Data out early this morning showed just how hard a hit Germany’s industrial giants have suffered at the start of this year. February factory orders collapsed by 4.2 per cent on the month, rather than the forecast bounce from January’s 2.6 per cent fall. In an admittedly erratic series, this contrasts starkly with the more usual plus 3 to 4 per cent and regular 2.5 per cent declines. On an annualised basis orders crashed to a negative 8.4 per cent, far worse than the 5.4 per cent drop predicted, and the worst reading since August 2009 – which was in turn close to the biggest drop since 1993’s record decline.
To continue reading, register today
to enjoy limited access to the following:
- Daily trading news
- Funds coverage
- Features on big investment themes
- Comprehensive companies coverage
- Economic analysis