US DATA: US Oct durables goods orders -8.3% vs +8.7%r in Sept. Oct was the largest drop since -14% in July 2000 (Jan '04 was -8.1%), but more important is that the orders level is now below August's total. Durables ex-transport was -1.7% in its 3rd drop in 4 mos, and this is indicating a slowdown in mfg. Durables ex-defense was -6.4%. Computers & aircraft are the main decliners (civ aircraft orders -44.5% vs +198.2% in Sept).Most other categories posted small gains; an exception was a +5.1% surge in electrical eqpt. Shipments were +0.6% and Inventories +0.8%. NDCG shipments were -2.3%, indicating a slowing in business investment. Overall this was a weak report.