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What you need to know about markets this week: Biden’s spending plans, bitcoin’s blues and an unloved dollar vye with the first Fed meeting and a look at US GDP

Summary List PlacementHere are the big themes we’re looking at in the coming week, plus a chart of Big Tech performance around the world. Joe Biden takes office with a $1.9-trillion bang With Wednesday’s swearing-in, Biden becomes the 46th president of the United States and has not delayed kicking off his agenda. His proposed $1.9…

Summary List PlacementHere are the big themes we’re looking at in the coming week, plus a chart of Big Tech performance around the world.
Joe Biden takes office with a $1.9-trillion bang
With Wednesday’s swearing-in, Biden becomes the 46th president of the United States and has not delayed kicking off his agenda. His proposed $1.9 trillion stimulus package was enough to coax more all-time highs from the global equity markets, with records in the S&P 500, the MSCI Asia ex-Japan index and Europe’s STOXX 600 close to where it was when the pandemic hit last year, despite an alarming rise in cases of COVID-19 and new lockdowns. 
Janet Yellen, Biden’s pick for treasury secretary, is urging the incoming government to spend big and worry about all the debt that will inevitably create later. 
How much the final package is, how those proceeds will be distributed, and what direct impact that will have on growth all remain to be seen. It’s enough, however, for the stock market to be looking past inconvenient economic truths like nearly one million Americans still filing for unemployment benefits a week. A number of other indicators have shown there is resilience to the recovery, with housing starts hitting 14-year highs and manufacturing activity in the mid-Atlantic region picking up to three-month highs.
How did the US economy finish 2020? 
This coming week, the markets will get the first look at US economic growth in the turbulent fourth quarter of 2020. After having contracted by a record 31% in the second quarter, when coronavirus lockdowns were at their harshest, the economy has since largely bounced back. At the last count, it was still 3.5% smaller than it was before the pandemic struck. The forecast is for growth of 4.4%.
The data won’t reflect the impact of the $892 billion aid package that was agreed in late December after months of torturous stand-off in Washington DC. But the prospect of Biden’s $1.9 trillion bazooka has given Wall Street’s big banks cause for optimism. Goldman Sachs raised its forecast for 2021 growth to 6.6% from 6.4% previously, while JPMorgan’s chief global strategist David Kelly believes nominal GDP could expand by 11.4% year-on-year by the end of December.
“Extended, expanded and enhanced unemployment benefits through September should significantly reduce poverty until the pandemic winds down,” Kelly said.
Bitcoin gets the blues
It was a bad week for bitcoin bulls last week. The price fell by 12%, marking its biggest one-week fall since late August. It’s still up nearly 270% in the last 12 months, so it’s not all doom and gloom. But the chorus of voices of those calling for greater scrutiny of cryptocurrencies generally is growing. This past week, Yellen said bitcoin and its ilk were “mainly” used in illegal financing and should be “curtailed.” 
“Cryptocurrencies are a particular concern. I think many are used – at least in a transaction sense – mainly for illicit financing,” she said.
Bitcoin is the most crowded trade at the moment, according to a recent survey of asset managers by Bank of America, and it feels like the most likely direction for the price is lower in the coming week.
“I expect the need to see a further pullback before we see significant bullish momentum build, which would then be a good time for new buyers to enter the market and push prices higher again,” DailyFX analyst Daniela Sabin Hathorn said.
Ditch the dollar and buy everything (and anything)
With another almost $2 trillion in stimulus coming that will boost growth and help keep borrowing rates low, the dollar can’t cut a break. Money managers are sitting on top of their biggest short position in almost a decade and even with the back-up in 10-year Treasury yields above 1.1%, risk appetite and Biden-based euphoria are running high and investors are back to the “buy everything” trade, largely at the dollar’s expense.
Junk bond yields have hit record lows, a basket of unprofitable tech companies has gone parabolic and the sovereign debt of Italy – where the government has just narrowly avoided total meltdown – is more expensive than that of the US. The dollar index is around its highest in six weeks, but just two weeks ago, it was at its lowest since early 2018 and the bears are firmly in control right now.
Can the Fed taper the tantrum?
With the prospect of swifter economic recovery, comes a rise in Treasury yields that for many is reminiscent of 2013’s “Taper Tantrum” – the sharp spike higher in yields that ensued after the Fed indicated it would start to wind down its asset-purchasing program that started with the great financial crisis of 2008/2009.
The Fed’s roster of officials are in pre-meeting blackout until the first monetary policy meeting of the year takes place on Wednesday, followed by a press conference hosted by chair Jerome Powell. But a host of central bankers, including Fed board members Lael Brainard and Richard Clarida, have signaled the Fed isn’t in any rush to wind down its current program, under which it buys $120 billion a month in Treasuries and mortgage-backed securities. 
“Market anticipation of Fed tapering picked up sharply in early 2021, but we think a reduced pace of asset purchases could still be a year away, depending on the evolution of US growth and inflation. This likely means no taper announcement before 2H at the earliest,” Bank of America rate strategists Ben Randol and Ralph Axel Bofa said in a note last week.
Chart of the Week – There’s more to Big Tech than FAANGs
Big Tech is all the rage. The Apples, Amazons, Teslas, and Microsofts are among the best-performing stocks, not just of 2020, but of the past few years. However, valuations are high and the FAANGs aren’t the only way for investors to sink their teeth into this sector. Asia’s tech giants perform just as strongly and, with valuations that are almost half those of their New York-listed counterparts, are far less pricey.

Next week’s events:
Earnings
January 26 Microsoft, J&J, Visa, LVMH, NextEra, Starbucks, 3M
January 27 Apple, Tesla, Facebook, Boeing
January 28 McDonald’s
January 29 Caterpillar
 
Economic data
January 26 UK employment
January 27 Federal Reserve rate decision and press conference
January 28 Euro zone consumer confidence; US GDP – Q4 advanced
January 29 US core PCEJoin the conversation about this story » NOW WATCH: A cardiologist revealed the truth behind red wine’s health benefits
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Apple

Apple Music pokes fun at latest Spotify price increase

Last month, Spotify announced a new round of price increases for subscribers in the United States and other countries. As the price increases start to go into effect starting with February renewals, Apple Music is poking fun at Spotify’s drama on social media. Apple Music is also offering a free three-month trial right now…

Last month, Spotify announced a new round of price increases for subscribers in the United States and other countries. As the price increases start to go into effect starting with February renewals, Apple Music is poking fun at Spotify’s drama on social media.

Apple Music is also offering a free three-month trial right now…
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Apple

Trust Wallet integrates Apple Pay to streamline cryptocurrency purchases

Individuals can now buy crypto on Trust Wallet using Apple Pay. The feature is currently available in more than 45 countries. Such updates reduce entry barriers into the crypto and blockchain world. Trust Wallet, one of the reputable digital asset wallets, has made another step toward promoting cryptocurrency adoption. It has confirmed adding Apple Pay


Trust Wallet integrates Apple Pay to streamline cryptocurrency purchases

  • Individuals can now buy crypto on Trust Wallet using Apple Pay.
  • The feature is currently available in more than 45 countries.
  • Such updates reduce entry barriers into the crypto and blockchain world.

Trust Wallet, one of the reputable digital asset wallets, has made another step toward promoting cryptocurrency adoption.

It has confirmed adding Apple Pay today, November 27, on X, allowing individuals in more than 45 countries to purchase their favourite virtual tokens within seconds.

Notably, the new feature promises an enhanced experience for new and existing users. The announcement read:

Trust Wallet has integrated Apple Pay. Buy your first crypto in seconds. Available in 45+ countries.

Indeed, purchasing digital tokens has been challenging for newbies, with lengthy verification procedures, numerous account setups, and limited payment methods often discouraging them.

Trust Wallet wants to address this challenge. With the integration of Apple Pay, it aims to make digital assets more accessible than ever, as individuals can now buy their “first crypto in seconds.”

How to get started

Depositing funds in a Trust Wallet account using Apple Pay is straightforward.

Users only need to open the app, visit the ‘Fund’ tab, and choose Apple Pay as the desired payment option.

Everything takes a few taps, mirroring the smooth experience when using Apply Pay for day-to-day purchases.

Most importantly, Trust Wallet benefits from Apple Pay’s credibility and security features, which include Touch ID, encrypted payments, and Face ID.

That promises streamlined crypto purchases that don’t compromise user safety.

Trust Wallet expands footprint globally

The team confirmed that users in more than 45 countries can access the Apple Pay transaction option.

Trust Wallet is lowering barriers to joining crypto, which will likely make it an entry point for millions who have struggled to access the digital assets market.

Individuals in jurisdictions with limited options to participate in the cryptocurrency industry now have a swift and secure option.

TWT price outlook

Trust Wallet’s native token remained somewhat muted in the past 24 hours.

The alt is trading at $1.08 after a slight 0.09% uptick on the daily price chart.

TWT has consolidated over the past week after losing nearly 15% in the last 30 days, influenced by broader selling pressure.

Meanwhile, TWT has underperformed the broader market today.

CoinMarketCap data shows the value of all cryptocurrencies increased by more than 3% the last 24 hours to $3.12 trillion.

Bitcoin is trading at $91,480, pumping the altcoin space as risk-on sentiments surfaced.

For now, Bitcoin should reclaim the key zone between $93,000 and $94,000 to shift its near-term trajectory to bullish.

That can support steady upswings towards the $100,000 psychological market.

However, a sudden selling wave will see it retracing to the ‘new’ liquidity region at $85,000 – $86,000.

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Orléans community grapples with closure of EarlyON playgroup

Breadcrumb Trail Links Home News Local News Share this Story : Orléans community grapples with closure of EarlyON playgroup Copy Link Email X Reddit Pinterest LinkedIn Tumblr Orléans community grapples with closure of EarlyON playgroup The Charlemagne EarlyON Child and Family Centre is the second such facility operated by the Ottawa Catholic School Board in

Orléans community grapples with closure of EarlyON playgroup

The Charlemagne EarlyON Child and Family Centre is the second such facility operated by the Ottawa Catholic School Board in Orléans to close since September.

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With a long-running Orléans playgroup set to close at the end of November, many families are worried about a growing gap in free early-learning programs in Ottawa’s east end.

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The Charlemagne EarlyON Child and Family Centre, which operates out of St. Peter Catholic High School, has announced it will shut its doors on Nov. 30. The free drop-in playgroup offers learning programs for children up to six years old.

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For Dominique Patnaik, who has attended the play group for three years with her two daughters, the closure comes as an unexpected blow.

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“Everybody felt it because it is such a big part of our weekly lives, and it’s provided us with so much … that we all feel like there’s going to be a hole in our lives when the centre closes,” Patnaik said.

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The Ottawa Catholic School Board said it made the decision to close the EarlyON program after determining the space was needed for classrooms to support enrolment growth at the high school.

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“Families have shared how meaningful this program has been for their children and for their sense of community, and we recognize the worry this has created for those who use the centre,” the school board wrote in a statement.

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The Charlemagne centre is the second OCSB-operated EarlyON facility in Orléans to close in recent months. Another program at Divine Infant Elementary School shut down in September.

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Until now, Orléans centres offered as many as 57 hours of weekly English or bilingual playgroup sessions. With the closures of the two sites, parents estimate this will drop to just 15 hours weekly.

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“We’re very concerned that there will be no alternative for a lot of parents and young children to go to different playgroups,” said Claudie Larouche, a parent who is helping organize efforts to try to save the Charlemagne playgroup.

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  1. Bob Plamondon, an auditor and expert in governance, was named by the province to supervise the Ottawa-Carleton District School Board in June.
    OCDSB supervisor holding ‘town halls’ while trustees are sidelined
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More than 1,100 people have signed a petition urging the City of Ottawa and the Catholic school board to preserve the playgroup, if not in its current location, then in a suitable space nearby.

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Pressure on remaining playgroups is expected to intensify. While another EarlyON centre remains open nearby on Centrum Boulevard, Patnaik said demand was already greater than capacity, with parents lining up outside before programs begin.

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Larouche added the remaining sites may also be less accessible for families who rely on public transit.

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For many families, the Charlemagne EarlyON played an especially vital role because of its supportive staff, daily drop-in schedule and baby class offerings.

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Twylla Hodgins said Charlemagne centre staff gave her the resources to seek support from a speech-language specialist for her granddaughter.

Article content

With a long-running Orléans playgroup set to close at the end of November, many families are worried about a growing gap in free early-learning programs in Ottawa’s east end.

Article content

The Charlemagne EarlyON Child and Family Centre, which operates out of St. Peter Catholic High School, has announced it will shut its doors on Nov. 30. The free drop-in playgroup offers learning programs for children up to six years old.

Article content
Article content

Story continues below

Article content

For Dominique Patnaik, who has attended the play group for three years with her two daughters, the closure comes as an unexpected blow.

Article content
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“Everybody felt it because it is such a big part of our weekly lives, and it’s provided us with so much … that we all feel like there’s going to be a hole in our lives when the centre closes,” Patnaik said.

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The Ottawa Catholic School Board said it made the decision to close the EarlyON program after determining the space was needed for classrooms to support enrolment growth at the high school.

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“Families have shared how meaningful this program has been for their children and for their sense of community, and we recognize the worry this has created for those who use the centre,” the school board wrote in a statement.

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The Charlemagne centre is the second OCSB-operated EarlyON facility in Orléans to close in recent months. Another program at Divine Infant Elementary School shut down in September.

Article content

Until now, Orléans centres offered as many as 57 hours of weekly English or bilingual playgroup sessions. With the closures of the two sites, parents estimate this will drop to just 15 hours weekly.

Article content

Story continues below

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“We’re very concerned that there will be no alternative for a lot of parents and young children to go to different playgroups,” said Claudie Larouche, a parent who is helping organize efforts to try to save the Charlemagne playgroup.

Article content
Read More
  1. Bob Plamondon, an auditor and expert in governance, was named by the province to supervise the Ottawa-Carleton District School Board in June.
    OCDSB supervisor holding ‘town halls’ while trustees are sidelined
  2. In 1982, The Capital City, written by Christine McCann, became the Ottawa's official song.
    Deachman: Ottawa 200 just hype for now, needs more party
  3. Advertisement 1
    Story continues below
Article content

More than 1,100 people have signed a petition urging the City of Ottawa and the Catholic school board to preserve the playgroup, if not in its current location, then in a suitable space nearby.

Article content

Pressure on remaining playgroups is expected to intensify. While another EarlyON centre remains open nearby on Centrum Boulevard, Patnaik said demand was already greater than capacity, with parents lining up outside before programs begin.

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Larouche added the remaining sites may also be less accessible for families who rely on public transit.

Article content

For many families, the Charlemagne EarlyON played an especially vital role because of its supportive staff, daily drop-in schedule and baby class offerings.

Article content

Twylla Hodgins said Charlemagne centre staff gave her the resources to seek support from a speech-language specialist for her granddaughter.

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“I needed a supportive community and the Charlemagne EarlyON became that community for us. I relied on the staff and the other parents to be my network to support me and the children in my care to lay a safe, caring, empathic, and inclusive foundation,” Hodgins wrote in an email.

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Orléans-West Innes Coun. Laura Dudas addressed the playgroup closure in a social-media post on Tuesday, stating she confirmed with the head of children’s services at the City of Ottawa that funding previously allocated to the closed centres would stay in the east end.

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“Their short-term goal is to maintain access to these vital programs as quickly as possible by increasing capacity at a nearby EarlyON locations so families continue to have access to these high-quality programs and resources,” Dudas wrote.

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She added the city was also exploring longer-term solutions to keep playgroup services in the east end and would consider proposals for new locations in the new year.

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But, for parents such as Patnaik, the need to fill the gap created by Charlemagne’s closure is immediate.

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“Even if another centre opens up in six months, that’s six months of parents having to pivot and trying to find something to do,” she said. “I think it’s going to have a detrimental impact. We need a solution right away.”

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Apple

The impact of iOS privacy on social media habits

The digital environment we live in is no longer what it used to be. Every click, scroll, and like leaves a trace. Yet the script’s flipping—same stage, new lines, and the audience can feel it. Apple’s privacy shake-up just yanked the rug out from under social apps…

The digital environment we live in is no longer what it used to be. Every click, scroll, and like leaves a trace. Yet the script’s flipping—same stage, new lines, and the audience can feel it. Apple’s privacy shake-up just yanked the rug out from under social apps…
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