Investing.com – German factory orders dropped unexpectedly for the second consecutive month in August, official data showed on Thursday.
In a report, Deutsche Bundesbank said factory orders dropped by a seasonally adjusted 1.4% in August, confounding expectations for a 0.1% increase.
July’s figure was revised to a 2.6% drop from a previously reported 2.8% decline.
Year-over-year, German factory orders rose at an annualized rate of 3.9% in August, after climbing at a rate of 8.9% in July. Analysts had expected year-on-year German factory orders to rise at an annualized rate of 4.7%.
Following the release of the data, the euro pared gains against the U.S. dollar, with EUR/USD easing up 0.03% to trade at 1.3353.
Meanwhile, European stock markets were broadly higher. The EURO STOXX 50 climbed 1.95%, France’s CAC 40 rallied 2.05%, the FTSE 100 jumped 1.5%, while Germany's DAX was up 2%.
In a report, Deutsche Bundesbank said factory orders dropped by a seasonally adjusted 1.4% in August, confounding expectations for a 0.1% increase.
July’s figure was revised to a 2.6% drop from a previously reported 2.8% decline.
Year-over-year, German factory orders rose at an annualized rate of 3.9% in August, after climbing at a rate of 8.9% in July. Analysts had expected year-on-year German factory orders to rise at an annualized rate of 4.7%.
Following the release of the data, the euro pared gains against the U.S. dollar, with EUR/USD easing up 0.03% to trade at 1.3353.
Meanwhile, European stock markets were broadly higher. The EURO STOXX 50 climbed 1.95%, France’s CAC 40 rallied 2.05%, the FTSE 100 jumped 1.5%, while Germany's DAX was up 2%.