By Geoffrey Smith Investing.com – President-elect Joe Biden will present details of his plans to support the economy during the pandemic, while Federal Reserve Chairman Jerome Powell may offer some reaction in a subsequent speech. Weekly jobless claims are expected to increase slightly. Germany’s economy contracted less than feared in 2019 and China’s trade surplus ends Trump‘s presidency at a record high. The House voted a second time to impeach Trump on Tuesday, but there will be no Senate trial any time soon. OPEC publishes its monthly report on the oil market. Here’s what you need to know in the financial markets on Thursday, January 14. 1. Biden to detail the stimulus plans; Powell speaks later President-elect Joe Biden will announce details of his plans for additional stimulus to support the economy during the pandemic. Biden has promised a tag price “in trillions of dollars,” a figure that has supported stocks and other risky assets for the past week. According to various reports, the proposal is expected to contain a boost to the recently authorized $ 600 direct payments to most Americans, an extension of the unemployment insurance boost, and support for state and local governments. Signs that Biden will seek bipartisan support imply that some elements of the plan may be cut to appease Republican lawmakers. An increase in the stimulus plans will imply more federal borrowing and will keep the Federal Reserve accountable for becoming the largest buyer of the new bonds. Fed Chairman Jerome Powell will speak at 12:30 pm ET. 2. Overdue jobless claims, German GDP down 5%, record Chinese trade surplus Biden’s announcement comes after what is likely to be new evidence of further weakening in the labor market due to the pandemic. Weekly data at 8:30 am ET (1330 GMT) is expected to show an increase to 795,000 in initial jobless claims. Overnight, Destatis data showed that Germany’s economy contracted slightly less than expected last year, although it was still the biggest contraction since World War II. Gross domestic product fell 5.0% from 2019, better than the 5.2% expected. All recent German data has tended to be revised up, so the bottom line for Europe’s largest economy may be better than the one reported today. Elsewhere overnight, China’s final trade figures from Trump’s presidency gave no indication that four years of trade wars had any impact on him. Exports increased 18% for the year, while the country’s trade surplus reached an all-time high of $ 78.2 billion. 3 flat shares; Memo from Tesla, Blackrock (NYSE 🙂 earnings targeting US equity markets are indicated to open slightly higher, but are likely to remain in modest ranges pending Biden’s announcement (and any reaction from the chairman of the Fed, Powell). Overnight, it was up 1.11%, with 1.10% pivoting to be the new support level rather than a resistance level. At 6:30 a. M., were up 60 points, or 0.2%, while they were flat and down 0.3%. Stocks likely to focus on the future include Tesla (NASDAQ :), which is urged by regulators to make what would be one of its biggest safety recalls in history. Asset manager Blackrock and Delta Air Lines (NYSE 🙂 are required to report their fourth quarter earnings. 4. Trump accused, again; no trial before inauguration The House of Representatives voted a second time to impeach President Donald Trump (who now accounts for half of all impeachment votes since the constitution was written). Ten Republican lawmakers voted in favor of the motion, while another four abstained. The vast majority of Republican lawmakers opposed, underscoring the control Trump’s electoral base still has over the party. Outgoing Senate Majority Leader Mitch McConnell said Trump will not be tried by the upper house until after Joe Biden takes office. 5. Presentation of the monthly OPEC report; crude oil consolidates The Organization of the Petroleum Exporting Countries (OPEC) will release its monthly report on the global crude oil market outlook around 7:20 am ET, according to Newswire reports. The report will include OPEC’s first assessment of demand trends for this year since Saudi Arabia’s surprise decision last week to unilaterally cut production by 1 million barrels a day over the next two months. Crude prices have hit a succession of post-pandemic highs since then, helped by two reports this week showing a sharp drop in inventories, and they consolidated near those highs overnight. US crude futures were down 0.1% to $ 52.84 a barrel, while futures were down 0.3% to $ 55.91 a barrel.