CORE CAPEX UNEXPECTEDLY FALLS

February U.S. durable goods orders data are out.

Total orders rose 2.2% in February after falling a downwardly-revised 1.3% in January, beating consensus estimates for a 0.8% rise.

Orders of durable goods excluding transportation items advanced only 0.2% in February — missing estimates for a 0.3% rise — after recording a downwardly-revised 0.9% gain in January.

Orders of nondefense capital goods excluding aircraft, a measure also referred to as “core capex,” fell 1.3%. Economists predicted core capex would rise 0.5%. January’s 1.7% gain was revised down to 0.8%.

Shipments of nondefense capital goods excluding aircraft rose 0.5% — missing the 0.8% consensus estimate — and January’s 0.8% drop was revised to a 1.4% drop.

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