Good morning. The US producer price index — which measures wholesale prices — landed yesterday, and was way above expectations. It jumped 0.9 per cent from June; the market was only looking for 0.2 per cent. Prices of both goods and services rose. Businesses downstream of producers are starting to bear the brunt of tariffs. Consumers’ wallets can only be so far behind. Email us: unhedged@ft.com.
Defensive stocks
Defensive stocks have been performing terribly for a long time. Below are the three canonical defensive sectors of the S&P 500 — utilities, staples and healthcare — since the market bottomed at the tail-end of 2022. Yuck:
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