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.

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* 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:

It’s too early in the new year to draw conclusions, but the initial results for 2021 look promising for equity markets in Asia outside of Japan, based on set of exchange-listed funds that represent the world’s main equity regions through Jan. 20.

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* Biden signs 17 excecutive orders on Wed., reversing several Trump policies
* Biden will sign 10 executive orders today, including new Covid-19 plan
* Biden’s overall policy agenda depends on results in battling Covid-19
* Biden faces several major economic challenges in the months ahead
* US homebuilder sentiment eases in Jan but still reflects bullish conditions
* US stock market (S&P 500) rises to record high on first day of Biden presidency:

The 45th president’s term ends today, putting a fork in one of the most turbulent periods in American history to rest. As the nation prepares for the the Biden era, whatever that means, let’s take a quick look at how markets fared through Donald’s tenure, based on a set of exchange traded funds.
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* Washington under tight security for today’s Biden inauguration ceremony
* Biden plans blizzard of executive orders to reverse Trump policies
* Yellen, next Treasury Secretary, promotes sweeping stimulus package
* Treasury nominee Yellen: US can afford higher corporate tax rate
* UK annual inflation picks up to 0.6% in Dec but still well below BoE’s 2% target
* Eurozone annual inflation remained negative in December at -0.3%
* Eurozone is capping bond yields–with a European twist
* US Treasury market’s 5-year implied inflation forecast rises to 3yr high: 2.12%:

Small-cap stocks have taken a back seat to large caps in recent years, but the relative drought is over. Or at least it’s faded in recent months, based on a set of exchange traded funds that represent a variety of US equity risk factors.

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* Biden plans to unveil sweeping immigration bill on first day as president
* Yellen to promote “big” coronavirus relief package to Senate Fin. Comm. today
* Biden administration prepares to focus on full-employment policies
* German investor sentiment rises more than expected in January
* Extreme weather and infectious diseases are cited by WEO as top 2021 risks
* Pandemic has intensified rivalry between US and China, WEO report says
* 10-year Treasury yield begins trading this week at 1.11%, a 10-month high:

US real estate investment trusts (REITs) remain range-bound but property shares managed to lead the major asset classes last week by a wide margin, based on a set of exchange traded funds at Friday’s close (Jan. 15).

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* Biden plans rollbacks of Trump era policy decisions on Wednesday
* China reports 6.5% GDP growth for Q4 & and 2.3% for 2020
* Russian opposition leader Navalny’s arrest heightens Russia-West tensions
* Incoming Treasury Sec. Yellen expected to affirm market-based exchange rates
* Weak value investing results weigh on quant strategies
* US industrial output up a strong 1.6% in December
* NY Fed Mfg Index shows softer growth in January
* US retail sales fell for a third month in December: