U.S. Stock Futures Are Lower While June CPI Numbers Were Higher Than Consensus
U.S. stock futures are lower. Actual CPI numbers for June were higher than consensus. The headline annual increase was 9.1% compared to 8.8% consensus and monthly came in at 1.3% relative to 1.1% estimate. The core annual was 5.9% and monthly was 0.7% versus 5.7% & 0.5% street estimates, respectively. Futures were trading up before the release and moved into negative territory post announcement. Treasury rates are up across the curve and euro is at parity with the dollar. Global energy prices are starting to stabilize after falling yesterday with both Brent and WTI up in early trading. European markets are lower and Asian markets closed mainly mixed. Spreads on both investment grade and high yield markets are lower after achieving 52 week highs; additionally yields on both sectors have inched back.