US stock indexes fell for the second week in a row, after stronger, less-than-expected inflation data sent long-term government bond yields near 10-month highs, weighing on big technology stocks. The decline in the index was also caused by losses in other sectors of basic materials and consumer goods, such as away the oil and gas, telecommunications and healthcare sectors did well.
The European producer price index rose by 0.3% month-on-month, which is slightly more than the market consensus of 0.2%. In the meantime, inflation rose by 0.8%. Due to the recent increase in oil prices, there may be growing fears that the disinflation process will be delayed. The University of Michigan’s August consumer sentiment reading fell to 71.2, versus the consensus of 71.3 and Ervenco’s reading of 71.6. The stanza of current conditions stuck together in the meantime, but it was still dreaming. Core inflation eased to 3.3% from 3.4% in the previous month, while core inflation fell to 2.9%.
Oil prices rose following forecasts by the International Energy Agency (IEA) of tight supplies. WTI crude futures rose 0.5% to $83.2 a barrel.
From this week’s economic events, markets will focus on the results of major retailers such as Home Depot, Target and Walmart, which could provide insight into the state of the American consumer. Markets will thus analyze data on retail sales and the real estate market, as well as the transcript of the Fed’s last policy meeting. Don’t expect today to be the first day.
David Vantruba, analyst
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2023-08-14 07:30:30
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