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* Oil has continued to trend lower during Wednesday's APAC session as talks continue on the sidelines of this week's UN gathering. The fact negotiations are even taking place to facilitate Middle East energy shipments is driving optimism in markets but the situation remains very precarious. UST futures are higher, but
After the producer price index release, fed fund futures were indicating about a 70% probability of a rate hike next week. Headline PPI was 0.4% versus 0.4% consensus, while core PPI was 0.2% versus 0.3% consensus.
The dollar index rose to 99 on Thursday. Oil prices rallied amid escalating US-Iran hostilities, pushing investors to price a 70% chance of a 25bps Fed rate increase next week (up from 60%).
US core PPI on a month-on-month basis came in at 0.2%, versus a 0.3% forecast and 0.2% from the prior reading.
US Core PPI MoM
Dow and S&P 500 futures edged higher while Nasdaq 100 futures slipped ahead of the August PPI report. The 10-year Treasury yield was 4.85% and the two-year yield was 4.43%; FedWatch put a 60.2% chance on a September rate hike.
Perma-Pipe International reported second-quarter net sales of $59.6 million, up 24% year over year, and net income of $2.5 million versus $0.9 million a year earlier.
U.S. stock futures fell Tuesday, with the Dow, S&P 500 and Nasdaq 100 lower as Brent crude climbed above $99 a barrel and investors awaited Friday’s August CPI report and Apple’s product event Wednesday.
US Core PPI MoM
U.S. markets face the 8:30AM ET release of July PPI measures and weekly jobless claims, with Cleveland Fed President Beth Hammack and Richmond Fed President Thomas Barkin also scheduled to speak.
US Core PPI MoM
US CPI comes in at 0.1% vs 0.1% consensus, with core CPI at 0.2% vs 0.2% consensus
US Core PPI MoM Actual 0.2% (Forecast 0.3%, Previous 0.4%)
US Core PPI MoM
US Core PPI MoM