CNBC's Rick Santelli joins 'Squawk Box' to break down the latest economic data to cross the tape.

The U.S. Producer Price Index (PPI) for September showed a 0.3% increase in headline prices, matching expectations, while core measures—excluding food, energy, and trade—rose just 0.1%, coming in cooler than anticipated. Year-over-year, the PPI excluding food and energy increased by 2.6%, a slower pace than the previous month, and the broadest core measure rose 2.9%, as expected.

Retail sales for the same period rose 0.2%, half of what analysts predicted, and core retail sales fell by 0.1%. The Philadelphia Fed's non-manufacturing index remained negative, and the 10-year Treasury yield hovered near 4%, a level seen as psychologically significant in the bond market.

Core wholesale prices rose less than expected in September

Welcome back to Squawk Box, Rick Santelli here live at CME HQ with the breaking news of the morning. Finally, some real news, PPI, Producer Price Index, for September, a bit late, headline number coming in, matching expectations of up three-tenths. That would be the warmest since it was up seven-tenths in July, which actually just a couple of months ago, at least based on this data. If we strip out the food and add food and energy in, it becomes up one-tenth. That's cooler than expected. Up one-tenth would be the lightest since it was, well, minus one-tenth last month. If we look at what's going on, stripping, adding food, energy, and trade, we also get up one-tenth. Final demand on a year-over-year perspective, up 2.7, 2.7 would equal where we were in May to find a higher number. You're going to March when it was over 3%. If we look at food and energy, stripping those out, it becomes up 2.6, cooler than expected, two-tenths less than the rearview mirror, which was 2.8. If we look at, finally, ex-food, ex-energy, trade, year-over-year, 2.9, exactly as expected. This is the only number here that really is much higher than our last number, 2.8, which was our final. If we look at 2.9 here, 2.9 would be the lightest, well, just since we had the 3.5 in March. Finally, let's go to retail sales, headline number up two-tenths. This is half of what we were looking for. Up two-tenths is definitely on the light side. If we look at the rearview mirror, we had up six-tenths. Up two-tenths would be the lightest since it was a minus number back in May when it was minus eight-tenths. Now let's take out autos, and we see the number actually moves up, very unusual. It becomes up three-tenths. That would be the best number going back to, well, last month up seven-tenths. Prior to that, up four-tenths, but that was back in July. Ex-autos, ex-gas, up one-tenth, still positive, but this is lighter than expectations. And finally, the core retail sales, or what we call the control number, comes in as a minus, minus one-tenth. We're expecting a positive three-tenths, but to be fair, these numbers have been rather lofty. In the rearview mirror, we have up six-tenths, so that was a solid number, but up one-tenth would be the weakest number, and we have to go back a bit. That would be the weakest number going all the way back to August of 24, when we were minus two-tenths. There's actually one number left. This is a November Philly-fed non-manufacturing service sector number, comes in at minus 16.3. These numbers have been negative all year, so minus 16.3 is not shocking. It's actually the least negative since we're in July, when it was minus 10.3. The last positive number we had here was October of 24, October of 24. So service sector in Philadelphia, nothing to write home about. What's going on in the marketplace on the 10-year is very important. We're getting very, very close to 4%. We're now hovering at 401. That's minus two basis points. For the entire year of 2025, we have had six closes under 4%. It's a big psychological area. We settled last year at 457, and we heard the Treasury Secretary say, you know, the best Treasury return in six years. There's a lot of distortions there due to COVID. The reality is minus 55 basis points is not a huge positive, but it is a positive nonetheless. Many were expecting significant time under 4%. That's why this number and this level is so important. Back to you.

Firefighting and rescue missions continued into Thursday for a second day after a massive fire broke out in Hong Kong, gripping a complex of seven high-rise residential buildings. At least 55 people were killed and dozens more were injured in what is the worst fire to hit the territory in decades.

Tai Po District

Death toll rises to 55 as blaze rips through Hong Kong tower complex

A Peruvian court on Wednesday (November 26) sentenced former President Martin Vizcarra to 14 years in prison after finding him guilty of taking bribes years before he took office, adding to a list of former leaders jailed for corruption.

Lima

Peru sentences ex-President Vizcarra to prison for corruption

Two National Guard members were shot dead near the White House in Washington D.C. A suspect was taken to hospital with injuries related to a gunshot.

Washington

Two National Guardsmen in critical condition after Washington shooting

The death toll in a fire that engulfed several high-rise apartment buildings in Hong Kong has risen to at least 36, authorities say, with more than 275 others still unaccounted for. Hong Kong leader John Lee confirmed the updated death toll early on Thursday.

Death toll in Hong Kong residential high-rise fires rises to 36

A suspect is in custody and the scene is secured after a shooting mere blocks from the White House in Washington, D.C., police said Wednesday. DHS Secretary Kristi Noem said two National Guardsmen had been shot.

Suspect in custody after National Guardsmen shot in Washington, D.C.

Brazil's Supreme Court on Tuesday ordered far-right former president Jair Bolsonaro to begin serving a 27-year sentence for plotting a failed coup, after he exhausted all appeals.

Rio de Janeiro

Brazil's Bolsonaro begins 27-year jail term for coup bid

A fire in a Hong Kong residential complex killed 13 people and injured 15 others. The blaze rapidly spread through bamboo scaffolding, leading to the evacuation of 700 residents.

Tsim Sha Tsui

Thirteen dead as blaze engulfs Hong Kong residential complex

Brazil's Supreme Court on Tuesday (November 25) ordered former President Jair Bolsonaro to begin a prison sentence of more than 27 years for plotting a coup in 2022, according to a court document.

Brasília

Brazil's Bolsonaro to start 27-year prison sentence for coup plot

President Trump says only a few "points of disagreement" remain on a possible deal to end the war between Russia and Ukraine. The president says he will meet with the leaders of both countries only when the deal is in its final stages.

Trump optimistic on Russia-Ukraine peace deal despite recent strikes

The FBI has launched an inquiry into six Democratic lawmakers after President Trump accused them of “seditious behavior” for appearing in a video encouraging U.S. service members to refuse unlawful orders.

FBI probes Democrats over video urging troops to refuse illegal orders

President Donald Trump's administration has ramped up pressure on Venezuelan President Nicolás Maduro by designating the Cartel de los Soles as a foreign terrorist organization. But the entity that the U.S. government alleges is led by Maduro is not a cartel per se.

Caracas

U.S. labels Maduro-tied Cartel de los Soles as terror organization

The head of Sudan's Rapid Support Forces (RSF), General Mohamed Hamdan Dagalo, said late on Monday (November 24) that his paramilitaries would immediately enter into a three-month humanitarian truce in its conflict with the country's armed forces.

Khartoum

Sudan's RSF paramilitary says it will enter into ceasefire

A U.S. official tells CBS News that Ukraine has agreed to a peace proposal brokered by the Trump administration, but some details still need to be sorted out. CBS News' Holly Williams reports.

Kyiv

Ukraine Invasion

Ukraine agrees to peace proposal with Russia, U.S. official says

The Gaza Humanitarian Foundation, the U.S.- and Israeli-backed organization to distribute aid in Gaza, said on Monday (November 24) it was ending its operations after months of criticism over the deaths of hundreds of Palestinians trying to reach GHF hubs.

Tel Aviv-Yafo

Divisive U.S.- and Israeli-backed Gaza aid group ends operations

Darfur

Sudan's RSF paramilitary says it will enter into a ceasefire

Chauncey Billups, who was serving as head coach of the Portland Trail Blazers until his suspension, pleaded not guilty on Monday to charges related to alleged rigged high-stakes poker games.

Chauncey Billups pleads not guilty to charges

The Kremlin on Monday (November 24) said that a European counter-proposal to a U.S. 28-point peace plan for Ukraine was not constructive and that it simply did not work for Moscow.

Moscow

Kremlin rejects revised European peace plan to end war in Ukraine

A federal judge has dismissed the criminal cases against former FBI Director James Comey and New York Attorney General Letitia James on the grounds that Lindsey Halligan, the interim U.S. attorney who secured their indictments, was unlawfully appointed to the role.

Cases against James Comey, Letitia James dismissed

At least 90 people have died in a week of torrential rain, flooding and landslides in south-central Vietnam, authorities said. Popular tourist areas have been heavily hit, with parts of Nha Trang submerged and deadly landslides cutting off roads near Da Lat.

Nha Trang

Vietnam flooding kills at least 90

The Trump Administration is ramping up pressure on Venezuela as the Air Force conducted a simulated nighttime attack along the country's coast. Charlie D'Agata has the latest.

Trump ramps up pressure on Venezuela with nighttime Air Force attack

Israel killed Ali Tabtabai, the acting chief of staff of militant group Hezbollah, in an airstrike on a southern suburb of Beirut on Sunday, the Israeli military said.

Beirut

Middle East Conflict

Israel kills Hezbollah military leader in Beirut strike

While Russia and Ukraine continue to exchange daily drone fire, an updated peace framework is being worked out in Geneva between Ukraine, the US and European partners.

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Álvaro García Ortiz's decision came less than a week after he received a two-year suspension and a fine for disclosing private information about the partner of an opposition politician.

Madrid

Spain's attorney general resigns after conviction over data leak

U.S. President Donald Trump's Department of Government Efficiency has been disbanded with eight months remaining in its mandate, and Office of Personnel Management Director Scott Kupor has told Reuters that the cost-cutting body now "doesn't exist".

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Al-Burhan rejected a new truce proposal from US envoy as the “worst yet”, accusing the Quad mediators of bias due to the UAE’s involvement.

Al Fashir

Sudan’s army chief rejects quad truce proposal as ‘worst yet’

Three suicide bombers and three security personnel killed in attack on the Federal Constabulary headquarters in Peshawar, media reports say.

Peshawar

Six killed in suicide attack on security complex in Pakistan

The attack which Israel says to have killed chief of staff Haytham Tabtabai in the southern suburbs of Beirut also killed four other people and injured 25.

Israel says to have killed top Hezbollah official in strike on Beirut

UK Prime Minister Keir Starmer suggested that former Prince Andrew should testify before the U.S. Congress as part of its ongoing investigation into Jeffrey Epstein. Starmer did not discuss Andrew’s case directly but said, as a matter of principle, everyone involved should cooperate with the inquiry.

London

Starmer says former Prince Andrew should testify in Epstein probe

About 50 schoolchildren aged 10–18 who were abducted in Niger state, Nigeria, have escaped, authorities confirmed. They fled individually between Friday and Saturday, according to the Christian Association of Nigeria, which runs the school. Officials continue to track those still missing.

Niger

50 abducted Nigerian schoolchildren escape, authorities say

The first G20 summit to be held in Africa has been labelled a "triumph of multilateralism," as leaders from the world's more powerful economies came together in Johannesburg. South African leader Cyril Ramaphosa used his presidency to highlight the priorities of Africa and the global south.

Breakdown