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Morgan Stanley economists on........>

US DATA PREVIEW
US DATA PREVIEW: Morgan Stanley economists on Thursday's March Durable Goods,
are expecting a "much weaker" number and looking for "orders to just nudge up
with a 0.2% increase" after February's "large 1.2% rebound in durable goods
orders ex transportation." MS adds that "manufacturing output cooled in the
industrial production report for March, with durable goods manufacturing posting
a modest gain of 0.4% following a strong 1.8% rise in February" while the
"weaker-than-expected March ISM manufacturing index, which fell 1.5 points from
a 14-year high, also suggests some softness in manufacturing activity over the
past month."

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