German factory orders slump despite stronger global demand

Berlin, Rabi’II 26, 1437, Feb 5, 2016, SPA — New German factory orders slumped more than forecast in December despite a solid gain in foreign demand, dpa cited data released as showing on Friday.
Monthly factory orders dropped by 0.7 per cent in December after rising by 1.5 per cent in November, the Economics Ministry said.
Analysts surveyed by dpa-AFX had expected a 0.5-per-cent drop in December. On the year, new orders were down by 2.7 per cent.
Dragging the December order book data down were a 2.5-per-cent fall in domestic orders and a hefty 6.9-per-cent drop in demand from Germany’s key trading partners in the eurozone.
However, total foreign orders rose 0.6 per cent, raising hopes of a pickup in the global economy after months of worries triggered by a slowdown in major emerging markets, notably China.

14:23 LOCAL TIME 11:23 GMT