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GERMANY MAR IND ORD +3.0% M/M, +27.8% Y/Y; FEB +1.4% M/M
- German factory orders increased by 3.0% in Mar, showing a 5-month high and coming in at double the pace than markets expected (BBG: 1.5%)
- Feb's reading was revised up to 1.4% from 1.2% reported previously.
- Annual orders surged to 27.8% in Mar, reflecting the sharp decline seen in Mar 2020.
- Compared to Feb 2020, the last month before the start of the pandemic, orders were 9.1% higher.
- Mar's uptick was mainly led by domestic orders which rose by 4.9% in Mar.
- Meanwhile, foreign orders grew by 1.6%, with orders from the EZ rising by 0.7%, while orders from other foreign countries ticked up 2.2%.
- Orders for intermediate goods edged up 2.8% and capital goods order rose by 2.5%, while consumer goods orders jumped to 8.5% in Mar.