Stepney Futures – Independent analysis of the global commodity markets.

Producer Prices Rose 1.2% in July
Producer prices surged last month to their highest annual rate in 27 years, showing inflation is still running high even as the U.S. economy slows. Most Fed officials are betting inflation will moderate in coming months, but some policy makers remain uneasy about price increases spreading through the economy.

Developed Economies' Growth Slow
Developed economies grew at the slowest rate in almost seven years during the second quarter, OECD figures showed.

German Investor Sentiment Improves
German investor sentiment improved in August on declining oil prices and a weaker euro, the ZEW survey showed.

Growth Wanes for India's Tech Titans
India's information-technology industry is losing steam. The credit crunch and spending slowdown in the U.S. are hurting the companies' biggest market, while a cheaper dollar shrinks their profits. Competition is rising from other low-cost nations.

Paulson Cites Progress on Yuan
Paulson said that China is moving in the "right direction" on its currency reform efforts even though some U.S. lawmakers are probably dissatisfied.

BOJ Offers Grim Outlook
The Bank of Japan held interest rates steady but downgraded its assessment of the domestic economy, describing it as "sluggish" for the first time in 10 years.

Growth in Labor Costs Accelerates
The growth in labor costs picked up in the first quarter, the OECD said, a trend likely to concern central banks.

Florida Readies for Tropical Storm Fay
Tropical Storm Fay could be another economic blow for Florida, which already is straining to cope with the housing crisis and broader financial downturn. Florida officials insisted they are much better prepared than in 2004.

Convenience Stores Score in Japan
In baking heat and a cooling economy, Japan's convenience stores are thriving as depressed consumers stock up on cigarettes and ice-cold drinks.

France Readies Plan to Halt Recession
France aims to present a plan on how to prevent the euro zone from falling into recession at next month's meeting of EU finance ministers.

German Engineering Union Set for Wage Push
German engineering union IG Metall plans to demand inflation-busting wage increases during fall talks that will affect 3.6 million workers.

Commodities Flash a Signal of Relief
A sharp drop in commodity prices is raising hopes that inflation is peaking in many parts of the developing world, especially in Asia, providing welcome relief for the fragile global economy.

Japanese Downturn Likely to Be Lengthy
Just how bad will Japan's economic downturn be? Economists say it likely won't be too sharp -- but might carry on for a while.