Kaohoon Morning Brief – 12 May 2022

1) US April inflation accelerates to 8.3%, higher than expected 

The U.S. inflation in April accelerated to 8.3%, higher than expectations of 8.1% by economists. The figure was at the highest level in 40 years. Meanwhile, core CPI, which excludes food and energy, also was higher than economist expectations, rising 6.2%, according to the data released by the Bureau of Labor Statistics on Wednesday.

Shelter costs, which comprise about one-third of the U.S. consumer price index (CPI), rose at their fastest pace since 1991.


2) US stocks close lower amid hot inflation data

Wall Street closed lower on Wednesday as investors digested U.S. inflation data that came out higher than estimated. The stocks were trading higher right after the announcement, but starting to fall off as the session progressed.

Dow Jones closed 1.02% lower at 31,834.11 points, S&P 500 fell 1.65% and Nasdaq plunged 3.18%.


3) Philippine 1Q22 economy beat expectations with 8.3% expansion

The Philippine economy soared 8.3% in the first quarter of 2022, according to the Philippine Statistics Authority on Thursday. The growth was much higher than the 6.8% increase expected by economists. The relaxation of Covid-19 restrictions and election spending helped boost consumption in the country. The growth was also faster than the previous quarter that grew 7.8%.