In the short term, this is a blessing. But what does that mean in the long run? Economists don't have the answer, or at least no formal answer. It seems certain that governments consider this manna as perpetual debt. Perhaps in the years to come, governments will communicate on public debts "adjusted" for the Covid effect, as companies already do regularly when it comes to discarding non-recurring elements?

On investors' side, these billions are being exploited without any hesitation. The problem is not to find funds but to direct them and adapt to major changes in order to keep up with the frantic pace of major indices.

Meanwhile, Donald Trump  further hardened Sino-American relations by blacklisting CNOOC (China National Offshore Oil Corporation) and SMIC (Semiconductor Manufacturing International Corporation).

The measure will effectively prevent U.S. investors from allocating their funds to these publicly traded companies. Specialists believe that this should not be a serious blow to them given the low weighting of U.S. holdings in these companies.

This comes after the Financial Times revealed that the European Union is seeking a new post-Trump alliance with the United States to counter China.

Joe Biden is expected to name the members of his economic team today, while Donald Trump has yet to officially concede defeat.

On the agenda today we have German inflation, the Chicago PMI and the old property figures. This morning, Japan announced higher than expected industrial production in October, while China's November PMIs are stronger than expected and confirm their anchoring in the expansion zone.