U.S. Producer Price Index Increases to 9.62%
Global Market Square by Birling Capital
Investors on both sides of the Atlantic are awaiting the response from the respective central banks on inflation increases, particularly following the U.S. CPI increase to 6.81% and U.S. Producer Price Index rising to 9.62%.
Pfizer’s CEO Albert Bourla announced that their Covid-19 antiviral pill “Will be able to reduce the risk of hospitalization and death by almost 90% in most higher-risk patients, having a meaningful impact on thousands of lives.”. These results positively follow a rival antiviral pill from Merck that proved less effective than initially hoped. Even though the Delta variant was used for the trials, Pfizer believes the medication known as Paxlovid is expected to work to Omicron.
Key economic data reporting:
- U.S. Producer Price Index YoY: rose to 9.62%, compared to 8.84% last month and remains higher than the long term average of 1.98%.
- U.S. Producer Price Index MoM: rose to 0.84%, compared to 0.64% last month.
- U.S. Core Producer Price Index YoY: fell to 6.76%, compared to 6.81% last month.
- U.S. Core Producer Price Index MoM: rose to 0.69%, compared to 0.39% last month.
- Eurozone Industrial Production Index YoY: fell to 3.30%, compared to 5.10% last month.
- Japan Industrial Production Index MoM: rose to 1.79%, compared to -5.39% last month.
Eurozone Summary for December 14:
- Stoxx 600 closed at 470.19, down 3.34 points or 0.71%.
- FTSE 100 closed at 7,218.64, down 12.80 or 0.18%.
- Dax Index closed at 15,453.56, down 168.16 points or 1.08%.
Wall Street summary for December 14:
· Dow Jones Industrial Average closed at 35,544.18, down 106.77 points or 0.30%.
· Standard & Poor’s 500 closed at 4,634.09, down 34.88 or 0.75%.
· Nasdaq Composite Index closed at 15,237.64, down 175.64 points, or 1.14%.
· Birling Capital Puerto Rico Stock Index closed at 2,887.22, down 55.72 points, or 1.89%.
· The U.S. Treasury 10-year note closed at 1.44%.
· The U.S. Treasury 2-year note closed at 0.67%.