JAPAN DATA: The weaker-than-expected Japanese machinery orders in
November were caused by a slump in orders from telecoms and financials,
the two major industries in the non-manufacturing sector, which sets the
overall tone. The 20.0% m/m drop in orders for telecoms in Nov (-11.8%
in Oct, +28.1% in Sept) came after those for winter mobile handsets had
already been placed, a Cabinet Office official said. If Dec core
machinery orders were flat m/m after -3.0% in Nov and -1.4% in Oct, core
order in Q4 would be -7.4%, better than the -9.8% forecast by the
government.