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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.
GERMAN DATA
VDMA Machinery Orders for November came in at -13% Y/Y (vs -5% prior) in volume terms and -12% on the less volatile 3M measure compared with the same period in 2022 (vs -13% prior).
- This is the 14th consecutive drop on a Y/Y basis. Looking at a geographical split, the decrease seemed broad-based with domestic orders decreasing -15% Y/Y and foreign orders at -13%.
- "A bottoming out to end this downturn is not yet in sight, as our customers worldwide would first have to regain confidence in foreseeable growth and stable political processes", VDMA comments.
- Indeed the data appears to confirm the view of ongoing weakness in German economic conditions suggested by recent data. VDMA machinery orders are more volatile versus the more high-profile and broader category of factory orders (which data out this week showed fell -4.4% Y/Y in Nov). Both however point towards industrial weakness in Q4 2023.
MNI, VDMA
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.
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