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Strong U.S. earnings help push the Dow to a new record but tech stocks suffer as Federal Reserve Vice-chairman Richard Clarida says talk of tapering is still some time off. Pharma shares also tumble after the White House backs a patent waiver for Covid vaccines. Meanwhile, Sino-Australian relations deteriorate further after China suspends all activities associated with the Strategic Economic Dialogue between the countries. Beijing has accused Canberra of having a ‘Cold War mindset’. And in banking news, French lender Société Générale posts a first-quarter profit of €814m on the back of solid global bank performances.
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