Durable goods preview - Nomura
|Analysts at Nomura offered a preview of the key durable goods orders for the US session.
Key Quotes:
"We expect a solid 1.0% m-o-m increase in durable goods orders excluding transportation, following a 0.5% increase in August (Consensus: 0.5%). September industrial production data suggest that production of durable goods increased at a healthy pace. Further, survey-based measures of new orders improved strongly in September, pointing to healthy gains in ex-transportation durable goods orders."
"On noncore components, September industrial production indicates a decent increase in vehicle assemblies, which points to a steady increase in new orders for motor vehicles and parts. Aircraft manufacturers reported a decent increase in new orders in civilian aircraft."
"However, after seasonal adjustment, we expect some decline in non-defense aircraft and parts orders following a sharp 44.8% jump in August. For defense aircraft and parts orders, we expect a steady increase. Altogether, we expect a 1.0% m-o-m increase in total durable goods orders (Consensus: 1.0%)."
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