The Money Edit

Opening bell

Opening bell

S&P futures 0.1%
Brent crude $102.10 0.9%
August PPI 5.4% year over year
Nikkei 225 0.8% to 64,597
10 year Treasury yield 4.856%
Jobless claims to 206,000

Hot PPI lands as Brent holds above $100

Overnight

Wall Street fell for a third straight session on Wednesday, with the S&P 500 down 0.48% to 7,636.36, the Dow down 405 points to 52,380.66 and the Nasdaq Composite down 0.64% to 26,253.34, as Brent crude jumped above $100 a barrel for the first time since July on escalating US and Iran tensions. Asia followed lower overnight, with Tokyo's Nikkei 225 down 0.8% to 64,597.46, Hong Kong's Hang Seng down 1.4% and Australia's ASX 200 down 1.5%, while Europe steadied, the STOXX 600 adding 0.1%. US futures are mixed this morning, with the Dow up about 125 points, the S&P 500 roughly flat and the Nasdaq slightly lower.

What to watch

The August producer price index, which measures what companies charge each other before goods reach shoppers, landed at 8:30am and rose 0.4% on the month and 5.4% over the year, with energy up 4.2% and diesel fuel alone up 24.1%, so the oil story is now showing up in the inflation data. The European Central Bank decides rates today and is expected to raise by a quarter point, and Christine Lagarde's comments on oil matter because expensive fuel passes quickly into consumer prices. Oracle and Adobe report earnings after the close, a 30 year Treasury auction at 1pm will show what investors demand to lend to the government for three decades, and the bigger consumer price report comes tomorrow.

Sources