Bankinter: German Factory Orders fell sharply in July. Factory Orders were down -11.7% vs. – the -4.0% expected and +7.6% previous (revised from +7.0%).
Assessment: This is bad news for the German industrial sector and further evidence of the weaknesses of the eurozone benchmark country’s economy. Despite the upward revision of the previous figure, July’s figure turned out to be out much worse than expected and registered its lowest since the pandemic (-25.8% in April 2020).
