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Investing.com – Inflation and retail sales data were released today, in the midst of heated movements that followed the fall of Credit Suisse by more than 20% and the possibility of its collapse, with trading halted in most European banks as a result of the strong decline in the sector.
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The producer price index rose on an annual basis by 4.6% which is a strong slowdown compared to the increase of 5.7% in the previous reading. On a monthly basis, it decreased by -0.1%.
As for the basic producer price index, it increased annually by 4.4%, which is lower than the forecast of 5.2%, and the previous reading of 5.4%, and on a monthly basis, it increased by 0.0%, better than the forecast of 0.4%.
The data is positive and reveals a slowdown in the pace of inflation for producers, which gives a hint of a future improvement in US inflation data.
Retail sales were released and recorded a contraction of -0.4%, which is worse than expected, as experts saw that retail sales contracted on a monthly basis by -0.3%.
And US retail sales recorded on an annual basis a contraction of -1.73%, while it recorded a previous reading, an increase of 1.76%.
The Empire State Industry Index declined for the month of March by more than 24.60 points, while experts expected it to decline by -8.00 points after recording a contraction of -5.80.
The markets are now..the fall of the banks is the master of the movement
Gold contracts are now recording $1928.20 an ounce, up by 0.92%, while it rose by 1.06%, to record $1924.00 an ounce. While the American climbed by 0.97%, to record 104.215, against a basket of foreign currencies, with its head reeling as a result of concerns surrounding Credit Suisse and the banking sector in Europe.
The two-year yields decreased by 6.86%, to record 3.9351% now, while the 10-year Treasury bond yields fell by 4.06%, to record 3.489% now.
And the markets are now dominated by a state of resorting to safe havens due to the escalation of the crisis of Credit Suisse, BNP Paribas and others, which threatens the possibility of cracks in the banking sector again.
While the US market indices fell in pre-opening trading by about 2% for the S&P 500 and 600 points for the Dow Jones.
