US Electrical Equipment & Multi-Industry "EE/MI Morning Note - Machine tools..."

研报英文原文证据摘录

US Electrical Equipment & Multi-Industry "EE/MI Morning Note - Machine tools..."

Global Research

19 May 2026ab

US Electrical Equipment & Multi-Industry Equities

AmericasEE/MI Morning Note - Machine tools orders,

China construction, Housing Industrial, Diversified

Amit Mehrotra

Analyst

amit.mehrotra@ubs.com

Strength in April machine tools orders positive for Cognex- Japan Machine Tool +1-201-352 1410

Builders' Association (JMTBA) published preliminary April machine tools orders last

Neal Burk

week, which continued to show strong momentum. Orders outside of Japan were up

46% year over year for April, showing further acceleration from +35% growth in 1Q. neal.burk@ubs.com

This was also second highest order on absolute basis, following historically high March. +1-212-713 4066

The data suggests a positive development for Cognex to begin 2Q, following +21%

Pratap Singh

organic sales growth in the first quarter. Total machine tools orders growth also showed

broadening with domestic orders in Japan accelerating to +43% year over year in April pratap-za.singh@ubs.com

vs +5% in 1Q. This is particularly supportive of overall automation capex momentum. +1-212-821 3112

These are new orders for Japanese metal-cutting machine tools, which can be

Zachary Walljasper

considered a good reference for global automation capex. Historically, orders from Associate Analyst

outside of Japan have been well correlated with Cognex's organic growth. See our zachary.walljasper@ubs.com

Japan machinery sector team's note for details: Link. +1-212-713 9829

China construction data deteriorates in April- Our European Capital Goods team

(led by Andre Kukhnin) published a note yesterday that April China construction data

points to some deterioration in April, after signs of stabilization in March (link).