September 10, 2026

In the United States, wholesale inflation in August was +5.4% year-on-year

International

The U.S. Producer Price Index (PPI) for August rose 0.4% month-over-month, in line with the analyst consensus and above the 0.1% recorded in July. Year-over-year, the index showed a 5.4% increase, surpassing the 5.3% expected by analysts and the previous 4.8% figure. Core PPI, which excludes food and energy, rose 0.2% month-over-month, below the 0.3% projected by analysts and the July figure.

Major U.S. stock indices closed in negative territory yesterday. The S&P 500 fell 0.5% and has gained 11.6% year-to-date; the Nasdaq dropped 0.6%, with a year-to-date gain of 13.0%; and the Dow Jones declined 0.8%, while showing a 9.0% gain for the year.

Regarding bond yields, the U.S. yield curve shifted upward yesterday. The 1-year bond yield moved from 4.13% to 4.15%, the 3-year bond rose from 4.46% to 4.52%, and the 10-year bond increased from 4.79% to 4.84%.

In the commodities market, gold rose 1.0% to USD 4,398.2 per ounce, while soybeans fell 0.6% to USD 475.9 per tonne. WTI crude rose 3.9% to USD 96.7 per barrel, and Brent crude increased 3.7% to USD 101.5 per barrel.

Finally, the European Central Bank (ECB) raised its benchmark interest rate—the rate on main refinancing operations—by 25 basis points today, moving it from 2.40% to 2.65%, in line with analysts' expectations. The institution based its decision on the expectation that inflation will remain above the 2% target for an extended period, against a backdrop of geopolitical tensions in the Middle East. According to the ECB's projections, headline inflation is expected to stand at +3.0% in 2026, +2.5% in 2027, and +2.1% in 2028.