German factory orders rise more than expected

(Sharecast News) - The monthly increase in factory orders across Germany slowed in October, according to the Federal Statistical Office on Friday, but still came in higher than analysts had expected. Factory orders rose 1.5% in October, following a revised 2.0% increase in September, Destatis reported, marking the second month of growth after four straight declines.

The result was well ahead of the 0.5% gain predicted by economists.

If large-scale orders are excluded, new orders would have been just 0.5% higher over the month. Meanwhile, the less volatile three-month on three-month comparison showed that new orders between August to October were actually 0.5% lower than the previous three months.

Overall orders were helped by a large-scale order in the transport equipment sector, with an 87.1% monthly surge in orders of aircraft, ships, trains and military vehicles.

Basic metals orders were also 11.9% higher over the month, while electrical equipment orders fell 16.2%.

Overseas orders were down 4.0% in October, with orders from within the eurozone up 0.1% and orders from outside the eurozone up 6.5%. Domestic orders increased by 9.9%.