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Carsten Brzeski, Chief Economist at ING, notes that Germany’s industrial orders increased by 0.3% month-on-month in September, from an upwardly revised 2.5% MoM in August.

Key Quotes

“On the year, industrial orders were still down by 2.2%. The increase was mainly driven by domestic orders and orders from other eurozone countries. Orders from non-eurozone countries dropped significantly.”

“It is the first time this year that industrial orders increased in two consecutive months. In times when pessimism has the upper hand, this positive news from German industry brings some glimmers of hope. That said, just as we didn’t get carried away by the soft patch earlier this year, we won’t start celebrating monthly new orders data just yet.”

“All in all, today’s industrial orders bring welcome relief in a period of increasing pessimism. Nothing more but fortunately also, nothing less.”