Headlines discussed at LNWM’s Monday morning briefing:
— The US economy shrank by 1.4% in the first quarter of 2022 but main causes are received as temporary: 20% surge in imports and less inventory restocking.
— US consumer spending rose a healthy 1.1% in March, supported by the $2 trillion in excess savings accumulated during the pandemic.
— S&P 500 companies are expected to post 7% average earnings growth for 1st quarter 2022, the lowest growth rate since 4Q 2020; financial and consumer discretionary sectors showing losses.
— Covid-related lockdowns in China are affecting an estimated 80% of the country’s GDP, including 46 cities, and 343 million people.
— Germany is almost free of Russian oil imports and aiming to be free of Russian gas exports by mid-2024 mainly by building massive new liquified natural gas (LNG) terminals to store gas shipped from other countries.
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