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Market insight 11.07.2018

US: rising headline and core PPI

US: rising headline and core PPI

US: PPI (June): 0.3% m/m vs 0.2% expected (prior: 0.5%)

  • Energy, services (transport) and core goods were firmer than prior month, while food prices declined. Core PPI was up by 0.3% m/m vs 0.2% m/m expected.
  • PPIs stayed on a rising trend, up from 3.1% y/y in May to 3.4% yy in June. Core PPIs were up from 2.6% y/y to 2.7% y/y.
  • Some rises in core PPIs could be seen later on the CPI trend (index to be published tomorrow).

 

US: Wholesale inventories (May): 0.6% m/m vs 0.5% expected (prior: 0.5%)

  • Inventories have increased for machinery and drugs from past month; separately, sales have accelerated, particularly for autos, computers and oil products.
  • The inventory-to-sales ratio has declined from 1.27 to 1.24.

 

 

Turkey: Current account (May): -5.89bn USD vs -5.3bn expected (prior: -5.45bn revised from -5.43bn)

  • Trade deficit has increased due to a rebound in imports on weaker currency.
  • Net services and foreign direct investment have both declined from past month.
  • In terms of balance of payments, official reserves have declined by USD 2.8 bn over the month.

 


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