US DATA: June durable goods orders printed a weaker than expected
-2.1% and are down in 2 of the last 3 mos. Ex transport was just +0.1%
after +0.7%, showing only modest moves away from autos (-1.4%) and
nondefense aircraft (-28.9%). Boeing Corp reported 48 new orders vs 27
in May, and the record American Airlines orders should soon show, so the
aircraft portion is suspect. Ex defense orders -1.8% and also is down in
2 of the last 3 mos. Jun also had weakness in machinery orders -2.3%.
But other broad areas advanced: primary metals +1.0%, computers +0.2%,
electronics +0.4%. Overall shipments +0.5% and inventories +0.4%. NDCG
shipments +1.1% and remain higher in Q2. So the report was more mixed
than the surprise headline.