- Omair Sharif, Societe Generale
New orders for US manufactured core durable goods dropped less than expected last month, official figures revealed on Wednesday. According to the US Department of Commerce, total new orders for durable goods were unchanged on a monthly basis in August, following the preceding month's downwardly revised gain of 3.6%, whereas market analysts expected new orders to drop 1.0% in the eight month of the year. August's flat reading was mainly driven by a 21.9% drop in demand for civilian aircraft. Excluding goods like motor vehicles and machinery, durable goods orders declined 0.4% in August, while economic desks penciled in a fall of 0.5%. The previous month's rise in core new orders was revised down to 1.3% from the originally reported 1.5%.
Other data released by the Energy Information Administration on Wednesday showed crude oil inventories in the United States fell 1.9 million barrels in the week ended September 23, whereas analysts anticipated a rise of 2.4 million barrels after the preceding week's 6.2 million-barrel drop. After the release, WTI crude rose 1.1% to trade at $45.18 per barrel, whereas Brent crude advanced 1.5% to trade at $46.66 on the NYSE.
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