Emerging markets are taking the brunt of the heat today as the Turkish political situation deteriorates, new doubts emerge about the US-North Korea summit and Italy's populist coalition sparks EU existential worries.
Squawk / 15 August 2014 at 12:41 GMT
US empire manufacturing disappoints; PPI in line:

... The first of the regional Federal Reserve activity indicators, the Empire Manufacturing index, has been released and shows that manufacturing rose at a slower pace in the state of New York in August. The headline index declined to 14.7 from 25.6 failing to match consensus's expectation of a 20 print.

Among the sub-indices new orders dropped to 14.1 from 18.8 while shipments rose to 24.6 from 23.6. Both remain well above zero indicating expansion. Inventories, meanwhile, dropped to -14.8 from -3.4 showing a faster rate of contraction, while the average workweek expanded faster at 8, up from 2.3.

The July report on producer prices was also released and showed an increase of 0.1% m/m in the Producer Price Index (PPI) as expected. PPI rose 0.4% in June. The core PPI also rose as expected by 0.2%, the same as in June. This implies annual rates of change of 1.7% and 1.6% for the PPI and core PPI respectively.


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