Baker Tilly economic snapshot – February 2021 edition

The year started with drama on Capitol Hill, a new U.S. President and the repealing of measures introduced by the outgoing administration. China markets reached peaks not seen since 2008 and Bitcoin went bananas, scything through the $40,000 level but then retreating. It also started with confusion about what was going on with Brexit and Lockdown 3.0 for the U.K.. Vaccine rollout proceeded well in the U.K., but initial niggles became loud voices of complaint in Europe as Pfizer, AstraZeneca and Moderna admitted one by one that they couldn’t hit delivery targets. Continental vaccination programmes were delayed as a result and individual countries threatened to go their own way to protect their citizens. Fiat Chrysler and Group PSA merged to form Stellantis, the world’s number three car maker by sales, amateur traders turned the screws on hedge funds’ favourite shorts and a chastened Ant Group reappeared, vowing to be better-behaved in return for another shot at flotation.