Beijing Bounce: Record Highs, Record Divergence. S&P Hits New Peaks as Breadth Collapses.

After a hotter-than-expected Consumer Price Index (CPI) on Tuesday, the April Produce Price Index (PPI) report also came in significantly hotter than expected. Month-over-Month: Headline PPI: +1.4% (consensus: +0.4%) Core PPI: +1.0% (consensus: +0.3%) Year-over-Year: Headline PPI accelerated to 6.0% from 4.3% in March Core PPI accelerated to 5.2% from 4.0% in March Still, it…