Oxford Economics analyst Paolo Grignani says German manufacturing orders fell
3.8% MoM in April after a revised 4.5% rise in March, but remain above
pre-Iran-war levels. He notes the chemicals sector remains resilient — orders
only marginally down and sitting near three-year highs on energy-crisis-driven
demand. With the March revision, April real turnover edged up, and there is not
yet clear evidence that manufacturing will drag Q2 GDP growth.
