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【出版时间及名称】：2010年4月北美电力设备行业研究报告
【作者】：摩根大通
【文件格式】：pdf
【页数】：52
【目录或简介】：
This monthly report is designed to provide a snapshot on trends across the
industrial economy and includes specific industry data pertinent to the stocks in
the EE/MI sector. We gather both relevant government and independent industry
data for the most important end markets.
• Global macro growth continues; meter goes to “solid.” Growth in global
macroeconomic activity accelerated, as measured by JPM’s global
manufacturing PMI, which came in at 56.7 in March (Feb 55.4). The new orders
reading of 58.7 rose from 57.2 in February. OECD leading indicators increased
10.1% y/y in February.
• US manufacturing activity strong. The ISM manufacturing rose to 59.6 in
March (Feb 56.5, Jan 58.4), indicating stronger growth, with the new orders
component of 61.5 up from 59.5 in February. The inventories component
increased to 55.3 from 47.3, while the orders-inventories spread narrowed to
+6.2 from +12.2 last month. The ISM prices paid index increased to 75.0 (Feb
67.0, Jan 70), indicating lingering inflation pressure. Industrial production was
up 0.1% m/m and 4.0% on a y/y basis (+2.2% y/y in Feb), while the consumer
confidence index increased to 52.5 from 46.4 in February.
• Europe & Japan improving, China holds in. Euro area IP grew 3.2% y/y in
February and was up by 1% sequentially. Euro Area manufacturing PMI rose to
56.6 from 54.2 last month, above the breakeven threshold of 50, while German
VDMA orders were also stronger, up 11% y/y in February (sequentially
+15.0%). Japan machinery orders in February were up 26.5% y/y and flat
sequentially, while the Tankan index moved to -24 from -32 last quarter. China
industrial production was up 18% y/y in March (+13% in February), while the
PMI also increased to 57.0 from 55.8 last month.
• Other interesting data points: System-wide RPMs down 1% y/y in Feb versus
+1% in Jan. Business jet takeoffs/landings +14.4% in January. KMT organic
orders +11% for 3 months ended March, while FAST daily sales +12.1%.
Private non-res spending flat m/m and -24.3% y/y. NA Class 8 truck orders up
28% y/y. Industry-wide rail carloads (ex-coal and grain) up 15.2% y/y in the last
four weeks. NEMA current conditions index 71.7 from 64.6. Copper prices were
~9% higher m/m. Core HVAC unitary shipments -6.8% y/y in February, while
HARDI median HVAC distributor sales -3.7%. Moody’s/REAL Commercial
Property index, up 1.0% sequentially but down by 24% y/y.
Table of Contents
Industrial Company Monthly Indicators .................................7
U.S. Economic Indicators ..........................................................................................13
International Economic Indicators .............................................................................16
Other Industrial Indicators .........................................................................................19
Industry-Specific Monthly Data.............................................21
Aerospace & Defense ................................................................................................21
Automotive ................................................................................................................26
Construction/Housing ................................................................................................29
Energy........................................................................................................................33
Financial Services ......................................................................................................35
Heating, Ventilation, and Air Conditioning (HVAC)................................................41
Technology ................................................................................................................44
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