Japan Core Machinery orders for May -7.8% m/m (expected -3.7%)

Cabinet Office machinery orders data for May. The previous, April month data. showed an increase for three months running in the orders.

Despite wariness on the US-China trade war inducing capex caution. This data is seen as a leading indicator of capital expenditure six to nine months out.

May Core Machine Orders -7.8% m/m … ugly number … biggest m/m drop since Set 2019

• expected -3.7 %, prior 5.2% (biggest rise since Oct. 2018)

Machine Orders -3.7% y/y,

• expected -3.6%, prior 2.5%

Bank lending data for June out at the same time