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Free AccessLarge-Scale Foreign Orders Driving Factory Orders Decline
GERMANY APR FACTORY ORDERS -0.4% M/M (FCST +2.8%); MAR -10.9% M/M
GERMANY APR FACTORY ORDERS -9.9% Y/Y (FCST -8.4%); MAR -11.2% Y/Y
- German factory orders contracted for a second consecutive month in April, dipping by -0.4% m/m. This follows the substantial -10.9% m/m drop recorded in March, which reflected weak auto and a recalibration from February military vehicle orders.
- However, excluding large orders German manufacturing orders rose +1.4% m/m and domestic orders expanded by +1.6% m/m, implying that domestic demand saw muted growth in April.
- Despite today's data adding to evidence that total demand in the industry is weak, Destatis' unfilled orders metric remains elevated, projecting a buffer of 7.4 months of work in March (compared to March 2020 levels of 5.9 months).
- Following the robust French April print, German industrial production due tomorrow is expected to see a minor rebound of +0.6% m/m and +1.5% y/y.
- Looking forward, headwinds to demand have been flagged by the contractionary PMI over recent months, which alongside muted IFO expectations imply lacklustre production buffered by previous orders for now.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.