New restrictions to slow the spread of the virus went into effect in California yesterday, due to a record number of people hospitalized in the U.S.

On the positive side, an unprecedented conjunction of buoyant economic events is likely to occur in the coming days in the United States and Europe.

The momentum is waning, but it remains positive. As far as the decor is concerned, things have not changed much. Donald Trump still hasn't conceded victory to Joe Biden for the presidency of the United States. Contaminations are multiplying in the United States, but the vaccines are coming. Brexit is also coming, it is said, even if 1628 days after the referendum (not far from four and a half years), nothing has yet been set in stone.

Surprising as it may seem in this still difficult period in terms of health, there is no shortage of bullish catalysts. First of all, the impressive statistics in China, where activity seems to have been overcoming the turmoil of the pandemic for some time now. Earlier today, the world's second largest economy announced new explosive figures for its trade balance, with exports rising sharply in November. They are based mostly on personal protective equipment and electronic equipment: China remains the world's workshop for adaptation to coronavirus.

Another catalyst is the stimulus plan that Congress still has to vote on to boost the American economy, although news is getting scarce.

Finally, the European Central Bank is expected to announce on Thursday the second phase of its support plan. Economists believe that the "Pandemic Emergency Program" (PEPP) will increase from €1,350 billion to €1,950 billion and that its duration will be extended at least until December 2021 and even beyond. It is through this device that the ECB will buy back public and private debt to relieve both companies, financial intermediaries and governments. At the same time, a new round of loans on exceptional terms (TLTRO) will be launched to support the most fragile banking institutions. The ECB is somewhat in the same situation as the Fed in the United States: the two central banks have deployed an unprecedented arsenal but are still waiting for the governments to take over via budgetary leverage. While in the United States it is bipartisan clannism that is blocking the way, in Europe discussions are complicated by the sniper positions of Hungary and Poland and the resurgence of supporters of budgetary orthodoxy. The European Council scheduled for December 10 and 11 will perhaps provide answers before the holidays.

Washington is keeping up the pressure on China, according to the Reuters agency, which has learned that sanctions are planned against Chinese officials because of their role against the democratic process in Hong Kong.

On the agenda today, German industrial production ( good figures, better than expected) and US consumer credit figures. Earlier, China announced a strong growth of its import and export in November.