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GERMAN DATA: VDMA Machinery Orders Yearly Rate Recovers But Still Bleak

GERMAN DATA
Data BulletEurozoneGermanyCEEMEABulletGlobalFixed Income BulletsForeign Exchange BulletsRegionMarkets

German machinery orders came in at -5% Y/Y in July. While that was again an improvement over June's -9% (and May's -27%), the overall trend remains contractionary: With the exception of April, the machinery orders' Y/Y rate has printed below 0% for a consecutive 22 months, and VDMA adds that a trend reversal is not in sight as as the same month last year had only achieved a meagre order volume.

  • Looking at a geographical split, the decline in July was evenly distributed (both -5% Y/Y).
  • July overall German factory orders as well as industrial production will be released next week - while a consensus estimate for the data is not available yet, considering deteriorating sentiment in the sector, a follow-up to June's partial rebound (FO +3.9% M/M, IP +1.4% M/M) appears unlikely at this stage.
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German machinery orders came in at -5% Y/Y in July. While that was again an improvement over June's -9% (and May's -27%), the overall trend remains contractionary: With the exception of April, the machinery orders' Y/Y rate has printed below 0% for a consecutive 22 months, and VDMA adds that a trend reversal is not in sight as as the same month last year had only achieved a meagre order volume.

  • Looking at a geographical split, the decline in July was evenly distributed (both -5% Y/Y).
  • July overall German factory orders as well as industrial production will be released next week - while a consensus estimate for the data is not available yet, considering deteriorating sentiment in the sector, a follow-up to June's partial rebound (FO +3.9% M/M, IP +1.4% M/M) appears unlikely at this stage.