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US President Biden nominates Jay Powell for a second term as Federal Reserve Chairman sending markets diving. Ethiopia’s Prime Minister Abiy Ahmed says he will lead his country’s army “from the battlefront” starting today. The US advised against travel to Germany and Denmark because of a rising number of COVID-19 cases. Analysis: Disrupted: The Future of Fashion.

Condition Updates

A rundown of important global risk developments in markets, in business, and region by region. [Flashpoint Daily Situation Reports]

Disrupted: The Future of Fashion

For the retail fashion industry, understanding and planning for the next normal will be the Darwinian differential. The pandemic disrupted the industry, from sourcing materials to finding customers. Stores closed by the thousands, with record numbers entering bankruptcy protection or permanently shuttering. Lockdowns changed how people shop, boosting e-commerce while reordered consumer preferences along way. The question is how “sticky” will the pandemic-induced changes of behavior be?

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