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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
GERMAN DATA
MNI (London)
GERMANY JUL FACTORY ORDERS -1.1% M/M (FCST -0.7%); JUN -0.3%r M/M
GERMANY JUL FACTORY ORDERS -13.6% Y/Y (FCST -13.4%); JUN -9.0% Y/Y
- German factory orders contracted for the firth consecutive month in July, at a stronger rate than in June and than expectations. As the largest eurozone economy, this data underscores fears of a looming recession for Q3 and Q4 ahead of the ECB's Thursday meeting.
- This data suggests downside risk ahead of tomorrow's July industrial production figures, which should contract in both headline numbers.
- The German Statistics office notes that 2021 had been a bumper year in manufacturing, and this contraction carries less weight. The key downwards pressure came from consumer goods orders (down 16.9%) largely due to the drop in demand for pandemic-related pharmaceuticals. Capital goods orders contracted by 0.2% m/m, implying investment levels are falling as economic outlooks remain bleak.
- New orders again outpaced turnover as shortages of intermediate products remain acute, worsened by the war in Ukraine.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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