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RUSSIA

OFZs Slide W/W as Investors Favour USD Bonds

AUD

Aussie is on the front foot

EQUITIES

Better buying on the cash open lacks momentum

CROSS ASSET

Equities spill over into Bond and FX

Release for:    September 2017
Source: U.S. Commerce Department
Data in millions of U.S. dollars, adjusted
                              Levels:                     Pct chg:
                                Sep-17   Aug-17   Jul-17   Sep-17 Aug-17 Jul-17
All industries                  480390   476452   473756      0.8    0.6    0.2
 Ex. transportation             400919   397820   394909      0.8    0.7    0.2
 Ex. defense                    467753   464037   461456      0.8    0.6    0.2
 With unfilled orders           169526   167588   167231      1.2    0.2    0.5
Durable goods industries        240339   238196   236492      0.9    0.7    0.1
Wood products                     9252     9119     9013      1.5    1.2   -0.4
Nonmetallic mineral products     10668    10556    10522      1.1    0.3   -0.5
Primary metals                   19613    19655    19341     -0.2    1.6    0.3
 Iron and steel mills             9253     9249     9216      0.0    0.4    0.5
 Aluminum,nonferrous metals.      9079     9118     8846     -0.4    3.1    0.4
 Ferrous metal foundries          1281     1288     1279     -0.5    0.7   -1.2
Fabricated metal products        32402    32182    31796      0.7    1.2   -0.4
Machinery                        32110    31599    31032      1.6    1.8   -0.1
 Farm machinery                   2769     2821     2689     -1.8    4.9   -0.3
 Construction machinery           2052     2103     2073     -2.4    1.4    3.1
 Mining, oil field, and
  gas field machinery             1177     1006     1043     17.0   -3.5    2.6
 Industrial machinery             2874     2961     2909     -2.9    1.8    2.5
 Photographic equipment            537      525      544      2.3   -3.5   -5.4
 Ventilation, heat, air-conditioning,
  and refrigeration equipment     3663     3676     3702     -0.4   -0.7   -1.1
 Metalworking machinery           3162     3070     3012      3.0    1.9   -2.2
 Turbines, generators, and
  power transmission equipt.      4489     4127     3999      8.8    3.2    2.0
 Material handling equipment      2867     2848     2714      0.7    4.9   -3.4
Computers and elect. products    27436    27174    26901      1.0    1.0    1.1
 Electronic computers              695      720      708     -3.5    1.7    0.4
 Computer storage devices          655      669      760     -2.1  -12.0   11.1
 Other peripheral equipment        579      646      620    -10.4    4.2   14.0
 Nondefense communications
  equipment                       2791     2716     2697      2.8    0.7   -1.3
 Defense communications            246      245      250      0.4   -2.0    5.5
 Audio and video equipment         360      347      331      3.7    4.8    3.1
 Electronic components            4083     4078     3950      0.1    3.2   -0.7
 Nondefense search and navigation
  equipment                       1450     1443     1454      0.5   -0.8    1.5
 Defense search and navigation
   equipment                      2641     2614     2598      1.0    0.6    0.8
 Electromedical, measuring,
  and control instuments          9166     9078     9039      1.0    0.4    5.2
Electrical equipment, appliances,
  and components                 10138    10045     9993      0.9    0.5   -1.6
 Electric lighting equipment      1059     1055     1055      0.4    0.0   -4.1
 Household appliances             1580     1544     1529      2.3    1.0   -1.9
 Electrical equipment             2652     2676     2601     -0.9    2.9   -5.1
 Batteries                         925      927      922     -0.2    0.5    5.4
Transportation equipment         79471    78632    78847      1.1   -0.3    0.1
 Automobiles                      8133     8235     7786     -1.2    5.8   -0.8
 Light trucks and utility veh    16046    16011    15671      0.2    2.2   -3.6
 Heavy duty trucks                2624     2654     2581     -1.1    2.8    4.0
 Motor vehicle bodies, parts,
 and trailers                    27617    27693    27159     -0.3    2.0   -1.4
 Nondefense aircraft and part    12471    11481    12999      8.6  -11.7    8.0
 Defense aircraft and parts       3981     4054     4065     -1.8   -0.3   -1.0
 Ships and boats                  2985     3003     3086     -0.6   -2.7    2.2
Furniture and related product     6519     6588     6510     -1.0    1.2    1.0
Miscellaneous durable goods      12730    12646    12537      0.7    0.9    0.5
Nondurable goods industries     240051   238256   237264      0.8    0.4    0.3
Food products                    68838    68885    69242     -0.1   -0.5    0.0
 Grain and oilseed milling        7604     7629     7576     -0.3    0.7   -0.6
 Dairy products                   9515     9605     9815     -0.9   -2.1   -0.3
 Meat, poultry, seafood          19939    19985    19999     -0.2   -0.1   -1.9
Beverage and tobacco             12696    13128    13207     -3.3   -0.6   -1.2
 Beverages                        8992     9158     9315     -1.8   -1.7   -1.6
 Tobacco                          3704     3970     3892     -6.7    2.0   -0.3
Textile mills                     2629     2654     2643     -0.9    0.4    1.3
Textile products                  2216     2189     2206      1.2   -0.8   -0.7
Apparel                           1029     1037     1064     -0.8   -2.5    0.8
Leather and allied products        380      378      385      0.5   -1.8    0.8
Paper products                   16158    16227    15916     -0.4    2.0    0.5
 Pulp, paper, paperboard          6652     6657     6603     -0.1    0.8    0.6
 Paperboard containers            5397     5501     5360     -1.9    2.6   -0.6
Printing                          6240     6254     6282     -0.2   -0.4   -0.1
Petroleum and coal products      44916    42772    41407      5.0    3.3    2.6
 Petroleum refineries            40828    38767    37350      5.3    3.8    2.6
Basic chemicals                  65062    64938    65043      0.2   -0.2    0.0
 Pesticides, fertilizers, and
  agricultural chemicals          2753     2722     2799      1.1   -2.8   -2.8
  Pharmaceuticals                22809    22590    22262      1.0    1.5    1.0
  Paints, coatings, adhesives     3810     3832     3853     -0.6   -0.5    1.4
Plastics and rubber products     19887    19794    19869      0.5   -0.4   -0.9
TOPICAL SERIES
All manufacturing industries    480390   476452   473756      0.8    0.6    0.2
 Construction Materials          50072    49701    49393      0.7    0.6   -0.7
 Information technology          23213    23016    23051      0.9   -0.2    2.8
 Computer and related product     1929     2035     2088     -5.2   -2.5    8.0
 Motor vehicle and parts         54420    54593    53197     -0.3    2.6   -1.7
 Capital goods                   84296    82342    82923      2.4   -0.7    2.2
  Nondefense Capital Goods       73719    71915    72612      2.5   -1.0    2.0
   Excluding Aircraft            65383    64780    63942      0.9    1.3    1.0
  Defense Capital Goods          10577    10427    10311      1.4    1.1    3.2
 Consumer Goods                 199090   197345   195100      0.9    1.2    0.3
  Consumer Durable Goods         37477    37595    36693     -0.3    2.5   -1.8
  Consumer Nondurable Goods     161613   159750   158407      1.2    0.8    0.8
Calculated by MNI:
Durables Ex. Trans              160868   159564   157645      0.8    1.2    0.0
Durables Ex. Defense cap. gds   229762   227769   226181      0.9    0.7   -0.1
Civilian Aircraft cap. goods      8336     7135     8670     16.8  -17.7   10.1
Dur ex def & nondef air,parts   217291   216288   213182      0.5    1.5   -0.5
  ** MNI Washington Bureau (202) 371-2121 **
[TOPICS: MAUDT$,MAUF3$]