GERMAN DATA: Losses In April Factory Orders Centred Around Euro Area

German factory orders underperformed in April (-3.8% M/M vs -2.0% cons; 4.5% prior, revised from 5.0%). Declines appear centered around the euro area this time following the stronger Q1.

• "When large-scale orders are excluded, new orders were also 3.8% lower than in the previous month. The less volatile three-month on three-month comparison showed that new orders in the period from February 2026 to April 2026 were 3.1% lower than in the previous three months; when large-scale orders are excluded, new orders were up +3.5% in the same period," Destatis comments.
• On sequential drivers since March: "The negative development of new orders in manufacturing in April 2026 was attributable to the substantial decline in new orders in the automotive industry (-5.3% on the previous month after seasonal and calendar adjustment) and in the manufacture of electrical equipment (-16.3%). The decline in new orders for the manufacture of machinery and equipment (-7.4%) also had a negative impact on the overall result."
• "Foreign orders were down 4.2% in April 2026, with orders from the euro area decreasing by 11.1% and orders from outside the euro area rising by 0.8%. Domestic orders declined by 2.9%."
• Real turnover in manufacturing (released simultaneously with factory orders, 0.1% M/M) is broadly consistent with levels expected by consensus for tomorrow's IP (which stands at 0.4% at typing).