US DATA: Jan durable goods orders +2.7% after 3 weaker months, ex
transport -3.6% after two large gains, ex defense +1.9%. Boeing Corp had
34 new orders in Jan vs 55 in Dec, but nondefense aircraft orders were
+4900% and were a main driver of orders, as expected in a rebound. This
propelled transport orders to +27.6% in its best showing since Sept’06.
Overall the data show marginal strength as primary metals orders +1.1%
and auto orders +0.4% led the way. In other areas there was weakness:
machinery orders -13.0%, computers -6.8%, electronics -4.9%. Shipments
were +0.3% and inventories +0.7%. Overall, this shows modest growth at
best.