Market Talk - Wednesday, May 19

Core RPI (MoM) (Apr) increased from 0.3% to 1.5%

Core RPI (YoY) (Apr) increased from 1.6% to 3.2%

CPI (YoY) (Apr) increased from 0.7% to 1.5%

CPI (MoM) (Apr) increased from 0.3% to 0.6%

CPI, n.s.a (Apr) increased from 109.40 to 110.10

PPI Input (YoY) (Apr) increased from 6.4% to 9.9%

PPI Input (MoM) (Apr) decreased from 1.9% to 1.2%

PPI Output (YoY) (Apr) increased from 2.3% to 3.9%

PPI Output (MoM) (Apr) decreased from 0.8% to 0.4%

RPI (YoY) (Apr) increased from 1.5% to 2.9%

RPI (MoM) (Apr) increased from 0.3% to 1.4%


Italian Car Registration (MoM) (Apr) decreased from 18.7% to -14.5%

Italian Car Registration (YoY) (Apr) increased from 497.2% to 3,276.8%


German Car Registration (MoM) (Apr) decreased from 50.4% to -21.4%

German Car Registration (YoY) (Apr) increased from 35.9% to 90.0%


French Car Registration (MoM) (Apr) decreased from 37.8% to -23.2%

French Car Registration (YoY) (Apr) increased from 191.7% to 568.8%

Euro Zone:

Core CPI (YoY) (Apr) decreased from 0.9% to 0.7%

Core CPI (MoM) (Apr) decreased from 1.0% to 0.5%

CPI (MoM) (Apr) decreased from 0.9% to 0.6%

CPI (YoY) (Apr) increased from 1.3% to 1.6%

CPI ex Tobacco (MoM) (Apr) decreased from 0.9% to 0.6%

CPI ex Tobacco (YoY) (Apr) increased from 1.3% to 1.6%

HICP ex Energy & Food (YoY) (Apr) remain the same at 0.8%

HICP ex Energy and Food (MoM) (Apr)decreased from 0.8% to 0.5%


The White House has removed sanctions to allow the Nord Stream 2 pipeline deal to commence. Congress placed sanctions on companies involved in the pipeline under the National Defense Authorization Act. The new pipeline will transfer gas via the Baltic Sea from Russia to Germany. Numerous analysts believe the sanctions were lifted to maintain the US’ good standing with Germany, as Biden also canceled former President Trump’s plan to withdraw troops from Germany. As for the Keystone XL pipeline, Biden issued an executive order canceling the project on his first day of office. The news is likely to raise eyebrows from the US’ northern neighbor.

US House Speaker Nancy Pelosi is urging world leaders to boycott the Olympics in Beijing. “Let’s not honor the Chinese government by having heads of state go to China,” Pelosi stated in reference to the detained Uyghur Muslims. However, the prospect of boycotting the Olympics has become a bipartisan issue, with former CIA Director Mike Pompeo stating, “I don’t think we should have any American go and participate in the ‘Genocide Olympics.’” China has previously stated it would consider imposing sanctions against any nation that boycotted the games.

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