Seeking Alpha

German factory orders blow past forecasts

  • German factory orders surged 3.3% on month in September, rebounding from a fall of 0.3% in August and slaying expectations for growth of 0.5%.
  • On year, orders jumped 7.9% after climbing 3.1% a month earlier.
  • Foreign bookings rose 6.8% in September, with eurozone demand climbing 9.7%, although domestic orders fell 1%. Still, foreign demand remains rather weak, Germany's Economy Ministry says. "The data confirm the picture of an increasingly domestically driven economic recovery."
  • The data adds to PMI readings that show continued growth in overall German business activity.
  • The euro spikes and is +0.2% vs the dollar, while the Dax is +0.4%.
  • ETFs - Stocks: FGM, EWG, GERJ, EWGS, DBGR. Bonds: BUNL, BUNT, BUND, GGOV. Euro: FXE, ERO, ULE, URR, EUO, DRR, EUFX
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