Sector Monday: A new model for global banking

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Soft durables orders and lower guidance from Cummins show weaker U.S. economy ahead of third quarter GDP report

The government reported today that durables orders—that’s orders for long-lasting goods such as heavy machinery, truck engines, and airplanes—fell a seasonally adjusted 1.2% in September. That’s after a 3% drop in August. (The August number was a downward adjustment from the initial report of a 2.3% decline in the month.)