US markets came off record highs as core inflation surprised on the upside. The Nasdaq was particularly hard hit. 

This week should bring further confirmation of the global rebound in economic activity, as well as more insight into the US Federal Reserve’s claims of ‘transitory’ inflation pressures. 

Vaccination programmes against Covid-19 accelerated in Europe and continued apace in the US, the UK and Israel, prompting speculation that herd immunity might have been attained. Meanwhile a new variant sent infection rates to record levels in India.