US factory orders rebounded further in June
US: Factory orders (June): 6.2% m/m vs 5% expected (prior: 8%)
- Orders were down on defense and aircraft over the month; orders for capital goods non-defense and ex-aircraft were up by 3.4% m/m after 1.5% m/m the prior month.
- Shipments were up by 9.8% m/m after 3% m/m the prior month; inventories were up by 0.6% m/m after 0.2% m/m the prior month.
- Final data for durable goods orders were up by 7.6% m/m vs 7.3% m/m in first estimate (15% m/m the prior month). The past two months improving orders were mainly driven by consumer and construction sectors.
- The rebound in orders followed higher ISM data and improving trend in PMI, but data could be also dependent on future consumer confidence and purchases after the rebound seen in June-July.
Eurozone: PPI (June): 0.7% m/m vs 0.6% expected (prior: -0.6%)
- Energy prices were up by 3.1% m/m, while core PPI were flat over the month.
- PPIs were on a less negative yearly trend, from -5% y/y the prior month to -3.7% y/y.
Brazil: Industrial production (June): 8.9% m/m vs 7.9% expected (prior: 8.2% revised from 7%)
- A second month of rebound in activity; all sectors have shown a strong rebound over the month.
- Production of consumer goods was up by a strong 15.9% m/m after 15.7% m/m the prior month.
Turkey: PMI Manufacturing (July): 56.9 (prior: 53.9)
- Sentiment has continued to rebound, thanks to a strong rise in new orders.
Turkey: CPI (July): 0.58% m/m vs 0.8% expected (prior: 1.13%)
- Food and clothes prices were strongly down over the month, while prices in the other sectors were up by more than 1% m/m. Core prices were up by 0.83% m/m, up by 10.25%y/y.
- Yearly trend has moderated from 12.62% y/y the prior month to 11.76 % y/y.