Japanese Machinery Order Rise in October Less Than Expected

Japan's private-sector core machinery orders rose 2.8% in October from the previous month, less than the expected 5.7%. In October, machinery orders from manufacturers dropped 10% from the previous month, while those from non-manufacturers rose 10.9%. Public sector orders declined 6.4% while foreign orders jumped 36.8%. Machinery orders is an indicator of corporate capital spending. Japanese government downgraded its estimate for third-quarter gross domestic product growth partly because of weaker-than-expected corporate capital investment.