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NewsBreak: German July Factory Orders Fell 2.7%

Published 09/05/2019, 02:02 AM
Updated 09/05/2019, 02:47 AM
© Reuters.

Investing.com -- New orders to Germany's manufacturing sector fell by a seasonally-adjusted 2.7% in July, German statistics office Destatis said Thursday. That puts Europe's largest economy firmly on course for recession in the third quarter.

  • Drop of 2.7% was bigger than 1.5% fall predicted by analysts, and completely reversed an upwardly revised 2.7% increase in June.

  • Orders were down 5.6% year-on-year in real, seasonally-adjusted terms, compared to a fall of 3.5% in June.

  • Excluding "lumpy" big orders, orders were up 0.5% on the month.

  • Domestic orders fell 0.5% on the month; export orders fell 4.2%; non-euro zone orders fell most of all, by 6.7%.

    • German 10-year Bund yield ticked up to -0.66% vs. -0.68% directly before the release. EUR/USD little changed at $1.1020 vs $1.1030 beforehand.

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