German Factory Orders Rise More than Estimated

Germany’s factory orders rose 2.5% mom in July 2026, easing from an upwardly revised 3.7% gain in the previous month but outperforming market expectations of 0.3%. It was the third straight month of increase, mainly driven by large orders for shipbuilding, rail vehicle construction, and aircraft manufacturing (126.4%). Meanwhile, bookings for the automotive industry declined 12.5%. Capital goods (2.4%) and intermediate goods (4.3%) rose, while consumer goods slipped (-4.8%). Domestic demand surged (9.1%), while foreign orders dropped 2.1%, dragged by a 10.1% fall in orders from non-euro area countries that offset a 12.1% surge from the euro area. Excluding large-scale contracts, orders were 1.4% lower. On a less volatile three-month basis, demand increased 2.9% in May-July from the prior three months, though they dipped 2.2% when large orders were excluded.

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