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HSBC economist Ryan Wang says Jan durable goods data were disappointing. "For nondefense capital goods ex-aircraft, both orders (-6.9%) and shipments (-2.0%) registered significant declines. These declines come after upwardly revised gains in December: over the past two months orders are down 3.0% and shipments are still up 0.4%. The results indicate that momentum in capital spending may be weaker than what the very robust readings from recent manufacturing surveys have suggested." He sees slower momentum in the sector.
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