MNI BRIEF: Taiwan FX Reserves Down In July

MNI BRIEF: China Private Services PMI Up In July

MNI: PBOC Net Drains CNY300.9 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Lower At 7.1345; -0.35% Y/Y

CHINA PBOC CONDUCTS CNY0.67 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1345 MON VS 7.1376

MNI: EUROZONE JUN PPI +0.5% M/M, -3.2% Y/Y

MNI: UK FINAL JUL SERVICES PMI 52.5 (FLASH: 52.4); JUN 52.1

MNI: EUROZONE FINAL JUL SERVICES PMI 51.9 (FLASH: 51.9); JUN 52.8

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

EZ PPI Offers Signs That Non-Energy Industrial Goods Drag Could Be Fading

EUROZONE DATA
DataHomepagemarkets-real-timeData BulletBulletMarketsFixed Income BulletsForeign Exchange Bullets

Eurozone PPI was a touch higher than expected in June at -3.2% Y/Y (vs -3.3% consensus, -4.1% prior) for a thirteenth successive month of deflation, although the 0.5% M/M was as expected for the first monthly increase since September 2023 (vs -0.2% prior).

  • The slowdown in Y/Y deflation was driven by the energy component seeing it's fourth consecutive increase to -9.4% Y/Y (vs -11.3% prior), after the first monthly rise since October 2023 (1.6% M/M vs -1.1% prior).
  • Intermediate goods also remained in Y/Y deflation although outright deflation continued to moderate with -2.2% vs -2.9% prior.
  • On the other hand, capital goods, durable and non-durable consumer goods continue to see producer prices increase on an annual basis.
  • Specifically, capital goods inflation was unchanged at 1.6% Y/Y, whilst both durable and non-durable consumer goods inflation accelerated one tenth to 0.4% Y/Y and 1.2% Y/Y respectively. This suggests the potential for non-energy industrial goods to no longer see further downward pressure in near-term HICP readings.



173 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Eurozone PPI was a touch higher than expected in June at -3.2% Y/Y (vs -3.3% consensus, -4.1% prior) for a thirteenth successive month of deflation, although the 0.5% M/M was as expected for the first monthly increase since September 2023 (vs -0.2% prior).

  • The slowdown in Y/Y deflation was driven by the energy component seeing it's fourth consecutive increase to -9.4% Y/Y (vs -11.3% prior), after the first monthly rise since October 2023 (1.6% M/M vs -1.1% prior).
  • Intermediate goods also remained in Y/Y deflation although outright deflation continued to moderate with -2.2% vs -2.9% prior.
  • On the other hand, capital goods, durable and non-durable consumer goods continue to see producer prices increase on an annual basis.
  • Specifically, capital goods inflation was unchanged at 1.6% Y/Y, whilst both durable and non-durable consumer goods inflation accelerated one tenth to 0.4% Y/Y and 1.2% Y/Y respectively. This suggests the potential for non-energy industrial goods to no longer see further downward pressure in near-term HICP readings.