After another day of high Political Drama in washington attention will shift to the struggling us economy later today, as president Electjoe Biden outlines his plans for another massive economic stimulus package. The us economy lost nine millionjobs in 2020 the worst since records began in the 1930s and its in dire need of further support. Three weeks ago Congress Passed an economic aid deal worth 900 billion. But mr biden described that as a mere � down payment� on what he would push for once in office. According to reports he will seek another 1. 3 trillion of spending and would increase direct payments to americans to 2000 each as well as providing funds for local governments and vaccination programmes. Brian nick is chief investment strategist at the fund manager nuveen he� s in new york. What is your expectation of what we can expect from this package . I think the number you haveis package . I think the number you have is probably right. What will be interesting is whether it will be split into more than one package. There is a lot of popular low hanging fruit they could roll out of the gate and maybe get some of the republicans in senate to vote for it. That would mean passing it under regular order. Things could include that 2000 check, topping of the extension of the unemployment enhanced insurance beyond march when it is set to expire. And maybe some state and local governments as well there may be other Spending Priorities that are more controversial they save for later. ~. , controversial they save for later. ~. ,. ,. , later. What about the idea of aaivin later. What about the idea of giving every later. What about the idea of giving every us later. What about the idea of giving every us citizen later. What about the idea of i giving every us citizen 2000. Will that be means tested at all . It will that be means tested at all . , � ,. , will that be means tested at all . , ~. , will that be means tested at all . , ~. , all . It is. Above a certain level you all . It is. Above a certain level you are all . It is. Above a certain level you are not all . It is. Above a certain level you are not getting | level you are not getting 2000. It faces out before that level. It is not the most efficient way to stimulate the economy because frankly rates here are high and people do not have an issue with being able to have the means to spend the money, it is the ability to spend the money in the ongoing pandemic. What we see is household Balance Sheets strengthened by the 600 checks and now potential 2000 checks and now potential 2000 checks and really ready to rock and take off in terms of the spending rate once the virus is no longer the pressing concern. It is not the most efficient economic way to distribute stimulus in terms of getting it to people who need it the most but it will have big bang for the buck when the economy reopens. The buck when the economy reorien the buck when the economy reoens. ~. , ~ reopens. What is your thinking on whether reopens. What is your thinking on whether the reopens. What is your thinking on whether the strategy reopens. What is your thinking on whether the strategy is on whether the strategy is right, to go for such a huge stimulus package at this stage of the game when there is the Vaccine Programme waiting to take effect and the economy will eventually open up in the coming months. I will eventually open up in the coming months. Will eventually open up in the coming months. I think there is a window here coming months. I think there is a window here where coming months. I think there is a window here where the coming months. I think there is| a window here where the 2000 checkideais a window here where the 2000 check idea is quite popular. Part of the reason that the president elect will have a majority in the senate is that there are two senate races in georgia that flipped to democrat because of this issue. The checks had the benefit of being popular and they will make whatever package they are attached to more popular and could include more specific priorities like the expansion of unemployment assistance and more assistance for Small Business or aid state and local governments which was controversial and not included in the last package. There may be an unnecessary part of the package. Be an unnecessary part of the ackaue. ,. , ~ be an unnecessary part of the ackaue. , ~. , be an unnecessary part of the ackae. , w. ,. , package. That make a necessary art of package. That make a necessary part of the package. That make a necessary part of the package. Package. That make a necessary part of the package. So package. That make a necessary part of the package. So were i part of the package. So we� re talking a 1. 3 trillion spending package. How will he pay for it . Spending package. How will he a for it . Spending package. How will he pay for it . The president elect has been clear pay for it . The president elect has been clear that pay for it . The president elect has been clear that at pay for it . The president elect has been clear that at this has been clear that at this stage they do not need to pay for it. The idea of festivals in your list is you use the ability of the federal government to borrow at low Interest Rates and fill a hole that the private sector is not filling. Eventually we will have to see how the 1. 3 trillion also is spelled out. Some of it will be reserved for, perhaps, things like changing tax credits in respect to people who have children, aching that more generous as an antipoverty message. Something not specific to the pandemic spending priority for the president elect after the pandemic has largely passed. Those may be things that they look to pay for with higher taxes at this initial round of stimulus is not going to be paid for. Stimulus is not going to be aid for. ,. , stimulus is not going to be paid for paid for. Great to get your thoughts paid for. Great to get your thoughts and paid for. Great to get your thoughts and thank paid for. Great to get your thoughts and thank you i paid for. Great to get your| thoughts and thank you for joining us. Us stock markets have continued to hold near record highs despite the mayhem in washington. But with much of europe in various degrees of lockdown and new variants of covid sending infections levels soaring are investors simply too optimistic . On friday we� ll start to get some guidance as companies begin to publish their latest results but they are likely to be very cautious on predictions for this year. I think the economy is maxed for now until they deal with coronavirus. We have figured out how to do as much as we can with the adversity that we face but how does the economy grow when i drive down the street and literally everything is empty . The stores are empty. I talked to a Real Estate Investor yesterday who told me that up to 20 of his tenants have left their apartment. So now they are a lot less full and it hurts. It hurts a lot of people. We start to see a trickle down in the economy and the pain and that is a real concern of mine because it will take years to fix the damage from the pandemic. Supriya menon is senior strategist at Pictet Asset Management here in london. Welcome to you and thank you for being with us. Let� s discuss the us stock market, continuing to hold record highs spite what is happening in washington. 0ur hopes for a big stimulus package and in early recovery leading to over is in the market do you think that is what is happening . It is the market do you think that is what is happening . What is happening . It is true that the biggest what is happening . It is true that the biggest risk what is happening . It is true that the biggest risk to what is happening . It is true that the biggest risk to the l that the biggest risk to the market currently is sentiment and our own indicators suggest and our own indicators suggest a bit of clouding of Investor Sentiment about pro risk assets in the direction of equities. But that said, the broadening of the rally that we have seen in recent months and the catch up in recent months and the catch up of blackguards in the market is a positive signal and at the end of the day given the high cash balance with money market funds, and low yields on offer, it means that for investors there are alternatives to equities as a source of return. But i would agree with you that sentiment is risk. We must be aware of that and build protection into it. Heading into the start protection into it. Heading into the start of protection into it. Heading into the start of this protection into it. Heading into the start of this year i into the start of this year there had been a lot of expectations of a the shape bounce back coming. Company earnings, do you think overall isn� t there again . To earnings, do you think overall isnt there again . Isnt there again . To be sure, we would isnt there again . To be sure, we would expect isnt there again . To be sure, we would expect more we would expect more challenging economic environments and in q1 challenging economic environments and in 01 because we have seen the ramping up of restrictions around the virus together with more optimism on the vaccine rollout although, of course, that has also hit some roadblocks. But we would expect that the rest of the year would see a sharp recovery. We have already seen a rebound in Manufacturing Activity in the global export cycle so global pmi� s, the purchasing manager index into see is above 55. And if we look at asian bellwether is, we really see a strong export recovery, for example, taiwan is seeing nominal exports of about 12 above trend in december. So we expect, you know, pent up demand from consumers to catch up through the rest of the year. So maybe a little bit of over Damir Dzumhur and a little bit of over Damir Dzumhurand we a little bit of over Damir Dzumhur and we will see some consensus expectation for earnings in particular in europe coming down a bit for 2021 and the push of the recovery into 22 is what i said expect. After a catastrophic year for the travel industry some cause for optimism. Holiday operators have told the bbc they� ve seen a sudden unexpected growth in bookings from those over 50, in what they believe to be � vaccine confidence�. National express coach holidays says they� ve had growth of 185 in a fortnight, and tui says bookings havejumped 50 by the over 50s in the same period. The days might be dark at the moment, but we� re looking to the summer sun as Simon Browning reports. Holidays. Many many others out last year. No sea, no son, no long sunset drinks. Instead you got cancellations and refunds will now, as the mass rollout of the vaccine gets under way, Tour Operators say we are booking again and looking for sunnier climes. We booking again and looking for sunnier dimes. Booking again and looking for sunnier climes. We launched our surin sunnier climes. We launched our Spring Summer sunnier climes. We launched our Spring Summer brochure sunnier climes. We launched our Spring Summer brochure just Spring Summer brochure just this weekend gone and on monday we took one week� s worth of kings in a day. We took one weeks worth of kings in a day. Kings in a day. Holidays and tours for kings in a day. Holidays and tours for National Kings in a day. Holidays and tours for National Express l tours for National Express coach business. Bookings have surged by 185 in the 65 plus market, and to the same period last year. Market, and to the same period last ear. ,. ,. , last year. Many of them have had their last year. Many of them have had their first last year. Many of them have had their first jab last year. Many of them have had their first jab and last year. Many of them have had their first jab and they i had their firstjab and they know that within 12 weeks they will receive their second jab and that gives them a level of certainty, certainty that they can enjoy and look forward to their 2021 holiday. And it gives them something to look forward to because, of course, when you book a holiday there is the lead up time, there is excitement and anticipation. With so many of us stuck at home for months on end, 2020 meant many of us have not been further than the kitchen. 0r further than the kitchen. Or maybe you were lucky enough to have a few trips through the garden. 0ra have a few trips through the garden. Or a few trips to the shops. So the fact that people want to start travelling again is great news for an industry that has had a terrible ten months. This is the biggest Tour Operator in uk. Greece italy and spain are our favourites but at the moment everything is suspended. Edger everything is suspended. Over 5096 of the everything is suspended. Over 5096 of the books everything is suspended. Over 5094. Of the books | everything is suspended. Over 5094. Of the books | everything is suspended. Or 50 of the books i bookings on our website have been on the website. We are seeing people book longer holidays, rather than seven nights they will do ten, 11 or 1a. They want to catch a bit of that missed holiday backup. And we see them go in broader generational groups. So it is a bit more of a biggerfamily holiday. find a bigger family holiday. And while we all a bigger family holiday. And while we all dream, a bigger family holiday. And while we all dream, it has been a tough yearfor the while we all dream, it has been a tough year for the industry. The estimation is that 90,000 jobs have been lost. This the estimation is that 90,000 jobs have been lost. Jobs have been lost. This is utterly fantastic jobs have been lost. This is utterly fantastic news. Jobs have been lost. This is utterly fantastic news. It i jobs have been lost. This is utterly fantastic news. It is | utterly fantastic news. It is welcomed by an industry that has been entirely devastated by this pandemic. Ten months into this pandemic. Ten months into this crisis and the travel industry has still received zero dedicated Financial Support from the government. This is so the first sign of the light at the end of the tunnel after the sector and who is not going to want a holiday after the annus horribilis that was 2020 . After the annus horribilis that was 2020 . Were all yearning for the sun was 2020 . Were all yearning for the sun. And was 2020 . Were all yearning for the sun. And days was 2020 . Were all yearning for the sun. And days seem. Was 2020 . Were all yearning | for the sun. And days seem so long and dark. But the vaccine does bring hope and sunnier and brighter moments to come. What i wouldn� t give for a beach holiday right now let� s turn to tech now because the battle for domination in the smartphone industry has continued despite the pandemic. Samsung regained its worldwide lead last year recapturing the crown from chinese rival huawei. And in a few hours time it� s expected to unveil its latest flagship handsets the galaxy s21s. But will consumers in struggling economies around the world be willing to find the cash for an expensive new phone . Ben stanton is Senior Analyst at the Research Company canalys good to see you. Did i pronounce that phone correctly . I� m sure you will correct me. Let� s get to the point. Is this man is this a good time for samsung to launch a flagship phone . Samsung to launch a flagship hone . Samsung to launch a flagship hone . ,. ,. Phone . The timing of the launch is particularly phone . The timing of the launch is particularly interesting phone . The timing of the launch is particularly interesting for i is particularly interesting for samsung because it comes one month to 1. 5 months earlier than what we would expect. If anything, they are not holding back this year. It is going even more aggressive. 0bviously even more aggressive. Obviously we slowly expect the world to return to normal this year but for the smartphone industry and specifically, what you must remember is that this plays out against the backdrop of huawei being impacted by us sanctions. So why wait may ever way this year and you have android brands like samsung but also young aggressive and Disruptive Companies like viva that are circling now and hoping to take some market share that huawei may leave to the others if it ends up going away because of sanctions. So the timing is earlier than normal and samsung is more aggressive now than it was this time last year. I� m phone makers struggling to find any major new features that would tempt buyers . There. Certainly in the flagship space which is what we will see from samsung later, you will see iterative improvements in things like the camera and the display, for example might be betterfor display, for example might be better for gaming display, for example might be betterfor gaming but for display, for example might be better for gaming but for most of us in the mass market this will look like the phones from last year and, by extension, phones that exist in the market already. I think there are interesting developments around the fringes that consumers need to be aware of. For example, devices may not ship with power charges in the box or even wired headphones in the box. Samsung have taken steps to make its distribution chain a bit more cost effective. People buying these devices need to be aware of this because Many Companies are now expected to follow the lead of apple and remove the chhabra charger from the box. And stalls are closed around the country. Most of us like to try out the technology before we make a major investment like this. In those markets were particularly as severe. For samsung specifically, samsung is a huge legacy brand in the smartphone industry, and it does tend to skew more towards those brick and mortar retail, off line channels, so it has been disproportionately impacted by that study if you compare it to those younger brands i was talking about, xiaomi focuses specifically on e commerce. Samsung has taken some steps to rectify that, with the s m series designed for the e commerce market, but for the e commerce market, but for those brands are skewed towards off line retail, stores are low cells are low where stores are open, and that coul