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China GDP, Biden's First Actions, Keystone Goes Green - What's up in Markets

EconomyJan 18, 2021 06:55AM ET
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© Reuters.

By Geoffrey Smith 

Investing.com -- China’s economy grew faster than expected in the fourth quarter, allowing it to post growth of 2.3% for the whole of 2020. Joe Biden plans to reverse Donald Trump’s legacy with a flurry of immediate executive orders, and the Keystone XL pipeline is desperate not to be the target of one of them. Germany’s CDU anointed a successor to Angela Merkel, and Italy is teetering into a new political crisis. Here’s what you need to know in financial markets on Monday, January 18th.

1. China's GDP grew at 6.5% rate in Q4

China cemented its status as the only major economy not to shrink last year. Figures released on Monday showed gross domestic product rose 2.3% on the year, better than the 2.0% expected, thanks to annualized growth of 6.5% in the final quarter of the year.

The quarterly growth figures were in turn supported by demand for Chinese goods, already evident in last week’s record trade surplus. Industrial production growth accelerated to 7.3% from 7.0% in November, but retail sales growth again disappointed, slowing to 4.6% from 5.0%.

The figures, which carry the caveat attached to all Chinese GDP data, come at a time when Beijing is anxious to show its superior handling of the pandemic. A World Health Organization team arrived in the country last week on a mission to clarify the origins of Covid-19, after months of administrative delays by the Chinese side.

2. Biden's first executive orders

President-elect Joe Biden will issue a flurry of executive orders in his first days as president with the explicit aim of reversing as much as possible of his predecessor’s agenda.

The orders will include rejoining the Paris Climate Accord, ending a ban on travelers from Muslim-majority countries and mandating the use of face masks, both on federal property and for interstate travel, whether by road, air or rail.

Other orders planned include an extension of the moratorium on evictions and the expansion of testing for Covid-19.

3. Stocks follow U.S. lower on virus concerns

Global stocks were mostly lower on Monday, following the weakness on Wall Street on Friday that stemmed from the weaker-than-expected retail sales report for December.

In Asia, the Japanese and Korean benchmarks were both down by nearly 1%, while Chinese indices bucked the trend on the back of the GDP data.

In Europe, concerns about the pandemic’s latest wave dominated, with the the U.K. FTSE 100 and the French CAC 40 each losing 0.3%. France extended its 12-hour curfew to the whole of the country over the weekend, while Germany is set to debate tougher and longer restrictions on Tuesday.

U.S. equity markets are closed for the Martin Luther King Day holiday. The dollar has opened the week solidly, rising 0.1% to 90.805 as of 6:30 AM ET (1130 GMT).

4. Plus ca change, plus c'est la meme chose - in both Germany in Italy

Germany’s biggest party opted for continuity candidate Armin Laschet to succeed Angela Merkel as its head at the weekend.

Laschet has consistently supported Merkel’s policy on Europe, albeit showing himself to be more open to dialogue with Russia than Merkel, whose relations with Vladimir Putin were wrecked by the invasion of Ukraine in 2014.

Elsewhere in Europe, Italian bond yields edged higher as Prime Minister Giuseppe Conte continued his search for new allies to secure a majority in parliament. Former center-left Prime Minister Matteo Renzi pulled his small Italia Viva party out of the coalition last week, ostensibly in a dispute over the government’s handling of the economy during the pandemic.

5. Keystone XL fights for survival

Crude oil prices fell but industrial metals rose as China’s GDP data painted a picture of robust near-term demand.

By 6:45 AM ET, U.S. crude futures were down 0.2% at $52.32 a barrel, while Brent futures, the international benchmark, were down 0.4% at $54.88 a barrel.

Anticipating the first wave of executive orders from Biden, the consortium behind the Keystone XL pipeline, which aims to ship crude from Canada to the Gulf Coast, is reportedly preparing plans to use only renewable sources of energy to operate the pipeline, while also using only unionized labor. Biden and other Democrats have been constant opponents of the pipeline.

 

 

 

China GDP, Biden's First Actions, Keystone Goes Green - What's up in Markets
 

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Comments (27)
Tom Shelly
Tom Shelly Jan 18, 2021 5:10PM ET
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Gas > $4.00 soon
buffbatman i forget
buffbatman i forget Jan 18, 2021 5:10PM ET
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I hope not but probably so, they plan to reverse all of the energy progress made over the past 4 years.
Fausto Chavez
Fausto Chavez Jan 18, 2021 5:10PM ET
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has nothing to do with that. oil is a commodity. price is set on the open market. the usa production alone isn't going to move price lower much.
carolyn horton
carolyn horton Jan 18, 2021 2:53PM ET
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what happened to the stimulus. that should be the top first thing
Fausto Chavez
Fausto Chavez Jan 18, 2021 2:53PM ET
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Democrats can walk and chew bubble gum. stimulus has to pass congress and the senate is tricky.
Rul Buz
Rul Buz Jan 18, 2021 2:11PM ET
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Market goes bullish for months but goes bearish for a day and people still making chaos and blame everything and everyone like seriously
Ron Prewitt
Ron Prewitt Jan 18, 2021 12:01PM ET
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Bruce ona, ??????? Really!
GJ DJT
GJDJT Jan 18, 2021 12:01PM ET
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they are literally live in the ARG world.
GJ DJT
GJDJT Jan 18, 2021 11:59AM ET
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those Drumpf warshipers lie again. what happened to covid-19 would go away after the election bs.
buffbatman i forget
buffbatman i forget Jan 18, 2021 11:59AM ET
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"warshipers"
Bruce Ona
Bruce Ona Jan 18, 2021 10:40AM ET
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Apparently High prices and high taxes for poor and middle class Americans for heating their homes and fueling their cars and heating their water and powering their homes does not concern Biden. Apparently he can afford “Paris climate accords” and “keystone pipeline” shut down. That I can believe. The rest of America can not.
Money Hungry
Money Hungry Jan 18, 2021 10:40AM ET
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Will you shut up man
AG MA
AG MA Jan 18, 2021 10:40AM ET
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Yeah, the truth hurts. Is that why you want him to be quiet?
buffbatman i forget
buffbatman i forget Jan 18, 2021 10:40AM ET
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AG MA the left can't defend its fraud, so it seeks to silence people
Kaveh Sun
Kaveh Sun Jan 18, 2021 10:17AM ET
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U cant into almost any building,restaurant without wearing a mask. Mandate mask in interstate travel is mostly politic
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Joe Duerr
Joe Duerr Jan 18, 2021 10:17AM ET
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until the federal mandate
Jim Horn
Jim Horn Jan 18, 2021 10:17AM ET
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Big deal!! Wear a mask, there is a sickness going around if you haven't seen..
Ron Prewitt
Ron Prewitt Jan 18, 2021 10:17AM ET
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We are 4% of the worlds population but 20% of its deaths. Not mandating masks & lifting lockdown a month or more too early was politics. Our right to life out weighs your right to not wear a mask. Everywhere that masks are mandated, covid cases decline.
Michael Leffler
Michael Leffler Jan 18, 2021 10:17AM ET
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Ron Prewitt  all these covid deaths and yet nobody has contracted the flu this year.  interesting.
Ron Prewitt
Ron Prewitt Jan 18, 2021 10:17AM ET
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I had flu last year but nobody is tracking or reporting it. In case you haven't noticed, we have had a few much bigger events dominating the honest news but the biggest detractor is leaving
Occams razor oc
Occams razor oc Jan 18, 2021 10:09AM ET
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For 4 years...''Down with the wall''..''Open the borders''...''Trump criminal breaking up families'' etc etc etc ...Fast forward today Biden's aid tells 8000 Hondurans at the border  to take a hike not a squeak from the commie media....
Ron Prewitt
Ron Prewitt Jan 18, 2021 10:09AM ET
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Biden doesn't have the authority to do that yet and he has much bigger problems to fix (thank you trumpsters). What Q-Anon site did that come from?
Lisa Watkins
Lisa Watkins Jan 18, 2021 10:04AM ET
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We're screwed.
buffbatman i forget
buffbatman i forget Jan 18, 2021 10:04AM ET
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only if we surrender. I concede nothing.
Bull Rider
Bull Rider Jan 18, 2021 10:04AM ET
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I have no idea to invest and watch the stocks go down or stay cash and watch inflation ruin the dollar. fml.
buffbatman i forget
buffbatman i forget Jan 18, 2021 10:04AM ET
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I understand that sentiment. I think in the short-term the market will still be healthy. but watch inflation. if it becomes dangerous you may want to move your currency into hard assets . such as gold .
Wesley Scott
Wesley Scott Jan 18, 2021 10:01AM ET
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China unleashed Covid on the world. They used the Dems to rig an election and push Trump out. Oh, there the only county that had a GDP that grew in 2020. I dont think this was by accident.
GJ DJT
GJDJT Jan 18, 2021 10:01AM ET
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go back to your ARG world where Drumpf is the president.
Bruce Ona
Bruce Ona Jan 18, 2021 10:01AM ET
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GJ DJT  President Trump will be the President for a 2nd term. Jesus is bringing justice to America.
Casey Williams
Casey Williams Jan 18, 2021 10:01AM ET
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easy now. your chinese bots abandoned this forum after waging an ideological war during election.most investors are conservative. so take your socialism the ******* out of here
Ron Prewitt
Ron Prewitt Jan 18, 2021 10:01AM ET
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OMG, you people really are insane!
American Truth
American Truth Jan 18, 2021 9:59AM ET
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pe do Joe is a fraudulent pres. elect.
John Dough
John Dough Jan 18, 2021 9:59AM ET
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You’re a fool
The Chad Bull
The Chad Bull Jan 18, 2021 9:49AM ET
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Beijing Biden
Bruce Ona
Bruce Ona Jan 18, 2021 9:49AM ET
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Yes remember when Biden said he understands China’s one child policy. A typical “pro-choice” hypocrite.
PMSF Small
PMSF Small Jan 18, 2021 9:39AM ET
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Biden will ********America with his high taz anti-fossil fuel, gender identity, free education policies. We will become a weak and scorned socialist nation. Stolen election
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Wesley Scott
Wesley Scott Jan 18, 2021 9:39AM ET
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Do live in fantasy land? Get your head out of the gutter. If you dont see the problem here, you are part of the problem. This is crazy.
Robert Cox
Robert Cox Jan 18, 2021 9:39AM ET
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There is a mountain of evidence that points to voter fraud. Trump is just mad because he still lost after all his efforts to rig the election and commit said voter fraud.
buffbatman i forget
buffbatman i forget Jan 18, 2021 9:39AM ET
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then lets audit the voting machines and verify every ballot, since you think trump attempted fraud :)
Robert Cox
Robert Cox Jan 18, 2021 9:39AM ET
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They did that multiple times. Trump still lost.
buffbatman i forget
buffbatman i forget Jan 18, 2021 9:39AM ET
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counting fake ballots over again is not an audit. a placating lie
Casador Del Oso
Casador Del Oso Jan 18, 2021 9:37AM ET
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Biden's America is coming. Open your pocketbooks...
Gary SKY saw
Gary SKY saw Jan 18, 2021 9:31AM ET
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What ever happened to world.. Blame China.. You guys from are from another world.. Yeah
Amine Fourali
Amine Fourali Jan 18, 2021 9:16AM ET
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Propaganda like the time of CCCP
Vv Pp
Vv Pp Jan 18, 2021 9:11AM ET
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At least Europe is smart enough to co-operate and follow the leader of world economy 🇨🇳
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Gary SKY saw
Gary SKY saw Jan 18, 2021 9:11AM ET
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I have not heard anything from down under since capitol revolution.. They seem to be very silent.. Wonder why
Trevor Roberts
LimitUp Jan 18, 2021 9:11AM ET
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Xi, please *******slap me again
Wesley Scott
Wesley Scott Jan 18, 2021 9:11AM ET
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Yeah, when China invades Europe don't call the U.S. for help AGAIN.
Gary SKY saw
Gary SKY saw Jan 18, 2021 9:11AM ET
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Wesley.. You must be a nuts or a dreamer.. Go back to your world and stay there..
Vv Pp
Vv Pp Jan 18, 2021 9:11AM ET
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Wesley Scott Wesley, you mean to 'liberate' them like in Vietnam, Korea, Iraq, Yugoslavia, South America etc etc
Michael Paulsen
Michael Paulsen Jan 18, 2021 8:24AM ET
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China makes up figures. They steal, they rob, they harvest, they run concentration camps. That's just scratching the surface. They are are hardly a good role model for the future.
GJ DJT
GJDJT Jan 18, 2021 8:24AM ET
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american claiming moral high ground? what happened to systemic racism and mass incarceration of black american? I can't breathe...
GJ DJT
GJDJT Jan 18, 2021 8:24AM ET
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14th amendment is a joke.
Stoxer One
Stoxer One Jan 18, 2021 8:24AM ET
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a lot more racism in China
Roland Hara
Roland Hara Jan 18, 2021 8:24AM ET
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GJ DJT America isnt perfect by any means. At least we’re seeing progress in America unlike China. When China elects a black president, then tou can have a seat at the table. Until then, have fun at thr kids playground.
Jamie Mason
Jamie Mason Jan 18, 2021 8:07AM ET
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wonder how long he will defer student loan payments?
David Bowie
Defcon2 Jan 18, 2021 8:07AM ET
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Probably until after the next election.
Jc Cortes
Jc Cortes Jan 18, 2021 7:59AM ET
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I think China is the only country still growing up every year.
David Bowie
Defcon2 Jan 18, 2021 7:59AM ET
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They're not suicidal like the west.  If it wasn't for communism, they would've already been a superpower.
Wilfred Ong
Wilfred Ong Jan 18, 2021 7:59AM ET
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democracy only works if the majority citizens are smart. look at USA now.
GJ DJT
GJDJT Jan 18, 2021 7:59AM ET
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the number of smart american is in decline.
Stoxer One
Stoxer One Jan 18, 2021 7:59AM ET
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cooking your numbers pays off
Stratus Angelacus
Stratus Angelacus Jan 18, 2021 7:48AM ET
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When was there ever that China never had a contagious disease?
Stratus Angelacus
Stratus Angelacus Jan 18, 2021 7:40AM ET
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World oceans are full of China's nonrecycleable mostly plastic garbage. SHAME on the politicians and so called environmentalists sleeping on the job.AMERICA NEEDS MORE THAN 2 PARTIES.
David David
David9 Jan 18, 2021 7:40AM ET
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There are just so many uneducated brainwashed americans now a day...
Pat Mathieu
Pat Mathieu Jan 18, 2021 7:40AM ET
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David9, True especialy when packed like rats in big metros, it's the same in Europe.
GJ DJT
GJDJT Jan 18, 2021 7:40AM ET
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who is buying those plastic garbage and dumping to the ocean.
Zach VanDeusen
Zach VanDeusen Jan 18, 2021 7:32AM ET
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Stocks follow Joe Biden lower.
David David
David9 Jan 18, 2021 7:32AM ET
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I told you guys... China was the only country with growth in 2020...
Ahmad Molaii
Ahmad Molaii Jan 18, 2021 7:23AM ET
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