German industry orders surge 5.5 pc in January

BERLIN: German industrial orders surged in January on bumper aerospace and mechanical engineering bookings, the Federal Statistics Office said on Friday, giving the manufacturing sector a big boost at the start of a quarter marred by the coronavirus.
Contracts for ‘Made in Germany’ goods rose 5.5 per cent from the previous month, the Statistics Office said. That was the biggest rise since July 2014 and compared with the Reuters consensus forecast for a 1.4 per cent increase.
“The strong increase is of course good news for the German economy. There was probably a catch-up effect here due to the timing of holidays at the end of last year, which was not covered by the usual seasonal adjustment,” said Jens-Oliver Niklasch, economist at the LBBW bank.
“At the moment, however, figures from the pre-corona era should leave the financial markets comparatively cold.” — Reuters