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NASDAQ Charges to New Highs, Shrugging Off Europe's Lockdown Woes

EQUITIES
  • Friday proved a choppy session, with equity futures across Wall Street and Europe slipping sharply on news that Austria was to become the first Western nation to re-enter pandemic-era lockdowns for both the vaccinated and non-vaccinated populations. Fears that Germany could soon follow were swiftly refuted, as the German foreign minister ruled out a 'general' lockdown, but indicated that options remain for restrictions on those without immunization.
  • As Germany ruled out a broad lockdown, sentiment recovered somewhat, allowing futures to recover off bottom and help buoy the NASDAQ to new record highs. Underpinning the tech outperformance, semiconductors traded firmly, with strong earnings this week and a statement from South Korean and US authorities easing concerns over tight supply chains.

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