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.