Data from Japan, core machinery order for Nov 2018
Comes in flat on m/m, for a miss
- expected 3.0% m/m, prior 7.6%
Comes in at 0.8% y/y for a beat
- expected 0.2% y/y, prior 4.5%
The result will be read as a weakening in business investment, the m/m is quite a large miss (of an admittedly volatile indicator). Core machine orders are used as a guide to capex six to nine months out.
more to come