Many had hoped, based on data over the last month or two, that perhaps Germany had turned the corner and that manufacturing had touched a low this summer and was beginning to recover. Factory orders published this morning showed that they had dropped by more than September’s 5 per cent fall, though an improvement on September’s 6.5 per cent decline. The low this year was an 8.4 per cent fall. This doesn’t quite chime with manufacturing and services PMIs published earlier this week which had slightly higher readings.
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