Free Trial
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 MAY FACTORY ORD +6.4% M/M (FCST +1.0%); APR +0.2% M/M
GERMANY MAY FACTORY ORD -4.3% Y/Y (FCST -9.7%); APR -9.3% Y/Y
- German manufacturing new orders jumped +6.4% m/m in May, significantly outpacing consensus expectations of a +1.0% m/m uptick. May 2023 orders were down -4.3% y/y.
- Excluding large-scale orders, German factory orders still rose a healthy +3.2% m/m.
- Automotives increased +8.6% m/m, whilst "other transport equipment" (aircraft, ships, military vehicles) jumped +137.1% m/m due to large-scale orders.
- In contrast, electrical equipment tumbled by -15.0% m/m, implying demand across sectors was divergent and volatile.
- Looking forward, the June manufacturing PMI found new orders fell at the sharpest rate in eight months. Yet with Destatis' metric for order backlogs implying 7.3 months of production in April, German order backlogs remain around 1.5 months above pre-pandemic levels. As such, current production should be comfortably bolstered by past demand for now.
- Tomorrow's German industrial production print expected to be flat in May, with weak construction the main drag.
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok