U.S. CPI hits its highest level since 1981 with energy and food prices soaring. But the core inflation read provides hope that price pressures may be peaking. President Joe Biden blames Russian president Vladimir Putin for the hike in costs. Biden also labels the Russian invasion of Ukraine as ‘genocide’ for the first time, while Putin declares peace talks with Kiev are at a ‘dead end’. 

Sino-Russian trade, meanwhile, rises almost 30 per cent in Q1 but imports from elsewhere are hampered by continuing supply chain disruption. And in luxury news, LVMH enjoys renewed demand for labels Dior and Louis Vuitton but CFO Jean-Jacques Guiony says the outlook in China remains opaque.  

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