US DATA: June durables orders +1.6%, but -1.1% ex transport (down in
3 of the last 4 mos) and -0.7% ex defense. Boeing Corp reported 24 new
orders vs 8 in May and nondefense aircraft orders printed +14.3%. Motor
vehicles printed -0.6%, but overall transport was +8.0% in its best
showing since Nov’11. In components, Primary metals +0.9% were a
rebound, Machinery -1.1% a reversal, Computers -4.9%, and Electronics
-0.7%. NDCG shipments +0.6% were a second gain, so Q2 capX should eke
out a gain. Overall shipments were +0.1% and inventories +0.3%. Overall
this report was not a ball of fire but the overall print was better than
expected and suggests more modest growth in mfg.