In June 2024, Turkey reported a year-over-year retail trade increase of 8.6%, surpassing the previous figure of 5.8%. The unemployment rate also rose to 9.2%, up from 8.4% in the previous month. Meanwhile, Turkey's current account balance for June showed a surplus of $0.4 billion, a significant improvement from a deficit of $1.24 billion previously, and above the estimated $0.25 billion. Additionally, home sales in Turkey for July reached 127.1 thousand, compared to 79.3 thousand in June, marking a year-over-year increase of 16.0%, up from a decline of 5.2% previously. In Germany, the government sold €1.18 billion in a top-up of 12-month Bubills with an average yield of 2.999%, down from 3.076% previously, and a bid-to-cover ratio of 1.2, compared to 2.0 previously. France conducted several bond auctions, with the 6-month BTF auction yielding 3.380%, the 3-month BTF at 3.553%, and the 12-month BTF at 3.053%. In the U.S., the Federal Reserve auctioned off $7 billion in 3-month bills at a yield of 5.070%, slightly down from the previous yield of 5.075%. The 6-month bills were auctioned at a yield of 4.795%, up from 4.700%. The U.S. federal budget balance showed a deficit of $244 billion, larger than the forecasted deficit of $242 billion. In South Korea, export prices increased by 12.9% year-over-year, while import prices rose by 9.8%. Japan's Producer Price Index for July increased by 3.0% year-over-year, slightly below the forecast of 3.1%, marking six consecutive months of inflation acceleration.
⚠ U.S. SELLS $75 BLN 42-DAY CASH MANAGEMENT BILLS AT HIGH RATE 5.230%, AWARDS 82.90% OF BIDS AT HIGH **U.S. 42-DAY CASH MANAGEMENT BILL BID-TO-COVER RATIO 2.81
⚠ NON-COMPS ACCEPTED FOR U.S. 42-DAY CASH MANAGEMENT BILLS $274.3 MLN **TENTATIVE TENDER OF NON-COMPS, FIMA FOR 42-DAY CASH MANAGEMENT BILLS TOTAL $274.3 MLN; COMPETITIVE REMAINING $74.7 BLN **FED BIDS FOR 42-DAY CASH MANAGEMENT BILLS TOTAL $0.0 MLN
US REDBOOK YOY ACTUAL 4.7% (FORECAST -, PREVIOUS 5.1%) $MACRO