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In August, fresh orders for major American capital products went down following four straight months of firm leaps, while shipments added. However, it won’t probably affect expectations of firm surge in business spending on equipment for the third quarter.
On Thursday, the Commerce Department told that orders for non-defense capital products without aircraft, monitored for business spending plans, decreased by nearly 0.5% in August, suppressed by a dive in demand for electronic products and computers.
There was also a slump in car orders. July’s data was updated a bit down to demonstrate the core capital goods orders adding almost 1.5% versus the previously posted 1.6% leap.
Market experts interviewed by Reuters had predicted core capital goods orders ascending by 0.4% in August. What’s more year-on-year, core capital products orders ascended by up to 7.4%.
Secondly, shipments of core capital products managed to inch up by up to 0.1% in August after an upwardly updated 1.1% leap gain in July. By the way, core capital goods shipments are employed to calculate equipment spending within the government's GDP measurement. Previously, they were posted to have jumped by up to 1% in July.
With business confidence at multi-year maximums, in part underpinned by a $1.5 trillion tax trim package, the sudden sag in core capital products orders in August should be regarded as temporary. However, there’re fears that an escalating trade conflict between China and America could impact confidence and also affect both business and consumer spending.
In addition to this, the US government imposed levies on $200 billion worth of China’s products on Monday , with the opponent immediately fighting back with levies on $60 billion worth of the counterpart’s products. By the way, both leading economies had already put levies on $50 billion worth of each other's exports.
The risk sentiment remains under pressure after the comments by China about the countermeasures against the US tariffs. Thus, the AUD/USD and the USD/JPY pairs will be under our attention.
During the European trading session, both the US and the UK yield curves inverted.
Levels for Wednesday's trading
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