The report highlights a significant upside surprise in US PPI and the confirmation of Kevin Warsh as Fed Chair, while noting record declines in global oil inventories.
Key Takeaways
- 1.US PPI significantly exceeded expectations, with headline PPI rising 1.4% m/m and core PPI up 1.0% m/m, signaling persistent inflation pressures.
- 2.The US Senate confirmed Kevin Warsh as the new Fed Chair, succeeding Jerome Powell.
- 3.Global oil inventories are declining at a record pace of 4mb/d, and Saudi production has slumped 42% since February due to the Middle East conflict.
Table of Contents
- Highlights
- Today (AEST)
- Global markets overview
- Data/event pulse
- Key themes and views
- Commodities
- Important Notice
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Authors
Jasmine ZhengBrian MartinDaniel Hynes
Securities
S&P 500UST 10y noteWTI OilAUDUSD
Themes
Stagflationary signals in EuropeGeopolitical disruption of supply chains
Regions
EuropeMiddle EastAsia PacificAustraliaUnited StatesChina