US DATA: Jan durables orders -4.0% for the 1st drop in 4 mos; orders
were -3.2% ex transport and -4.5% ex defense. Boeing Corp had 150 new
orders vs 287 in Dec, and Commerce Dept reported -19% new civ aircraft
orders. There was widespread weakness in -6.7% primary metals, -10.4%
machinery, & -1.9% in electronics. Motor vehicles were -5.0%. Core
orders fall in the 1st month of each qtr (-3.7% in our measure), so some
will discount this. But this report shows more widespread weakness.
Shipments +0.4%, Inventories +0.7%. NDCG shipments -0.9% in a weak start
to Q1 capX.