Durable or capital gods orders in the United States dropped 7,3 %% in July, and put new questions marks over the economy at the beginning of the third quarter. The demand for goods ranging from aircraft to computers and defence equipment fell. This is the biggest decline since last August. De decline in durable gods are coming on the top of negative housing figures published last Friday indicating a weaker housing market than expected.
It is likely that the failing durable gods numbers would give rise to new speculations on when US Federal Reserve (FED) eventually would start tapering its bond buying program. It has been indicated that tapering would start already in December. Based on the latest figures it is unlikely that tapering might start earlier than at the end of 2013. The fall in durable gods orders had an immediate impact on stock futures. Also yield on US treasuries fell.
Oil prices have continued to rise on the escalation of US involvement in Syria. Brant crude is trading close to USD 111 a barrel. US Defence secretary Chuck Hagel are reportedly going to discuss a possible military intervention in Syria with its British and French counterparts on the alleged use of chemical weapons. The possibility for a direct Western involvement could have serious impacts on the world stock markets and trigger the market to continue its present downward trend.
The US dollar traded down against Japanese yen on Monday after new uncertainties arose to when tapering eventually would start. USD/JPY trades at 98,14 yen a doillar. Euro/USD has been flat during Monday at 1.3370.
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