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US PPI runs cooler than expected in July- S+P 500 futures rise
The US July PPI report has now been released and it has fallen to below market estimates. The annualised rate has fallen to 2.2% from 2.6%. The core annualised rate has fallen to 2.4% from 3%, where the consensus was for a number around 2.7%. The dollar has slipped on the news as US yields drop back. The 2 Year note has now fallen back underneath 4% following the release of this data and that has dented the USD/JPY further. It has also lifted US equity futures. The S+P 500 futures are now on session highs, currently indicating a reopening at above 5,375. The index closed yesterday at 5,344.39
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