Weekly Market Insight

Latest Economic & Market Update 21st January 2021

21st January 2021

Good afternoon, it is January 21st 2021 and here is your economic and market update from BlackBee.

Today’s focus:

  • Joe Biden sworn in as the 46th President of the United States.
  • European Commission calls for accelerated roll out of vaccination across EU.

Joe Biden was sworn in as the 46th President of the United States on Wednesday. In his inaugural address President Biden hailed the resilience of US democracy stating it had been tested by his predecessor. He also called for unity, a sharp contrast from the divisiveness that Mr Trump had brought. In his first few hours of taking office, President Biden sought a path to return to normality as he signed executive orders which showed a reversal of Mr Trumps policies on immigration, the environment and racial justice. Two of the signed executive orders are bringing the US back into the Paris climate accord and World Health Organisation. The Biden Administration also identified critical supply shortages of 12 items that are vital to fight the coronavirus pandemic. To address this President Biden promised to use wartime powers and signed an executive order instructing US Government agencies to use the Defence Protection Act to increase supplies of many items. (Source: FT).

The European Commission has called on member states to accelerate the roll out of vaccination across the EU. The European Commission want at least 80% of people over the age of 80 and 80% of health and social care professionals to be vaccinated by March. Their aim is that a minimum of 70% of the adult population in every member state should be vaccinated by summer 2021. They said that they will also work with member states and pharmaceutical companies to maximise vaccine manufacturing capacity. Europe has received criticism due to the roll out of vaccines lagging other developed countries. The European Commission has so far secured 2.3 billion vaccine doses and commission vice president Margaritas Schinas has stated that there would be an “impressive” quantity of doses that can be deployed by the end of March. (Source: RTE).

Best & Worst Performers of Large Cap US Stocks on Wednesday
Click image to enlarge

Global Market Update
(as at close of markets 20/01/2021)