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EMU: German factory orders rebound in August
Wed, Oct 8 2008, 07:57 GMT
by KBC Market Research Desk
In Germany, factory orders showed the first month-on-month rise in August after eight months of declines. Factory orders rose 3.6% M/M, while the consensus was looking for a more modest increase (0.5% M/M). Looking at the details, capital goods (5.6% M/M from -1.8% M/M) and manufacturing orders (3.6% M/M from -1.3% M/M) rebounded sharply, but also consumer goods (1.8% M/M from -3.0% M/M) and intermediate goods (1.4% M/M from 0.0% M/M) showed significant improvements. But we should not be too optimistic about these data as the economy is showing serious signs of a weakening and therefore we think this rise in factory orders is only an outlier.
Other: Industrial output declines more than expected
In the UK, industrial production dropped 0.6% M/M and 2.3% Y/Y in August, while the consensus was looking for a more modest decline (-0.2% M/M and -2.0% Y/Y). All sub-indices were falling, with manufacturing showing a decline of 0.4% M/M and - 1.9% Y/Y. This is the fourth straight decline in industrial production and the eight consecutive monthly drop in manufacturing output confirming fears that the UK economy is heading for a recession.
Published on Wed, Oct 8 2008, 08:01 GMT
Archive
- US: manufacturing ISM shows deepening recession
Published On Tue, Dec 2 2008, 08:30 GMT - EMU: CPI inflation falls sharply in November
Published On Mon, Dec 1 2008, 08:15 GMT - EMU: Economic sentiment falls to 16-year low
Published On Fri, Nov 28 2008, 08:39 GMT - US: durables show that firms are slashing sales
Published On Thu, Nov 27 2008, 08:30 GMT - US: Third quarter GDP contracts by 0.5%
Published On Wed, Nov 26 2008, 08:48 GMT
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This non-exhaustive information is based on short-term forecasts for expected developments on the financial markets. KBC Bank cannot guarantee that these forecasts will materialize and cannot be held liable in any way for direct or consequential loss arising from any use of this document or its content. The document is not intended as personalized investment advice and does not constitute a recommendation to buy, sell or hold investments described herein. Although information has been obtained from and is based upon sources KBC believes to be reliable, KBC does not guarantee the accuracy of this information, which may be incomplete or condensed. All opinions and estimates constitute a KBC judgment as of the data of the report and are subject to change without notice.Related reports
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