German October Factory Orders In Upside Beat

GERMANY OCT IND ORD +2.9% M/M, +1.8% Y/Y; SEP +1.1% M/M

• German industrial orders increased again in Oct after an upwardly revised 1.1% increase in Sep and came in stronger than markets expected (BBG: 1.2%)
• For the first time orders were higher than before the crisis, recording an uptick of 0.8% compared to Feb.
• Annual factory orders rose by 1.8% in Oct following Sep's decline of 1.1%.
• Germany's largest industrial sector, the automobile industry, showed another increase in Oct by 1.0% m/m and orders are now 6.0% higher than in Feb.
• Both foreign and domestic orders ticked up up in Oct, rising by 3.2% and 2.4% respectively.
• Among foreign orders, new business from the Eurozone edged up 0.5%, while other foreign orders rose 4.8%.
• Intermediate goods orders rose 2.3% and capital goods orders increased 3.8%, while consumer goods orders declined by 2.2%