EUROPEAN INFLATION: German Inflation Breadth Progress Continues To Stall [2/2]
Aug-13 13:20
MNI’s inflation breadth tracker shows disinflation overall continuing to stall in Germany in July:
- Looking at the low-inflation categories, the percentage of ECOICOP items printing at or below 1% Y/Y was unchanged at 40% while the percentage in high-inflation categories (above 5%) also declined marginally from 15% to 14%.
- The 1-3% range offset this, rising from 24% to 25% although there was still 21% in the 3-5% range, with the latter technically at its highest since February and slightly above the 19% averaged over the past year.
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CANADA DATA: May Wholesales Unexpectedly Rise +0.1% On Household Goods & Autos
Jul-14 13:14
- Wholesale sales ex-petroleum and grains +0.1% MOM in May, above StatsCan's advance estimate -0.4%.
- Gains in five of seven sectors. Personal and household goods +3.5% after three prior declines, autos +2.2%.
- Special survey found: "The share of respondents indicating that the ongoing trade issues had an impact on their businesses fell from 43.6% in April to 36.9% in May."
- Inventories +0.8% after -0.2% in prior month.
- Wholesales +1.8% YOY.
- Report follows Friday's big job gain that pushed down the odds the BOC will cut rates at the July 30 meeting.
OIL: London Morning Rally Fading
Jul-14 13:10
Our commodities team notes that the earlier move higher in oil has almost completely reversed having lacked any real clear driver. The market still awaits any news from U.S. President Trump about potential Russia sanctions as speculation grows around his “major announcement”.
SONIA OPTIONS: 0NU5 96.80/97.10 1x1.5 Call Spread Lifted
Jul-14 13:08
0NU5 96.80/97.10 1x1.5 call spread paper paid 4 on 10K.
