{"id":36179,"date":"2022-10-12T16:58:00","date_gmt":"2022-10-12T15:58:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=36179"},"modified":"2022-10-12T22:54:39","modified_gmt":"2022-10-12T21:54:39","slug":"market-wrap-ppi-comes-in-hot","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/market-wrap-ppi-comes-in-hot\/","title":{"rendered":"Market Wrap – PPI comes in hot"},"content":{"rendered":"\t\t
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Market is slightly positive ahead of the release of the FOMC meeting minutes later today, despite another increase in PPI inflation which was larger than expected.<\/p>

The major US indices<\/a> recovered, and the US dollar<\/a> lost ground despite a backdrop of poor economic news and more stress in the United Kingdom Gilts market.<\/p>

Data showed that the Producer Price Index for final demand in the US went up 0.4% month-over-month in September of 2022, the first increase in three months, and twice the market expectation of a 0.2% rise.<\/p>

Cost of services rose 0.4%, with prices for traveller accommodation services jumping 6.4%. The indexes for food and alcohol retailing 2.6%, portfolio management 2.1%, machinery and vehicle wholesaling 1.5, oil<\/a> and gas well drilling services, and hospital inpatient care 0.4% also rose.<\/p>

The cost of goods went up 0.4%, with food prices rising 1.2%, namely fresh and dry vegetables 15.7%. Prices for diesel\u00a0<\/a>fuel 9.1%, residential natural gas<\/a> 2.6%, chicken eggs 6.7%, home heating oil 10.7%, and pork 5.5% also moved higher.<\/p>

Conversely, the index for gasoline<\/a> fell 2%. Year-on-year, producer prices rose 8.5%, the smallest rate since July last year, but slightly above forecasts of 8.4%<\/p>

A lot of the market\u2019s attention is on the United Kingdom bond market as the 30-year Gilt continues to head towards the 5 percent benchmark level. The highest since September.<\/p>

The influence of the gilt market; selling off in sympathy with British yields overnight and\u00a0stabilizing once London left for the day\u00a0until Governor Bailey\u2019s hawkish remarks drove a partial reversal.<\/p>

The fact yields drifted lower once the selling impetus from the distortions in UK subsided reflect the underlying concern that while flows and positions can certainly press yields to extremes, it\u2019s the longer-term fundamentals of global growth and inflation expectations that will ultimately drive the outright level of 10-year yield<\/a> and 30-year yield in the US.<\/p>

On the back of the this the British pound<\/a> staged a rally of around one percent against the US dollar and also a gain of around 1 percent against the euro<\/a> currency.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Market is slightly positive ahead of the release of the FOMC meeting minutes later today, despite another increase in PPI inflation which was larger than expected. The major US indices recovered, and the US dollar lost ground despite a backdrop of poor economic news and more stress in the United Kingdom Gilts market. Data showed […]<\/p>\n","protected":false},"author":4,"featured_media":36190,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[56,95,722,125,75,620,288,67],"yoast_head":"\nMarket Wrap - PPI comes in hot - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/market-wrap-ppi-comes-in-hot\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Market Wrap - PPI comes in hot Market Wrap - PPI comes in hot\" \/>\n<meta property=\"og:description\" content=\"Market is slightly positive ahead of the release of the FOMC meeting minutes later today, despite another increase in PPI inflation which was larger than expected.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youtrading.com\/en\/market-wrap-ppi-comes-in-hot\/\" \/>\n<meta property=\"og:site_name\" content=\"Youtrading UK\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/YouTradingEnglish\/\" \/>\n<meta property=\"article:published_time\" content=\"2022-10-12T15:58:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-10-12T21:54:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2022\/10\/GettyImages-1339289672.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"509\" \/>\n\t<meta property=\"og:image:height\" content=\"319\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nathan Batchelor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Market Wrap - 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