German Feb Factory Orders Up, But Below Expected

GERMANY FEB IND ORD +1.2% M/M, +5.6% Y/Y; JAN +0.8% M/M

• German factory orders rose by 1.2% in Feb, marking a 3-month high but coming in weaker than markets expectations (median 1.3%).
• Jan's reading was revised down to 0.8% from 1.4% reported previously.
• Industrial orders are now 5.6% higher than in Feb 2020 before the crisis.
• Feb's uptick was mainly driven by domestic orders which rose by 4.0% in Feb.
• Foreign orders eased by 0.5%, with orders from the EZ rising by 2.7%, while orders from other foreign countries ticked down 2.3%.
• Orders for intermediate goods edged up 0.5% and capital goods order rose by 2.1%, while consumer goods orders declined by 1.9% in Feb.