July 12, 2024
United States:
US Producer Prices Rise Slightly More Than Forecast on Margins
US producer prices climbed in June by slightly more than forecast on a pickup in margins at service providers, offsetting a second month of declines in the cost of goods.
The producer price index for final demand rose 0.2% from a month earlier, according to Bureau of Labor Statistics data published Friday. Compared with a year ago, the PPI rose 2.6%.
Europe:
ECB to Go Slow on Rate Cuts as Elections Feed Risks, Poll Shows
The European Central Bank will take a measured approach to lowering interest rates as political upheaval opens up a litany of risks to inflation’s return to 2%, according to a Bloomberg survey of analysts.
After June’s initial quarter-point reduction, respondents expect officials to take a timeout when they meet next week. Cuts are expected to resume again in September, coming once a quarter until the deposit rate reaches 2.5% a year later.
Asia:
Japan Likely Spent $22 Billion on Yen Intervention Thursday
Japan likely stepped into currency markets for a third time this year to prop up the yen soon after US inflation figures came out Thursday, according to a Bloomberg analysis of central bank accounts.
The scale of intervention was probably around ¥3.5 trillion ($22 billion), based on a comparison of Bank of Japan accounts and money broker forecasts.
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