President Biden touts progress on the U.S. vaccine rollout and a resurgent economy during his first joint address to Congress. He unveiled a new $1.8tn spending plan and urged lawmakers to raise corporate tax and levy the ultra-wealthy to foot the bill. Treasuries and stocks falter after Federal Reserve chairman Jerome Powell holds rates steady. Powell said the recovery remained uneven in places and ruled out tapering for the foreseeable future. In Big Tech earnings, Apple sales surge by more than 50 per cent after seeing double-digit growth in all its product categories. It also announced $90bn in share buybacks. Facebook also enjoys a 50 per cent revenue increase on higher priced advertising. In Europe, Airbus has warned that the aviation sector’s recovery is still incomplete. This, despite the French plane maker posting a 147 per cent hike in Q1 adjusted operating profit and maintaining 2021 guidance. And in banking news, Standard Chartered’s wealth management unit reports its best-ever quarter but the Asia-focused lender says the recovery ahead remains opaque.

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