Following Durable Goods plunge in January (final data showing worsening non-defense orders), US Factory Orders tumbled 1.4% (as expected) - the first drop in six months.

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Core Factory Orders disappointed and growth slowed to its weakest since June...

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Under the hood of orders, some sectors stood out with notable collapses...

• Transportation equipment -10.0%

• Nondefense aircraft: -28.4%

• Defense aircraft: -45.6%

• Mining, oil field machinery: -8.9%

Of course this should not be a surprise as global macro data has serially disappointed this year.

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