Germany
  • Prior +1.3%
  • Factory orders WDA -1.0% y/y
  • Prior +9.7%

That's a big miss on industrial orders as supply-side issues are almost certainly the main cause of concern, alongside capacity constraints. Expect that to keep a lid on manufacturing activity in the German economy through to year-end, with early data already showing up. This one is a bit lagging as it relates to October.