US DATA: Oct durables orders flat but +1.5% ex transport and +0.1%
ex defense. There were no reports of the hurricane hurting production,
and Commerce Dept said they cannot isolate effects on orders (vs, say,
normal fiscal cliff pullback). Boeing Corp had 152 new plane orders vs
143 in Sept, but civ aircraft & parts -5.8% as lower priced aircraft
were ordered. Could be Oct is simply showing the Month-1 of qtr effect
where orders dip, then rebound. Total orders are now up in 5 of the last
6 mos, and Oct showed good gains in most areas. Oct primary metals
+1.7%, machinery +2.9%, computers +0.9%, electronics +4.1%. NDCG
shipments -0.5%, suggesting lower capX in the Q4 GDP accounts; NDCG
orders ex aircraft +1.7%, highest since May. Overall shipments -0.6% and
inventories +0.4%, but overall this report was stronger than expected.
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