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.
Disclaimer:
Analyst Certification – The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.
Company Disclosure – The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.
