TURKEY: Stance on Real TRY Appreciation Said to Be Unchanged, Bloomberg Report
Sep-11 12:55
Bloomberg report, citing people with direct knowledge of the matter, that real lira appreciation rem...
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MNI: US REDBOOK: AUG STORE SALES +5.7% V YR AGO MO
Aug-12 12:55
- MNI: US REDBOOK: AUG STORE SALES +5.7% V YR AGO MO
- US REDBOOK: STORE SALES +5.7% WK ENDED AUG 09 V YR AGO WK
US DATA: Core Goods Median M/M Moderates In July After Strong June
Aug-12 12:52
- Core goods inflation was surprisingly soft in July at 0.21% M/M vs analyst average estimates closer to 0.4%, i.e. a very similar pace to the 0.20% M/M in June rather than a firm acceleration.
- We went into some of the main drivers for this surprise in an earlier bullet but for now, our calculation of median moderated to 0.28% M/M after a particularly strong 0.44% M/M in June. It's back at a pace similar to the 0.29% M/M in May.
- This is still a robust pace – it averaged 0.0% M/M in 2024 and 0.06% M/M in Q1 – but clearly doesn’t show any further acceleration in what would have been a sign of accelerated tariff passthrough.
- As we always caution though, see the below charts for the extent to which these individual series aren't seasonally adjusted.
US DATA: Headline CPI Below-Expected On Both Food And Energy
Aug-12 12:50
July's core % M/M CPI reading of 0.322% was in line with expectations (MNI unrounded median 0.32%), with the 0.197% M/M headline a "miss" vs 0.24% MNI unrounded median.
- Starting with headline, both food and energy prices came in below expected (0.05% vs 0.27% exp for food; -1.07% vs -0.65% exp for energy).
- Food at home fell 0.1% (after two months of +0.3%) but food away from home remained stubbornly high at 0.3% (after 0.3-0.4% the prior 2 months).
- Motor fuel prices fell 2.0%, in line with expectations - energy services fell 0.3% after +0.9%, led by a pullback in electricity prices (-0.1% after +1.0%).
