Germany April industrial orders -0.4% vs +3.0% m/m expected

• Prior -10.7%; revised to -10.9%

That is highly disappointing as it comes off the back of the already sharp drop in March*, which was due to a bit of an adjustment after the February spike. There continues to be much fluctuation in large-scale orders again in April. And if you strip that out, there was an increase of 1.4% in industrial orders on the month.

*Factory orders were significantly influenced by the decline in the sector of miscellaneous vehicle construction - where new orders went down by 47.4% in March. That follows an increase of 55.0% in February due to large-scale orders, which were then discontinued in the following month.

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