MEXICO: Further Detail on China Probe into Mexico Tariff Plan
Sep-25 13:08
- *CORRECT: CHINA TO PROBE MEXICO'S TARIFF PLAN ON CHINESE IMPORTS (BBG)
- Bloomberg have slightly corrected the headline to show China will probe Mexico's tariff plan on Chinese imports.
- As a reminder, on September 10, Mexico said it will raise tariffs on automobiles from China and other Asian countries to 50%, in a broad overhaul of import levies the government said would protect jobs. The Economy Ministry said the moves, which will increase tariffs to varying degrees on goods across multiple sectors including textiles, steel and automotive, would impact $52 billion of imports.
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MNI: US Q2 FHFA HPI Q/Q SA -0.0% V +2.9% Q2 2024
Aug-26 13:00
- MNI: US Q2 FHFA HPI Q/Q SA -0.0% V +2.9% Q2 2024
MNI:US JUN FHFA HPI SA -0.2% V -0.1% MAY; +2.6% Y/Y
Aug-26 13:00
- MNI:US JUN FHFA HPI SA -0.2% V -0.1% MAY; +2.6% Y/Y
US DATA: Solid Start To Q3 For Durable Goods Activity
Aug-26 12:57
Durable goods orders showed a pickup in July, with better revisions casting a slightly better light on goods production and business equipment investment this summer.
- Headline durable goods orders bested expectations at -2.8% M/M (-3.8% expected, -9.4% prior), weighed down once again by the extremely volatile nondefense aircraft orders category (-33% M/M, after -53% prior).
- A better signal came from durable orders ex-transportation, which rose 1.1% (0.2% expected) after 0.3% prior. And the key core capital goods orders (nondefense, ex-aircraft) category also rose by 1.1% M/M (0.2% expected), more than reversing June's decline (-0.6%, upwardly revised from -0.8%).
- Meanwhile, core shipments continued to hum along, rising by a 27-month high 0.7% M/M (0.2% expected, 0.4% prior rev from 0.3%).
- Zooming out, core capital goods orders are nor rising at a 3.8% 3M/3M annualized pace, the strongest since March at which point activity was seen to be heavily influenced by tariff front-running.
- The Y/Y NSA figure may tell a clearer story, and it's a positive one: core orders have risen 4.4% Y/Y by that measure for two consecutive months, the best seen since Q4 2022.
- Category-wise, there was strength pretty much across the board, with metal products, machinery, computers/electronics, and electrical equipment/appliances/ components, and motor vehicles and parts all seeing a rise in new orders (we exclude volatile aircraft).
- One note of caution here is that the figures are in nominal dollar terms and thus may be reflecting a bottoming out of goods / components prices in addition to orders volumes. But momentum appears to be headed back in a positive direction, at least tentatively.
