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- BREAKING: CPI Numbers Are in
Good Morning!
Happy Wednesday! Let’s have a good day:
👉PPI numbers revealed
👉Google launches new AI features
👉Massive acquisition alert
BREAKING: US July CPI +2.9% vs +3.0% y/y expected
PPI: Numbers Revealed
Wholesale inflation rose less than expected in July, potentially paving the way for the Federal Reserve to consider lowering interest rates. The producer price index (PPI) increased by just 0.1% for the month, while the core PPI, excluding food and energy, remained flat. Economists had predicted a 0.2% rise. Yearly, headline PPI grew 2.2%, down from 2.7% in June.
Source: CNBC
Despite a 0.6% increase in final demand for goods, driven by energy prices, services prices fell 0.2%, with trade services and wholesale margins dropping. The Fed’s decision on rate cuts in September remains uncertain, with markets divided on whether the cut will be 0.25% or 0.5%.
🎯GRIT TAKE: The drop in PPI is a big deal…upgrade to VIP now to read the full GRIT Take!
GOOGLE: New AI Features
Google announced new AI features coming to Android devices, aiming to surpass Apple, which will introduce its AI on iPhones, Macs, and iPads later this year. The Gemini AI assistant, integrated into the latest Android update, can perform tasks like checking calendars, drafting emails, and interacting with Google apps.
Source: CNBC
Google’s new Pixel 9 series, starting at $799, features these AI capabilities. The high-end Pixel 9 Pro models come with a free year of the Gemini Advanced subscription, priced at $19.99 per month. Apple’s AI system is still in testing and will roll out in stages starting this fall.
MASSIVE: Acquisiton Alert
Family-owned candy giant Mars, known for M&M’s and Snickers, announced on Wednesday its plan to buy Cheez-It and Pringles maker Kellanova for nearly $36 billion. This all-cash deal values Kellanova at $83.50 per share.
Source: NBC
The acquisition, Mars' largest ever, will combine brands like Twix and Milky Way with Kellanova’s Pop-Tarts and Rice Krispies Treats. The deal, expected to close in the first half of 2025, will not likely face significant antitrust challenges.
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