US DATA: Feb durables orders +2.2%; also +1.6% ex transport and
+1.7% ex defense, in the expected rebound from Jan’s 1st month of qtr
dip (now -3.6%r). Boeing Corp had 237 new orders vs 150 in Jan, and
Commerce Dept reported +6% new civ aircraft orders. Motor vehicle orders
also +1.6% as unit sales gained. The rebound was widespread: computers
+2.7%, primary metals +1.3% and machinery +5.7%. Exception was
electronics -2.5% in a 3rd drop. Core orders +1.4% in our measure, also
confirming advance. Shipments -0.4%, Inventories +0.4%. NDCG shipments
+0.5% but after -1%r in Jan, so this still represents a weak start to Q1
capX. Bottom line is Jan-Feb avg overall orders remain under the Dec
level, so the erratic trend remains sideways.