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A solid beat on June factory orders (+1.5% vs +1.0% expected); ex-transport +1.4%, and with strong upward revisions to May, in data released at 1000ET.
- Durable goods orders revised up to +0.9% in the final reading (vs 0.8% prior). Core capital goods orders revised up too, to +0.7% (vs +0.5% prior).
- The initial June release had been a little tricky to read, coming in well below expectations, but with higher revisions to prior months. At this stage though it looks like core cap goods orders (ex-aircraft, ex-defense, which correlate well with future months' business investment) has performed more strongly than expected over the past couple of months.
- That said, we're well off the 1+% M/M growth figures in core seen in March and April.
- Treasuries a few ticks off session highs following the release, but nothing remarkable. The bigger data tests await later in the week (namely nonfarm payrolls Friday).