Friday, October 9, 2015

Japan: August core machinery orders down, may turn negative in Jul-Sep quarter - Nomura

FXStreet (Delhi) – Research Team at Nomura, note that the Japanese Core machinery orders (private sector, excluding orders for ships and from electric power companies) in August 2015 fell 5.7% m-m, which is a much weaker result than the consensus forecast (Bloomberg survey median) for growth of 2.3%.

Key Quotes

“Jul-Aug orders were also down 11.3% versus the Apr-Jun average, raising the prospect of Jul-Sep orders turning negative q-q for the first time in five quarters.”

“While we think the pace of quarterly contraction is colored by a reactive decline to major orders from the steel industry in May, we would note that Jul-Aug average orders were still down 7.2% versus the Apr-Jun average even after steel industry orders have been stripped out.”
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