Joe Biden will inherit a mangled U.S. economy — one that never fully healed from the coronavirus and could suffer again as new infections are climbing.

The once robust recovery has shown signs of gasping after federal aid lapsed. Ten million remain jobless and more layoffs are becoming permanent. The Federal Reserve says factory output dropped.

Stocks, oil and high-yielding currencies rallied Monday after Joe Biden was declared winner of the US election at the weekend, lifting a major source of uncertainty, while traders are hoping lawmakers will now focus on passing a new stimulus for the world's biggest economy.

The son-in-law of Turkish President Recep Tayyip Erdogan resigned on Sunday as finance minister, citing health reasons in a statement on his verified Instagram account.

Moody's rating agency has upgraded Greece's long-term debt rating, citing growth prospects for next year as well as progress in tax compliance, strengthening institutions and fighting corruption. 

Turkey fired the governor of its central bank and replaced him with a former finance minister, according to a presidential decree published Saturday in the official gazette, after the Turkish lira reached record lows.

From the U.S. presidential election to the state of the economy, on paper this week did not go well for Wall Street, and yet stock indices climbed ever higher.

Stock markets rallied Thursday and the dollar slid against the euro and pound as U.S. election uncertainty reigned ahead of a key Federal Reserve update.

Syrian President Bashar Assad has said much of his country's current economic distress is a direct result of the banking crisis in neighboring Lebanon, where many Syrian businessmen have traditionally kept their money.

Assad said that between $20 billion and $42 billion held by Syrians are estimated to be tied up in Lebanese banks. He spoke during a tour of a trade fair in Damascus with his wife.

With America's knife-edge election yet to be called, and the Covid-19 pandemic surging across the nation, analysts will be watching the Federal Reserve on Thursday for signs of whether it may step in again to help the US economy survive the coronavirus downturn.

With no clear winner in the U.S. presidential election and hopes for more economic stimulus in limbo, all eyes will be on the Federal Reserve's policy meeting beginning Wednesday for signs of whether the central bank will step up and do more.