germany have lagged behind their counterparts, only now seeing numbers starting to pick up dramatically.

JPMorgan analysts have looked at the phenomenon and believe they know what’s behind the disparity.

“Most likely, in our view, the difference between Germany and Italy, on the one hand, and France, Spain, the Netherlands and the U.K., on the other, is not mobility but rather the breadth of mask wearing and the efficacy of test and trace regimes,” JPMorgan Economist David Mackie said in a note Thursday.

Spain and France reached the grim milestones of over 1 million coronavirus cases each on Wednesday while the U.K. lags with just over 792,000 cases, according to a tally kept by Johns Hopkins University.

Italy, where the virus first emerged in Europe in February, and Germany, have around 449,000 and 398,000 confirmed infections, respectively. They too now are seeing rapid increases in cases, however.

On Thursday, Germany reported more than 11,200 new Covid-19 cases, marking the first time since the start of the pandemic that it had more than 10,000 new cases recorded in a single day. On Wednesday, Italy reported 15,199 new cases from the previous day, marking the largest upswing since the second wave started.

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