German factory orders mark second monthly gain in 2018

  • by Ahmed Mamdouh
  • October 5, 2018, 9:25 AM
  • 1216 Views
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German factory orders reported the second monthly gain this year, providing some optimism about the outlook of the economy amid the undergoing trade risks.

Orders soared 2 percent in August, rebounding from a 0.8 percent drop in July, surpassing forecasts of 0.7 percent increase. Demand on manufactured goods was down 2.1 percent on the year.

“The strong order increase from outside the euro area shows that German industrial goods continue to be in demand globally, irrespective of trade conflicts,” the Economy Ministry said.

Manufacturing PMI in Europe’s biggest economy slowed down to the weakest pace in more than two years in September, yet the Economy Minister still predicts “positive economic trend should take the upper hand again in the fourth quarter.”

As of 09:17 GMT, the euro traded lower at $1.1494, set for its seventh daily fall out of eight and the second straight weekly decline.

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