Morning News Tuesday July 17th 2007
General News: - PPI drops 0.2%, but core is up 0.3%. The cause of the core rate hike is auto prices. - Breakdown of PPI: Women’s apparel rose 0.1%, gasoline fell 3.9%, cars rose 1.4%, light trucks rose 1%, food fell 0.8%, fruit fell 15%, and eggs fell 26% with energy falling 1.1%. - WSJ reports that falling home prices are about to take a chunk out of many midsized bank profits. Banks were shelling out loans to real estate developers, and now with prices down on land and homes, banks have to write off the loans. - ICSC (International…