Next key US data: durable goods orders - Nomura

Analysts at Nomura noted the next key data to come from the US economy on Friday.

Key Quotes:

"Durable goods orders: 

We expect durable goods orders excluding transportation to increase solidly by 0.5% m-o-m in July (Consensus: 0.5%) following a modest 0.2% gain in June. Industrial production for this category increased steadily during the month, up 0.4% m-o-m. In addition, the new orders subindex in the ISM manufacturing survey remained elevated. A solid gain in ex-transportation durable goods orders in July would be consistent with the firm economic momentum seen so far to start off Q3. For overall durable goods orders, we expect a flat reading during July (Consensus: -1.0%), likely weighed down by a decline in orders for civilian aircraft and parts."