Germany December industrial orders +6.9% vs +2.0% m/m expected

• Prior -5.4%; revised to -5.2%

The headline reading might look great but it is just reflecting a bounce back after the sharp decline in November, which owed to a fall in large-scale orders. Of note, incoming orders in other vehicle construction (aircraft, ships, trains, military vehicles) were seen up 55.5% after the near 60% decline in November. As a whole for 2024 though, incoming orders were 3.0% lower than in the previous year after accounting for seasonal effects.

This article was written by Justin Low at www.forexlive.com.