2 years ago

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China just shut down what has been the worlds busiest shipping port. Chinese authorities on Wednesday closed a major container terminal at the Port of Ningbo after they claimed a dock worker became ill, raising fears among traders that supply chain disruptions that occurred when Yantian terminal in Shenzhen reduced output by 70% for a month earlier this summer would be repeated. We warned about this last week and it doesn't mean it's over for the other major ports, I would say it's only just begun.
July's PPI soared to a new record +7.8% YoY up 1.0% MoM. The index for final demand services rose 1.1 percent in July, the largest one-month increase since data were first calculated in December 2009.

Services - Product detail: About 20 percent of the July advance in prices for final demand services can be traced to margins for automobiles and automobile parts retailing, which climbed 11.2 percent. The indexes for airline passenger services; hospital outpatient care; machinery and equipment wholesaling; traveler accommodation services; and securities brokerage, dealing, investment advice, and related services also increased. In contrast, prices for portfolio management fell 1.8 percent.

The index for final demand goods moved up 0.6 percent in July following a 1.2-percent jump in June.

Goods - Product Detail: Among prices for final demand goods in July, the index for tobacco products increased 2.7 percent. Prices for gasoline; diesel fuel; gas fuels; consumer, institutional, and commercial plastic products; and eggs for fresh use also moved higher. In contrast, the index for beef and veal fell 11.6 percent. Prices for residential electric power and for softwood lumber (not edge worked) also declined.

Nearly half of the broad-based advance in July is attributable to margins for final demand trade services, which jumped 1.7 percent. (Trade indexes measure changes in margins received by wholesalers and retailers.)

Core PPI (ex Food, Energy, & Trade Services) rose 0.9% MoM (almost double the expected pace of inflation) sending it up a record 6.1% YoY

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