Industrial Orders (Aug 2019) Preview....>

GERMAN DATA: Industrial Orders (Aug 2019) Preview - 07:00 BST

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- Bloomberg Consensus: -0.4% m/m, -6.8% y/y; Prev (Jul): -2.7% m/m, -5.6% y/y. 

- Mkts look for another fall in m/m factory orders, although at a softer pace. 

- July's slump was led by a fall in foreign orders, while domestic orders saw a

marginal m/m gain. 

- Fwd-looking survey evidence paints a gloomy picture: 

- Germany's manuf PMI fell to 41.7,its lowest since June 2009, with the new

orders component seeing the sharpest fall since April 2009. 

- Meanwhile, the ifo expectations index continued its recent fall and the

European Commissions ESI revealed a 83-month low for German industry sentiment. 

- The prolonged uncertainty over trade wars and Brexit continues to weigh on

business sentiment and investment, which is hitting Germany, a key supplier of

machine tools and other investment goods, particularly hard. 

- Moreover, recent threats by the US regarding further tariffs on top of the

lingering auto tariffs is set to dampen demand further.