Germany: Mixed economic releases – ING

Sandeep Kanihama FXStreet Contributor

Carsten Brzeski, chief economist at ING, points out that German economy has provided us with a mixed bag of data for the month of November.

Key Quotes

“After three consecutive increases, industrial orders nosedived by 1.0% month-on-month, from 0.2% MoM in October. On the year, new orders were down by 4.3%. The drop was driven by weak foreign demand.”

“Seasonally-adjusted real retail sales stopped the continuous decline since the summer and surged by 1.4% MoM in November, from an upwardly revised 0.1% MoM in October. A clear sign that the drop in private consumption in the third quarter was only a soft patch and not the start of a new negative trend.”

“All in all, this morning’s macro data have something for everyone. The drop in new orders after three consecutive increases will support the pessimists' view of a longer-lasting slowdown of the German industry, while the surge in retail sales will support the optimists' view of solid domestic demand preparing the grounds for an economic rebound.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

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