Investing.com – German factory orders rose unexpectedly in May, increasing for the second consecutive month, official data showed on Tuesday.
In a report, Deutsche Bundesbank said factory orders rose by a seasonally adjusted 1.8% in May, confounding expectations for a 0.5% drop.
The previous month’s figure was revised up to 2.9% from a 2.8% gain.
Year-on-year, German factory orders rose at an annualized rate of 12.2% in May, after climbing at a rate of 10.6% in April.
Analysts had expected year-on-year German factory orders to rise at an annualized rate of 9.5%.
Following the release of the data, the euro was down against the U.S. dollar, with EUR/USD shedding 0.43% to trade at 1.4366.
Meanwhile, European stock markets were lower. The EURO STOXX 50 slumped 0.3%, France’s CAC 40 dipped 0.1%, the FTSE 100 declined 0.35%, while Germany's DAX edged 0.1% lower.
In a report, Deutsche Bundesbank said factory orders rose by a seasonally adjusted 1.8% in May, confounding expectations for a 0.5% drop.
The previous month’s figure was revised up to 2.9% from a 2.8% gain.
Year-on-year, German factory orders rose at an annualized rate of 12.2% in May, after climbing at a rate of 10.6% in April.
Analysts had expected year-on-year German factory orders to rise at an annualized rate of 9.5%.
Following the release of the data, the euro was down against the U.S. dollar, with EUR/USD shedding 0.43% to trade at 1.4366.
Meanwhile, European stock markets were lower. The EURO STOXX 50 slumped 0.3%, France’s CAC 40 dipped 0.1%, the FTSE 100 declined 0.35%, while Germany's DAX edged 0.1% lower.