Germany factory orders fell 10.6% MoM in August, the largest drop since January,
after a 3.2% rise in July and versus economists' -1% forecast. The decline was
driven by a fall in large orders; excluding those, overall demand slipped only
0.1%. On a three-month smoothed basis, demand still rose 1.3%. The figures cast
fresh doubt on the industrial recovery after earlier data—despite inflation
pressure from the Middle East conflict—prompted major German research institutes
to lift this year’s growth forecast to 1.3%.
