German factory orders tumble unexpectedly in January
Investing.com
Published Mar 07, 2012 06:05AM ET
In a report, Deutsche Bundesbank said factory orders tumbled by a seasonally adjusted 2.7% in January, defying expectations for a 0.6% increase.
December’s figure was revised to a 1.6% gain from a previously reported 1.7% increase.
Year-over-year, German factory orders dropped at an annualized rate of 4.9% in January, worse than expectations for a 1.7% decline after holding flat in December.
Following the release of the data, the euro trimmed gains against the U.S. dollar, with EUR/USD edging 0.21% higher to trade at 1.3141.
Meanwhile, European stock markets came off their highs, with the EURO STOXX 50 up 0.35%, France’s CAC 40 adding 0.55%, London’s FTSE 100 rising 0.2%, while Germany's DAX edged up 0.2%.
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Written By: Investing.com
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