New COVID-19 lockdowns imperil global economy’s recovery

A major chunk of the global recovery in companies’ earnings – recovery expected in the first quarter of 2021 – is at risk of being pushed back further as coronavirus lockdowns and mobility restrictions in several countries cloud hopes of a swifter economic rebound, investment banks said. China announced lockdowns in four cities and European countries unveiled tighter and longer coronavirus restrictions on Wednesday, denting back-to-normal hopes and sparking worries about further economic damage in 2021.