In this issue:
The bull market revives: Equity markets around the world closed higher this week. Last week’s stumble inspired a new round of worries, but a lot can change in a week. For now, the bulls show no signs that they’re ready to throw in the towel on the post-coronavirus-crash recovery.
Investor sentiment is a slippery beast, but a valuable one – if you can find reliable data. Knowing that the crowd is in a state of irrational exuberance, or hopeless despair, is especially useful. Nothing strengthens confidence like market extremes when it comes to estimating expected return and risk. But there’s that data issue to consider.
* Biden will sign executive orders today providing Covid-19 relief to workers
* Senate Republicans oppose to Biden’s coronavirus relief bill
* Eurozone economic activity contracts for a 3rd month in Jan via PMI survey data
* UK economy falls in January, biggest decline in 8 months via PMI survey
* UK retail sales posted a record decline in 2020
* Japan’s economic activity continues to decline in January via PMI survey data
* US jobless claims continue to rise at an alarming rate: +900,000 last week
* Mid-Atlantic manufacturing activity surges in January via Philly Fed Mfg Index
* US housing starts rose to 15-year high in December:
