Germany: Weakness in factory orders – TD Securities

Analysts at TD Securities note that the German factory orders were down 2.7% m/m in July, declining twice as much as expected.

Key Quotes

“The details showed shipments also down -1.0% during the month, and haven't posted a m/m gain since January. As as result we've downgraded our German IP forecast for tomorrow morning, and now look for a -1.0% m/m decline (mkt +0.4%).”