Banca March : There was a mixed bias in the German activity data released yesterday. On the one hand, factory orders grew by 3.2% month-on-month in December, accelerating the growth trend -the highest recorded by the indicator in thirteen months- and beating forecasts. The series is down, however, on a year-on-year basis (-10.1%), reflecting lower activity after the start of the war. In contrast, this morning we have learned about the fall in industrial production (-3.1% month-on-month), also in December, which in year-on-year terms means a drop of 3.9% compared to the -1.6% estimated and -0.5% previously. Looking ahead to the current year, the German government is now somewhat more optimistic and believes that the continent’s largest economy will be able to close 2023 with a slight advance.