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In September, fresh orders for US products rallied more than anticipated, although decreasing business spending on equipment hinted that the manufacturing sector speeded down.
Eventually, factory products orders headed north by 0.7% against the backdrop of soaring demand for transportation equipment, as the Commerce Department told. August’s data was updated upwards to reveal factory orders rallying by 2.6% versus the previously uncovered 2.3% leap.
Market experts had foreseen factory orders surging by about 0.5% in September. On a year-on-year basis orders jumped by 8.4% in September.
An increasingly bitter trade clash between China and America, worker shortages a leaping greenback as well as decelerating global economic surge are taming momentum in manufacturing, accounting for up to 12% of the American economy.
According to the Institute for Supply Management poll of manufacturers, in October, a measure of fresh factory orders headed south to a 1-1/2-year minimum.
Orders for transportation equipment headed north by 1.9% in September, displaying a 118.7% ascend in orders for defense aircraft as well as parts. As for transportation equipment orders, they gained by 13.3% in August.
In September, orders for civilian aircraft along with parts dived by 17.5%. As for orders cars, they tacked on by 0.5%.
In September, there were leaps in orders for computers, machinery, primary metals, not to mention electronic products. Orders for appliances, electronic equipment as well as components inched down.
September orders for non-defense capital products without aircraft, normally considered to be a gauge of business spending plans, lost nearly 0.1% as posted in October. In August, orders for core capital products tumbled by about 0.2%.
Shipments of core capital products, utilized to calculate business equipment spending in the GDP report, lost 0.1% in September in contrast with the intact reading in October.
Last week was very interesting for the markets, as we saw the releases of the US Inflation and Disney’s earnings report. So let's see what we should await this week!
The United States will publish the Federal Open Market Committee Meeting Minutes on November 24, at 21:00 GMT+2.
Hong Kong’s HK 50 index rose and the Chinese yuan edged up as traders assess the outcome of the first virtual meeting between US President Joe Biden and Chinese leader Xi Jinping.
As Europe moves into recession, next week may provide us with some amazing trading opportunities. Here they are!
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.
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