While Apple's Tim Cook was adamant on the call last night that he had seen no 'pull forward' of demand due to the tariffs, it seems every other firm in the US did as Durable Goods Orders soared in March (final print this morning at +9.2% MoM)...
Source: Bloomberg
However, Core Durable Goods (ex Transports) was unchanged MoM - suggesting considerable front-running of tariffs for planes and autos...
Source: Bloomberg
US Factory Orders rose 4.3% MoM (slightly less than the +4.5% expected) - a big jump
Source: Bloomberg
And like with Durable Goods, Core Factory orders (ex Transports) actually fell 0.2% MoM...
Source: Bloomberg
The surge in orders was largely driven by a 139% MoM spike in non-defense aircraft and parts...
Source: Bloomberg
Which pushed total orders to a new all-time record-high...
Source: Bloomberg
The question is - what happens in April - post Liberation Day?
