Global Markets: Biden to be sworn in as U.S. president

By MarketsFarm

WINNIPEG, Jan. 20 (MarketsFarm) ¬– The following is a glance at the news moving markets in Canada and globally.

– Today at noon Eastern, U.S. President-Elect Joe Biden will be sworn in as the 46th President of The United States. Kamala Harris will be sworn in as Vice-President, becoming the first woman and the first person of African American and Asian American descent to hold the office. The inauguration ceremony will look very different from Trump’s four years earlier as there will be no large audience due to the COVID-19 pandemic and security will be tightened for fears of further violence from Trump supporters. Biden’s first actions as president will be to sign 17 executive orders, according to CNN, including the cancellation of the Keystone XL pipeline, a stop to funding a wall on the Mexican border and re-entering the Paris climate accord.

– Outgoing U.S. President Donald Trump departed the White House for the final time on Air Force One earlier today. In his final speech as President before leaving for Mar-a-Lago Resort in Florida, Trump repeated false claims and exaggerations such as saying he passed the largest tax cut in American history and he confirmed a record-setting number of judges. He also issued 140 pardons and commutations, mostly to current and former loyalists of his, but none to himself or his family members.

– The markets reacted optimistically to the upcoming Biden presidency as Wall Street’s main indices opened today to near-record highs. U.S. Treasury Secretary nominee Janet Yellen told lawmakers yesterday to focus on providing financial relief from the pandemic instead of debt. Biden announced a US$1.9 trillion emergency relief plan on Jan. 14.

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