Skip to main content
The Globe and Mail
Support Quality Journalism.
The Globe and Mail
First Access to Latest
Investment News
Collection of curated
e-books and guides
Inform your decisions via
Globe Investor Tools
per week
for first 24 weeks

Enjoy unlimited digital access
Enjoy Unlimited Digital Access
Get full access to
Just $1.99 per week for the first 24 weeks
Just $1.99 per week for the first 24 weeks
var select={root:".js-sub-pencil",control:".js-sub-pencil-control",open:"o-sub-pencil--open",closed:"o-sub-pencil--closed"},dom={},allowExpand=!0;function pencilInit(o){var e=arguments.length>1&&void 0!==arguments[1]&&arguments[1];select.root=o,dom.root=document.querySelector(select.root),dom.root&&(dom.control=document.querySelector(select.control),dom.control.addEventListener("click",onToggleClicked),setPanelState(e),window.addEventListener("scroll",onWindowScroll),dom.root.removeAttribute("hidden"))}function isPanelOpen(){return dom.root.classList.contains(}function setPanelState(o){dom.root.classList[o?"add":"remove"](,dom.root.classList[o?"remove":"add"](select.closed),dom.control.setAttribute("aria-expanded",o)}function onToggleClicked(){var l=!isPanelOpen();setPanelState(l)}function onWindowScroll(){window.requestAnimationFrame(function() {var l=isPanelOpen(),n=0===(document.body.scrollTop||document.documentElement.scrollTop);n||l||!allowExpand?n&&l&&(allowExpand=!0,setPanelState(!1)):(allowExpand=!1,setPanelState(!0))});}pencilInit(".js-sub-pencil",!1); // via darwin-bg var slideIndex = 0; carousel(); function carousel() { var i; var x = document.getElementsByClassName("subs_valueprop"); for (i = 0; i < x.length; i++) { x[i].style.display = "none"; } slideIndex++; if (slideIndex> x.length) { slideIndex = 1; } x[slideIndex - 1].style.display = "block"; setTimeout(carousel, 2500); } //


President-elect Joe Biden speaks about the COVID-19 pandemic during an event at The Queen theater, Thursday, Jan. 14 in Wilmington, Del.

Matt Slocum/The Associated Press

On Wednesday, Joe Biden will be inaugurated as the 46th president of the United States, taking over the leadership of a country racked by COVID-19, deep socio-economic divisions and facing challenges to its global leadership role.

Biden has proposed $1.9 trillion in stimulus with a commitment for $1,400 stimulus checks. Markets have cheered his win but are watching for clarity on spending and tackling the pandemic.

The S&P 500 has risen in the first 100 calendar days of eight out of the last 10 presidential terms, but Biden’s first 100 days may be more fraught than those of his predecessors. He needs to stimulate the economy quickly, but the slender Democrat majority in Congress means the size and timing of the package remain uncertain.

Story continues below advertisement


German Chancellor Angela Merkel gestures as she addresses a news conference on the coronavirus following video consultations with the premiers of Germany's 16 federal states at Chancellery in Berlin on Nov. 16, 2020.


After 15 years at the helm of Europe’s largest economy, German Chancellor Angela Merkel bows out this year. On Saturday, the Christian Democratic Union picks a new leader, who will likely become chancellor after September elections.

Battling it out are centrist Armin Laschet, arch-conservative Friedrich Merz and foreign policy expert Norbert Roettgen. But Markus Soeder of the CDU’s Bavarian sister party, the Christian Social Union, might well upset the race.

For markets, the candidates’ attitudes to fiscal policy is key. Merkel, known affectionately as ‘Mutti’ or mother, jettisoned her party’s antagonism to deficits, spent more and accepted moving toward joint debt to save the euro zone.

Merkel’s successor probably won’t backtrack completely but concerns linger nonetheless about how quickly Germany might pull back to fiscal orthodoxy under a new leader.


Employees work next to tanks for liquefied natural gas (LNG) at a factory in Xian, China June 3, 2019.


Economies were meant to be turning the corner in January but when “flash” business activity readings from the euro zone, the United States, Japan and Britain emerge on Friday - the first PMIs of 2021 - they may be more somber than anticipated.

While economic rebound bets still stand, activity curbs and a surging COVID-19 caseload are casting doubt over forecasts.

Having bounced off March troughs, global PMIs have seesawed of late just above 50. Economists expect IHS Markit’s flash Purchasing Managers’ Index (PMI) to show euro zone activity shrinking further after December’s contraction. PMI readings above 50 indicate growth and U.S. and UK surveys showed strong expansion last month, but the big question is whether that continues.

Story continues below advertisement

We get a snapshot from China too. Data should show 2.1% economic expansion last year while December industrial and retail figures will provide a more up-to-date picture of growth.


The headquarters of European Central Bank (ECB) is photographed as the spread of the coronavirus disease (COVID-19) continues during an extended lockdown in Frankfurt, Germany, January 14, 2021.


The European Central Bank meets on Thursday. It unleashed extra stimulus a month ago but the new COVID-19 strain and a relatively slow vaccination pace are again clouding the economic outlook.

Cause for concern? Not so, comments from Christine Lagarde suggest. The ECB chief predicts recovery as COVID subsides, seeing the glass as half-full, not half-empty. Germany’s economy too is cause for optimism, shrinking by a less-than-expected 5% in 2020.

But prolonged lockdowns will hurt. Against this backdrop, markets will want the ECB to signal its commitment to using the full firepower of its 1.85 trillion-euro ($2.24 trillion)emergency bond-buying scheme - something on which policymakers appear to be split.


In this April 23, 2003 photo, a pair of Dr. Martens 1460 workboots, as interpreted by designers Michael & Hushi, are part of an exhibition of Dr. Martens boots in New York.

JOE KOHEN/The Associated Press

In late 2020, New York bustled with initial public offerings from the likes of Airbnb and Doordash in eye-popping valuations and soaring values on their first trading day.

Now Europe is playing catch-up, with several IPOs already off the blocks in January. Bootmaker Dr. Martens kicked off proceedings, followed by online card retailer Moonpig, Poland’s InPost and Germany’s Auto1.

Story continues below advertisement

And as 2020 earnings emerge and the equity rally continues, more companies are seen making a bid for listings; among them are Deliveroo, pet care firm IVC Evidensia and German online fashion retailer About You. -European tech firms seek to share in U.S. IPO bonanza

Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter. Sign up today.

Your Globe

Build your personal news feed

  1. Follow topics and authors relevant to your reading interests.
  2. Check your Following feed daily, and never miss an article. Access your Following feed from your account menu at the top right corner of every page.

Follow topics related to this article:

View more suggestions in Following Read more about following topics and authors
Report an error
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to If you want to write a letter to the editor, please forward to

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

If you do not see your comment posted immediately, it is being reviewed by the moderation team and may appear shortly, generally within an hour.

We aim to have all comments reviewed in a timely manner.

Comments that violate our community guidelines will not be posted.

Read our community guidelines here

Discussion loading ...

To view this site properly, enable cookies in your browser. Read our privacy policy to learn more.
How to enable cookies