Feb PPI below expected +0.1%, +0.1% ex food.>

US DATA: Feb PPI below expected +0.1%, +0.1% ex food and energy and 

+0.1% ex food, energy, and trade services.

- Jan durable goods orders surprise +0.4%, but -0.1% ex transportation.

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- Feb PPI data was below expectations for 0.2% gains from BBG and MNI 

- Also released, durable goods orders surprise +0.4% in Jan vs -0.4% 

BBG, -0.5% MNI, as aircraft posted a gain rather than the expected drop.

- Energy prices +1.8%, but food prices -0.3% and trade services -0.4%.

- Outside those components, soft readings for a number of industrial and 

office categories muted the monthly gain.

- The year/year rate slipped by 0.1pp to 1.9% for overall PPI and to 

2.5% for ex-food and energy PPI, and fell by 0.2pp to 2.3% for PPI 

ex-food, energy, and trade services.

- Feb personal consumption prices, a proxy for PCE prices, +0.1%, while 

prices ex, food, energy flat. PCE prices for Jan will be release Mar 29.

- Durables orders ex. transport -0.1% vs +0.1% expected by BBG and MNI, 

led by declines in primary metals and computers and electronic products. 

- There were upward revisions to the December orders data.

- Nondefense capital goods new orders +2.5%, ex. aircraft +0.8%, while 

nondefense capital goods shipments -1.6%, ex. aircraft +0.8%, a positive 

start for Q1 nonresidential fixed investment after two soft months.