Bonds & Stocks
US wholesale inflation accelerated in July by 0.9% from a month earlier, boosted by a surge in margins. Stocks fell and bond yields rose after a stronger-than-anticipated inflation reading, which prompted traders to pare bets the Federal Reserve will cut interest rates next month.
Economy
US wholesale inflation accelerated in July, suggesting companies are passing along higher import costs related to tariffs. The producer price index increased 0.9% from a month earlier, with services costs increasing 1.1% and goods prices excluding food and energy rising 0.4%. The PPI rose 3.3% from a year ago.
World
An independent evaluation by Drizit Zambia Ltd. found that the partial collapse of a waste dam at a Chinese state-owned copper mine in Zambia may have released 30 times more toxic sludge into the environment than previously reported. The disaster, described by Drizit as a "large-scale environmental catastrophe", threatens drinking water, fishing stocks, and farmland in the area. Toxic substances including arsenic, cyanide, and uranium will continue to pose threats to humans and animals until removed.