Germany June factory orders -0.4% vs -0.8% m/m expected

  • Prior +0.1%; revised to -0.2%

German industrial orders were seen softer in June, though not as bad as estimated at least. The trend is suggesting a slowdown in activity and that is also evident by the July PMI readings already. That is the main focus now as Europe could be dealing with a contraction in growth in Q3.

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