Industrials Climb After Beige Book - Industrials Roundup

Features Dow Jones Newswires

Shares of manufacturing and transportation companies rose after anecdotal accounts of the U.S. economy from Federal Reserve districts were relatively optimistic. Economic activity grew at a measured pace across the country even though employment growth slowed somewhat in July and August, according to the Federal Reserve's "Beige Book" regional overview. The Beige Book is one of the freshest views of the economy, according to Quincy Krosby, chief market strategist at Prudential Financial. French industrial conglomerate Schneider Electric's decision to buy British industrial software maker Aveva makes sense to one brokerage. "We see solid industrial logic behind the deal and see the terms as broadly neutral," said analysts at brokerage Nomura Securities, in a research note. The deal will open up new markets, including oil-and-gas, to Schneider and help its own software offerings gain exposure. Factory shipments of new farm tractors in Brazil last month fell 7% from the same period a year earlier, while shipments of grain-harvesting combines were off 29%, according to a local trade association.

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-Rob Curran, rob.curran@dowjones.com

(END) Dow Jones Newswires

September 06, 2017 16:46 ET (20:46 GMT)