U.S. equities tumble with the Dow leading losses on the news that President Biden is set to hike capital gains tax to more than 40 per cent. Biden also held a virtual world leaders’ climate summit where he pledged the U.S. would slash its carbon emissions in half within a decade, reasserting the nation’s commitment to tackling climate change. Meanwhile, the pandemic rages on in India, which saw a record 300,000 new Covid infections for a second straight day. The country’s second wave is reportedly pushing the healthcare system to the brink of collapse, as it is already suffering regional oxygen shortages. In Europe, CNBC learns the EU is eyeing imminent legal proceedings against AstraZeneca’s shortfalls in vaccine deliveries to the bloc. And in earnings news, LafargeHolcim reports a record Q1 on rising sales. The world’s largest cement maker says it expects to reach its 2022 targets a year in advance.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.