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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
US DATA
- Core durable goods orders were softer than expected in preliminary July data, falling -0.1% M/M (cons 0.1) after a downward revised 0.5% (initial 0.9%).
- The underlying trends are weak, the year-ago rate was just 0.7% Y/Y (albeit the strongest pace since March – SA data to adjust for trading day differences) and 3m/3m orders slipped to -1.9% annualized.
- A cautionary word on overall orders, which were much stronger than expected as they jumped 9.9% (cons 4.9) after -6.9% (initial -6.7%).
- Recall that nondefense aircraft orders plunged to a rare negative reading in June owing to what we thought at the time was linked to a Boeing cancellation. Indeed, nondefense aircraft orders swung to $23.4bn in July from -$4.2bn in June and $15.6bn in May, which meant that total transportation orders swung from -21% M/M to 35% M/M in July.
- Core shipments meanwhile were more notably weaker than expected, -0.4% M/M (cons 0.2) after a downward revised 0.0% (initial 0.2).
- It left core shipments at -0.1% Y/Y and -2.7% annualized on a 3m/3m basis.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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