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Factory Orders See Surprise Decline, Outlooks Remain Pessimistic

GERMAN DATA
MNI (London)

GERMANY APR FACTORY ORDERS -2.7% M/M, -6.2% Y/Y; MAR -4.2r%

  • German factory orders came in substantially weaker than forecast in April, dashing the expected recoveries by contracting 2.7% m/m (vs +0.4% expected) and diving to -6.2% y/y (-4.1% expected).
  • The German Statistics Office stated that this third month of contraction is on the back of escalations in the Ukraine war, as demand for capital goods slumped a further 4.3% as economic uncertainty grew. Consumables also saw a decline, of 2.6%.
  • The latest factory orders release foreshadow the closely watched German IP due tomorrow and imply downside surprises to the data set.
  • March readings were upwardly revised by 0.5pp for the month-on-month to -4.2% and by 0.2pp to -2.9% y/y.
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