020 7898 0500German factory orders had been expected to rise by 1.8% in July from a downwardly revised 3.9% fall in the previous month. However, orders unexpectedly fell by 0.9% and marked the second consecutive decline. This was largely down to a 3.4% drop in foreign demand.
We also saw construction PMI from Germany, which increased to 51.5 in August from July’s four-month low of 50. The figures are nothing to get too excited about, but there will be those who are thankful that the figure didn’t drop below 50. The pace of job creation also accelerated which will provide some comfort.
Today we will see the third estimate for the eurozone’s GDP growth rate for the second quarter of 2018. It is expected that, year-on-year, growth will have eased to 2.2% from 2.5% in the previous period. On a quarterly basis, the figure is expected to remain at 0.4%. We will also see the balance of trade figures from Germany and the industrial production figures.
