Top-of-mind economic news as we start the week:
— The S&P 500 stock index flirted with bear market levels — minus 20% since the latest top — on fears of recession and rising inflation.
— China’s economy is forecasted to grow just 2% in 2022 due to Covid-19 lockdowns; if that is the case, the US might surpass China’s growth rate for the first time since 1976.
— Sales of US existing home for April 2022 dropped 2% from March, slowing to pre-pandemic levels on record high prices.
— Claims for US unemployment benefits edged up to 218,000 in latest week, highest level since January.
— Germany, Netherlands, Belgium and Denmark agreed to invest 135 billion euros in offshore wind turbines to generate 150 gigawatts of renewable energy by 2050.
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