The US Census Bureau’s September advance report highlights a slight downturn in the durable goods manufacturing sector.
New orders for manufactured durable goods declined by $2.2 billion, or 0.8%, to a total of $284.8 billion in September. This marks the third decrease in the past four months, following a similar 0.8% drop in August.
However, transportation is excluded, new orders actually rose by 0.4%. In contrast, excluding defense showed a 1.1% decrease. The primary driver behind September’s decline was a reduction in transportation equipment orders, which fell by $3.1 billion, or 3.1%, to $95.4 billion, continuing a trend seen in three of the last four months.
Data Source: US Census Bureau
Markets shifted toward risk-on sentiment as easing geopolitical tensions and uncertainty around Federal Reserve policy pressured the U.S. dollar. EUR/USD climbed toward 1.18, reaching multi-month highs, while sterling also advanced to a seven-week peak.
US-Iran Talks End Without BreakthroughDiplomatic negotiations between the United States and Iran ended without an agreement after more than 21 hours of discussions in Pakistan, marking another setback in efforts to ease pressure surrounding Iran’s nuclear program and regional role.
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