Latest data released by Destatis - 5 March 2021
- Prior -1.9%; revised to -2.2%
- Factory orders WDA +2.5% vs +1.9% y/y expected
- Prior +6.4%; revised to +6.1%
A modest and better-than-expected bounce in German industrial orders in January, fitting with the narrative laid out by the PMI readings to start the new year. This mainly just reaffirms the narrative that manufacturing conditions are somewhat holding up but the data itself doesn't offer much as the market remains focused on the outlook in 2H 2021.
