The most important events and reports on the economy, central banks and politics from the Dow Jones Newswires program
US producer prices skyrocket in April
Producer prices in the USA rose much more than expected in April, primarily driven by the war-related increase in energy costs as a result of the conflict with Iran. As the Ministry of Labor announced, producer prices rose by 1.4 percent compared to the previous month and were 6.0 (previous month: 4.0) percent above the level of the same month last year. Economists surveyed by Dow Jones Newswires had only forecast a monthly price increase of 0.5 percent.
Fed/Collins: Tighter monetary policy may be necessary
The President of the Boston Federal Reserve, Susan Collins, says she is preparing for a longer period of stable interest rates. She hopes inflation will decline, which could allow the Fed to cut interest rates further later this year. But if the Iran conflict drags on and prices continue to rise, “I could envision a scenario in which some monetary tightening is required to ensure that inflation returns to 2 percent in a timely and sustained manner,” she said in a speech in Boston, according to published text of the speech.
ECB: Eurozone needs migration for further growth
The European Central Bank (ECB) believes that longer working lives are helping to support growth in the eurozone despite an aging population, but immigration is essential if the economy is to continue to grow in the coming years. In a report on the labor force, ECB economists calculated that rising employment was responsible for around half of the growth recorded in the euro zone since the third quarter of 2023. The increases in production per employee, however, were modest.
OPEC production falls due to Hormuz blockade
OPEC crude oil production fell further in April. The near-total closure of the Strait of Hormuz forced major Gulf producers to cut production and reroute exports. This caused the cartel to lower its demand forecast. Crude oil production fell 1.73 million barrels per day to 18.98 million barrels per day in April. Output from the broader Organization of the Petroleum Exporting Countries Plus (OPEC+) alliance fell 1.74 million barrels per day to 33.19 million barrels per day.
US crude oil inventories fell more than expected
U.S. crude oil inventories fell in the week ended May 8th. According to the state Energy Information Administration (EIA), they fell by 4.306 million barrels compared to the previous week. Analysts polled by Dow Jones Newswires had forecast a decline of 2.3 million barrels. In the previous week, inventories had reduced by 2.313 million barrels.
Trump arrives in Beijing
US President Donald Trump has landed in Beijing ahead of his two-day summit with Chinese leader Xi Jinping – the first meeting of its kind in almost nine years. Trump will meet Xi at a welcoming ceremony at around 10 a.m. local time on Thursday; this marks the start of the only full day of meetings and events.
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Brazil Retail Sales March +0.5% MoM; +4.0% yoy
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(END) Dow Jones Newswires
May 13, 2026 1:00 p.m. ET (5:00 p.m. GMT)