Here are five things you need to know this morning.
The U.S. Federal Reserve building is seen in Washington, D.C., U.S., on Tuesday, August 18, 2020. Photographer: Erin Scott/BloombergInflation and consumer spending are in focus today:
U.S. producer prices rose in July by less than forecasted, reflecting an ongoing moderation in inflationary pressures. The producer price index increased 0.1 per cent from a month earlier. Economists were forecasting a 0.2 per cent gain. The result gave U.S. stock market futures a boost, and caused traders to increase their bets that the U.S. Federal Reserve will cut interest rates at its next meeting.
There is some boardroom drama afoot involving two of the best-known names in the food and drink sector : The CEO of Chipotle is leaving the burrito company to take the top job at Starbucks. Brian Niccol will become CEO of the coffee chain on September 9. Starbucks’ current CEO is leaving the company effective immediately. Activist investor Elliot Investment Managementhas been pushing for changes at Starbucks, as the company faces slowing sales and operating problems. Starbucks shares rose about 10 per cent in the premarket on the news; Chipotle fell by a similar amount.
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