Spot gold was slightly down at $2,335.13 per gram on Monday
uae3 hours ago
The Commerce Department said durable goods orders dipped 0.1 percent after an unrevised 4.1 percent jump in July.
Economists polled by Reuters had forecast durable goods orders unchanged last month. Orders were held back by an 8.5 percent drop in bookings for motor vehicles - the largest decline since February last year.
The drop in orders came despite a 23.5 percent rise in orders for civilian aircraft last month. Boeing received 127 orders for aircraft, according to the plane maker’s website, up from 115 in July. Delta Airlines placed an order for 100 aircraft.
Excluding transportation, orders also slipped 0.1 percent after rising 0.7 percent in July. Economists had expected this category would also be unchanged.
But non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending, increased 1.1 percent last month after a revised 0.2 percent fall in July.
This suggested that businesses, sitting on about $2 trillion in cash, had not responded to the recent financial market volatility by curtailing spending on capital goods. Economists had expected a 0.3 percent rise after a previously reported 0.9 percent decline in July. Manufacturing, which has done the heavy lifting for the fragile economy recovery, has slowed in recent months, but August’s durable goods report pointed to underlying resilience and offered hope that a another downturn might be avoided. Outside of transportation and primary metals, which fell 0.8 percent, details of the durable goods report were relatively strong. Orders for machinery edged up 0.1 percent, while computers and electronic products rose 1.3 percent. Demand for capital goods increased 4.2 percent and electrical equipment and appliances rose 1.3 percent.
Shipments of non-defense capital goods orders excluding aircraft, which go into the calculation of gross domestic product, increased 2.8 percent after rising 0.4 percent in July.
Spot gold was slightly down at $2,335.13 per gram on Monday
uae3 hours ago
As authorities sprang into action to drain waterlogging, tenants and homeowners had to navigate the aftermath of nature's unpredictability
uae3 hours ago
The 51-year-old recently competed in the Masters Indoor World Cup — his 10th international tournament since undergoing surgery
sports4 hours ago
Met Department advised people to take precautions during strong convective cloud activity associated with rainfall over Eastern and Northern areas
uae5 hours ago
Earlier, interest-free loans were announced for Emiratis whose businesses were affected by the rains, with a grace period of 6 to 12 months
uae6 hours ago
Following a $3 per barrel average global price increase in March, petrol prices for April increased by 12 fils per litre in the UAE
uae6 hours ago
Annual rents in Dubai are usually paid in two, four or six instalments via post-dated cheques
business6 hours ago