August 14, 2026

Wholesale prices in the United States slowed in July and surprised on the downside

International

In the United States, the Producer Price Index (PPI) data for July was released yesterday, falling short of analysts' expectations. The overall measurement showed no change month-over-month, compared to the 0.2% increase forecast by analysts, following the 0.1% decline recorded in June. Year-over-year, the overall PPI slowed to 4.7%, also below the 4.9% estimated by analysts and the 5.5% of the previous month. Meanwhile, core inflation, which excludes food and energy, rose 0.2% month-on-month, below the 0.3% expected by analysts, while year-on-year it stood at 4.2%, in line with analysts' consensus; both figures were lower than those of June, at 0.4% and 4.7%, respectively.

The main US stock indices advanced yesterday. The S&P 500 rose 0.7%, while the Nasdaq gained 0.8%, and the Dow Jones rose 0.1%. Thus, so far this year, the indices have accumulated variations of +13.9%, +15.3%, and +12.0%, respectively.

Regarding bond yields, the US Treasury yield curve compressed yesterday. The 1-year bond moved from 3.99% to 3.96%, while the 3-year bond moved from 4.28% to 4.22%. Finally, in the 10-year segment, the variation was from 4.69% to 4.64%.

Finally, regarding commodities, the movements were mostly bearish. WTI crude fell 2.5% to close at $81.2 per barrel, while Brent crude dropped 2.3% to $86.9. Gold, meanwhile, declined 1.3% to close. at USD 4,349.7 per ounce.

80%