Top-of-mind economic headlines as we start the week:
— The US Consumer Price Index rose 8.3% annualized in April, but that was a 0.2% deceleration from the March rise, a hopeful indication that inflation might be peaking.
— A key survey of US consumer sentiment fell to 59 in May (from 65 in April), the lowest level since 2011, amid concern about inflation.
— S&P 500 earnings growth for Q1 2022 is likely to be around 9%, nearly twice as much as expected; price-earnings ratio of S&P 500 is now below 17, close to 10-year average.
— For April, Chinese retail sales were down 11%, industrial production down 2.9% and unemployment up to 6.7%, as Covid-related shutdowns take a toll on the economy.
— The International Energy Agency forecast that 320 gigawatts of renewable energy will come online this year, equivalent to the annual energy usage of Germany.
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