Market updates on July 16
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Japan's October machinery orders tack on
In October, Japanese machinery orders rebounded with a faster soar than anticipated, thus re-affirming the resilience of capital spending, which is a major driver in the Japanese economy's almost two-year expansion.
A volatile data series considered to be an indicator of capital spending in the nearer six to nine months, core machinery orders edged up 5% in October versus last month, as the Cabinet Office told on Wednesday.
The leap in core orders, excluding those of ships as well as power generation equipment, surpassed experts’ median estimate of a 3% soar. In September, orders went down 8.1%, which is the steepest dive for more than two years.
Capital spending, including investment in equipment and factories, turned to be a crucial contributor to the Japanese economy's seventh straight quarter of surge in the July-September period. It has become the longest marathon on record in data since 1994, compensating a rare decline in consumer spending.
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