US DATA: Dec durables orders +3.0%, a bit better than expected;
orders were +2.1% ex transport (now up in 7 of last 8 mos) & +3.5% ex
defense. Boeing Corp had 287 new orders vs 96 in Nov, and Commerce Dept
reported only +18.9% new civ aircraft orders as seasonal adj anticipated
a big gain. But motor vehicles +0.6% also added to transport.
Ex-transport orders were mixed, but gains in primary metals (+5.1%) and
machinery (+6.0%) boosted the number. Electronics were -1.1%, fabricated
metals -1.4%, and computers -2.6%. Overall this was another decent
report with pockets of weakness. Shipments +2.1%, Inventories +0.3% for
their 24th consecutive gain. NDCG shipments +2.6% after -2.3% Nov and
+0.3% Oct, suggesting that Q4 capX will edge higher. For all 2011 new
orders were up 10% vs +15.5% in ’10 and -27.6% in ’09, while shipments
were up 7.8% vs +6.2% in ’10 and -20.7% in ’09.