Durable goods orders slip as supply chain disruptions persist

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Mick Jagger, Keith Richards And Ronnie Wood Join In Tributes To Rolling Stones Drummer Charlie Watts

Mick Jagger, Keith Richards and Ronnie Wood are remembering their Rolling Stones bandmate, drummer Charlie Watts, by sharing photos on social media, with both Jagger and Richards presenting the images with no additional comment.

Guitarist Wood, who joined the Stones in 1975 to replace departing player Mick Taylor, wrote of Watts, “I love you my fellow Gemini – I will dearly miss you  – you are the best.”

The photo tweeted by Jagger shows a smiling Watts seated at his drum kit, while Richards shared a photo of a drum set with a “Closed” sign hanging on it.

See the tweets below.

Yesterday, after news broke of Watts death at age 80, musicians including Paul McCartney, Elton John and Pete Townshend shared their thoughts about the drummer on social media.

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Harry Kane announces he is to stay at Tottenham this summer after failed Man City bids

  • Kane, who has three years left on his Spurs deal, had asked to leave the club this summer in search of silverware.
  • He appears to have softened his stance following a long summer of negotiations between City and Tottenham chairman Daniel Levy.

Harry Kane has announced that he will stay at Tottenham this summer after a move to Manchester City failed to materialize.

Kane, who has three years left on his Spurs deal, had asked to leave the club this summer in search of silverware, but appears to have softened his stance following a long summer of negotiations between City and Tottenham chairman Daniel Levy.

In a post on Twitter, Kane said: "It was incredible to see the reception from the Spurs fans on Sunday and to read some of the messages of support I've had in the last few weeks.

"I will be staying at Tottenham this summer and will be 100% focused on helping the team achieve success."

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Kane, who has been a target for City all summer, came off the bench in Saturday's 1-0 win at Wolves in the Premier League in his first appearance since returning late for pre-season.

The England captain, though, remains adamant that he was always scheduled to come back later than his team-mates after Euro 2020.

Spurs value Kane at upwards of £120m, but City have failed to satisfy Levy's demands, having offered £100m in June.

U.S. Durable Goods Orders Edge Down Less Than Expected In July

The Commerce Department released a report on Wednesday showing a modest decrease in new orders for U.S. manufactured durable goods in the month of July.

The report said durable goods orders edged down by 0.1 percent in July following a 0.8 percent increase in June. Economists had expected orders to decrease by 0.3 percent.

The dip in durable goods orders came as orders for transportation equipment tumbled by 2.2 percent in July after jumping by 1.4 percent in the previous month.

Orders for non-defense aircraft and parts led the way lower, plummeting by 48.9 percent in July after surging by 4.7 percent in June.

Excluding the drop in orders for transportation equipment, durable goods orders climbed by 0.7 percent in July after rising by 0.6 percent in June. Ex-transportation orders were expected to increase by 0.5 percent.

Notable increases in orders for primary metals and machinery were partly offset by a slump in orders for electrical equipment, appliances and components.

The report said new orders for non-defense capital goods excluding aircraft, a closely watched indicator of business spending, came in unchanged in July after jumping by 1.0 percent in June.

Gold Futures Drift Lower As Dollar Advances

Gold prices are edging lower Wednesday morning as the dollar is moving up, recovering from recent losses ahead of the upcoming Jackson Hole Symposium where the Fed policymakers are expected to spell out their plans about tapering the bank’s bond-buying program.

The dollar index, which settled at 92.89 on Tuesday, is currently at 93.03, gaining 0.15%.

Gold futures for December are down $14.10 or about 0.8% at $1,794.40 an ounce, after closing above the $1,800 mark on the previous two sessions.

Silver futures for September are declining $0.144 or 0.6% at $23.750 an ounce, while Copper futures are up $0.0230 or 0.5% at $4.2810 per pound.

On the economic front, data on U.S. durable goods orders for the month of July is due out at 8:30 AM ET. Durable goods orders has climbed up by 0.8% in June.

Durable goods orders slip as supply chain disruptions persist

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Orders for big-ticket items slipped last month as manufacturers continued to navigate a supply chain crunch that has resulted in higher materials costs. 

New orders for manufactured durable goods in July fell 0.1% to a seasonally adjusted $257.2 billion, according to the Census Bureau. Analysts surveyed by Refintiv had anticipated a 0.3% decline. 

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Orders rose an unrevised 0.8% in June and have increased 13 of the last 15 months. 

Excluding transportation, new orders decreased 0.7%. They fell 1.2% when excluding defense. 

Transportation equipment orders fell $1.7 billion, or 2.2%, to $75.3 billion to drive the decline. 

Shipments rose 2.2% to $257.8 billion, and have increased in four of the last five months. 

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Supply chain disruptions that were caused by factories shutting down in an attempt to help slow the spread of COVID-19 resulted in unfilled orders increasing for a sixth straight month, rising 0.3% to $1.225 trillion. Unfilled machinery orders, which have increased 16 straight months, rose by $2.3 billion to $109.2 billion.